StreetShares Business Loans Review

StreetShares is a business financing offering by StreetShares, based in Reston, VA. Founded in 2013, StreetShares offers access to small 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 business loan amount. StreetShares deducts the fee directly from your business 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 business loan?

StreetShares 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 StreetShares 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. StreetShares provides access to the following business loan types:

• Unsecured Term Business 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 business loan off early.

How much can you borrow from StreetShares?

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

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

StreetShares offers small 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?

StreetShares can approve (or deny) a business loan application within 24 hours and fund small 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.