StreetShares Business Lines of Credit

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 are 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 and permanent resident / green card holders are eligible to apply for the services offered by StreetShares Business Lines of Credit.

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.