This peer to peer lender’s business line of credit is a good option for those needing a quick injection of cash without having to commit to paying the interest on a larger lump-sum small business loan. Most business lines of credit are more heavily scrutinized than a business credit card, so you have the best chance of securing a line when your company’s finances are in good shape. StreetShares offers both secured and unsecured lines of credit, so business owners can apply for what meets their businesses’ needs.
Through their Patriot Express Line of Credit, expenses such as payroll or an unexpected cost such as added inventory can be covered. Then, once you pay back the outstanding balance, your full credit limit is available to use again.
StreetShares offers a lower overall APR than most business credit cards, which usually start around 14%.
StreetShares Business Line of Credit at a glance:
- Lines of credit from $5,000 – $200,000 or $250,000 for repeat customers who are contract financing clients
- Rates starting at 8% APR
- Typical loan term lengths are 6 months to 3 years
- Minimum credit score: 640
- Minimum time in business: 1 year — or 6 months in business and $100,000 in annual revenue
- Minimum annual revenue: $25,000
- No bankruptcies in the past 3 years
Lines of credit are unavailable to borrowers in North Dakota, South Dakota, Rhode Island, Montana and Nevada. They are also unavailable to sole proprietorships in Delaware, Minnesota, Nebraska, New Hampshire, New Jersey, New York or Wyoming.
Here’s more info from our experts to help your small business thrive.