
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Min. Amount | $25,000 |
---|---|
Max. Amount | $500,000 |
Loan Term | Up to 48 months |
Min. Credit Score | 600 |
APR | Starting at 9.99% |
Requirements | Must have a minimum credit score of 600, minimum 1 year in business and make $150,000+ in annual revenue. |
In November 2016, news circulated that Dealstruck had closed shop after an acquisition deal fell through at the last minute. A Crowdfund Insider article quoted CEO Ethan Senturia as saying that Dealstruck was no longer originating loans.
Dealstruck wouldn’t comment on exactly what happened beyond disclosing that its broker service had shut down. A representative informed us that its direct lending services, however, are still up and running.
To be considered for a business loan, Dealstruck requires:
Dealstruck is an online lender that offers fixed-rate term loans to businesses in virtually any industry. Use your financing to buy equipment, fix up your workspace, consolidate other loans and take care of other one-time expenses.
It also offers two types of specialized financing:
Inventory lines of credit | E-commerce businesses and franchises | Access revolving fund amounts to cover the cost of inventory when patchy sales just don’t cut it. |
Accounts receivable lines of credit | Tech companies, home healthcare services, franchises and commercial cleaning businesses | Borrow up to 85% of the value of outstanding invoices to keep your cash flow going. |
Businesses in other industries can apply for inventory lines of credit and accounts receivable financing, as long as it’s a good match for their funding needs.
Dealstruck doesn’t have the most transparent website. It’s hard to tell from its site the types of fees its loans come with, and customer service wouldn’t tell us which states it operates in. You’ll have to apply first to get that information.
Here are other potential drawbacks to keep an eye out for:
BBB accredited | No |
---|---|
BBB rating | A+ |
Trustpilot Score | 4.9 out of 5 stars, based on 102 customer reviews |
Customer reviews verified as of | 15 October 2020 |
Dealstruck doesn't have any reviews on its BBB page, but customers on Trustpilot are pleased with its customer service and quick response.
First, confirm you meet the eligibility requirements:
Next, have the following documents on hand before you sit down to complete your application:
If you have only one year of business tax returns handy, expect to also submit your business’s profit and loss statement.
A Dealstruck loan specialist contacts you usually the same day to discuss your options — though if you can’t wait, you can try to speak with a rep immediately at 1-855-610-5626. You’ll go over loan options to decide on one that’s right for your business needs.
Submit documents for underwriting and to verify your business revenue and other information. Carefully read and sign your loan documents, paying special attention to the repayment schedule. Ask if you can sign up for autopay — that way, you don’t have to worry about manual repayments each week.
The whole process can take from start to finish.
Get ready to repay your loan shortly after you receive your money. Unlike other lenders, Dealstruck asks for weekly instead of the standard monthly repayments.
If you sign up for autopay, you aren’t required to repay your loan manually each week. But you should keep an eye on your business bank account to make sure that it always has enough funds.
Contact customer service as soon as possible if you notice something that isn’t right or have questions. If our experience with customer service is typical, it can take time before your issue is resolved — which means reaching out early is essential.
Dealstruck offers fast financing tailored to specific industries that might help out a business in a pinch. But its lack of transparency makes us wonder if its deals are as advertised. And weekly repayments can also be tough on businesses that don’t bring in steady sales.
To find a lender that’s right for your needs, consider comparing other business lenders before making a decision.