Balance Credit installment loans review September 2019 | finder.com

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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. 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.

$100

Min. Amount

$5,000

Max. Amount

Details

Product NameBalance Credit installment loans
Min. Amount$100
Max. Amount$5,000
Loan TermUp to 3 years
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.

State availability

Balance Credit only serves residents in California, Delaware, Idaho, Missouri, Mississippi, New Mexico, Ohio, South Carolina, Texas, Utah and Wisconsin? 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 works with financial institutions 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, your funds will be deposited into your bank account, typically by the next business day.

Balance Credit offers three repayment options: biweekly, semimonthly and monthly.

What are the benefits of 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 is OK. Don’t fret if your credit isn’t top-notch. Balance Credit accepts borrowers with every credit background.
  • Don’t need to be employed. Even if you’re on welfare or are collecting unemployment, Balance Credit may still approve you for a loan. All you need is a regular source of income to qualify.
  • Fewer fees. Pay back your installment loan early without fees or penalties. You won’t pay origination fees, either.

What to watch out for

  • Small loans may not be available. Depending on your state, you may not be able to borrow a small loan. You can check Balance Credit’s state disclosure page to see your state’s minimum amount, and if you need less, you can compare your payday loan options instead.
  • High costs. Short-term installment loans are notorious for their high interest rates, and Balance Credit is no exception.
  • Limited serviced states. Balance Credit currently only operates in 11 states. If you don’t live in one of these, you’ll need to consider your other options.

Compare more online installment loans

Updated September 16th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
Same business day to 1 business days
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.
Get a flexible installment loan with fast funding through one easy online application form.
$3,000
1 business day
Checking account, $1,500+ monthly income, recent pay stub, live in eligible state, 18+ years old
Financing with transparent terms to residents of five states.
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

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 is 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.

What does the Internet say about Balance Credit?

As of October 2018, Balance Credit scores a respectable 7.7 out of 10 on Trustpilot. Former borrowers praise its quick application process, although some have had trouble with making payments and state that the loan isn’t very transparent — the receipts borrowers have been sent don’t state how much is left to pay back.

Am I eligible?

Before you apply, make sure you’re eligible. You’ll need to meet the following basic requirements:

  • Employed for at least 90 days with the same employer.
  • Have an open checking or savings account.
  • Be at least 18 years old.
  • Be a US citizen or permanent resident.

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 may be subject to a late payment fee. If you’re having trouble making a payment, contact Balance Credit at (855) 942-2526 or email support@balancecredit.com — Balance Credit be willing to work out an arrangement that can better get you back on track.

Bottom line

Balance Credit is a reputable lender that can provide quick funding to people in a bind. You don’t necessarily need to be employed, and you could potentially borrow up to $5,000. Just remember that the states it services are limited, and always read the full contract before you sign to make sure you know exactly how much your laon will cost.

You should also consider comparing your other installment loan options to see if you can get a better deal. And if you have decent credit and time to wait for the funds, explore other alternatives to short-term loans.

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