To start the funding process with Credibly, you’ll need to fill out an online application with self-reported information on your business credentials.
You’ll need to following for your application:
- Three months of business bank statements
- Copy of your driver’s license or photo identification
- Voided business check
- Business lease agreement or business mortgage statement
- Most recent business tax return for loans over $100,000
Credibly reviews this information and will decide whether or not you prequalify. If you do, you will proceed into their underwriting process.
Be sure to accurately self-report from the get-go so that you don’t move forward in the process only to be rejected for funding later—Credibly will use the rest of the process to verify the credentials that you applied with. Credibly will pull your personal credit and business credit scores to confirm your credit history. But don’t worry—they’ll perform a soft credit pull which won’t affect your credit score.
They’ll also require that you submit documentation to their credit team and speak on the phone with a member of their credit team before they provide an offer. Once they’ve completed all of their required underwriting steps, though, Credibly can extend you an offer in two to three hours. And should you accept the offer they extend, you’ll sign a business loan agreement. Before Credibly deposits your funds, they will do a hard credit pull, which can decrease your score by a few points. At that point, Credibly can deposit the funds into your account in another two to three hours. The entire process generally takes three to five business days, though same-day funding is sometimes possible.