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Balboa Capital Reviews|Business Loan Terms & Pricing in 2020

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Strengths

  • Excellently rated application process
  • Same day funding for smaller amounts
  • 3 months - 5 years repayment schedules
  • Well-established company with 30+ years experience
  • Excellent customer support and guidance throughout the financing process
  • Automatic technology system that reviews online applications fast

Weaknesses

  • Maximum funds over $250,000 aren’t common

Breakdown

Minimum time in business

1-year minimum

Credit score

Considers all credit scores

BORROWING

$5,000-$250,000

ORIGINATION FEE

Estimated 2%

FUNDING TIME

Immediate funding

Loan Term

3-24 Months

Borrowing Fee

None

Origination Fee

Estimated 2%

Collateral

Not required

Annual revenue

Cash Advance: $10,000/monthly Small Business Loan: $300,000/annual

Balboa Capital is a tech-driven short-term business loans company that lends directly to its clients. They offer quick application processes, multiple funding options, as well as excellent customer service. Without providing any collateral, small business owners can apply online with a smart automated technology system reviewing your application and giving you an instant answer

Established in 1988, Balboa Capital is based in California and has proved itself to be a competitor in the industry. Online Balboa Capital reviews testify of its excellent customer service and prompt funding times. With over $5 billion funded and an A+ BBB rating, this company is definitely worth looking into for entrepreneurs with small to medium-sized businesses. 

Balboa Capital reviews in the USA, can be found on numerous accredited websites including CNN Money, Yahoo Finance, Business.com, and Bloomberg Magazine

In this review, we will give a more in-depth by considering the following factors:

  • Features of the loan provider
  • Loan application procedure and terms
  • Plans, pricing, and repayment
  • Pros and cons
  • FAQ

Balboa Capital Plans

Balboa Capital lends directly to its clients. It provides:

  • equipment financing
  • franchise financing
  • lines of credit
  • merchant cash advances
  • short-term business loans to owners 

Let’s take a closer look at their different plans.

Short-Term Business Loans

This product is perfect for small business owners who want a quick cash injection. Funding amounts range between $5,000-$250,000 and have a loan term ranging between 3-18 months. 

Requirements that have to be met to be eligible for this loan:

  • $300,000 in annual revenue
  • At least 1 year in business
  • No bankruptcies in the last year
  • All credit scores are considered
  • A bank balance of over $1,000
  • More than five monthly bank account deposits

Once the application has been approved, you’ll receive funds within 24 hours. Numerous online Balboa Capital loan reviews from clients can attest to the company’s quick funding process. 

Equipment Financing

Equipment financing is available for business owners who want to buy machinery, office equipment, or software. This is great to increase liquidity and grow your business rapidly. Funding amounts range between $3,000 – $250,000 and have loan terms of 2-5 years. 

Requirements that have to be met to be eligible for this loan:

  • $300,000 in annual revenue
  • At least 1 year in business
  • No bankruptcies in the last seven years
  • All credit scores are considered

This loan might prove to be tax-deductible. 

Vendor Financing

This plan is great for same-day funding. It assists in private label marketing and an online sales management system. It’s a single point-of-contract that will help you in closing more deals faster. 

Requirements that have to be met to be eligible for this plan:

  • $1 million in annual revenue
  • At least 3 years in business
  • A decent business credit score

Commercial Financing

Perfect for entrepreneurs with middle-market businesses. The custom-tailored commercial financing solution can assist in financing expansions, tech programs, and capital equipment. 

Requirements that have to be met to be eligible for this loan:

  • $100,000 in annual revenue
  • At least 1 year in business
  • A decent FICO score

Franchise Financing

Clients can get up to $250,000 in franchise financing on the same day as they applied, with payment terms between 24-84 months. This plan is an all-inclusive franchise financing solution that can have maximum loans of up to $1 million. With this plan, you are eligible for a credit loan of up to $500,000 and soft cost financing. 

Business Line of Credit

Between $5,000-$250,000 revolving credit lines are available to approved clients. Repayment terms are between 6-18 months and can be done daily, weekly, or monthly. Borrowers will only have to repay the amount withdrawn as well as the interest on that amount. 

Requirements that have to be met to be eligible for this loan:

  • $300,000 in annual revenue
  • At least 1 year in business

All credit scores are considered.

Pricing & Repayment

Even though Balboa Capital doesn’t require any collateral, it might request a personal guarantee. According to many Balboa Capital small business loan reviews, online applications only take a few moments and once it has been approved the funds are almost immediately obtainable. 

Upon funding, Balboa Capital charges a 2% origination fee and competitive interest rates that will be given to the applicant before confirming. Verified Balboa Capital reviews reported that interest factor rates fall between 12%-14% for 22 payments per month. A UCC lien will be filed on your business upon funding and a hard credit pull will also be performed. 

Repayment terms are straightforward and can be made daily, weekly, or monthly. Cash advances tend to be more expensive in rates when paid back than loans. Regardless, they are much easier approved to those with low credit scores. 

Upon approval, a consultant will make sure that you are aware of all the terms, rates, fees, and conditions. Small business loan funds have no restrictions and 50% of it can be used to repay current debt. 

How To Apply For A Loan With Balboa Capital? 

The online application process takes only a few minutes and is completely free.

Here is a step-by-step guide to the process: 

Step 1: 

Start the quick application process at https://www.balboacapital.com

Step 2: 

Provide the following information: 

  • Business information (address, contact numbers, business age etc.)
  • Basic business financial information (annual revenue) 

Step 3: 

Provide the following personal information:

  • Personal details (name, address, Social Security Number, etc.)
  • Ownership percentage

           Click on ‘submit’ 

 Step 4: 

The company will do a quick soft credit score pull

Step 5: 

Upon pre-approval, a loan specialist will contact you to confirm a concrete agreement. 

Step 6: 

Provide additional supporting documents, such as: 

  • Bank statements
  • Business and personal taxes for the last 2+ years
  • Current year financial statements
  • Any outstanding debt

Step 7: 

Upon approval, review, and e-sign closing documents.

Step 8:

Receive funds within a few days. 

Customer Service

Contact a qualified Balboa Capital consultant on (888) 225-2621 or (949) 756-0800 to consider all your options. Alternatively, you can visit their website http://www.balboacapital.com/, to do an automatic approval. 

It is clear that Balboa Capital provides funding plans that are suitable for most small business entrepreneurs.

Pros & Cons

Excellently rated application process

Same day funding for smaller amounts

3 months - 5 years repayment schedules

Well-established company with 30+ years experience

Company has a great lending capacity

Excellent customer support and guidance throughout the financing process

Automatic technology system that reviews online applications fast

Different financing options available

Maximum funds over $250,000 aren’t common

Balboa Capital Reviews

Balboa Capital achieves an A+ BBB rating and has been accredited with the Better Business Bureau since 1999. Customer reviews on the BBB platform aren’t as positive as we would’ve hoped, but most complaints are resolved and deal with the COVID-19 outbreak in 2020. 

Other online Balboa Capital customer reviews are quite positive

  • Glassdoor gives it a 4.3-star rating out of 219 votes
  • According to 64 reviews on Reddit Balboa Capital gets a 3.3-star rating 
  • Trustpilot star rating of 4.5 out of 262 reviews

Wrap-Up

After successfully completing its largest and sixth securitization in October 2019, Balboa Capital increased its lending capacity, allowing them to support even more small businesses through cash injections. 

Not only do they provide nationwide coverage with five different office locations, but they also have over 200 employees who can support you through the process. It is clear through the numerous Balboa Capital reviews from clients and employees, that this well-established direct lending company is perfect for entrepreneurs. 

Join thousands of satisfied clients and apply for a loan today.

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FAQ

What industries are ineligible to get a business loan?

Balboa Capital provides loans to most industries except for those in: Gambling and Casinos Aviation Adult entertainment Oil and gas extraction services Medical businesses Lottery Boats

What is the level of customer service availability?

You can phone a Balboa Capital loan consultant on (888) 225-2621 or (949) 756-0800 during their office hours, Monday-Friday 7 a.m.-5 p.m. They are closed during weekends. Alternatively, you can visit their website to do a quick online automatic approval: http://www.balboacapital.com/

Will an eligibility check impact my credit score?

Balboa Capital conducts a soft credit pull that won’t affect your credit score. Once your application is in the funding process, the lender will request a hard credit pull.

What is Balboa Capital’s BBB rating? Is it accredited?

Balboa Capital reviews on BBB give it an excellent A+ rating. It has been accredited since 12/12/1999.

Who is Balboa Capital business loan best for?

Multiple Balboa Capital reviews acknowledge the service as best for entrepreneurs with small to medium-sized businesses. Also suitable for equipment vendors, middle-market executives, and franchise owners who need loans and equipment financing.