Credibly Working Capital Loans

Credibly Working Capital Loans is a short-term business financing product for small businesses that need cash quickly. Amounts run from $25,000 to $600,000 over terms of 6 to 24 months, and repayment is by automatic daily or weekly payments. Pricing is quoted as a factor rate rather than an APR. Credibly says rates start as low as 1.11 and are built into the daily payback quote, which can change without notice. Most deals also carry a 2.5% origination fee. On Credibly's own example, a $50,000 loan at a 1.11 factor rate repays $55,500, a $5,500 factor cost, and the origination fee adds $1,250, for a total financing cost of $6,750. Speed is the selling point: Credibly says approval can take as little as 2 hours and funding as little as 4 hours after you sign the offer. To qualify, the business must operate in the United States, have 6 or more months in business, deposit revenue into a business bank account, and average $20,000 or more in monthly deposits (a three-month average and the most recent month). Collateral may be required for larger loans. This suits a business with steady deposits that needs fast working capital and accepts a short payback. Compare the total cost, not just the factor rate, before signing, since a short term compresses the cost into a high effective rate.