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      June 5, 2020

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National Funding vs Balboa Capital

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To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth comparison of National Funding 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.

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Best Reviews

2020

Business Loan Reviews

4 stars
National Funding

NATIONAL FUNDING

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Since getting its start in 1999, National Funding has provided over $3 billion in loans to more than 50,000 businesses throughout the US. The company prides itself on its custom-designed lending solutions for each business, with loan specialists who have industry-specific knowledge that can help you get the money you need for marketing, inventory, payroll and more.

Impressive lending options

What types of lending options can you get through National Funding? Take a look for yourself:

  • Business Loans for Bad Credit
  • Bridge Loans
  • Commercial Business Loans
  • Corporate Loans
  • First Time Business Loans
  • Online Business Loans
  • Short Term Business Loans
  • Working Capital Loans
  • Unsecured Business Loans
  • Business Financing
  • Equipment Financing & Leasing
  • Alternative Lending
  • Direct Business Lending
  • Merchant Cash Advance

Wide range of loan amounts

National Funding offers one of the widest ranges of loan amounts for businesses: $5000 to $500,000. Many of their competitors come up short on one end of that spectrum (they only offer loans of at least $15,000, or they don't go beyond $200,000), making this lender a great possibility for a higher number of businesses of all sizes. However, be aware that you will have to have a minimum gross sales amount of $100,000 in order to qualify for any loan with National Funding.

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Easy application process

The process of applying for a small business loan couldn't be easier. Enter your basic information - name and contact details, how long you've been in business and your annual gross sales, etc. You'll then get a screen that says a loan specialist will be in touch, but don't leave the site yet! You may be redirected to a page asking for further details; in our case, we were asked to specify if we'd had at least $8,300 in monthly sales for the last 3 months and if our personal credit score was above or below 650. Even with lower credit, you may still be eligible for a loan, so we encourage you to complete the prequalification form if asked to do so; as long as you meet that threshold of $100,000 per year, you will probably still receive funding.

Fast funding

A big perk of getting a business loan from this lender is fast funding. After approval, you could have access to your loan amount in 24 hours. Another benefit is that their customized financing solutions never require collateral or a down payment. And, if you're able to pay off your business loan earlier than expected, National Funding offers early payoff discounts too.

Solid reputation

This lender has a solid reputation, which is a must when deciding which provider to entrust with the financial well-being of your business. The BBB has given National Funding an "A+" rating and accreditation, and over 1200 client reviews this service has earned a strong 4.5 out of 5 stars. We're always glad to see people saying that a lender has been knowledgeable, helpful and friendly, but it's even more impressive to find happy reviews from clients who are repeat customers because of the excellent service they received.

Lack of loan details

The biggest reason National Funding didn't rank higher in our reviews is because they don't offer specific details about interest rates, repayment terms, or fees. With so many providers of business loans available today, most clients prefer transparency before giving their details to a prospective lender - so we'd love to see National Funding getting a little more specific about what business owners might be able to expect (even if it's just an estimated APR range or approximate fees based on the total loan amount).

Good custom loan solution

One thing is for sure: if you need a business loan that is tailored precisely to meet your unique situation, National Funding can get it done. With funds available as soon a day after your application is complete, flexible options for virtually every industry, and a great record for offering quality service to its clients, this lender is a great choice for most businesses.

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3.5 stars
Balboa Capital

BALBOA CAPITAL

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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.

Simple application process

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.)

Loan approval phone call

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.

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Read the terms

Balboa Capital's site doesn't make their interest rates obvious or easy to find. 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.

Excellent customer ratings

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.

Responsible contender

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.

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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!

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