Dealstruck business loans are available in amounts up to $500,000 with repayment terms of up to 48 months. Business owners with a credit score of at least 600, one year of business operations, and annual revenues of $150,000 may be eligible. We have compared Dealstruck loans to the top five financing alternatives.
Dealstruck & Top 5 Alternatives
Businesses with at least $150,000 in annual revenues
Repayment terms of up to five years and low annual revenue requirements
Short-term loans, lines of credit & invoice factoring with fast approvals
Businesses with small or recurring working capital needs
Invoice financing with no minimum credit score requirement
A marketplace to shop multiple business loan options with one application
What Dealstruck Is
Dealstruck is an online lender for business loans, offering both short-term loans and invoice financing. Interest rates are comparable to other online lenders, ranging from 9.99% to 27.99%. To be eligible for financing, borrowers must have a credit score of 600 or greater, at least $150,000 in annual revenues, and one year of business operations.
Did Dealstruck Close?
Dealstruck closed in 2016, after just three short years of operating in the financial technology (Fintech) market. However, the company re-emerged in 2018 under new leadership and with a restructured lending platform. The company hopes that this restructuring will provide borrowers with faster application turnaround times and a more streamlined process.
How Dealstruck Business Loans Work
Dealstruck business loans work in the same manner as other short-term business loans. You begin by completing an application, and, if approved, receive financing via electronic transfer directly to your bank account. Payments are then made to the lender either weekly, bi-weekly, or monthly until the balance plus interest is paid in full.
Dealstruck Business Loan Rates & Fees
Dealstruck business loans have interest rates ranging from 9.99% to 27.99%, and origination fees ranging from 2.99% to 5.99%. This results in an expected APR ranging from 23% to 70%. Dealstruck does charge a prepayment penalty of 1%; however, this fee is typically waived after the first 90 days.
The rates and fees on a short-term loan through Dealstruck are:
- Interest rates: 9.99% to 27.99%
- Expected APR: 23% to 70%
- Origination fee: 2.99% to 5.99%
- Prepayment penalty: 1% within the first 90 days, usually waived after 90 days
In general, the expected APRs for Dealstruck business loans are in line with the other providers we reviewed. However, the absence of a prepayment penalty after 90 days may offer a significant advantage for business owners who are able to repay their financing early.
Dealstruck Business Loan Terms
Dealstruck offers term loans of up to $500,000 and accounts receivable (A/R) financing up to $85,000. Repayment terms for Dealstruck business loans range from six to 48 months, with payments made weekly, bi-weekly, or monthly. To secure financing, you will be required to provide a personal guarantee, and a blanket UCC will be filed on your business assets.
The terms you can expect with Dealstruck financing include:
- Loan amount: Up to $500,000 for term loans (up to $85,000 for A/R financing)
- Repayment term: Up to 48 months
- Repayment schedule: Weekly, bi-weekly, or monthly
- Collateral: Blanket UCC filing on business assets
- Personal guarantee: Required
Dealstruck’s maximum repayment term of 48 months is significantly longer than the repayment terms offered by many other lenders we reviewed. Both BlueVine and Kabbage offer a maximum repayment term of 12 months, while Fundbox only offers a repayment term of 24 weeks.
Dealstruck Business Loan Qualification Requirements
Dealstruck maintains the same qualification requirements for all of its lending products. Whether you are applying for a term loan or accounts receivable (A/R) financing, you will need to have a credit score of at least 600, annual revenues of $150,000 or greater, and at least one year of business operations.
The general qualification requirements for a Dealstruck business loan are:
- Credit score: At least 600
- Minimum annual revenue: At least $150,000
- Time in business: At least one year
While Dealstruck’s minimum credit score requirement is on par with those of the other lenders we reviewed, its minimum annual revenue requirement is far greater than other providers. Dealstruck requires minimum annual revenues of $150,000; however, BlueVine only requires revenues of $100,000, and Kabbage only requires annual revenues of $50,000.
What Dealstruck Business Loans Are Missing
Dealstruck offers repayment terms of up to 48 months, which can make payments on larger loans more affordable for small business owners. However, the annual revenue requirement of $150,000 or more can be difficult for startup and emerging businesses to meet. For those that have lower annual revenues, a short-term loan through LendingClub may be a better option.
Dealstruck reviews from around the web are overwhelmingly positive. Business owners report fast funding and an easy application process, and share that the company is very easy to work with. The few negative reviews that exist are related to the time during which the company had temporarily closed.
How to Apply for Dealstruck Business Loans
Dealstruck offers an easy online application process that provides you with pre-approval information in a matter of minutes. After completing your application, you will be asked to provide supporting documents to the lender. If approved, you can receive funding as soon as the next business day.
How We Evaluated Dealstruck Business Loans & Alternatives
When evaluating Dealstruck and the top alternative lenders, our primary focus was on the costs and repayment terms offered by each lender. All of the lenders selected offer easy online applications. We compared each lender based on the amount they could lend, how much the loan would cost, the available repayment terms, and their qualification requirements.
The criteria we used to evaluate Dealstruck and the top alternative lenders include:
- Loan amount: The amount you can borrow from each lender
- Expected APR: The range of the annual percentage rate for each lender (interest rates plus fees)
- Repayment terms: The range of the repayment terms offered
- Payment frequency: How often you need to make payments (e.g., weekly, monthly)
- Qualification requirements: The factors that determine your eligibility for financing, such as credit score, time in business, and annual revenues
- Customer reviews: Customer reviews provide insight into the experience that actual borrowers have had with the lender
Based on the criteria above, our recommendation when considering Dealstruck and the top alternatives is LendingClub. While LendingClub has a slightly higher minimum credit score requirement of 650, as compared to Dealstruck’s requirement of 600, it offers longer repayment terms. Additionally, LendingClub has a significantly lower annual revenue requirement of $50,000, compared to Dealstruck’s requirement of $150,000.
LendingClub: Best for Borrowers With Low Annual Revenues
LendingClub’s business loans are a great choice for those who have been in business for at least one year and are seeking financing of up to $500,000. To qualify, you will need to have annual revenues of $50,000 or greater, and a “fair to better credit score” (typically 650 or more is deemed fair). LendingClub’s easy application process can be completed online in less than 10 minutes.
LendingClub Rates & Fees
Business loans through LendingClub have APRs ranging from 9.77% to 35.71%. Included in this APR is an origination fee of 0.99% to 6.99%. While well-qualified borrowers may receive affordable rates with LendingClub, lesser-qualified borrowers might find the rates and fees overly expensive.
The small business loan rates and fees that you can expect from LendingClub are:
- Interest rate: 9.77% to 35.71% fixed APR
- Origination fee: 0.99% to 6.99%
- Prepayment penalty: None
Interest rates on short-term business loans through LendingClub are significantly lower than many of the lenders reviewed. With maximum APRs capping out at 35.71%, LendingClub offers rates significantly lower than its competitors that have maximum APRs of 70% or greater.
LendingClub Loan Terms
LendingClub offers small business loans in amounts ranging from $5,000 to $500,000. The repayment terms for these loans range from one year to five years. Payments on LendingClub loans are made monthly until the loan and interest are repaid in full.
The terms you can expect with LendingClub business loan are:
- Loan amount: $5,000 to $500,000
- Loan term: One to five years
- Repayment schedule: Monthly
The loan amounts provided by LendingClub are similar to those offered by Dealstruck, with both lenders having a maximum loan amount of $500,000. However, LendingClub’s maximum repayment term of five years exceeds the repayment terms offered by any other lender we reviewed.
LendingClub Qualification Requirements
To be eligible for business financing through LendingClub, you will need to have at least one year of business operations, annual revenues of $50,000 or greater, and a fair or better credit score. While LendingClub does not specify an exact minimum credit score, having a credit score of at least 650 should meet this eligibility requirement.
The qualification requirements for a LendingClub loan are:
- Time in business: At least one year
- Credit score: Fair or better; approximately 650 or higher
- Annual revenue: $50,000 or more
LendingClub does not directly specify a minimum credit score requirement, but rather states that a borrower’s credit should be fair or better. In general, fair credit is equivalent to a credit score of roughly 650, which would make the credit score requirement more stringent than the requirements of Dealstruck and BlueVine, which require a credit score of 600 or greater.
What LendingClub Is Missing
It may be difficult for startups and emerging small businesses to meet the annual revenue parameters that LendingClub requires. However, for borrowers who can meet the revenue requirement, LendingClub can lend at higher loan amounts than most of the other providers we reviewed. For borrowers who aren’t currently generating $50,000 or more in annual revenue, the LendingTree marketplace may be able to match you with a lender that has lower requirements.
LendingClub reviews around the web are mixed. The company has customers who sing its praises and others who rate it poorly. Customers who were satisfied with LendingClub cite that the process was quick and easy and that customer service was friendly and helpful. Those who were unhappy with LendingClub primarily appear to be borrowers who have defaulted on their loans or were declined credit.
How to Apply for LendingClub Business Loans
Applying for a small business loan with LendingClub is simple. You can prequalify online in a matter of minutes. Once you have prequalified, LendingClub will ask that you provide personal and business financial statements to support your application. If approved, you can receive funding in as little as five days.
BlueVine: Best for Fast Financing
BlueVine offers fast financing of short-term loans, business lines of credit of up to $250,000, as well as invoice factoring of up to $5 million. The APRs for BlueVine’s short-term loans and lines of credit range from 18.2% to 78%, and both financing products offer repayment terms of six or 12 months.
BlueVine Rates & Fees
BlueVine offers short-term loans at interest rates starting as low as 4.8% simple interest. The expected APR on these loans ranges from 18.2% to 78%. BlueVine does not charge a loan origination fee.
BlueVine’s interest rates, and resulting APRs, are comparable to the rates offered by Dealstruck. However, unlike Dealstruck, BlueVine does not charge a prepayment penalty in the event you choose to pay your loan off early.
BlueVine Loan Terms
BlueVine offers short-term loans in amounts ranging from $5,000 to $250,000 with repayment terms of either six or 12 months. You can apply online in less than 10 minutes and receive loan approval in just hours. If approved, you can receive funding as soon as the next business day.
The repayment terms offered by BlueVine are limited to either six months or 12 months, and the maximum loan amount is $250,000. Businesses that need amounts greater than $250,000 or longer repayment terms would be better served by either Dealstruck or LendingClub, which offer loans up to $500,000 as well as longer repayment terms.
In addition to offering short-term loans, BlueVine also offers a business line of credit of up to $250,000 with the same qualification requirements as its loan product. Additionally, BlueVine also offers invoice factoring. With invoice factoring, you can receive advances of up to $5,000,000 at rates as low as 0.25% per week.
BlueVine Qualification Requirements
To qualify for a short-term loan through BlueVine, borrowers will need to have a personal credit score of at least 600. The business must have at least six months of operations and be generating annual revenue of $100,000 or greater.
Unlike Dealstruck and LendingClub, which both require at least one year of business operations, BlueVine only requires that a business be operational for six months in order to be eligible. However, BlueVine’s annual revenue requirement of $100,000 far exceeds LendingClub’s requirement of $50,000.
What BlueVine Is Missing
While BlueVine is able to lend to small businesses with only six months of business operations, it also offers one of the lowest maximum loan amounts of the providers reviewed. Borrowers seeking loans greater than $250,000 may want to consider a loan through Dealstruck or LendingClub, which offer loans of up to $500,000.
BlueVine reviews around the web are generally positive. Customers share that they are impressed with BlueVine’s responsive customer support team and the ease of the application process. Critical BlueVine reviews came from businesses that were unhappy about being denied financing, or customers who felt that the interest rates that they were offered were too high.
How to Apply for BlueVine Business Loans
BlueVine’s short-term loan of up to $250,000 is great for newer businesses that have only been in operation for six months. The online application can be completed in just a few minutes, and if approved, you can receive funding as soon as the next business day.
Kabbage: Best for Businesses With Small Capital Needs
Kabbage offers small business lines of credit in amounts up to $250,000. Repayment terms of six, 12, or 18 months are available. The expected APR on a line of credit from Kabbage ranges from 24% to 99%. To qualify, you will need a credit score of 550 or greater, at least $50,000 in annual revenues, and one year of business operations.
Kabbage Rates & Fees
Kabbage charges advance fees rather than an interest rate. You can expect to pay 1.5% to 10% of your outstanding balance monthly. On average, you’ll pay 4% for a six-month repayment term and 3% for a 12-month repayment term. Kabbage business loans feature no prepayment penalties, so you can save money by paying your advances off early.
The expected APR on a Kabbage line of credit is in line with other providers we reviewed, with the exception of LendingClub, which has a significantly lower maximum APR. The higher APR range is likely a result of the short-term nature of this financing product.
Kabbage Loan Terms
Kabbage offers a small business line of credit in amounts ranging from $2,000 to $250,000, with repayment terms ranging from six to 18 months. Payments on a Kabbage line of credit are due monthly. If approved for a line of credit, you can receive funding from Kabbage as soon as the next business day.
Kabbage offers an easy means of accessing your line of credit funds through its Kabbage Card. Just like a debit card you would use to access your bank account, the Kabbage Card allows you to draw funds from your line of credit while you are on the go. Each transaction made on the card creates a new six-month loan, in the same manner that a traditional draw from your line of credit would.
The maximum line of credit available from Kabbage is $250,000, which is the same as BlueVine’s line of credit and term loan options. Business owners seeking higher funding amounts may be better served by Dealstruck or LendingClub, which offer loans up to $500,000, or shopping multiple financing options through the LendingTree marketplace.
Kabbage Qualification Requirements
To qualify for a small business line of credit through Kabbage you need to have a personal credit score of at least 550, one year of business operations, and annual revenues of at least $50,000. If you are not yet generating $50,000 in annual revenue, but can show that you have at least $4,200 in revenue for each of the past three months, you may also qualify.
Aside from Fundbox, which does not have a minimum credit score requirement, Kabbage has the lowest requirement of the direct lenders that we reviewed. While Kabbage only requires a credit score of 550, BlueVine and Dealstruck require a score of 600, and LendingClub requires a score of 650 or greater.
What Kabbage Is Missing
While the small business line of credit offered by Kabbage is a great option, to qualify you need to have been in business for at least a year. If you’ve been in business for less than a year, you might consider an unsecured business loan from BlueVine instead.
Kabbage reviews from around the web are largely mixed. Positive customer reviews cited the funding speed and the minimal paperwork required to apply as advantages. Critical reviews came primarily from customers who felt their monthly payments were too high. However, given the short-term nature of the repayment period, higher payments should be expected.
How to Apply for Kabbage Business Loans
Applying with Kabbage is simple, and the online application can be completed in 10 minutes or less. After providing basic personal and business information, you’ll give Kabbage a connection to your business checking account. Once connected, Kabbage will verify your business revenue. You could be approved for up to $250,000 and receive funding in as soon as 24 hours after applying.
Fundbox: Best for Businesses With Limited Credit
Fundbox offers invoice financing by means of a line of credit up to $100,000 based on outstanding invoices. Business owners with low personal credit scores or low annual revenue can qualify for Fundbox financing. Repayment terms of 12 or 24 weeks are available for these lines of credit. If approved, borrowers can receive funding the same day.
Fundbox Rates & Fees
Fundbox lines of credit have APRs ranging from 10% to 79%. However, borrowers can save money by repaying the amount drawn early because there are no prepayment penalties, and the fees are not charged as an upfront factor of the amount borrowed.
The APR range may seem high on financing through Fundbox, but this is mostly due to the fact that the repayment term is very short. These rates, however, are comparable to those of the other lenders we reviewed.
Fundbox Loan Terms
Fundbox offers invoice financing lines of credit ranging from $1,000 to $100,000. These lines of credit have repayment terms of either 12 or 24 weeks, and require weekly payments. As with most unsecured financing, Fundbox will require a personal guarantee from the borrower as well as a blanket UCC filing on the business’ assets.
Fundbox’s maximum loan amount is significantly lower than any of the other providers on our list. However, given that the maximum repayment term is only 24 weeks, a larger loan could be difficult to repay in such a short time frame. Businesses in need of financing above $100,000 would be better served by any of the other providers we reviewed.
Fundbox Qualification Requirements
Fundbox has very minimal qualification requirements for business owners to meet. To be eligible, you need to have at least six months of business operations. Fundbox does not have a minimum credit score requirement, though your credit will be reviewed as part of the approval process. Additionally, Fundbox does not have a specified minimum annual revenue requirement, though you must have adequate income to repay the debt.
Fundbox has the most relaxed qualification requirements of any of the providers we reviewed; however, these minimal requirements also mean that Fundbox is unable to lend in amounts higher than $100,000. While this may be a good financing option for borrowers with lower credit scores and annual revenues, those needing higher funding amounts would be better served by another lender on our list.
What Fundbox Is Missing
While Fundbox offers the most relaxed qualification requirements of all the providers we reviewed, it also has the lowest maximum loan amount. Business owners who do not meet the credit parameters of other lenders, and may need more financing than Fundbox can provide, may be able to find the financing they need through the LendingTree marketplace.
Fundbox reviews are predominantly positive, with business owners citing its low minimum qualification requirements and recommending the lender to other borrowers struggling to receive funding. Negative reviews of Fundbox centered on the short repayment terms and high overall interest costs associated with the financing.
How to Apply for Fundbox Business Loans
Fundbox offers invoice financing via a small business line of credit. Applying takes less than five minutes, and business owners can qualify for funding up to $100,000 based on outstanding invoices. If approved, you can receive financing as soon as the next business day.
LendingTree: Best for Shopping Multiple Loan Offerings at Once
LendingTree is a free marketplace lending platform that allows business owners to quickly evaluate up to five business loan offers from reputable online lenders simultaneously. With loan products covering multiple business financing options, LendingTree requires minimal information input, doesn’t check an applicant’s credit, and works with more than 40 lenders. When an application is submitted, lenders compete for a borrower’s business, often resulting in lower rates.
LendingTree Rates & Fees
The rates and fees for business loans through the LendingTree marketplace are set by the individual lenders after borrowers submit an official application. This means that despite the proposed loan offers that applicants receive through the platform, borrowers still need to apply, undergo a credit check, and receive an official loan offer before the final interest rate will be given. In general, short-term unsecured financing will have higher interest rates than long-term collateralized financing.
LendingTree Loan Terms
Because LendingTree is a marketplace that connects you with multiple lenders, rather than a direct lender, the terms offered vary based on the lender and type of financing you choose. The loan amounts, repayment terms, and repayment schedule offered depend on how you and your business meet the specific qualification requirements of the LendingTree financing partner.
LendingTree Qualification Requirements
LendingTree business loans are offered to borrowers based on the minimum requirements of each financing option. The minimum qualification requirements are determined by the individual lenders and the type of financing that best suits your business. One benefit of working with LendingTree is that it helps borrowers find financing options and lenders that they are likely to qualify for.
What LendingTree Is Missing
LendingTree doesn’t offer direct funding. All loans initiated through LendingTree are originated and funded through its partners, so business owners will still need to finalize their applications with the lender they select. However, it is a great option for business owners who would rather only complete a single application to review loan options tailored to their needs.
LendingTree reviews on our site and around the web are generally positive, indicating that business owners are happy to be presented with multiple borrowing options quickly when applying. Negative LendingTree reviews disclose that some business owners were unhappy with the follow-up marketing from LendingTree; however, borrowers can unsubscribe from calls and emails.
How to Apply for LendingTree Loans
Finding the right business loan provider doesn’t have to be a headache. LendingTree’s platform makes it fast and easy. You’ll see offers from a number of the top providers and can move forward with the best fit. Get started today.
Dealstruck is a good financing choice for borrowers needing up to $500,000 with repayment terms of up to 48 months. For those who don’t meet Dealstruck’s qualification requirements, there are a number of alternative lenders available with varying eligibility requirements. Based on our overall evaluation of Dealstruck and these alternatives, we recommend LendingClub.
LendingClub offers business loans in amounts up to $500,000 with repayment terms extending up to five years. To qualify, you will need to have at least fair credit, annual revenues of $50,000 or greater, and at least one year of business operations. You can apply online in just minutes, and if approved, receive funding in just a few days.