Dealstruck business loans review September 2018 | finder.com

Dealstruck business loans review

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Quick financing from a lender that understands your business’s needs — but lacks transparency on offer details.

Tired of one-size-fits-all business loans? You might want to look at Dealstruck, an online lender offering financing designed to meet the specific needs of your industry.

But personalization comes with a potentially steep price — these loans backed by your personal and business assets come with weekly repayments that could push weaker cash flow into default.

Read on to get the lowdown on the benefits and drawbacks of a business loan through Dealstruck.

Product NameDealstruck Business Financing
Min Loan Amount$25,000
Max. Loan Amount$500,000
APR9.99% (Starting at)
Interest Rate TypeFixed
Maximum Loan Term4 years
RequirementsMust have a minimum credit score of 600, minimum 1 year in business and make $150,000+ in annual revenue.
  • In business 1+ years
  • Credit score of 600+
  • Annual revenue of $150,000+

I heard Dealstruck shut down in 2016. What’s the deal?

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.

Do I qualify for Dealstruck?

To be considered for a business loan, Dealstruck requires:

  • A personal credit score of 600 or higher.
  • At least one year in business.
  • At least $150,000 in annual revenue.

How does getting a business loan through Dealstruck work?

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:

Type of financing Who it helps How it works
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.

What are the benefits of Dealstruck business financing?

  • Personalized loans. This lender provides loans that account for needs and quirks of your business and industry.
  • Get cash in days. Dealstruck’s turnaround is quick — even for an online lender — with funds disbursed in as little as three days.
  • Easy to use. Using a straightforward, simple process, Dealstruck makes a point of speaking in terms that most people can understand.

What to watch out for

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:

  • Prepayment penalty. You might not save on interest by repaying your loan early, what with its 1% prepayment penalty.
  • High origination fee. Dealstruck charges most borrowers an origination fee of 5.99% — on the high end of the spectrum.
  • Weekly or biweekly repayments. With multiple repayments monthly, your business’s bank account has less room to fluctuate than with a typical loan. Avoid this type of repayment if you’re planning a big purchase or experience dips in your account at specific times of the month.

Compare business loans from top providers

Rates last updated September 26th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly revenue.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
$500
$250,000
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.

Compare up to 4 providers

What do customers say about Dealstruck?

Mostly positive things, though you’ll find a few poor reviews. As of this writing, Dealstruck is not accredited with the Better Business Bureau, but it does earn an A+ rating from BBB.

Four customer complaints are on its BBB page, with business owners citing they prequalified for a loan or line of credit only to be denied final approval after sending in their business’s financial documents. Another claimed that after Dealstruck rushed them through the process of signing contracts, they were surprised with weekly — instead of monthly — repayments and a shortened business term of eight weeks, rather than one year.

Meanwhile, nearly 100 Trustpilot reviewers give Dealstruck a 9.3 out of 10, with 92% rating it “Excellent.” Nearly all reviews are positive, calling the process straightforward and employees professional and helpful.

    How do I apply?

    First, confirm you meet the eligibility requirements:

    • Your business is at least one year old. Startups and new entrepreneurs will want to look at other lenders.
    • You have a credit score of 600 or higher. You won’t get the lowest interest rates with a score of 600, however — those rates tend to go to people with the best credit.
    • Your business generates at least $150,000 in revenue annually. Dealstruck is known for its e-commerce loans, but you won’t qualify if you only sell a few pieces of handmade jewelry every year.

    Next, have the following documents on hand before you sit down to complete your application:

    • Six months of business bank statements
    • Your two most recent business tax returns
    • Your most recent personal tax return

    If you have only one year of business tax returns handy, expect to also submit your business’s profit and loss statement.

    Screenshots of the application process

    What happens after I apply?

    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 as few as three days from start to finish.

    I got a business loan from Dealstruck. Now what?

    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.

    Bottom line

    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.

    Frequently asked questions

    Screenshots from Dealstruck.com

    Anna Serio

    Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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