No there's no way to alter the street names on the map.
Can you post a screengrab that shows the problem?
Has the device been set to always use a small font in the device Settings?
(Not sure if the device Settings make any difference to the map street names though).
I think that's 'normal' behaviour on any device.
It'll show a 'distant' unreadable street name until the map is zoomed in enough to make the street name readable.
On the same device if you open the official android Maps application do you see the same behaviour - street names are not readable when the map is zoomed out?