Where does Bolstr do business?
Bolstr is a marketplace lender based in Chicago, IL. It was founded in 2013 and offers access to business loans in 50 states (and Washington, DC).
What are Bolstr’s rates?
Bolstr offers business loans with fixed APRs starting from 8% and up to 25%.
Does Bolstr charge an origination fee?
Yes, Bolstr charges a loan origination fee.
What limitations does Bolstr set on the purpose of the loan?
Some lenders only provide business loans for certain purposes. Bolstr considers loan applications for the following reasons:
- Business Debt Refinance
- Equipment Purchase
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does Bolstr offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Bolstr provides access to the following business loan types:
Does Bolstr charge prepayment fees?
Yes, Bolstr charges additional fees to borrowers who pay off their loans 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 loan early.
How much can you borrow from Bolstr?
Loan amounts start at $25,000 and go up to $500,000.
What is the maximum loan term you can get with Bolstr?
Bolstr offers business loans with terms ranging from 24 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Bolstr?
Applicants with a credit score of at least 640 can apply for a loan via Bolstr.
Bolstr does not require borrowers to have been in business for a minimum number of years.
Only U.S. citizens and permanent residents can apply for a loan..
To qualify, applicants may need to provide the following documentation:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Proof of Identity
- Proof of Income