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Balboa Capital small business loans review

This small business lender offers loans with no physical paperwork required.

Whether it’s marketing, getting supplies on time or expansion, you could get an extra boost with additional working capital. Use Balboa Capital small business loans for any business expense. Balboa Capital boasts a higher approval rate than other lenders.

Details

Min. Amount$5,000
Max. Amount$250,000
Loan Term3 to 18 months
Min. Credit Score500
Requirements1+ years in business, $300,000+ annual revenue, decent credit score

What is a Balboa Capital small business loan?

Small business loans through Balboa Capital are unsecured and flexible. Funds from a small business loan can be used for any purpose, so long as the purchase is legitimate and for the company.

Though most industries can apply for loans with Balboa Capital, there are certain ones that have legal restrictions regarding online loans. It’s important to keep in mind that as with most lenders, loan terms will vary based on your business history and credit.

What makes Balboa Capital small business loans unique?

Balboa Capital has a leg up on some traditional banks and credit unions because of its underwriting structure. Less-than-perfect credit doesn’t immediately disqualify an applicant, which can be a real risk with other lenders. Business loans from online lenders also take far less paperwork than you may face with traditional banks.

What are the benefits of a Balboa Capital small business loan?

  • Many credit types welcome. You don’t have to have perfect credit to get a loan from Balboa Capital unlike some traditional lenders.
  • Paperwork-free. The online application doesn’t require the mountain of paperwork that you might face at a bank or your local credit union.
  • Many uses. As a general small business loan, you can use the cash for any legitimate business purpose. Other loans, especially those with looser credit requirements, can be highly restrictive based on collateral. Get the funds, and freedom, your business needs.
  • Offered in all 50 states. Online lenders can have issues with servicing all US states. With Balboa you don’t have to worry if your state made the cut or not.

What to watch out for

  • Minimum time in business is 12 months. Startups need not apply for these small business loans. Luckily, there are other options out there if you’re just starting out.
  • Annual revenue under $300,000 not accepted. Smaller businesses may have a harder time meeting this requirement. Can’t cut that revenue requirement? Take a look at some other lenders.
  • Relatively short terms. Loan terms between 3 to 18 months can make for a tight turnaround time for paying back a loan. While it potentially means paying less interest, it may also trigger a debt cycle if you can’t pay it back on time.
  • Approval is an automated system. While this is great for getting a decision fast, it means that it’s an all-or-nothing process. You won’t get to speak with a banker to present your business plan.

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Balboa Capital reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 36 customer reviews
BBB customer complaints 50 customer complaints
Trustpilot Score 4.5 out of 5 stars, based on 262 customer reviews
Customer reviews verified as of 13 October 2020
Balboa Capital receives mixed reviews from its customers. There are a large amount of complaints and negative reviews on its BBB page, mostly concerning its equipment leasing process and customer service. But customers tell a different story on its Trustpilot page, with many happy with its easy application process and patient, efficient staff.

There is one minor hiccup to Balboa Capital’s reputation: In August of 2017, a government action was taken out against Balboa Capital over a failure to submit proper paperwork with the Department of Business Oversight, but it has since been settled and Balboa Capital remains accredited.

Am I eligible?

To meet Balboa Capital’s minimum requirements, you’ll need to have a business that’s been operating for at least one year, an annual revenue of $300,000 or more and decent credit.

Newer companies may have issues meeting these requirements, but still have a need for financing. In these cases, you may want to consider startup loan providers.

How do I apply?

Go to Balboa Capital’s website, fill out the requested information and hit Submit. Within just a few minutes you’ll receive a preapproval decision and free instant loan quote via email. You’ll be asked for any follow-up information within one or two business days.

What documents do I need to apply?

No physical documents are necessary when you apply with Balboa Capital. But you need to have the following information on hand:

  • Annual revenue
  • Number of years in business
  • First and last name
  • Business name
  • Email address
  • Business telephone
  • Credit score range

I got the Balboa Capital small business loan. Now what?

Funds are paid out within a couple of days of signing your loan agreement. One of the best parts about a Balboa Capital small business loan is that it can be put to any legitimate business use, so you can use the funds as you see fit.

Timely repayments are important, so make sure you set up automatic deductions or submit the amount due on time every month. Failure to do so can negatively impact your business credit history.

Bottom line

Balboa Capital can get a small business cash quick with its small business loans, regardless of credit score. Make sure you meet the minimum requirements before applying though, as the approval system is automatic.

Because rates vary so much, Balboa Capital chooses not to publish the APR ranges on its website. Should you get approved for a loan, compare the offered APR to other business lenders. Easy could come at a cost.

Frequently asked questions

What industries aren’t accepted?

Balboa Capital doesn’t serve the adult entertainment and sex industry, or those without a physical location due to licensing restrictions.

What determines my interest rate?

Balboa Capital looks at your time in business, credit profile, annual gross revenue and the amount you’re looking to borrow. Solid credit can help you get a better rate..

How secure is the Balboa Capital website?

The Balboa website uses a 128-bit encryption and a Secure Sockets Layer (SSL) protocol to keep your information safe when it’s being sent from your device to Balboa Capital.

Image source: balboacapital.com

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