Balboa Capital Review

ByTop10.com StaffJul.03, 2018

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In a Nutshell

Balboa Capital is a fast and simple option for any business owner with an emphasis on minority lending and a super easy online application. It considers all credit scores, and looks at your business’ growth and capital for approval.

pros

  • All credit scores considered
  • Attentive customer support
  • Easy application

cons

  • May be hidden fees
  • Doesn’t show APR until you apply for the loan

Balboa Capital at a Glance

Loan types
Unsecured, working capital, short-term, cash advance, minority loans
Loan amountUp to $250,000
Repayment terms3-24 months
APRDepends on credit score and loan amount
Best forPeople who have been in business at least 1 year and have $300,000+ in annual revenue

Overview

Balboa Capital offers business loans to small business owners who have been in business for at least a year and who show an annual profit of $300,000 or more. While business profit is required, little else is. All credit scores are considered and Balboa Capital has a much higher approval rate than banks. While Balboa Capital offers a variety of small business loans, the features are essentially the same for most of them.

Best For?

Balboa Capital considers all credit scores, which makes it a good option for small business owners who have less-than stellar credit. However, Balboa Capital does require business owners to have been in operation for at least a year and show $300,000 or more in annual revenue.

You may think that businesses with such a solid revenue wouldn’t need a loan, but the fact is that revenue often gets tied up and remains unavailable for important business expenses. Business owners who need help with the following expenses often turn to Balboa Capital:

  • Paying suppliers
  • Business expansion
  • Employee payroll
  • Marketing efforts
  • Inventory
  • Business taxes

Balboa Capital gives small business owners a lump sum of cash so that they can handle any cash flow issues and continue to succeed and grow.

Loan Features

While Balboa Capital offers many types of loans, they’re all very similar. The minority loans, for example, have the same terms as the unsecured business loans and working capital loans; and the short-term loans are just another name for working capital loans. However, once you figure out that you’re dealing with very similar loans, just under different names, you can expect to see the following loan features: 

  • Up to $250,000
  • 3-24 month terms
  • No collateral needed
  • All credit scores considered
  • Easy online application
  • No middleman markups

The Application Process

The application process for Balboa Capital loans is very simple. You can apply online or from your smartphone; just click on the Apply Now button on the site, and you’ll be asked to fill in your personal and business information, including how long you’ve been in business and what your annual revenue is. Once you apply, you’ll hear back from Balboa Capital as to whether you were approved or not. 

If you were approved, you’ll then get information about the repayment terms. It’s crucial that you review these terms carefully and read the fine print for any hidden fees. Once you’ve reviewed the terms and if they’re suitable to you, you can sign and get your funds within a few business days.

How Much Can You Borrow? 

Small business owners can borrow up to $250,000 and receive loan terms between 3-24 months. While short term loans are available, there is no term shorter than 3 months. If you need more than $250,000, you can call Balboa Capital customer support to request a custom quote.

Repayment Terms

Loan terms range between 3-24 months, but you won’t get an actual APR quote until you apply for the loan. To get an idea of what your repayment terms will be before you apply, you can use the site’s Business Loan Calculator to estimate your monthly payments for x amount of loan.

How Safe Is It? 

Balboa Capital uses 128-bit SSL (secure socket layer) technology to protect the financial information of its customers. This is the same encryption technology used by banks and other online financial institutions. Additionally, Balboa Capital will never see their customers’ bank info or passwords.

While the site itself uses the most sophisticated encryption technology, there have been consumer complaints about phone and email spam. 

Help & Support

Balboa Capital offers attentive customer support and each customer is assigned to a Balboa Capital funding expert who can be reached by phone and email during business hours. The website also includes FAQ pages so you can gather as much information as possible before committing to borrow. 

Summary

Balboa Capital offers small business loans of up to $250,000 and considers all credit scores. The application process takes just a few minutes and once you’re approved, you can receive the funds within days. There are both short-term loans and unsecured business loans available, and the funds received can be used for any business expenses. As with any loan, make sure to note the APR of your loan and read the fine print to make sure you can stand up to the repayment terms.

Physical Address

575 Anton Blvd 12th Fl

Costa Mesa, CA 92626-7169