StreetShares Review

StreetShares Review [Funding & Business Loans 2021]

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StreetShares Review

Launched in 2014, StreetShares was originally an online lender aimed at veterans, however, their services are no longer restricted to veterans and anyone can benefit from their small business lending services.

StreetShares is positioned at the affordable end of the lending spectrum, which makes it particularly attractive for small businesses in need of affordable funding.

The StreetShares eligibility criteria are also very relaxed, so borrowers who have been turned away by other lenders can try their luck with StreetShares. 

Read on to find out if your business could benefit from an installment loan, line of credit, or contract financing with our StreetShares review.

StreetShares Logo

Services Offered

  • Installment loans
  • Lines of credit
  • Contract financing

Eligibility Criteria

The StreetShares eligibility criteria are low which is great news for small business owners. The installment loans and lines of credit have similar requirements, and contract financing – which is similar to invoice financing – has slightly different criteria. 

StreetShares Funding

Installment Loans & Lines Of Credit

Time In Business: 6 months to 1 year
Personal Credit Score: 600, for veterans 620
Business Revenue: $100,000 annually

The minimum time in business is 1 year, however, if a business has earned over $100,000 in revenue in less than one year the minimum time in business drops down to 6 months. Businesses must not have any active liens. 

Streetshares does not lend to businesses based in:

  • North and South Dakota
  • Nevada
  • Montana

In addition to this, StreetShares does not offer services to the following industries:

  • Startups
  • House flippers
  • Law firms
  • Transportation
  • Gambling and Casinos
  • Recreational drugs

Contract Financing

Contract financing is similar to invoice factoring. Since contract financing requires the customer to pay, the criteria are very relaxed. The only requirement is that the applicant must have a business that invoices its customers. 

Terms and Rates

The terms and rates for different services are as follows:

Installment Loans

These are the terms and fees for StreetShare’s installment loans: 

  • Borrowing Limit: $2,000 – $250,000
  • Term length: 3 months to 3 years
  • Interest Rate: About 6% – 14%
  • Closing Fee: 3.95% – 4.95%
  • APR Range: 8% – 39.99%
  • Insufficient Fee Penalty: $10
  • Late Fee: $10 after 7 days over the due date
  • Early Payment Penalty: Not Applicable

Applicants can only borrow amounts up to 20% of their revenue. So, the higher the revenue, the higher the borrowing limit will be. Installment loans are disbursed in a lump sum requiring interest to be paid on the full amount of the loan.

The closing fee is exclusive and is not lumped together with the principal. This means that it can be paid separately at any time, or it can be added to the repayments which are made weekly through automatic withdrawals. StreetShares does require a business guarantor to vouch for the applicant, and there is no collateral. 

Keep reading for more of our review.

StreetShares Funding

Lines Of Credit

  • Borrowing Limit: $5,000 – $250,000
  • Term Length: 3 months to 3 years
  • Interest Rate: About 6% – 14%
  • Draw Fee: 2.95%
  • APR Range: 8% – 39.99%
  • Maintenance Fee: Not Applicable
  • Early Payment Penalty: Not Applicable

The maximum amount that can be withdrawn depends on the revenue of the applicant. Apart from this, there is a draw fee of 2.95% which only applies when funds are withdrawn from the line of credit.

Contract Financing

  • Credit Facility Limit: Maximum $500,000 per invoice
  • Advance Rate: Up to 90%
  • Discount Rate: Variable
  • Max Overdue Account: 180 days
  • Additional Fees: Not Applicable
  • Contract Length: Not Applicable
  • Monthly Minimums and Maximums: Not Applicable
  • Factor All Invoices: Not Applicable
  • Recourse Or Non-Recourse: Non-recourse
  • Notification Or Non-Notification: Notification

StreetShares will purchase the unpaid invoices at a discount and give up to 90% of the amount as advance to the applicant and the remaining 10% will be paid once the customers have paid back their debts.

There are no additional fees and the discount rate offered to businesses will depend on revenue and also a number of factors that will vary on a case by case basis.

Applicants will not be required to sign any long term contracts and in addition to this the applicants can choose which invoices they want to factor. 

Application Process

Applicants will start by filling out an online application that requires some basic biodata regarding themselves, their business, the reason for applying for funds, and the options that the applicant is interested in.

Upon passing the first screening questions, the applicant will be required to submit further documents such as bank statements, tax returns, and other financial statements. 

At this stage, StreetShares will carry out a soft pull to verify the data and check the credit report. This soft credit pull will not affect the credit score of the applicant.

Next, StreetShares will make an offer outlining the terms and rates. If the applicant chooses the offer, the funds will be approved and transferred within a week. 

StreetShares Customer Service

StreetShares can be contacted via:

  • Phone
  • Email
  • Live chat
  • Social media platforms

StreetShares customer service is generally seen to be transparent and helpful, although there have been some complaints that the customer service may be a bit slow on some occasions.

The FAQ page on the official site has quite a lot of information that applicants can benefit from before applying for a loan. 

StreetShares Reviews

StreetShares user reviews are generally positive and focus on the ease of application, low rates, and diversity of products.

The negative reviews complain about the lack of information regarding the terms and rates on the site, as well as the weekly repayments being too regular, and that the maximum repayment term of 3 years needs to be increased. 

StreetShares Pros and Cons

The next section looks at the pros and cons of the StreetShares platform.


  • Fast application process
  • Low rates
  • Low eligibility criteria
  • Diverse options


  • Weekly repayments
  • Short term limits
  • Borrowing limit up to 20% of revenue

StreetShares Review: Parting Thoughts

StreetShares is nicely positioned on the more affordable end of the market for small businesses and veterans in particular. If you are a small business struggling with your financial situation, and other lenders have turned you down, or you do not meet their criteria, then StreetShares is a very good option for your business if you can manage the weekly repayment terms. 

Find Out If You Qualify

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