Dealstruck Business Lines of Credit

Dealstruck Business Lines of Credit Review

Dealstruck Business Lines of Credit is offered by Dealstruck, a marketplace lending platform founded in 0 and based in Carlsbad, CA. Dealstruck Business Lines of Credit is available in 50 states (and Washington, DC).

What APRs does Dealstruck Business Lines of Credit offer?

Dealstruck Business Lines of Credit offers a fixed APR product that ranges from 9.99% APR up to 21.99% APR.

Does Dealstruck Business Lines of Credit charge an origination fee?

Yes, Dealstruck Business Lines of Credit charges an origination fee starting at 0% of the line of credit amount. Dealstruck Business Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Dealstruck Business Lines of Credit set on the purpose of the line of credit?

Dealstruck Business Lines of Credit considers line of credit applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Working capital

Does Dealstruck Business Lines of Credit charge prepayment fees?

Yes, Dealstruck Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from Dealstruck Business Lines of Credit?

Line of credit amounts start at $25,000 and go up to $500,000.

What is the maximum term you can get with Dealstruck Business Lines of Credit?

Dealstruck Business Lines of Credit offers business lines of credit with terms ranging from 12 to 48 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Dealstruck Business Lines of Credit?

Applicants with a credit score of at least 600 and up to 850 may be eligible for Dealstruck Business Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Dealstruck Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Dealstruck Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Dealstruck Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Proof of identity

What is the estimated funding time for the Dealstruck Business Lines of Credit?

Dealstruck Business Lines of Credit can approve (or deny) a line of credit application within 48 hours and fund business lines of credit within 5 business days of approval.

What are the business financing requirements for Dealstruck Business Lines of Credit?

To apply for Dealstruck Business Lines of Credit, the applicant needs to provide the following documentation:

• Business license
• Business bank account

Does Dealstruck Business Lines of Credit report your account activity to credit bureaus?

Yes, Dealstruck Business Lines of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.