Balboa Capital small business loans review
This small business lender offers loans with no physical paperwork required.
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 types of credit 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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What do borrowers have to say about Balboa Capital?
With an A+ rating from the Better Business Bureau (BBB), Balboa Capital has a decent reputation on the Internet. It’s been in business for over 30 years and has lent over $5 billion in term loans, equipment financing and leases.
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.
Of the around 35 negative reviews on the BBB site, most of them have to do with equipment financing rather than small business loans. However, a common theme that comes up is poor customer service.
As of May 2020, Balboa Capital receives 4.6 out of 5 stars on Trustpilot, with over 80% of customers rating it as Excellent. In reviews, customers applaud the company for its easy application process and patient, efficient staff.
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.
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, it’s important that you compare the offered APR to other business lenders. Easy could come at a cost.
Frequently asked questions
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