Credibly vs. Fora Financial
Credibly and Fora Financial are both suitable for borrowers with poor credit and short-term financing needs.
Credibly offers more types of business loans, including working capital loans, merchant cash advances, business lines of credit and invoice factoring up to $400,000. Its partners’ long-term loans offer funding up to $10 million.
But Fora Financial offers small business loans and revenue advances up to $1.5 million. So Fora may be preferable for those requiring a larger capital infusion.
For the credit score and annual revenue requirements, there are other differences to consider. Credibly's credit score requirement is 550, and Fora's is 500. And the minimum monthly revenue for Credibly is $25,000 compared to Fora's much lower $144,000 annually ($12,000 monthly), according to a Fora Financial spokesperson. Plus, Fora has a maximum term of 16 months. Meanwhile, Credibly gives borrowers 15 to 24 months to repay their loans unless you get a long-term loan which can go up to 10 years.
When choosing between these two short-term lenders, it could help to focus on the loan type and funding amount needed to determine the best fit for your business.
Credibly vs. SMB Compass
Credibly and SMB Compass offer a variety of business financing options that would be a good fit for businesses with a need for significant capital.
Businesses can choose between invoice factoring, working capital loans, business line of credit and merchant cash advances between $5,000 and $400,000 with Credibly, and long-term loans through Credibly go up to $10 million.
SMB Compass offers nine types of loans, including term loans, business lines of credit, equipment financing, invoice factoring and bridge loans, ranging from $10,000 to $10 million. All nine of SMB Compass’s loans offer loan amounts in the millions of dollars compared to Credibly’s one long-term loan that offers loans that high.
Credibly only requires a personal credit score of 550, and SMB Compass requires a 600 personal credit score or higher for its loans. So businesses with bad credit could get approved for financing with either option. But SMB Compass better aligns with businesses with good credit and long-term financing needs since it offers low interest rates that start at 5.25 percent annual percentage rate (APR) and repayment terms that go up to 25 years.
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To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:
- Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
- Affordability: This section measures interest or factor rates and fees.
- Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
- Customer experience: Customer service hours, online applications and app availability are considered in this category.
- Flexibility: This category considers factors like the number of loan products and ability to change payment due date.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
