Bolstr Business Loan Review

Where does Bolstr Business Loan do business?

Bolstr Business Loan is a business financing offering by Bolstr, based in Chicago, IL. Founded in 2013, Bolstr offers access to business loans in 50 states (and Washington, DC).

What are Bolstr Business Loan’s rates?

Bolstr Business Loan offers a fixed APR business financing product that ranges from 8% APR up to 25% APR.

Does Bolstr Business Loan charge an origination fee?

Yes, Bolstr Business Loan charges a loan origination fee.

What limitations does Bolstr Business Loan set on the purpose of the loan?

Bolstr Business Loan considers loan applications for business purposes, such as:

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

What types of business loans does Bolstr Business Loan 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 Business Loan provides access to the following business loan types:

• Unsecured term loans

Does Bolstr Business Loan charge prepayment fees?

Yes, Bolstr Business Loan 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 Business Loan?

Loan amounts start at $25,000 and go up to $500,000.

What is the maximum loan term you can get with Bolstr Business Loan?

Bolstr Business Loan 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 Bolstr Business Loan?

Bolstr Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 640 and up to 850 are eligible for Bolstr Business Loan.

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 Bolstr Business Loan 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 Bolstr Business Loan. Permanent resident / green card holders are also eligible to apply.

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

• Proof of income
• Proof of identity