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  StreetShares

StreetShares

in Business Loans from StreetShares

Unaffiliated

StreetShares

Unaffiliated

in Business Loans from StreetShares

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Highlights
Highlights
Community Rating Strongly recommended
Loan Amount $2,000 - $100,000
APR  (Fixed APR) 6% - 20%
Loan Term 3 - 36 months

StreetShares Review

Where does StreetShares do business?

StreetShares is a business financing offering by StreetShares, based in Reston, VA. Founded in 2013, StreetShares offers access to business loans in 50 states (and Washington, DC).

What are StreetShares’s rates?

StreetShares offers a fixed APR business financing product that ranges from 6% APR up to 20% APR.

Does StreetShares charge an origination fee?

Yes, StreetShares charges a loan origination fee of 3.95% to 4.95% of the loan amount. StreetShares deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does StreetShares set on the purpose of the loan?

StreetShares 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 StreetShares offer?

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

  • Unsecured term loans
  • Lines of Credit

Does StreetShares charge a late fee?

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

Does StreetShares charge prepayment fees?

No, StreetShares does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow from StreetShares?

Loan amounts start at $2,000 and go up to $100,000.

What is the maximum loan term you can get with StreetShares?

StreetShares offers business loans with terms ranging from 3 to 36 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 StreetShares?

StreetShares requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $100,000 to be considered.

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

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 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.

Only U.S. citizens and permanent residents can apply for a loan.

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

  • Proof of income
  • Proof of identity

What is the estimated funding time for a business loan via StreetShares?

StreetShares can approve (or deny) a loan application within 24 hours and fund business loans within 2 business days of approval.

Does StreetShares report your account activity to credit bureaus?

StreetShares reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

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Contact

  • Headquarters
  •   1985 Isaac Newton Square West Suite 103
    Reston, VA 20190 USA
  •   Visit Site

About StreetShares

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  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 3.95% - 4.95%
Credit Score Range 640 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Self-Employed
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 12
Minimum Revenue $100,000
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Loan Amount $2K - $100K
Loan Term 3 - 36 months
APR (Fixed APR) 6% - 20%

StreetShares Community Reviews

 
 

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