• Overview
  • Pricing
  • Features
  • Seamlessness
  • Customer Care
Top  >  Best Loans for SMBs 2017  >  StreetShares
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Description
StreetShares is bringing trust and community to digital lending for American small businesses.

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OVERVIEW

Born in 2013, StreetShares was created in a diner with a vision to provide small businesses a connection to investors looking to offer funds to that community.

A relatively young company, StreetShares has a simple premise that results in a small but dedicated company. Instead of catering to just one side of the transaction, both investors and borrowers can sign up to invest and borrow, respectively.

Pros Cons
StreetShares looks to deliver funds faster than traditional loans from banks with a faster application process. Repayment lengths are relatively short compared to other loan offers.
Wide range of term loans available with no application fees. The website doesn’t harbor a lot of information about rates, fees and the company itself.
Prepayment doesn’t come with penalties.  
Being a company founded by veterans, StreetShares is veteran-friendly.  
Next: Pricing >

PRICING

A company that looks to borrow funds from StreetShares can only borrow 20% of their yearly revenue, up to $100,000. The term length can be anywhere from three months to three years. Interest rates run between 6% and 14%.

StreetShares disperses loans in full once they are approved. Repayment happens on a weekly basis, automatically withdrawn from a designated account. While there is no prepayment penalty, there are penalties for declined and late payments.

StreetShares also offers lines of credit to those who qualify. The rates and fees for a line of credit are similar to that of those for a term loan. The only difference is the addition of a draw fee. Every time you utilize your credit line StreetShares charges a 2.95% fee.

StreetShares Term Loans Breakdown
Borrowing Amount $2,000 - $100,000
Term Length 3 - 36 Months
Interest Rate Between 6% - 14%
Closing Fee 3.95% or 4.95%
APR Range 7% - 39.99%
StreetShares Line of Credit Breakdown
Borrowing Amount $5,000 - $100,000
Draw Term Length 3 - 36 Months
Interest Rate Between 6% - 14%
Draw Fee 2.95%
APR Range 7% - 39.99%
Next: Features >

FEATURES

StreetShares makes an effort to prove to its customers that it is dedicated to providing the best products for small businesses. Having signed the Small Business Borrower’s Bill of Rights (created by the Small Business Lending Coalition), the company wants to maintain a face of integrity and transparency.

The website boasts a comprehensive FAQ section to answer many common inquiries one might have. It’s also a service to investors as well, effectively doubling its usefulness in the industry. Anyone looking to invest in a company in need can do so through StreetShares.

Veterans are given preferential treatment from StreetShares (which makes sense since the founders are veterans themselves). If you are a veteran and are looking to become an entrepreneur you might be able to enjoy lower interest rates.

Next: Seamlessness >

SEAMLESSNESS

Like many lenders with online capability, StreetShares allows you to apply for their products through their website. Upon initial inquiry, StreetShares performs a soft pull on your credit. If your credit passes the mark you’ll have to provide more personal and business related information to proceed.

After you’ve provided the necessary documents, an underwriter will hard pull your credit and review the paperwork. Upon secondary approval, your loan will be subject to an automated auction to see which investors will provide the funds.

Once this process is complete, StreetShares will provide multiple loan offers for you to accept. Once you accept one the funds will be deposited into your account within the next 48 hours. In total, the whole process can be completed in less than seven days.

Next: Customer Care >

CUSTOMER СARE

StreetShares customer support can be reached via email, phone, website live chat and, if necessary, Facebook and Twitter. There is also an FAQ available on the website to answer any fundamental questions you might have.

As far as customer reviews go, most of them are positive. The main issues that some customers have with StreetShares revolve around the length of time given to repay your borrowed amount, the lack of information available on the website and the fact that a closing fee exists.

Most of the company’s reviews can be viewed on Trustpilot.

User Reviews

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