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  StreetShares Business Lines of Credit

StreetShares Business Lines of Credit

in Business Lines of Credit from StreetShares

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StreetShares Business Lines of Credit

Unaffiliated

in Business Lines of Credit from StreetShares

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Highlights
APR  (Fixed APR) 6% - 20%
Credit Score Range 640 - 850
Loan Amount $2,000 - $250,000

StreetShares Business Lines of Credit Review

StreetShares Business Lines of Credit is offered by StreetShares, a direct lender founded in 2013 and based in Reston, VA. StreetShares Business Lines of Credit is available in 50 states (and Washington, DC).

StreetShares Business Lines of Credit FAQ

What APRs does StreetShares Business Lines of Credit offer?

StreetShares Business Lines of Credit offers a fixed APR product that ranges from 6% APR up to 20% APR.

Does StreetShares Business Lines of Credit charge an origination fee?

Yes, StreetShares Business Lines of Credit charges an origination fee of up to 4.95% of the line of credit amount.

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

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

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

Does StreetShares Business Lines of Credit charge a late fee?

Yes, StreetShares Business Lines of Credit charges borrowers with a late payment fee of up to $10.

Does StreetShares Business Lines of Credit charge prepayment fees?

No, StreetShares Business Lines of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

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

Line of credit amounts start at $2,000 and go up to $250,000.

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

StreetShares Business Lines of Credit offers business lines of credit with terms ranging from 3 to 36 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 StreetShares Business Lines of Credit?

Applicants with a credit score of at least 640 and up to 850 may be eligible for StreetShares Business Lines of Credit.

StreetShares 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 StreetShares 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 StreetShares 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 StreetShares Business Lines of Credit?

StreetShares Business Lines of Credit can approve (or deny) a line of credit application within 24 hours and fund business lines of credit within 2 business days of approval.

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

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

  • No outstanding liens.
  • Business license
  • Business bank account

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

Yes, StreetShares 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.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From StreetShares Business Lines of Credit

Atlas Platform helps community lenders offer the all-digital banking experience business owners demand. Business Owner Hub + Your business owners can complete an all-digital business loan request in under 7 minutes on your branded, mobile-ready application. End-to-End Banking Platform + Your team can quickly process, analyze, score, track, close and board loans with our powerful workflow tool. Be up and running in just a few weeks to lend digitally, with no implementation cost or coding required.

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Other Services by StreetShares

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee Amount $10
Origination Fee (%) Up to 4.95%
Business Financing Requirements
  • No Outstanding Liens
  • Business License
  • Business Bank Account
Credit Score Range 640 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 12
Minimum Revenue $25,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Income Statement
  • Balance Sheet
  • Cash Flow Statement
  • Business Tax Return
  • Employer Identification Number
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 2 - 5 days
Payment Frequency Weekly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) 6% - 20%
Loan Amount $2,000 - $250,000
Loan Term 3 - 36 months

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