StreetShares Reviews - What Is It?
WARNING: DO NOT BUY StreetShares Until You Read This Review!
Is it a Scam? Does It Really Work?
If you need a loan from a reputable veteran-led company, you should consider StreetShares. This lender is a legitimate business, unlike many other modern lenders including traditional banks and mortgage companies. Their system has drastically changed since the Great Recession. Most people are skeptic about those organizations and do not trust them anymore. But what can you do if you are a business owner in needs of funds? Unlike other financial institutions, StreetShares promises a painless and fast loan-approval process that provides you with a sum of money from $2,000 to $100,000 within just a few days. This veteran-led lending company is located in Reston, Va. It offers a great deal - the easy access to money for your business? Let's take a closer look at how legit the company is and if it is worth addressing.
StreetShares was created as a company that would support veteran-led small businesses. It was founded by two C-level leaders, COO Mickey Konson and CEO Mark Rockefeller. It happened in 2013 during a breakfast meeting of these men, who are veterans themselves. This is why they encourage other vets to start their own businesses too. According to their profiles at LinkedIn, Mickey served one year in the South African Air Force, while Mark served in the United States Air Force for ten years. Six of their thirteen directors and vice presidents also served in the military. According to the official website of the company, StreetShares' mission is to finance veteran-owned small businesses. This is the why they specialize in providing veteran business loans. However, you don't have to be necessarily a veteran to borrow from this lender.
Customer Reviews - Does StreetShares Really Work?
There are two categories of StreetShares' services: lending and investing. Both of them are intertwined. The loans are funded by the company's investors and provided to small businesses. These range from 3 to 36 months in duration. The annual interest rates are 9-30%. There are certain requirements to those who want to get this loan including a reasonable credit, you should have been in business for more than a year or have $100,000 in revenue and you should be a U.S. citizen or a permanent resident of this country. Your loan APR will be determined by your business' profile and your credit history. The lower your revenue and score, the higher the rate on your loan will be. Your business' success and your credit history will be also taken into consideration. This can be a risk to the lender to give you the funds, that is why the higher the risk, the higher the APR; the lower the risk, the lower the APR. According to the company's website, your percentage rate will never change. Before getting the loan, you will need to provide certain information about your company, including: the company's Employer Identification Number, owner's social security number, a listing of all the business' outstanding debts, tax returns, the business' six most recent bank statements, and profit-and-loss numbers. As the StreetShares representatives claim, they will give you a quick response to your funding request and you will be funded somewhere within 24 to 72 hours. These promises are pretty good in the field of small-business loans.
You can find a great number of testimonials from people who have worked with StreetShares. This veteran-focused lender received many positive and really solid reviews across several websites. For example, TrustPilot contains 74 reviewers and gives the company an average rating of four out of five stars. Consumer Affairs offers ten reviewers with the same average rating. It is a good characteristic for a company of this kind. It means that the customers are satisfied with what the lender offers. The company has an A+ rating with the Better Business Bureau (BBB). There are no complaints or government actions against StreetShares since the company started with the BBB March 2015. The majority of the positive comments focus on its great customer service. The representatives are friendly and helpful. It is also easy to get a loan. There were a couple of complaints about high interest rates. In fact, the interest rate depends on a few factors described higher. Overall, most customers seem to have a pleasant experience with the company. StreetShares has a positive reputation but let us take a closer look at what real clients are saying about it.
"StreetShares is an excellent company offering awesome products. Its mission is to help American military men realize their American dream. They finance small businesses and give an opportunity to the general public to take part in investing. But what is really precious about the company is that it helps new Vet startups become self-sustaining. I feel happy with this idea!"
"Street Shares are doing great work for veterans as they help them to build a successful business and to make their families happier. I am sure that they are honest, that is why it is easy to do business with them. I bought a bond which was a painless and fast process. The whole team of professionals was top notch. All of them were courteous and professional throughout the process. I am satisfied with the rates and my experience in general. I would highly recommend this company!"
"Street shares offers excellent service for a small business. I highly appreciate their focus on veterans and customer service. The representatives of the company were so attentive to my needs. I received access to funds rather quickly. It is a good company to work with - professional, timely, and big supportive. In fact, this is the easiest company to work with. I had a line of credit for $100k very easily and quickly."
My Final Summary
So, StreetShares' focus on assisting veterans who spent many years in the military to open and develop their own small businesses. If you have got the drive to succeed and meet the higher mentioned company's financial requirements, this lender offers reasonable terms for loans. Their bond-based investment system gives an opportunity to average people to invest in certain businesses chosen by the company. An advantage to using this company is that you won't have to pay a daily interest rate like you would do with other lenders of the kind.
Most clients of the company like their experience of cooperation. They usually get the 9-percent APR and appear to be satisfied with it. However, if you have a poor credit score, your APR may be around 25 or 30 percent. If your company doesn't meet the provided requirements, the rate will he increased too. Taking into account all pros and cons, I certainly recommend StreetShares.
StreetShares Pricing and Rates
You are expected to pay an up-front fee of 3.95-4.95% for getting the loan, along with your APR. This is an "origination fee" and is standard in the lending field. StreetShares offers a simple version of small business lending. This is the reason why the process is fast and easy. What differentiates this company from its competitors is that it charges an overall APR and not a daily percentage. The company offers lines of credit ranging from $5,000 to $100,000.