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Balboa Capital Review

Sunday, April 21st

2024 Business Loan Provider Reviews

Balboa Capital Review 4 Star Rating

Balboa Capital

4 Star Rating
  • "A+" BBB rating and positive customer service reputation
  • Over $7 billion funded with nationwide coverage
  • Simple and quick online application process
  • Fast turnaround times for funding decisions and disbursement
  • Personalized service with a single point-of-contact and industry expertise

Balboa Capital is a division of Ameris Bank that positions itself as a transformative force in the small business lending space. With an "A+" rating from the Better Business Bureau and a 90% approval rating from Trustpilot, Balboa Capital has established a reputation for making small business funding simple and accessible. Their simple and quick lending process, coupled with a commitment to informing customers about potential tax savings, demonstrates a holistic approach that goes beyond lending to support small businesses' growth and financial well-being.

Has already funded more than $7B in business loans

Balboa Capital offers a range of funding products tailored to meet the diverse needs of small businesses. With over $7 billion funded and a nationwide reach, their large lending capacity supports their commitment to fostering growth and operational needs across various industries.

Borrow up to $5M (!)

Funding options include small business loans, SBA loans, and equipment, commercial, vendor, and franchise financing. Small business loans are between $20,000 and $250,000. SBA loans are for $400,00 to $5 million. Equipment, commercial, and vendor loans are up to $500,000. Franchise loans are up to $350,000.

Helpful tools

In addition to their funding, their website offers calculators for business and equipment loans, calculators and information about deductions and employee retention credit, and various blog posts and infographics to help you make your decisions.

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Quick and easy application

One of the key features of Balboa Capital's offerings is the simplicity of their application process. You can apply online by providing a federal tax ID, zip code, email address, and information about your business, and the lender's system then evaluates and expedites the credit decision. If you qualify and you elect to receive the funds, the money is transferred quickly to your bank account. This efficiency is a significant advantage for businesses that need fast access to capital for payroll or equipment replacement.

They've got connections

Balboa Capital also highlights their industry expertise with equipment vendors, franchise owners, and middle-market executives. They provide personalized service through their account managers, over 200 employees, and a single point-of-contact system.

Definitely some benefits getting business loans here

The benefits of choosing Balboa Capital for small business funding are numerous. The lender's "A+" BBB rating and positive customer reviews reflect their reliability and service quality. Their simple, quick process reduces the time and effort typically associated with securing business loans, allowing business owners to focus on their operations and growth strategies. Additionally, Balboa Capital's promotion of and educational materials about the Section 179 tax deduction, which lets businesses deduct the cost of qualifying new or used equipment, indicates their commitment to providing value beyond just lending.

Hard to determine rates and terms in advance

On the downside, information on Balboa Capital's interest rates, fees, and pricing are only general statements and are not detailed throughout their website. Without this information, you'll find it challenging to assess the cost-effectiveness of their loan products compared to other lenders.

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Praise from clients

Customers have expressed high satisfaction with Balboa Capital, particularly praising the exceptional service provided by specific representatives. Reviews consistently highlight the company's professionalism, efficiency, and the ability to secure funding quickly and smoothly. Clients recommend Balboa Capital for their transparent processes, excellent communication, and the personal dedication of staff members who go above and beyond to ensure customer needs are met. The positive experiences span various services, including equipment financing and business loans, with many customers noting the ease of the process and the helpfulness of the representatives in guiding them through each step.

Just a few complaints

A smaller contingent of customers have expressed dissatisfaction with Balboa Capital's services. Common complaints include a lack of responsiveness and support after securing financing, difficulties with communication, and issues with billing and fees. Some customers have reported being charged for insurance they already had, experiencing problems during the pandemic when seeking flexibility with payments, and encountering hidden fees or unexpected lease renewals. There are also mentions of poor customer service, including long hold times, unhelpful staff, and a lack of resolution to disputes. These experiences contrast sharply with, but pale in comparison to the positive sentiment.

Recommended for business loans

Balboa Capital presents itself as a lender that simplifies the small business funding process. With a focus on quick funding, customer service, and industry expertise, they offer a compelling option for businesses seeking growth capital. Give Balboa Capital a chance to provide your business loan.

Where Can You Get the Best Business Loans?

Whether you're kicking off a new enterprise, scaling up your current operation, or launching a digital storefront, there's a good chance you'll find yourself in need of a business loan. Traditionally, small business owners would turn to their local banks for financing, where personal relationships and reputations were significant factors in securing a loan. Back then, options were limited, making the hunt for low-interest rates a real challenge.

Today, the landscape has shifted favorably for business owners. A wealth of online lenders are available, offering competitive terms and rates, all vying for your business. The trick is to find a reputable business lender that meets your particular needs and objectives.

The Best Business Loan Providers Compare Business Loan Providers Compare Business Loan Provider Reviews What are the best Business Loan Providers Best Business Loan Provider Reviews

Business Loan Provider FAQ

Business loans are available for just about any need: equipment financing, merchant cash advances, working capital, and much more. While you'll have to provide details about your business to apply and qualify for a business loan, once you've received the funds you can usually use them for whatever your company needs.
There are several types of lenders when it comes to business loans. You could get funding through a traditional bank or credit union, either locally or online. There are also peer-to-peer lending platforms that allow smaller financial institutions and even private investors to fund business loans.
You'll definitely pay interest on your business loan. Rates typically range from 1.5% to as high as 36% APR. You may also have origination fees of up to 6% of the loan amount, depending on the lending partner you select.
That always depends on the lender. Some providers of business loans require you to have a certain length of time in business or a minimum amount of gross annual sales to even apply. It's a good idea to determine those requirements before you begin the application, to save yourself some time and hassle.
Most of the time, you can complete the entire business loan process, from application to funds transfer, 100% online. That's a huge convenience for busy business owners like you, who might be applying outside of traditional bank hours.
Most lenders offer business loans ranging from $2,000 to $500,000. The amount you're approved for will depend on the lender you select and your business situation: naturally, the longer you've been in business and the more profitable you've been, the more likely it is that you'll be approved for a large loan.
You should have the proceeds of your business loan in your account within a week. However, if you need the money sooner, look for a lender that offers next-business-day funding. And, keep in mind that those timeframes are based on when you accept the loan offer you get, not just when you finish the application. Your business loan may require extra verification steps, like documentation of income and expenses, before you receive a funding offer.
Any time you take out a loan, you run the risk of defaulting. Be sure to only borrow what you need and maybe a little extra, and have a clear plan for making on-time loan payments. Many providers of business loans offer education and counseling at no extra charge, if you could use help in determining how much to borrow and how to use the loan wisely to maintain and grow your company.
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Continued from above...

Online business loans have gained immense popularity in recent years, transforming the landscape of financial transactions for entrepreneurs and small business owners alike. The appeal of these loans extends beyond mere convenience; it encompasses a variety of factors that business owners are increasingly taking advantage of.

One important aspect that contributes to the popularity of online business loans is the accessibility they provide. Unlike traditional lending institutions, online lenders offer a streamlined application process that can be completed from the comfort of your home or office.. This accessibility is a game-changer for busy entrepreneurs who may find it challenging to carve out time for lengthy in-person meetings with traditional lenders. The online platform enables borrowers to initiate the loan application at their convenience, eliminating the need for physical presence and extensive paperwork.

The speed at which online business loans are processed is also a significant driving force behind their increased popularity. Traditional banks often involve prolonged approval procedures, requiring extensive documentation and meticulous scrutiny. In contrast, online lenders leverage technology to expedite the approval process. With algorithms and automated systems, these lenders can often assess applications quickly, providing borrowers with prompt decisions. This quick turnaround is particularly crucial for businesses facing urgent financial needs or time-sensitive opportunities.

Another often overlooked reason why online business loans have become so popular is the flexibility the offer. Traditional lenders often adhere to rigid criteria, which makes challenging for businesses with less-than-perfect credit histories to secure funding. Online lenders, on the other hand, often consider a broader range of factors in their assessment, including the business's online presence, cash flow, and overall financial health. This flexibility opens up opportunities for a more diverse array of businesses and financial conditions.

So how do you determine which business lender is right for you? There are several key considerations you should weigh in your evaluation:

  • Loan amount and interest rate: What's the maximum amount you can borrow, and what are the interest rates like for loans of that size?
  • Application process: Is it possible to tackle the loan application online? How streamlined and user-friendly is the application process?
  • Business history requirements: Is there room for a brand-new business to secure a loan, or do you need a certain amount of operating history? What other requirements or collateral might be necessary?
  • Lender reputation: Does the lender have a solid track record of ethical business practices, as evidenced by their BBB rating or other industry standards?

These factors are especially important as lenders adapt and evolve their services. For a rundown of the top business loan providers, Top Consumer Reviews has curated a list of the best options out there. This resource will help you secure the most suitable loan for your business at a manageable rate.

Compare Business Loan Providers

Select any 2 Business Loan Providers to compare them head to head

best-business-loans
  • National Funding
  • National Business Capital
  • CAN Capital
  • Balboa Capital
  • Funding Circle
  • LendingTree
  • LendingClub
  • Fundera
  • Upstart
  • Atlas One Fund
National Funding vs National Business Capital National Funding vs CAN Capital National Funding vs Balboa Capital National Funding vs Funding Circle National Funding vs LendingTree National Funding vs LendingClub National Funding vs Fundera National Funding vs Upstart National Funding vs Atlas One Fund National Business Capital vs CAN Capital National Business Capital vs Balboa Capital National Business Capital vs Funding Circle National Business Capital vs LendingTree National Business Capital vs LendingClub National Business Capital vs Fundera National Business Capital vs Upstart National Business Capital vs Atlas One Fund CAN Capital vs Balboa Capital CAN Capital vs Funding Circle CAN Capital vs LendingTree CAN Capital vs LendingClub CAN Capital vs Fundera CAN Capital vs Upstart CAN Capital vs Atlas One Fund Balboa Capital vs Funding Circle Balboa Capital vs LendingTree Balboa Capital vs LendingClub Balboa Capital vs Fundera Balboa Capital vs Upstart Balboa Capital vs Atlas One Fund Funding Circle vs LendingTree Funding Circle vs LendingClub Funding Circle vs Fundera Funding Circle vs Upstart Funding Circle vs Atlas One Fund LendingTree vs LendingClub LendingTree vs Fundera LendingTree vs Upstart LendingTree vs Atlas One Fund LendingClub vs Fundera LendingClub vs Upstart LendingClub vs Atlas One Fund Fundera vs Upstart Fundera vs Atlas One Fund Upstart vs Atlas One Fund
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