Best Reviews TopConsumerReviews.com Best Business Loans Best Reviews
Best Reviews
      July 13, 2020

Home  >  Business Loans  >  On Deck vs Balboa Capital

Best

Business Loans

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

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

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

Latest Reviews

Bicycle Parts

Calendars

Credit Counseling

Feather Pillows

GMAT Test Prep

GRE Test Prep

Hemorrhoid Relief

Homeschool Supplies

LSAT Test Prep

MCAT Test Prep

Senior Care

Thyroid Health

 

Individual Reviews

On Deck

Funding Circle

LendingTree

LendingClub

Kabbage

National Funding

Clearbanc

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

On Deck vs Balboa Capital

Best Business Loans

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

5 stars
On Deck

ON DECK

Visit Site

TopConsumerReviews.com Best-In-Class Blue Ribbon Award OnDeck started in 2007 to focus on helping small businesses with a major issue: Financing. Since then, they have helped more than 50,000 small businesses across more than 700 industries in both the US and Canada with more than $8 billion in business loans and lines of credit.

3 types of small business loans

There are three primary types of small business loans offered by OnDeck:

  • Short-Term Loans: Up to $250,000 with repayment terms from 3-12 months
  • Long-Term Loans: Up to $500,000 with repayment terms from 15-36 months
  • Lines of Credit: Up to $100,000

Business loan application

OnDeck's business loan application process is straightforward and only takes about 10 minutes to complete. You enter simple information such as your business history, your desired loan amount, and similar details. Once that is complete, OnDeck's online system evaluates your business and provides a decision in a matter of minutes. Funding can take place as soon as 24 hours later.

Best Business Loans

Loan qualification

In order to qualify for a loan from OnDeck, there are a number of basic requirements that must be met. For example, businesses must have at least 1 year of history, one of the business owners or partners must have a personal credit score of 600 or higher, and the business must demonstrate revenue of at least $100,000 in annual revenue. While this means that OnDeck would not be suitable for pure startups, many businesses should still be able to meet Ondeck's starting conditions and quickly be on the way to securing their business loan.

Weekly repayment schedule

One unique aspect of OnDeck's loan repayment terms is that payments are made on a daily or weekly basis, rather than the traditional monthly payments one would expect from a loan. We think this is a good feature for both the lender and the borrower. The business owner can better stay on top of their repayments, rather than experiencing the snowball effect that can occur when trying to make larger monthly payments. OnDeck benefits by lessening their risk of repayment. This may be one contributing factor to the low rates that OnDeck passes on to their borrowers.

Transparency

Another feature we liked about OnDeck is their transparency with regards to fees charged. OnDeck charges low loan origination fees that top out at 2.5%, with discounted fees on subsequent loans to help build customer loyalty. Their loan interest rates are extremely competitive in the industry, averaging around 15% on their term loans and 10% on business lines of credit.

Best business loans

We're impressed with OnDeck's A+ rating with the Better Business Bureau, and by numerous positive reviews across a wide spectrum of businesses who recommend OnDeck's simple process, helpful customer service, and overall loan experience. For all these reasons, OnDeck is a fantastic option for businesses in need of a business loan, and they earn our highest rating.

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.

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.

Best Business Loans

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.

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!

Small Business Administration gave loans to multi-million dollar companies

() - The U.S. Small Business Administration (SBA) and the U.S. Treasury Department this week released the names of 4.9 million Paycheck Protection Program (PPP) loan recipient businesses ...

Published:  Thu, 09 Jul 2020 09:33:00 GMT



Gwinnett sets July 24 deadline for small business loan requests

Gwinnett County will close applications for grants and loans for small businesses hurt by the coronavirus pandemic at 5 p.m. July 24. The county plans to give out $20 million in federal CARES Act ...

Published:  Fri, 10 Jul 2020 13:35:00 GMT



Missing jobs data and disputed loan amounts cloud government records on $660B small-business bailout

There are a mounting number of purported errors, mischaracterizations, and omissions within records released Monday on PPP awards, amid calls for greater transparency around the administration's ...

Published:  Fri, 10 Jul 2020 04:50:00 GMT



How CommonSpirit, Adventist affiliates got small-business loans

Some of the physician practices that received millions of dollars' worth of small-business COVID-19 relief loans are affiliates of major health systems like Sutter Health, Adventist Health and ...

Published:  Fri, 10 Jul 2020 11:57:00 GMT



Not your typical unicorn: Why Quicken Loans' IPO will be a change of pace on Wall Street

This Rocket isn't your typical unicorn. Once Quicken Loans LLC goes public as Rocket Cos. Inc., it will be a different kind of IPO than Wall Street is used to. Investors will find ...

Published:  Sat, 11 Jul 2020 21:05:00 GMT



Small Business Loans Will Likely Be Tailored to Help Those That Still Haven't Reopened, GOP Senator Says

"Well, I think we've got to look at a couple of things. I think we still have issues with our small businesses, we still have many that cannot reopen or cannot open fully," West Virginia Republican ...

Published:  Fri, 10 Jul 2020 07:35:00 GMT



Federal PPP loans serve as lifeline, conduit for change

How PPP works. When Congress approved the initial $349 billion in the Paycheck Protection Program in April, it allowed small businesses of up to 500 employees to apply for low-int ...

Published:  Sat, 11 Jul 2020 21:01:00 GMT



KARE 11 Investigates: Big businesses, exclusive clubs get federal small business loans

Nearly 14,000 in forgivable loans worth at least $14 billion flowed from the SBA to Minnesota for pandemic relief, but many who got money might be unexpected.

Published:  Thu, 09 Jul 2020 23:02:00 GMT



Nearly 10,000 companies backed by venture capital or public equity investors got small-business loans under the PPP

Startups backed by some of the most well-heeled venture firms received loans under the Paycheck Protection Program, a federal initiative ...

Published:  Thu, 09 Jul 2020 10:36:00 GMT



Automatic federal student loan forbearance was supposed to provide relief, but for some home buyers it's become an unexpected obstacle

Student loan borrowers in forbearance with high balances or in IDR could be rejected for mortgages because of an incorrect assumption by banks.

Published:  Sat, 11 Jul 2020 05:27:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure