Dealstruck is an alternative lender that offers a variety of small business loans, including term loans and lines of credit secured by a company’s accounts receivables. Loan amounts reach up to $500,000 and borrowers can receive funds in just a few days.
Dealstruck Business Loan Details
- Multiple loan products
- Fast funding
- Can work with any industry
- Online customer portal
- Lack of transparency around rates and fees
- Line of credit only for B2B businesses with invoices
$5,000 - $500,000
Up to 48 months
Starting at 9.99%
Personal Credit Score
Time in Business
Dealstruck Borrower Eligibility
Dealstruck is able to work with any industry and business entity type. You will need a business bank account with at least one monthly deposit and no more than five non-sufficient funds (NSF) fees per month.
If you’ve ever filed for personal bankruptcy, two years must have passed in order to be eligible for Dealstruck funding.
Additionally, if you’re applying for the line of credit, which is secured by your accounts receivable, you must be a B2B business that invoices your customers.
What You Need to Apply
- 7 months of business bank statements
- Social security number
- Personal and business tax returns
- Financial statements
How to Get a Loan With Dealstruck
Now, let’s learn more about how to apply for a Dealstruck business loan, as well as what the underwriting and post-funding processes look like.
Application and 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, “Two to five 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.”
Dealstruck will perform a soft credit pull during the application process; however, if you accept funding, they will then perform a hard pull, which will affect your score.
While their website reports interest rates starting at 9.99%, this number will vary depending on your business credentials, the type of loan you’re interested in, and more, so be sure to thoroughly read through the loan agreement before accepting the offer. Also, be sure to look for any additional fees this lender may charge, such as an origination, documentation, or closing fee, as well as any prepayment penalties.
All told, the application and funding process can take from five to seven days. Once you’re funded with Dealstruck, you can check in on the progress of your loan anytime via their online client portal. There, you can monitor your repayment, how you’re using funds, and—in the case of the invoice-backed line of credit—see when more funding is available.
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 Customer Service
Dealstruck is located in Valley Stream, New York. To reach out to their support team, you can submit a short form directly on their website, call, or email. According to customer reviews, response time is typically very quick, even outside normal business hours.
Dealstruck Customer Reviews
Dealstruck is not accredited by the Better Business Bureau, and their page has no reviews or complaints. However, there are plenty of customer reviews to be found on other platforms, most of which are very flattering.
It should be noted, though, between 2016 and 2019 there are no reviews for the company, and it appears that they paused lending during this time to restructure the business. One negative review from this time indicates a potential borrower applied right as this pause took place and he found the customer service to be lacking, since he never heard back.
On the other hand, positive customer reviews laud Dealstruck’s customer service most often. Customers find sales reps to be extremely helpful and responsive—even outside normal business hours—and able to walk them through the process and terms clearly. Other highlights include fast funding and competitive interest rates.
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Products OfferedTerm loan; lines of credit
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Minimum credit score required600
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Is Dealstruck in Fundera's Network?
Dealstruck is not in Fundera’s Lender Network. The Fundera team carefully vets all of the lenders in our network, and have determined that Dealstruck either doesn’t have the technology to work with Fundera or does not offer a financing product that competes with the other lenders in its product class. We suggest considering another lender in this product class.