Bolstr Business Loan Review

Bolstr Business Loan is a business financing offering by Bolstr, based in Chicago, IL. Founded in 2013, Bolstr offers access to small 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 business loan?

Bolstr Business Loan considers business 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 small business loans does Bolstr Business Loan offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Bolstr Business Loan provides access to the following business loan types:

• Unsecured Term Business Loans

Does Bolstr Business Loan charge prepayment fees?

Yes, Bolstr Business Loan charges additional fees to borrowers who pay off their small business 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 business loan early.

How much can you borrow from Bolstr Business Loan?

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

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

Bolstr Business Loan offers small 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 may be 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