StreetShares is a peer-to-peer (P2P) business loan provider that offers financial solutions to small businesses in the form of short-term loans and lines of credit. We compiled StreetShares reviews from around the web to determine what their customers think about the company. We will also go over the fees associated with taking out a loan.
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StreetShares Customer Reviews
Summary of User Reviews
We looked around the web and found that StreetShares has generally positive ratings. Here’s what we found:
What StreetShares does well:
Small businesses who gave StreetShares a positive rating said the application process was quick and hassle-free, thanks in part to the company’s customer service team.
What StreetShares does not do well:
Negative reviewers said that the costs associated with taking out a loan are too steep for newer and smaller businesses.
Most Helpful Positive User Review
One user who gave Streetshares a 5-star rating said that speaking to their representative was a pleasant experience. According to him, the representative guided him through the process and carefully explained his options. The representative seemed knowledgeable on the subject and was patient in explaining things.
Most Helpful Negative User Review
One 2-star review cautioned people to beware of the company’s interest rates. The small business owner got a 27% interest rate on his loan despite his credit rating being at a healthy rate of 675.
Other StreetShares User Reviews From Around the Web
Here are a few other resources for finding helpful StreetShares customer reviews. We rated the review sites on a scale from poor to excellent based on how trustworthy and useful the reviews seemed.
|*Average rating as of date article was written: Apr. 18, 2017|
How We Determined Quality of User Review Websites
- Trustpilot has several reviews on the company. The reviews are all from verified users of the service, although most of them were incentivized to leave a review by Streetshares, so this may skew the credibility.
- Merchant Maverick gives a lot of information and details about the service on their review. Users of the website are also allowed to comment and share their experiences with the product.
- Consumer Affairs has few reviews on the service, and the websites doesn’t do much in verifying the identity of their reviewers.
StreetShares Fees & Other Details
StreetShares provides small businesses with two financing solutions: short term loans and lines of credit. To take advantage of their offers, businesses must be operating for at least one year, earning at least $25,000 in annual gross revenue and have a credit rating of at least 600. Streetshares may also require you to have a business guarantor.
Small businesses can borrow anywhere from $2,000 to $100,000 for their short-term loans, and $5,000 – $100,000 for their lines of credit. Streetshares will deduct 2.95% – 4.95% of the loan amount for the origination fee. Interest rates can range anywhere from 7.19% – 29.9%, depending on your business’ creditworthiness. The repayment period is 3 to 36 months, where Streetshares deducts a fixed amount from your business account each week.