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Fundia vs Balboa Capital

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FUNDIA

Based in Utah, Fundia Credit & Capital focuses on small business lending and is one of the few companies in our review who include startups in their group of potential borrowers. Focused entirely on small businesses, including entrepreneurs, their desire to help their borrowers succeed is evidenced by the 12 months of free counseling they provide in order to help their customers effectively manage their credit lines.

Borrowers can receive a loan of up to $200,000 with same-day approval. Unfortunately, there is nothing on Fundia's site that allows prospective borrowers to get even an estimated loan amount or an interest rate, so it is difficult to compare Fundia with other lenders in our review, with respect to affordability.

One significant difference in the Fundia process is the requirement to sign up for a credit score report through Credit Check Total (which costs $1). Applicants can either provide their Credit Check Total login information or upload a PDF of the score report. Once the applicant has entered their basic business information and total desired loan amount, along with the credit score report, he or she can be pre-approved for the Fundia process. Because Fundia doesn't require security in the form of collateral, such as real estate or equipment, they do expect at least one of the business partners (either the borrower or another partner in the business) to have a credit score of 680 or higher.

Despite a relatively short history - having been established in 2015 - Fundia is an accredited business with the Better Business Bureau, with not only an A rating but also eight positive customer reviews and no negative ones. While the lack of any detailed information regarding interest rates or fees makes it hard to determine Fundia's ranking on an apples-to-apples basis with other lenders, we're very impressed with their positive reviews with the BBB and their willingness to not only lend to startups but to partner with them to help them succeed. We give Fundia four stars, and would easily raise that score if more detailed information regarding rates and fees proved to be competitive with other lenders in the business loans market.

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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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Business Loans

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