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Balboa Capital vs Capital Loan Hub

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BALBOA CAPITAL

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.

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CAPITAL LOAN HUB

CapitalLoanHub claims to connect businesses with lenders for no-collateral business loans up to $500,000. While this may be accurate, we found too few details about CapitalLoanHub to know if they are a trustworthy partner for a process that involves such a large amount of money and personally identifiable information.

For example, most reputable lenders and referral services have multiple ways to communicate, whether that's via live online chat, a toll-free number, or all of the above. The only contact methods offered by CapitalLoanHub are an online contact form and an email address - despite being told in the FAQ that prospective customers can call or visit one of their storefronts with any questions. Given that they list their physical address as being on the island of Nevis in the Caribbean, we feel that most American-based businesses will be uncomfortable sharing their private information with CapitalLoanHub, even just to be connected with another (hopefully reputable) lender. There is no guarantee that their information will be kept secure during the process of matching them with possible sources for a business loan.

Even on CapitalLoanHub's "Do I Qualify?" page, there are no specifics as to their lenders' requirements. Do businesses have to be in operation for a certain length of time, have a minimum level of monthly income, or provide a Social Security Number for at least one of the applicants? There's no way to know without providing information; even the "Get Started Now" form has options ranging from "not yet in business" to "5 or more years" time in business, but many business loans are not offered to startups or newer companies.

With so little to prove that CapitalLoanHub is a reliable source for business loans, we can only give them a low rating at this time. We believe you'll have a much more secure and successful process in obtaining your next business loan with one of the higher-rated lenders in our review.

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Business Loans

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

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.

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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