Credibility Capital

Credibility Capital is an online lender based in New York. It was founded in 2013 and provides short-term business loans to borrowers who pose a low-risk factor. They charge an annual percentage rate(APR) between 10% and 25%. Due to this, Credibility Capital attracts a lot of those high-credit borrowers who might fail to qualify for the other traditional financing. The size of their average loan is $75,000. The business utilizes the funds mainly for refinancing high APRs, and for expansion. The loan term is usually between 1 and 3 years, and the average time for the funds to get processed is 7 days.

The company does not always go for hard cutoffs with regard to allotting funds to users. If a customer is competent in a specific area, that may offset the undesirability of low revenue or credit. In case the user has the resources to pay back the money earlier than the loan period, they can do so without incurring additional fees. Therefore, by paying back the money earlier, the overall cost of borrowing comes down proportionally. The customer pays the loan amount through an ACH transfer every month. Every payment would comprise of the interest and the capital, meaning that the loan gets fully paid off at the end of the term.

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