Balance Credit Review: Is It A Scam Or Is It Legit? Find Out Here.

Personal loans from Balance Credit are offered by SunUp Financial, LLC. It can help you get the cash you need, fast. With unsecured installment loans and credit services, they can provide the financial assistance you need. The company advertises its services at balancecredit.com.

Balance Credit Summary

When you need a loan, knowing which lender to choose can be difficult. With so many options available, it’s important to compare different lenders to find the one that best suits your needs. Balance Credit is a popular option that has been getting a lot of attention lately. But is this lender right for you? Here’s a closer look so you can make an informed decision.

After taking a close look at the website and terms and conditions of Balance Credit, our team found some interesting information. Here is what they discovered.

• Balance Credit is not a lender in all states.
• Personal loan interest rates typically range between 5% and 36%. 
• Offers fixed APR personal loans that range from 99% APR up to 720% APR.
• Loan amounts start at $100 and go up to $5,000.
• The lender offers loans with terms of up to 30 months.
• Rates & Terms vary by state. 

What is Balance Credit?

SunUp Financial, LLC d/b/a Balance Credit is a licensed lender based in Chicago, IL that offers personal loans to help you cover expenses or consolidate debt. Their loans are available in 25 states across the USA. The company has been in business since 2014 and you can reach them via phone by calling (855) 942-2526 or by email at [email protected]

Although it has an A+ rating from the BBB, this company is not accredited by the BBB. It has an average of 17 customer reviews and 49 complaints closed in the last 3 years. As a result, the company only has a 1-star out of 5-star rating from consumers.

How does Balance Credit work?

To complete an application, you must do so through Balance Credit’s website. They are unable to process applications over the phone or through the mail. When completing your application, you will need to provide:

• Your social security number;
• A valid email address and phone number;
• Details about your source(s) of income; and
• Your bank account’s routing and account number (for where you want to deposit funds, once approved).

After you complete your online application, click “AGREE AND CHECK YOUR ELIGIBILITY.” You will usually receive a message within seconds letting you know whether your application has been approved.

However, in some cases, your application may not be approved. In this case, you will receive a Notice of Adverse Action within 30 days explaining the reason for the decision.

They process and approve loans quickly – typically within one business day. But you need to submit your application before 6 PM CT on a weekday, or 4 PM CT on a Sunday. The decision-making process for Balance Credit and third-party products may take longer than usual. This is because customers are required to submit extra documentation to verify the information provided on their application.

How to qualify for Balance Credit?

To qualify, applicants must:

• Reside in a state where we provide our products.
• Be of the minimum age requirement.
• Have a valid email address and phone number that can be verified.
• Have an active checking or savings account that has not been associated with another Balance Credit account for at least 30 days.
• Have a source of income that meets their underwriting criteria.

Other requirements may exist. Not all states offer this product. The states serviced by Balance Credit may change without notice.

Balance Credit BBB Reviews

This company is not without its flaws, as evidenced by its 1-star rating from consumers. It has an average of 17 customer reviews and 49 complaints closed in the last 3 years and it’s not accredited by the BBB. However, it does have an A+ rating from the Better Business Bureau.

Here are some reviews:

Candace C. 09/10/2022

Justin K 08/21/2022

Erin H 04/02/2022

Balance Credit FAQs

How much does Balance Credit charge?

Balance Credit‘s loan interest rates typically range from 5% all the way up to 36%, with an Annual Percentage Rate (APR) as high as 720%. But don’t worry, there is no loan origination fee associated with Balance Credit Personal Loans.

Are there any pre-payment penalties?

There are no prepayment fees with a personal loan from Balance Credit. You can save on interest by paying the loan off early, and there are no late fees for missed payments.

How does Balance Credit affect your credit?

Loans can be a great way to finance big purchases or consolidate debt. But before you apply for a loan, it’s important to know the difference between a soft credit pull and a hard credit inquiry.

A soft credit pull is simply a way for lenders to give you an idea of the interest rates and loan terms you may qualify for. This doesn’t affect your credit score in any way.

However, once you decide to go ahead with the loan application, they’ll need to do a hard credit inquiry to get a full view of your credit history and offer you final rates.

As per Balance Credit, there is no need to worry about your credit score when you apply for a loan with us. They will not perform a hard inquiry with any of the 3 major credit bureaus, TransUnion, Equifax, and Experian.

How to cancel Balance Credit?

Whether you’re consolidating debt or making a large purchase, a personal loan can be a helpful way to get the funds you need. However, it’s important to understand that once you’ve been approved and the money has been deposited into your account, there is no turning back. This is why it’s crucial to be absolutely certain of your decision before taking out a personal loan. That way, you can avoid any unnecessary complications down the road.

Do you find it difficult to make ends meet? Here’s some advice that might help you get back on track.

• Creating and sticking to a budget is a great way to stay on track.
• Another option is to speak with a financial advisor who can help you understand your options and develop a plan that works for your unique circumstances.
• And finally, don’t worry too much if you’re already in debt. Many companies are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.

Is Balance Credit legit or a scam?

Since 2008, Balanced Credit has been providing people in need with quick access to cash through unsecured installment loans and credit services. The company has an excellent A+ rating with the Better Business Bureau, however their customer rating is a measly 1 star out of 5. With an average of 17 reviews and 49 complaints, most of the feedback online about Balanced Credit is negative.

There are a few things to consider before taking out a loan. First, explore all of your options and compare rates. Second, read customer reviews to get an idea of the pros and cons of each option. And third, be sure to choose the loan that you can afford.

Do you know balancecredit.com? Leave your experience and review below!

Thank you for reading!