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Balboa Capital vs National Business Capital

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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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NATIONAL BUSINESS CAPITAL

National Business Capital is a well-known source for business financing, both in terms of small business loans and other products, such as equipment financing, business lines of credit, and more. Since their start in 2012, their clients have come from nearly every industry, including Transportation, IT companies, Hospitality Services, and Construction/Contracting, regardless of their credit background. Nearly 70% of their clients were first turned down by traditional banks prior to their approval by National Business Capital, which is evidence of their strong commitment to helping businesses get the financing they need, even during times of economic instability in the nation.

One terrific feature of National Business Capital's process is that approval takes less than 24 hours. After completing a brief application that includes the business' name, approximate monthly sales, and purpose of the loan, applicants can expect contact from one of National Business Capital's Business Consultants within a day.

Unfortunately, this lender does not make it easy to determine more specific information about their lending programs, such as minimum or maximum loan amounts, loan terms, or interest rates. Using their Loan Calculator on the Small Business Loans page, we could assume that loans range from $10,000 to $3,000,000, that business need to have been in operation for at least a year, and monthly gross sales must equal at least $10,000 (because the sliders don't go below those amounts), but it appears that individuals seeking funding will need to speak with a representative to get more detailed information. We had to turn to a newspaper article to determine that interest rates begin around 9%, as reported by president Joseph Camberato. We would have liked to see more transparency with their programs' details, especially for those who may be hoping to create a new business and are often turned down by other lenders.

We do appreciate the fact that National Business Capital is an accredited business with the Better Business Bureau and carried an A+ rating at the time of our review with only two registered customer complaints in the last 12 months. There are also a number of compelling testimonials on the site that show great attention to customer service, success in securing funding even for struggling businesses, and repeat customers who have been thrilled with the process of obtaining funding through this lender.

Ultimately, National Business Capital earns good marks: they appear to be a reputable lender dedicated to helping business owners across the spectrum to get the funding they need, even during times of financial difficulty. We'd gladly improve this rating with more details regarding their loan terms, particularly interest rates and other fees.

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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 National Business Capital.

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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