StreetShares Business Loans Review

StreetShares Business Loans 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 Business Loans’s rates?

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

Does StreetShares Business Loans charge an origination fee?

Yes, StreetShares Business Loans charges a loan origination fee of 3.95% to 4.95% of the loan amount. StreetShares Business Loans 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 Business Loans set on the purpose of the loan?

StreetShares Business Loans 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 Business Loans 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 Business Loans provides access to the following business loan types:

• Unsecured term loans
• Lines of Credit

Does StreetShares Business Loans charge a late fee?

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

Does StreetShares Business Loans charge prepayment fees?

No, StreetShares Business Loans 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 Business Loans?

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

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

StreetShares Business Loans 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 Business Loans?

StreetShares Business Loans 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 may be eligible for StreetShares Business Loans.

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 Loans 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 StreetShares Business Loans. 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

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

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

Does StreetShares Business Loans report your account activity to credit bureaus?

Yes, StreetShares Business Loans 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 may help improve your credit.