Balance Credit installment loans review July 2018 | finder.com

Balance Credit installment loans review

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Need cash quick? This installment loan provider could be a speedy choice that works for you.

When you’re looking to get cash quickly, a low credit score can be a stumbling block. But installment loans generally come with fewer strict criteria than traditional personal loans.

We break down how Balance Credit can lend you money in a pinch — even with poor credit or no collateral. But watch out for limited state availability and potentially high costs.

Min Loan Amount$100
Max. Loan Amount$5,000
Loan SecurityUnsecured
RequirementsMust live in CA, DE, ID, MO, MS, NM, OH, SC, TX, UT or WI. Must be 18 or older and have an active bank account with a proven source of income.
  • Age 18 or older
  • Active bank account
  • Employed with a proven source of income
  • Valid email address and phone number

State availability

Don’t live in CA, DE, ID, MO, MS, NM, OH, SC, TX, UT or WI? Balance Credit only operates in those 11 states. If don’t live in one of those states, check out other installment loan options.

How does Balance Credit work?

Balance Credit is a direct lender in California, Delaware, Idaho, Missouri, Mississippi, New Mexico, South Carolina, Utah and Wisconsin. It also operates as a licensed credit services organization that connects borrowers with a lender in Texas and Ohio.

Its loan terms are up to 3 years in some states for as little as $100 to as much as $5,000. If you’re a resident of Texas or Ohio, Balance Credit will loop you in with a financial institution that can lend you anywhere from $100 to $2,500.

After completing Balance Credit’s free online application for an unsecured installment loan, you’re typically provided a decision on your loan within a day — sometimes in minutes. Once you’ve carefully read and accepted the terms and conditions of your loan, you’ll see your funds deposited in your bank account, typically by the next business day.

Balance Credit offers three repayment frequencies: biweekly, semi-monthly and monthly.

Top 3 reasons to consider Balance Credit

  • Free, simple application. Balance Credit’s online application takes only a few minutes to complete, and you’ll hear back quickly, whether you’re approved or not.
  • Bad credit OK. Don’t fret if your credit isn’t top-notch. Even if you’re on welfare or are collecting unemployment, Balance Credit may still approve you for a loan.
  • Fewer fees. Pay back your installment loan early without fees or penalties. You won’t pay origination fees either.

What to watch out for

  • High costs. Short-term installment loans are notorious for their high interest rates, and Balance Credit’s is no exception.
  • Limited availability. Balance Credit currently operates in just a 11 states: CA, DE, ID, MO, MS, NM, OH, SC, TX, UT and WI.

Compare more online installment loans

Rates last updated July 23rd, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$4,000
1 business day
Open to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.
CashUSA Installment Loans
$10,000
As early as 1 business day
Monthly income of $1,000+ after taxes and valid checking account.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
BadCreditLoans.com
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
$5,000
Varies
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
$2,000
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
HonestLoans Installment Loans
Get a flexible installment loan with fast funding through one easy online application form.
$2,500
As soon as one business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
MaxLend Installment Loans
Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
$2,000
As soon as the next business day
Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

Compare up to 4 providers

Is it safe to apply with Balance Credit?

Yes. Balance Credit is a trustworthy installment loan and credit services company. It’s licensed and regulated in the states it services, and its website employs data encryption to ensure that your financial and personal information don’t fall into the wrong hands.

Balance Credit scores a respectable 8 out of 10 on Trustpilot.com, where multiple users praise its application process as easy and fast.

Am I eligible?

Applying online with Balance Credit doesn’t guarantee a loan. But you’re eligible to apply if you’re:

  • At least 18 years old.
  • A US resident with a valid bank account.
  • Employed for at least 90 days with the same employer.

Alternative forms of income accepted

In evaluating your application, Balance Credit can also consider the following forms of income:

  • Social Security benefits
  • Retirement benefits, including VA benefits and pension plans
  • Unemployment insurance
  • Alimony and child support payments

How do I apply?

Here’s how to apply for a Balance Credit loan, step-by-step with screenshots.

I got an installment loan through Balance Credit. Now what?

Once you’ve read and understood the terms and conditions of your loan, stick to your payment schedule. If you miss a payment, you’re subject to a late payment fee that depends on your specific lender.

Contact Balance Credit at (855) 942-2526 or email support@balancecredit.com if you’re having trouble making a payment. It may be willing to work out an arrangement that can better get you back on track.

Bottom line

You aren’t guaranteed a loan with Balance Credit, but it’s a reputable lender that could provide quick funding to residents of CA, DE, ID, MO, MS, NM, OH, SC, TX, UT and WI.

Before you sign any contract, look into other providers to make sure you find the best loan you’re eligible for.

If you have decent credit and time to wait for the funds, explore other alternatives to short-term loans.

Frequently asked questions about Balance Credit

Kyle Morgan

Kyle Morgan is a writer and editor for finder.com who has worked for the USA Today network and Relix magazine, among other publications. He can be found writing about everything from the latest car loan stats to tips on saving money when traveling overseas. He lives in Asbury Park, where he loves exploring new places and sipping on hoppy beer. Oh, and he doesn't discriminate against buffalo wings — grilled or fried are just fine.

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