Balboa Capital small business loan review May 2018 | finder.com

Balboa Capital small business loans review

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This small business lender offers loans with no minimum credit score or paperwork required.

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

Check out what you need to qualify, what to watch out for and what the rest of the Internet is saying in our helpful guide.

Product NameBalboa Capital Small Business Loan
Min Loan Amount$3,000
Max. Loan Amount$250,000
Interest Rate TypeFixed
Minimum Loan Term.25 year
Maximum Loan Term2 years
RequirementsMust make $300,000 in annual revenue and be established for at least one year prior.
  • In business minimum 1 year
  • Annual revenue of $300,000+

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

  • At least one year of experience necessary. 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. 3 to 24 months can be 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.

Compare more business loan options

Rates last updated May 25th, 2018
Name Product Product Description Min Loan Amount Maximum Loan Amount Requirements
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
LoanBuilder, A PayPal Service Business Loans
Customizable loans for business owners in a hurry with no hidden fees.
$5,000
$500,000
Annual business revenue of at least $100,000, at least 1 year in business, personal credit score of 600+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
$2,000
$250,000
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
Balboa Capital Small Business Loan
Short-term business financing with no minimum credit score or physical paperwork required.
$3,000
$250,000
Must make $300,000 in annual revenue and be established for at least one year prior.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
LendingTree Business Loans
Compare multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What do borrowers have to say about Balboa Capital?

With a rating from the Better Business Bureau (BBB) of an A-, Balboa Capital has a decent reputation on the Internet. 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 20 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. Overall, Balboa Capital still holds a decent rating of 3.3 out of 5 stars.

As of May 2018, Balboa Capital receives an 8.7 out of 10 rating on Trustpilot, with over 75% 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 and an annual revenue of 300,000 or more.

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.

Step-by-step application with screenshots

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, it’s important that you compare the offered APR to other business lenders. Easy could come at a cost.

Frequently asked questions

Image source: balboacapital.com

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