Bond Street Review: Your Alternative Lender for Short Term Loans

Bond Street Review: Your Alternative Lender for Short Term Loans
Taylor Gordon
on June 30, 2017
Read in 4 min

If you’re on the hunt for an in-depth Bond Street review, look no further. This review takes a look at their short term loan options and their application processes to help you decide whether or not they’re the right lender for you.

What is Bond Street?

Bond Street is an online alternative lender that was established in 2013 to help small business owners get access to faster cash through a streamlined underwriting process.

You can complete a request within minutes.

Review of your request can take as little as 48 hours, and, if approved, you can get funding within a week.

Besides offering quick access to loans online, alternative lenders have reasonable fees and competitive interest rates ranging from 8% to 25% APR.

There’s no fee to request a loan. However, if you choose to accept funding, there is an origination fee of 3% to 5%.

Bond Street Review – Loan Amounts & Terms

You can borrow from $10,000 to $1 million from Bond Street, but in some states, you’re unable to borrow less than $50,000.

So depending on where you operate your business and how much you need, you may want to look elsewhere for small business loans.

If approved, you’ll make automatic semi-monthly payments on the 1st and the 16th of the month until your loan is repaid.

You can also repay your loan early without a penalty fee.

One of the downsides of the Bond Street loan is the short loan term lengths – Loan terms are only 1 to 3 years long.

In comparison, an SBA-guaranteed small business loan terms can last for ten years or more.

An SBA loan may be harder to obtain, but if you need to borrow for a longer period, SmartBiz loans are guaranteed by the SBA and may be a lender to consider.

What are Bond Street loans for?

Bond Street will work with businesses that exist in a variety of industries.

Businesses can use alternative financing to handle operational costs, hire employees, purchase equipment, or open new locations.

You may even be able to refinance business debt or an existing loan with this lender.

Minimum Qualifications for Bond Street Loans

Bond Street is very transparent in explaining what’s required of you to get approved.

Here are the minimum requirements for a short term loan:

  • Credit score of 640 or above (business owners may qualify with a score less than 640 but the likelihood of getting approved is greater with a higher score)
  • You must be based in the United States (Bond Street can’t lend in ND, NV, SD, TN, and VT)
  • Your business must have more than two years of operating history
  • Your business must be generating more than $200,000 in yearly revenue

Make sure you have this information handy when submitting your request:

  • Your name, address, and other basics
  • Income and revenue amounts
  • Social Security and Tax EIN
  • The approximate loan amount that you’re requesting
  • Years you need to pay it off

Collateral & Personal Guarantee

Here’s the thing about these loans: They require a lien against business assets.

On top of that, a personal guarantee is also required from business owners.

This means that if you default on the loan, the lender has the right to use your personal assets to repay the debt.

This can be a risky move, so be sure you understand the consequences before moving forward.

How to Request Online

The good news is, with an online lender like Bond Street pretty much the entire process happens online.

The following steps are what you should expect:

  1. Prequalify by completing a questionnaire. This questionnaire asks very basic information about the business as well as your personal background. Your credit will be checked, but this lender will only do a “soft pull” on your credit history which won’t impact your credit score.
  2. Complete full request form. After completing the questionnaire and prequalifying, you’ll be asked to complete the full request form which will verify the information provided.
  3. Upload supporting documents. At this stage, you need to provide evidence of your business and personal standing. You will need income statements for the last two calendar years, cash flow statements for the last two calendar years, and your latest balance sheet.
  4. Expect a follow up within 2 business days. You should have a final decision within 7 business days.

Customer Service Review

Most of the loan process is handled online, so quality customer service is paramount – especially since Bond Street will be handling your sensitive personal and business information.

Thankfully, it’s possible for users to get in touch with the customer support team via email or phone.

Bond Street Review – All Things Considered

Let’s tie all of this up with a summary of what you need to remember, including the good and the bad.

There are three major drawbacks of Bond Street loans:

  • The loan term is only up to three years, which may be a problem if you’re seeking a long term loan.
  • You need to have a decent 640 credit score just to qualify, which likely means you need an excellent score (usually considered mid-700’s or above) to get the very best interest rates with them.
  • This online lender requires a personal guarantee from you and your personal assets may be at stake if you can’t repay the loan.

For the positives, Bond Street is a quick way for more established business owners to get access to working capital.

(This isn’t a good source for startup funding because of the minimum revenue rules. Plus you’ll need at least two years of operating history.)

The entire process can be completed within a week or so depending on how soon you get paperwork in to verify your information.

And lastly, we love that you can pay off your small business loan at any time with no extra fee.

Not to mention their free request only requires a soft credit check.

So if you’re in need of a short term loan, go ahead and see for yourself how Bond Street loans measure up to the traditional banks and other alternative lenders.

Other Online Lender Reviews

Do your homework comparing terms, lenders, interest rates, and various options financing options for your peace of mind.

Ready to connect with a lender? Get started by filing out our simple online form:

See Business Lenders

Taylor Gordon Finance Journalist

Taylor K. Gordon is a personal finance writer and founder of Tay Talks Money, a frugal lifestyle blog on entrepreneurship and hacking your way to an abundant savings account.

Taylor has contributed to The Huffington Post, GoGirl Finance, Madame Noire, The Write Life, and more.

Recommended for Business Loans
Lendio
Headway Capital

Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.