Credibly, "Best working capital loans for small business"

Summary

This Credibly web page markets the company's working capital loans for small businesses: financing from $25,000 to $600,000, terms from 6-24 months, factor rates as low as 1.11 and automatic daily or weekly payments. It lists general requirements of operating in the United States, 6+ months time in business, $15,000+ in monthly revenue, revenue deposited in a business bank account and a credit score of 500+; a closing box lists 3+ months in business instead. The page says approval can come in as fast as 4 hours, funds as soon as the same business day, and that Credibly assesses a one-time origination fee of 2.5% of the total loan amount. It defines the factor rate as payback amount divided by funding amount.

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Best working capital loans for small business

Get the capital you need now to keep your business moving toward the future.

Trusted by:

$3+

Billion in financing

Funding

As fast as 4 hours

Approval

As fast as 2 hours

55,000+

Small businesses financed

Power up your business

With a Credibly Working Capital loan you can access:

- Business financing from $25,000 to $600,000
- Terms from 6-24 months
- Factor rates as low as 1.11*
- Automatic daily or weekly payments

Requirements to qualify

While requirements for a working capital loan may vary, your business will generally need:

- To be operating in the United States
- 6+ months time in business
- $15,000+ in monthly revenue**
- To deposit revenue in a business bank account
- A credit score of 500+

What our customers say about working with Credibly

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How do short term working capital loans work?

A working capital loan is a flexible business financing option often used to help with short-term cash flow needs.

Grow your business with additional financing:

Invest in hiring and payroll Your employees are crucial to your business. Hire top talent and train them to help your operations flourish.

Run a fresh marketing campaign Launch a promotion to reach new audiences with your products and services.

Managing cash flow Create a cash flow buffer to cover any unexpected expenses.

Learn more

We are trusted by:

Four simple steps to secure a working capital business loan

Explore your options without damaging your credit score

Apply online

Click “Get Started” to apply for a working capital loan.

Gather required documents

We require certain documents from you in the approval process. Be ready with bank statements and a government-issued ID to start.

Approval in as little as 4 hours

Your loan application will be reviewed and you can get approved in as fast as 4 hours.

Receive same-day funding

If approved, your requested loan amount can be transferred to your bank account as soon as the same business day.

Get Started

Is a small business working capital loan right for your business?

Pros

- Find out if you’re approved in as fast as 4 hours.
- Funds can be procured as fast as the same business day.
- Working capital loans can be used for any business purpose.

Cons

- Because the approval process is more flexible than traditional bank loans, rates tend to be higher.
- The loan must be repaid in full.
- Sometimes business collateral must be provided to secure the loan.

Why choose Credibly for a working capital loan?

Simple business financing You can apply and get funds deposited straight to your business bank account as soon as the same day. We strive to create an intuitive financing experience for business owners.

The right loan for your business We customize our financing options to meet your unique business needs. Get the right type and amount of funding, every time.

Best-in-class customer service Credibly’s business experts are here to help you from the moment you submit a loan application until your final payment.

Effortless automatic payments We work with you to find the ideal repayment terms. Our automatic payment feature also lets you focus on what matters most: your business.

Is a small business working capital loan right for your business?

Pros

- Find out if you’re approved in as fast as 4 hours.
- Funds can be procured as fast as the same business day.
- Working capital loans can be used for any business purpose.

Cons

Get access to capital through our smooth, innovative funding experience.

Flexible financing with a data-driven approach We know a credit score doesn’t always paint a full picture of your business. At Credibly, we use data science to better evaluate your business as a whole.

Secure and convenient checkout process that fits your schedule Our state-of-the-art online checkout empowers eligible customers to complete their checkout process securely and on their own time.

Fast approvals with efficient processes Your business needs don’t wait. Our process can get you approved for financing in as fast as 4 hours, so you can focus on running your business.

Frequently asked questions about working capital financing

What is a factor rate?

The cost of working capital financing is presented as a factor rate to help business owners easily understand what they will be paying.

Factor rate = Payback amount / Funding amount

This does not include any additional fees. For example, Credibly assesses a one-time origination fee. This fee amounts to 2.5% of the total loan amount.

What is working capital financing?

A good definition of a working capital loan is that it is money that businesses use to support daily operations . It’s the difference between current operating assets and liabilities.

Maintaining healthy working capital allows you to take advantage of every opportunity and provides a safety net when needed

What is a working capital loan used for?

Working capital loans help small business owners like you meet operational expenses, such as payroll, stocking inventory, and marketing.

These short-term loans can help stabilize cash flow and meet immediate business needs.

They are ideal for business owners who need flexible, short-term funding without the hassle of going to a traditional bank.

How is working capital calculated?

The formula for calculating working capital is c urrent assets – current liabilities = working capital

Working capital is the difference between a firm’s current assets and current liabilities.

Current assets are the tangible and intangible items that your company owns.

Current liabilities include all of the debts and expenses firms expect to pay within one business cycle.

Why is working capital important?

Because working capital is the money you have available to meet your short-term needs, it is critical for sustaining operations. It is also a measure of a business’s ability to pay off short-term business expenses or debts. That’s why you need to work with a financial institution that will provide the financing you need, not mire you in red tape that takes weeks or months to navigate.

What is a working capital loan?

Working capital loans are loans that are geared to small businesses to help them gain the funding they need to thrive in their industry.

Rather than a long-term investment, like that made through private equity investors, you are not required to provide a percentage of your profits to the loan agency. Rather, the loan agency will offer you a fixed interest rate that never fluctuates over time.

The loans are provided on a short-term basis with working capital loan terms customized to your available budget. They can help you cover the continued operational costs of your business, without accruing long-term debts in the process.

What can you do with a working capital loan?

The purpose of a working capital loan is to have funds available to pay your business' financial obligations during a slump in revenue and still allow you to have a cushion of money for emergencies.

Working capital loans can cover:

- Monthly debt payments
- Payroll for your employees and staff
- Utilities for the business
- Mortgage or rent payments for the business
- Buying inventory or materials required for you to meet customer demand
- Repairs or replacement of required equipment or tools for your business

How can you find a working capital loan that fits?

As important as it is to get a solution quickly to meet your needs for business capital, it is vital for you to understand all the fine print before you pursue a specific loan program.

According to huffingtonpost.com , today's small businesses are seeking alternative funding solutions, online, for short-term capital needs. Sometimes you can find a loan through the Small Business Association (SBA).

Other times, it's best to go through an alternative lending institution that offers a solution that fits your needs and limits your repayment risks, even if the loan rate is slightly higher.

The idea is it is better to get a loan you need with terms that you can handle than to struggle with a loan product that does not fit your business.

How do you qualify for working capital loans?

Working capital loan eligibility requirements can vary between lenders. In today's economy, lenders need assurance that you are good for the money, so collateral of up to 90 percent of the loan amount is required.

Qualifications will depend on your income and projected business earnings, with loan amounts and repayment terms varying based on eligibility.

While they have strict eligibility requirements, they are easier to qualify for than traditional business loans, making them a good alternative if you've been denied commercial loans.

As a business owner, you need constant capital to cover the continued operational costs of your business, and without consistent loan options, you risk defaulting on your lease. Fortunately, there are a variety of funding methods available to get the money you need.

Working capital loans provide a lot of advantages to business owners by enabling you to get the money you need quickly and providing easy terms for repayment. For all your working capital needs, contact Credibly .

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