Dealstruck
Dealstruck’s term loan has terms 6 months to 3 years in length and is repaid through weekly, bi-weekly, or monthly payments from your business checking account.
Excellent 9.3/10
93 reviews 

If you’re looking to build your business credit, Dealstruck is a great option since they report payment behavior to the business credit bureaus. Out of all the online term business loan lenders, Dealstruck has the lowest credit and time in business requirements, which might make them a bit easier to qualify for.

Dealstruck will not check your business credit. But Dealstruck will hard pull your personal credit from Experian. 

NO AFFECT TO YOUR CREDIT SCORE

What DOES

dealstruck OFFER?

Dealstruck’s offers term loan with terms of 6 months to 3 years in length which can be  repaid through weekly, bi-weekly, or monthly payments from your business checking account.

minimum requirements Needed to Qualify?

  • Annual Revenue: $150,000

  • Credit Score: 580

  • Business Age: 1 Year

  • Profitability: Break-even or better

 

HOW DO I APPLY?

After filling out an application. Dealstruck will not check your business credit, but they will hard pull your personal credit from Experian. At Dealstruck, the stated use of proceeds is an extremely important factor. 

Dealstruck Financing at a Glance

If you’re looking to build your business credit, Dealstruck is a great option since they report payment behavior to the business credit bureaus. Out of all the online term business loan lenders, Dealstruck has the lowest credit and time in business requirements, which might make them a bit easier to qualify for.

loan amount

$50,000 to $500,000

Loan Term

6 months to 3 years

LOAN rates

9.99% - 27.99%

speed

2-5 business days from first call to funding - if the borrower is an active partner in the application process.

Dealstruck Cannot Work With The Business Types Below:

  • In Hawaii, North Dakota, Nebraska, South Dakota, Vermont

  • To purchase real estate

  • Have more than 5 NSFs a month

Other Important Eligibility Factors for Kabbage:

  • Dealstruck can work with any entity type.

  • Dealstruck can work with home-based businesses.

  • Dealstruck requires you have a business bank account with at least one monthly deposit.

  • Dealstruck can work with you if you have a tax lien under the following circumstances: For a personal tax lien, you must be on a payment plan and the loan amount must exceed the amount owed in personal taxes. For a business tax lien, your taxes must be paid off with the funds.

  • Dealstruck requires 2 years to have passed since discharge if you’ve ever filed for personal bankruptcy.

  • Dealstruck requires a minimum debt-service coverage ratio of 1. Learn more about DSCR here.

You’ve Reviewed Dealstruck.

Are You Ready to Apply?

Getting Started With Dealstruck

When people think of the online lending industry, they assume the entire process is run by algorithms. But, according to Steve Freshour, Director of Credit at Dealstruck, “Dealstruck’s process is still largely human driven. We do use technology to expedite the process for our borrower and to help our team to make more streamlined decisions, but ultimately a human reviews every file and makes a decision.”

While Dealstruck looks at all the same metrics as other online term loan lenders, Freshour says, “At Dealstruck, the stated use of proceeds is an extremely important factor. It tells the underwriter so much about the borrower’s plans for the future of the business. If you have clearly thought through your loan request, we can learn a lot about how you manage your business.”

On top of that, Freshour emphasizes, “It is also extremely important to think through how your business works. We want to lend to you, but in order to secure funding, you should be able to clearly explain your business processes and how your business makes money.”

Most Customers who qualified had 

Annual Revenue
$150,000+
Time in Business
Over 1 Year
Credit Score
580+ 

What your business will need to apply? 

  • 6 months business bank statements

  • Your most recent personal tax return

  • Your 2 most recent business tax returns

  • Your Profit & Loss Statement ONLY if you have just 1 year of business tax returns

Find out how much funding you qualify for with Dealstruck

What you should know about Dealstruck

  • Dealstruck charges a 2.99% to 5.99% origination on their loans. On average, a Dealstruck origination fee is 4.99%. Dealstruck doesn't have any additional fee outside the origination fee.

  • Dealstruck can fund loans within 3 to 14 days of receiving an application. On average, Dealstruck funds loans in 6 days.

  • Dealstruck requires a personal guarantee from any owner with a stake larger than 20%. Exceptions are possible.

  • Dealstruck will not check your business credit. But Dealstruck will hard pull your personal credit from Experian. Learn more about credit pulls here.

  • Dealstruck does not report to the personal credit bureaus. Dealstruck does report to the business credit bureaus.

  • Dealstruck has a 1% prepayment penalty that is usually only applied if you pay within the first 90 days. After the first 90 days, that percent is most often waived.

  • Dealstruck's loans are paid back over a weekly, bi-weekly, or monthly schedule.

  • Dealstruck will approve loans that are 10 - 20% of the borrower's annual revenue, but loan amounts can be higher if business is highly profitable.

  • Dealstruck will file a blanket UCC lien on your business when you accept the offer.

  • Dealstruck can take 2nd position to another lender if and only if the lender in 1st position is a bank with a blanket lien or another lender with an asset-specific lien.

  • Dealstruck can refinance all outstanding debt.

Want to know if you Qualify for a

Business Loan with Dealstruck?

Dealstruck Reviews: The Underwriting Process

When people think of the online lending industry, they assume the entire process is run by algorithms. But, according to Steve Freshour, Director of Credit at Dealstruck, “Dealstruck’s process is still largely human driven. We do use technology to expedite the process for our borrower and to help our team to make more streamlined decisions, but ultimately a human reviews every file and makes a decision.”

While Dealstruck looks at all the same metrics as other online term loan lenders, Freshour says, “At Dealstruck, the stated use of proceeds is an extremely important factor. It tells the underwriter so much about the borrower’s plans for the future of the business. If you have clearly thought through your loan request, we can learn a lot about how you manage your business.”

On top of that, Freshour emphasizes, “It is also extremely important to think through how your business works. We want to lend to you, but in order to secure funding, you should be able to clearly explain your business processes and how your business makes money.”

How long does the process take? According to Freshour, “2-5 business days from first call to funding - if the borrower is an active partner in the application process.”


Finally, Freshour asks borrowers to keep the following in mind to help them have a successful underwriting process:

“Do your research, and know what options are out there for you. Go apply at the bank first. Understand where you stand in the small business financing landscape and what you might qualify for. “

After that, he thinks it’s super important to “Get your books in order. We don’t ask you for your financials simply to check a box. We spend a lot of time with them to understand how your business is performing. If your financials are not in order, the process will be far longer and more painful, and you could get unnecessarily declined.”

Lastly, Freshour begs, “And please file your tax return on time. Timely-filed tax returns remove the need for a number of other documents, speed up the process to funding and generally makes the process smoother and increase your chances for approval. You have so much power to make your life easier.”

Dealstruck Reviews: Post-Funding

Once you’re funded with Dealstruck, you can check in on the progress of your loan anytime by calling or emailing your Dealstruck account manager. They currently do not provide statements or an online dashboard.

As Dealstruck’s loans come with weekly, bi-weekly, or monthly payments, your first payment will be one week, two weeks, or one month out from your funding date. It all depends on your payment schedule.

If you’d like to pay your loan off early, you may or may not have a prepayment penalty. If you pay the loan off within the first 90 days, you will most likely pay the 1% prepayment penalty. After those 90 days, the 1% is usually, although not always, waived.

Dealstruck does not offer concurrent funding but if you are interested in renewing your loan with Dealstruck, that conversation can happen starting 90 days after getting funded.

Dealstruck Reviews: Why Work With Them?

 

If you’re looking to build your business credit, Dealstruck is a great option since they report payment behavior to the business credit bureaus.

Out of all the online term business loan lenders, Dealstruck has the lowest credit and time in business requirements, which might make them a bit easier to qualify for.

Lastly, although we only reviewed Dealstruck’s term loan, they do offer multiple products for business owners, like lines of credit. Having options increases your chances of qualifying.

Dealstruck Reviews: When Are They Not a Fit?

Compared to other online term loan lenders, Dealstruck’s process can involve a few more steps, financial documents, and might take a bit longer. If you need money quickly, they may not be the best option.

Similarly, Dealstruck provides minimum qualifications for things like credit score, revenue, and more, but keep in mind if you hit the bare minimum in one category, you will probably need to be better off in the other categories.

Lastly, Dealstruck is one of the more expensive long-term online lenders, so you if you can find a better offer from another online lender, you should take. Also, as to be expected, bank loans and SBA loans also offer more affordable small business loans.

The information contained on this page was sourced from fundera.com. We are not in anyway affiliated with fundera.com.This page is for informational purposes only.

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