- Credibility Capital is a New York-based online lender committed to providing financing options to small businesses.
- It offers small business loans without requiring collateral or other qualifications that traditional bank loans or Small Business Administration (SBA) loans require.
- Credibility Capital is known for offering relatively low interest rates, good terms, and large loan amount options.
- The Credibility Capital term installment loan may be a good option for borrowers who are looking for quick funding for their small business and may have difficulty qualifying for other loan offers.
- Find out more about the Credibility Capital installment loan and if it’s right for your small business financing needs.
How Does a Credibility Capital Installment Loan Work?
The Credibility Capital installment loan works by allowing the borrower to take out a loan amount between at a fixed interest rate and pay it back in standard increments, usually monthly payments (). The loan repayment terms will vary depending on the business owner’s credit score, but the interest will range between .
There are other fees, including a closing fee dependent on the loan amount (). The installment loan has a five-year term and there are no maintenance fees or prepayment penalties.
The biggest difference between a Credibility Capital loan and other more traditional bank loans is the application process. Unlike other small business loans, a Credibility Capital installment loan can fund in .
What Are the Qualifications Necessary for a Credibility Capital Installment Loan?
A Credibility Capital installment loan may be a good option for a business that doesn’t have excellent credit, especially when it comes to business credit. (You can learn how to establish business credit and improve it over time with this guide from Nav.) The personal credit score required to apply is in the “good credit” range, although the loan rates and loan terms may improve with higher credit scores. This means the loan is probably not a great option for individuals with poor credit or bad credit scores (anything under 580).
Because it does have a minimum time in business requirement of at least two years and an annual revenue of at least $200,000, it may not be a good option for startups or new small businesses (but there are other types of loans for startups that you may qualify for if that’s the case).
The eligibility criteria for a Credibility Capital installment loan are:
- The company must have at least two years (24 months) in business
- The business must have an annual revenue of $200,000 or more
- The business owner must have a minimum credit score of at least 650 (FICO) and be a U.S. citizen (and you must provide a Social Security number)
- The applicant must not have any commercial or personal bankruptcies within the last five years
- There must be no 30-day or more delinquencies on the credit history
- The applicant must not have had any personal or commercial collections, charge-offs, or 90+ day delinquencies in the past two years
- Bank statements must show less than six non-sufficient fund (NSF) checks in the past six years
- The business can be located anywhere in the U.S. except Nevada, North Dakota, South Dakota, or Vermont
Credibility Capital does not require hard collateral, but they do require a lien on the business and a personal guarantee from all owners of the company who have more than a 25% stake. You can also expect the company to run a hard credit check on your personal credit, which may have an effect on your personal credit score.
How Do I Apply for the Credibility Capital Loan?
To apply for a Credibility Capital installment loan, visit the Credibility Capital website and click on “apply”. The application process is completely digital, and you can get the funds in your business bank account in as little as three days after you’ve been approved.
To apply, you’ll need to provide bank statements with your application. Once Credibility Capital gives you initial authorization, it may ask for more documents, like the last two years of your tax returns, your credit report, profit and loss (P&L) statement, balance sheet, and other business information.
Is Credibility a Legit Loan Company?
Credibility Capital is a legitimate financial institution. They received the highest score from Trustpilot of any major business lender, ranking 4.9 out of 5 stars. Credibility reviews rank them as honest, fair, and with great communication. They also have an A+ rating from the Better Business Bureau.
Credibility Capital also offers a business line of credit, which can be a great way to help small businesses with their cash flow if they don’t qualify for other loan options.
How Long Does It Take for an Installment Loan Application to be Reviewed by Credibility?
Credibility Capital boasts that it will review your application as quickly as the next business day. Once it gives you initial authorization based on your application and bank statements, it will ask for more information and will get you final approval and funding within .
Nav’s Verdict: Credibility Capital Installment Loan
As far as short-term or intermediate-term small business loan providers go, Credibility Capital offers potentially lower interest rates, faster underwriting, and better terms than traditional banks or credit unions for small businesses who meet their qualifications. The regular loan payments make it easier to plan for in your budget than other short-term loans, too.
If you want a better idea of what business financing you qualify for, including business credit cards or loans, work with Nav. We use real data about your business, such as your business credit score and annual revenue, to find offers you’re most likely to qualify for. Spend less time researching and more time building your business.