Creditfy Small Business Loans: 2024 Review

Loan quick facts

• Amounts: $10,000 to $2.5 million
• Terms: up to 5 years
• Simple interest rate: 8.00% to 28.00%

Creditfy term loan overview

Creditfy sticks with terms of up to five years, which is the average for long-term business loans. Its simple interest rates stand at the low end, though the information given by a rep is different from the website. The website states that you can get rates as low as 9.49 percent.  

To apply for this loan, your business can have a minimal one year in business and a personal credit score as low as 500. You’ll need a minimum annual revenue of $180,000 to qualify.

Loan quick facts

• Amounts: $10,000 to $750,000
• Terms: 6 months to 3 years
• Simple interest rate: 8.00% to 24.00%

Creditfy business line of credit overview

A business line of credit will grant you access to a recurring business loan. You can borrow funds initially after opening the line and borrow again either after paying off the first loan or as needed up to the top of your credit limit. 

A spokesperson stated Creditfy offers up to $750,000 in funding, higher than the $250,000 limits many online lenders offer. Bankrate was also told interest rates start at 8 percent. But its website states that the limit goes to $2.5 million, and its interest rates start at 6.49 percent. You’re also required to have a 600 personal credit score and $180,000 in annual revenue to be considered.

Loan quick facts

• Amounts: Up to $10 million
• Terms: Up to 8 years
• Simple interest rate: 4.90% to 22.00%

Creditfy equipment financing overview

You can get an equipment loan through Creditfy with no down payment required, as long as you qualify. The equipment loan offers high loan limits, and it’s the only Creditfy business loan accepting a minimum of $100,000 in annual revenue. But you can qualify as a startup with six months in business and a 550 personal credit score. Equipment loans are often less strict with loan qualifications due to the fact that the equipment is your collateral backing the loan.

Creditfy’s website does differ in the loan details given. The site states that you can get terms up to seven years and interest rates from 6.49 percent. Again, you’ll want to check with your loan specialist about what’s available to you.

Loan quick facts

• Amounts: Up to $10 million
• Terms: Up to 10 years
• Simple interest rate: 9.00% to 12.00%

Creditfy SBA loans overview

SBA loans are a solid option for small businesses that can’t qualify for standard business loans. You can qualify with six months’ time in business, which is far lower than the two to three years many traditional lenders require. It doesn’t set a standard for minimum revenue, but Creditfy prefers businesses with at least $250,000 in yearly revenue. 

Creditfy states that it can approve SBA loans within a few weeks. Keep in mind SBA loans have to go through both the lender and the SBA, so approval times can often run up to 90 days. 

Creditfy’s website states that it offers 25-year terms and offers loan sizes up to $5 million. But a spokesperson told Bankrate that it stops terms up to 10 years and offers higher loans up to $10 million. You do need a 600 personal credit score to apply.

Loan quick facts

• Amounts: Up to $750,000
• Terms: 3 months to 3 years
• Simple interest rate: from 12.49%

Creditfy bridge loan overview

Bridge loans are designed to keep your business running while you find other sources of financing. As with most bridge loans, Creditfy keeps loan terms short and offsets the short terms with higher interest rates than its other loans. But the lender encourages you to pay off your loan early with a prepayment discount for doing so.

Loan quick facts

• Amounts: Up to $2 million
• Terms: 1 to 2 years
• Simple interest rate: from 6.79%

Creditfy invoice financing overview

If you choose invoice financing, you could receive funding within 24 hours. Invoice financing can step in with fast funding when you have unpaid client invoices. Financing companies approve you based on your client's ability to pay rather than focusing on your business’s credit. 

Creditfy offers high loan amounts, on par with other invoice financing companies. Its website states you can get interest rates starting at 6.79 percent. Terms stay short at one to two years versus up to ten years that you can find elsewhere.