Best Reviews TopConsumerReviews.com Best Business Loans Best Reviews
Best Reviews
      January 22, 2020

Home  >  Business Loans  >  LendingClub vs Balboa Capital

Best

Business Loans

  1. Funding Circle
  2. LendingClub
  3. LendingTree
  4. Kabbage
  5. Balboa Capital
  6. Nat Business Capital
  7. CAN Capital
  8. Advanced Comm Capital
  9. Capital Loan Hub

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Allergy Relief

Cheesecake Clubs

Chocolate Clubs

Copyright Registration

Dog Treat Clubs

Painting Lessons

Tinnitus

Wedding Planning Software

 

Individual Reviews

On Deck

Funding Circle

LendingClub

LendingTree

Kabbage

Balboa Capital

National Business Capital

CAN Capital

Advanced Commercial Capital

Capital Loan Hub

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

LendingClub vs Balboa Capital

Best Business Loans

To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth comparison of LendingClub and Balboa Capital.

To see ALL of our reviews for the Best Business Loans, please Click Here

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

Continue reading below reviews

Best Reviews

2020

Business Loan Reviews

4.5 stars
LendingClub

LENDINGCLUB

Visit Site

LendingClub is known as a peer-to-peer lending company. They match borrowers looking for loans between $5,000 to $300,000 with offers from several different lenders. LendingClub has one of the lowest rates available for business loans, starting at 6.95% and going up to 35.89%. LendingClub has an A rating with the Better Business Bureau and has helped facilitate more than $16 billion in loans.

LendingClub has several requirements for those wishing to take out a business loan:

  • At least $75,000 in annual sales
  • 2+ years in business
  • Own at least 20% of the business
  • No recent bankruptcies or tax liens
  • Fair or better personal credit

As with most lenders, the best LendingClub business loan rates are available to those with excellent credit and an established business history.

Applying for a loan is simple:

  • Enter the amount you want to borrow, the purpose of the loan (debt consolidation, equipment purchase, and so on), and your business' information (for example, address, years in operation, number of employees, and structure, such as LLC, sole proprietorship, and so on)
  • LendingClub will verify your business' identity and creditworthiness
  • After verification occurs, your loan and loan terms will be available for you to select from
  • Select your loan
  • LendingClub authenticates your bank account
  • You receive your funds

The size of your loan and your business history can have an effect on the turnaround time of your loan, but many customers receive their loans within a week or less. LendingClub's Client Advisors are also available Monday through Friday from 6am-5pm Pacific Time, to answer any questions you may have about the lending process. Your loan request will be listed on the LendingClub website for up to two weeks, or until lenders are willing to fully fund your request.

Taking out a business loan typically comes with fees beyond the interest paid on the loan itself. At LendingClub you should expect to pay an origination fee from 1% to 6% of the loan amount, depending on your loan and loan terms. For example, if your business loan is $100,000, your origination fee would be somewhere between $990 and $6,990.

If you need a business loan to grow your company, LendingClub offers highly competitive rates and an uncomplicated application process, backed by years of successful lending to numerous businesses around the country.

Visit Site
3.5 stars
Balboa Capital

BALBOA CAPITAL

Visit Site

Balboa Capital is a well-known company in the business loan market. Located in Irvine, CA, Balboa has been helping borrowers get the funds they need to start or grow their businesses anywhere in the US for nearly two decades.

Business owners looking to get a loan have two primary choices: small business loans or equipment leases. For either option, the process is simple:

  • Start by getting a free quote; for a small business loan, choose the amount desired, from $1000 to $250,000, and the desired term, from three months to one year. For example, a loan of $100,000 with a term length of 12 months is estimated to cost $446-$462 daily (or approximately $13,380-$13,860 per month).
  • Complete a short online application, providing basic details such as number of years in business, percentage of ownership, and location. (Note: the owner's social security number is required.)

Once those two steps have been completed, an account manager from Balboa Capital will contact the prospective borrower - often within a matter of minutes, and almost always the same day - with a decision on the loan. If approved, equipment financing is typically funded on the same day, and business loans are funded within a few days.

While Balboa Capital's site doesn't make their interest rates obvious or easy to find, we calculated on our sample loan described above that the interest rate would be somewhere around 60%! We highly recommend that prospective borrowers make sure to be very exact with their businesses' details (for example, years in business, total revenue, credit history) and to read the fine print, to make sure that any loan terms offered by Balboa Capital are reasonable, given the difficulty in determining outright what interest rates and fees might be expected.

We're encouraged to see that Balboa Capital maintains a perfect A+ rating with the Better Business Bureau, and an excellent rating across 72 reviews gathered by Trustpilot. Based on information offered by Balboa Capital's customers, we suggest that borrowers make sure to understand any origination fees, termination fees, and other costs, as some reviews express frustrations with unexpected costs in the fine print, especially for customers using Balboa's equipment lease program.

While we would have liked to see more transparency with Balboa Capital's interest rates and fees, their well-established history and excellent rating with the BBB make them a contender within the business loans market. As with any borrowing situation, customers should make sure to have a clear understanding of any possible fees and other costs before signing on the dotted line.

Visit Site

Continued from above

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!

How My $5,000 Student Loan Became a Multi-Million Dollar Business

Before I tell this story, I want to say up front that I used the student loan mentioned to pay tuition. Taking this into consideration, let me detail how that monetary sum lead to a multi-million ...

Published:  Fri, 17 Jan 2020 06:30:00 GMT



Wells Fargo grant will fund $28 million in loans for Atlanta small businesses

in an effort spark small business growth, especially in minority communities. The grant will fund $28 million in loans.

Published:  Tue, 21 Jan 2020 03:50:00 GMT



Fancy Meals and Loans for Friends: China's Banks Face Costly Cleanup

After years of lax oversight, the smaller banks that powered the country's economic growth have racked up unsustainable bad debts. China's slowdown means an expensive fix is coming.

Published:  Tue, 21 Jan 2020 10:14:00 GMT



3 Great Ways To Fund Your Business Without An SBA Loan In 2020

Small businesses are flourishing and 2020 looks to be another year of growth. Find out some of the best alternatives to SBA loans for funding your business in the new year.

Published:  Mon, 13 Jan 2020 06:34:00 GMT



This Loan Program From the SBA Can Help Fuel Your Business in 2020

If you are wrestling with these decisions, you should strongly consider the Small Business Administration's 504 loan program. This loan program is designed to give small businesses an additional means ...

Published:  Wed, 08 Jan 2020 09:03:00 GMT



Weak Loan Growth, Low Rates to Mar KeyCorp (KEY) Q4 Earnings

KeyCorp KEY is slated to announce fourth quarter and 2019 results on Jan 23, before the opening bell. The overall lending scenario was weak during the quarter, particularly in the areas of commercial ...

Published:  Tue, 21 Jan 2020 06:19:00 GMT



Report: Black business owners are denied bank loans twice as often as white business owners

Black business owners are routinely denied bank loans, even if they have good credit scores and consistent annual profits. More than any other racial group,Black entrepreneurs more frequently hear "no ...

Published:  Wed, 15 Jan 2020 14:58:00 GMT



Jack Ma's booming loan business threatens Visa, AmEx in China

"The consumer loans business has been growing at breakneck speed, but there are so many untapped users," Huang Hao, president of Ant's digital finance operations, said in a phone interview outlining ...

Published:  Tue, 21 Jan 2020 11:50:00 GMT



How to find a cosigner for a loan

A cosigner is someone who applies for a loan, credit card or even a mortgage alongside you ... Always do your research and check the Better Business Bureau before using a cosigner you don't know.

Published:  Tue, 21 Jan 2020 09:51:00 GMT



Midwest Loan Services Signs Long-Term Agreement With Black Knight for MSP Servicing System and Multiple Other Technology Solutions

/PRNewswire/ -- Black Knight, Inc. (NYSE:BKI) announced today that Midwest Loan Services, a division of University Bancorp, Inc. (OTCQB:UNIB) that ...

Published:  Tue, 21 Jan 2020 05:00:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure