The landscape of business financing has been evolving rapidly, and small and medium-sized enterprises (SMEs) have more options than ever when it comes to obtaining funding. Credibly is a well-known online lender that specializes in providing quick and convenient financing solutions for businesses. However, there are several other alternatives and competitors in the market that offer similar or even better financing options. In this article, we will explore the ten best Credibly alternatives and competitors in 2024.

1. Funding Circle

Funding Circle is a peer-to-peer lending platform that connects investors with SMEs in need of financing. It offers competitive interest rates, flexible repayment terms, and a streamlined application process. Funding Circle has gained popularity among businesses seeking alternative financing options beyond traditional banks.

Key Features:

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  • Peer-to-peer lending platform
  • Competitive interest rates
  • Flexible repayment terms

Benefits: Funding Circle is suitable for businesses looking for alternative financing options with competitive interest rates and flexible terms.

Suitable For: Small and medium-sized businesses.

2. LendingClub

LendingClub is another peer-to-peer lending platform that provides personal and business loans. It offers competitive rates, transparent fees, and a user-friendly online platform. LendingClub's extensive network of investors allows it to provide funding to a wide range of businesses.

Key Features:

  • Peer-to-peer lending platform
  • Competitive rates and transparent fees
  • User-friendly online platform

Benefits: LendingClub is suitable for businesses seeking personal and business loans with competitive rates and transparent fees.

Suitable For: Small and medium-sized businesses.

3. OnDeck

OnDeck is an online lender that offers small business loans and lines of credit. It provides fast funding decisions, flexible repayment options, and a simple application process. OnDeck's focus on small business lending makes it a popular choice for entrepreneurs and SMEs.

Key Features:

  • Small business loans and lines of credit
  • Fast funding decisions and flexible repayment options
  • Simple application process

Benefits: OnDeck is suitable for small businesses in need of fast funding with flexible repayment options.

Suitable For: Small businesses and entrepreneurs.

4. Kabbage

Kabbage is an online lender that offers lines of credit to small businesses. It leverages technology and data analytics to provide quick funding decisions and personalized credit lines. Kabbage's automated application process and flexible repayment terms make it a convenient choice for SMEs.

Key Features:

  • Lines of credit for small businesses
  • Quick funding decisions and personalized credit lines
  • Automated application process

Benefits: Kabbage is suitable for small businesses looking for quick funding decisions and personalized credit lines.

Suitable For: Small businesses.

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5. BlueVine

BlueVine is an online lender that specializes in providing working capital financing to small businesses. It offers invoice factoring, lines of credit, and term loans. BlueVine's user-friendly platform and fast funding make it an attractive option for businesses in need of short-term financing.

Key Features:

  • Working capital financing, invoice factoring, lines of credit, and term loans
  • User-friendly platform and fast funding

Benefits: BlueVine is suitable for small businesses in need of working capital financing and fast funding.

Suitable For: Small businesses.

6. Fundbox

Fundbox is a fintech company that provides lines of credit and invoice financing to small businesses. It offers quick funding decisions, easy integration with accounting software, and flexible repayment options. Fundbox's focus on simplifying cash flow management makes it a valuable resource for SMEs.

Key Features:

  • Lines of credit and invoice financing
  • Quick funding decisions and easy integration with accounting software
  • Flexible repayment options

Benefits: Fundbox is suitable for small businesses looking to simplify cash flow management and obtain quick funding.

Suitable For: Small businesses.

7. Credibility Capital

Credibility Capital is an online lender that specializes in providing term loans to small businesses. It offers competitive interest rates, transparent fees, and a straightforward application process. Credibility Capital's commitment to serving SMEs sets it apart from traditional lenders.

Key Features:

  • Term loans for small businesses
  • Competitive interest rates and transparent fees
  • Straightforward application process

Benefits: Credibility Capital is suitable for small businesses seeking term loans with competitive rates and transparent fees.

Suitable For: Small businesses.

8. StreetShares

StreetShares is an online lender that focuses on providing financing options specifically for veteran-owned businesses. It offers term loans, lines of credit, and government contract financing. StreetShares' mission to support veterans and their businesses makes it a unique alternative in the lending industry.

Key Features:

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  • Financing options for veteran-owned businesses
  • Term loans, lines of credit, and government contract financing

Benefits: StreetShares is suitable for veteran-owned businesses looking for financing options tailored to their needs.

Suitable For: Veteran-owned businesses.

9. Lendio

Lendio is an online marketplace that connects small businesses with a network of lenders. It offers a wide variety of financing options, including term loans, lines of credit, and equipment financing. Lendio's platform simplifies the loan application process by matching businesses with the most suitable lenders.

Key Features:

  • Online marketplace connecting businesses with lenders
  • Variety of financing options available

Benefits: Lendio is suitable for businesses looking for a simplified loan application process and access to a wide range of lenders.

Suitable For: Small businesses.

10. PayPal Working Capital

PayPal Working Capital is a financing solution offered by PayPal to its merchant customers. It provides access to working capital based on the merchant's PayPal sales history. With fast funding and automatic repayments tied to sales, PayPal Working Capital offers convenience and flexibility for businesses using PayPal as their payment processor.

Key Features:

  • Financing solution for PayPal merchant customers
  • Access to working capital based on PayPal sales history

Benefits: PayPal Working Capital is suitable for businesses using PayPal as their payment processor and in need of fast funding with flexible repayment terms.

Suitable For: PayPal merchant customers.

In conclusion, while Credibly is a reputable online lender, there are several alternatives and competitors in the market that offer similar or even better financing options for small businesses. Whether you prefer peer-to-peer lending platforms like Funding Circle and LendingClub, online lenders specializing in specific financing types like OnDeck and BlueVine, or financing solutions offered by established companies like PayPal, there is a range of options available to meet your business's unique needs. It is recommended to thoroughly research and compare the features, rates, and terms offered by these alternatives to find the best fit for your business's financing requirements.