Creditfy

• Quick Application Process
• Variety of Loan Options 

Quick Application Process 

Credify’s biggest strength is in fast and easy business financing. The company’s application is simple, taking less than five minutes to complete. And you can receive your funds as soon as 24 hours after your application has been approved. 

Creditfy does not perform a hard credit pull during the preapproval process, so your credit won’t be negatively impacted when you apply. It only performs a hard pull upon funding, after you’ve already received and accepted your offer. 

Finally, Credify approves loans for 82 percent of all applicants. And some of the individual loan products have even higher approval rates. 

Variety of Loan Options 

With a Creditfy loan, you can secure a rate as low as 5.6 percent with funds up to $2 million. Keep in mind that loan rates and approvals are based on your individual creditworthiness, revenue, and other factors. 

A loan advisor will review your individual funding options with you in detail after you apply, but there are several products to consider. 

Business term loan

• Unsecured financing 
• Rate as low as 14.5%
• Loan term 3–18 months
• Loan amount up to $1 million 
• Few documents needed to apply: only requires a credit application along with 3 of your most recent bank statements

Business line of credit 

• Rate as low as 8.5%
• Loan term 6 months to 3 years 
• Loan amount up to $250,000
• Interest paid only on the amount you use
• Builds your business credit

Equipment financing

• 100% financing with no down payment required 
• Loan term 3–7 years
• Rate as low as 6.5%
• Loan amount up to $2 million 
• Serves the following industries: Agriculture, Automotive, Construction, Energy, Fitness, Hospitality, Industrial, Manufacturing, Media, Medical, Technology, Transportation and Waste Management

Additional financing solutions include SBA loans, bridge loans, and invoice financing. 

• Drawbacks of Some Loan Types 

Drawbacks of Some Loan Types

Prospective borrowers should be aware of the risks of each loan type in addition to the benefits.

For business term loans, since the product is short-term, the balance must be fully repaid within one year. 

For SBA loans, a lien on business assets is required for funding. 

Though unsecured loans may seem less risky than loans requiring collateral, the lender does need to find a way to get their money back if you don’t repay the loan. This may involve collections, additional charges, dings to your credit profile, and in some extreme cases, lawsuits.