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.
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
- BBB A+ Rating
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.
Pros and Cons of Balance Credit:
Like any other lending company, Balance Credit has its advantages and disadvantages. Here are some of the pros and cons of using Balance Credit as your loan provider.
Pros:
- Fast approval and funding process: You can get approved for a loan within minutes and receive your funds the next business day.
- No prepayment penalties: You can pay off your loan early without incurring any extra fees.
- Easy application process: Applying for a loan with Balance Credit is easy and can be done online from the comfort of your home.
- No collateral required: You don’t need to put up any collateral to secure a loan.
Cons:
- High-interest rates: Balance Credit charges high-interest rates on its loans, which can make it difficult to pay back the loan.
- Limited loan amounts: Balance Credit offers loans ranging from $1000 to $5000, which may not be enough for individuals with larger financial needs.
- Not available in all states: Balance Credit is not available in all states, so you may not be able to apply for a loan if you live in a state where Balance Credit does not operate.
- No joint applications: You cannot apply for a loan with a co-borrower, which may limit your borrowing capacity.
Services Offered by Balance Credit:
Balance Credit offers personal loans to individuals who need quick cash for emergencies, unexpected expenses, or debt consolidation. The loan amounts range from $100 to $5000, and the repayment terms range from 6 to 24 months. The company also offers a fast and easy application process, with approval and funding within minutes. Balance Credit prides itself on its customer service, and its representatives are available to assist you with any questions or concerns.
What is Balance Credit?
SunUp Financial, LLC d/b/a Balance Credit is a direct 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. Balance Credit loan terms, rates, and other important details Balance Credit offers only unsecured loans, meaning no collateral is required. 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]
The company offers personal loans, debt consolidation loans, and payday loans.
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. Balance Credit is worth researching if you need a quick alternative to a payday loan.
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.
Balance Credit is a licensed credit services organization (CSO) in Texas and Ohio; it’s also licensed to lend in a handful of other states, including New Mexico, Delaware, Illinois, Mississippi, South Carolina, Wisconsin, Missouri, Virginia, Utah, and California.
What are the interest rates offered by Balance Credit?
Balance Credit offers fixed APR personal loans that can range from 99% APR up to 720% APR, depending on several factors such as the loan amount, repayment term, and your creditworthiness. These interest rates are relatively high compared to other lenders in the market, so it’s important to consider the cost of borrowing before applying for a loan with Balance Credit. Additionally, it’s worth noting that the interest rates and fees charged by Balance Credit may vary depending on the state you reside in, so it’s important to check the rates and terms for your specific state before applying for a loan.
How long does it take to get approved for a loan with Balance Credit?
Balance Credit offers a fast and streamlined application process, and you can typically get approved for a loan within minutes. Once you submit your loan application, Balance Credit will review your information and determine if you meet their eligibility requirements. They will also perform a credit check to assess your creditworthiness and determine the loan amount and interest rate you qualify for. If you are approved, you will receive a loan offer, which will include the loan amount, interest rate, and repayment terms. If you accept the offer, you will need to sign the loan agreement electronically, and your funds will be deposited into your bank account as soon as the next business day. Overall, the entire process from application to funding can take as little as one business day, making Balance Credit a convenient option for those in need of quick cash.
What are the minimum and maximum loan amounts offered by Balance Credit?
Balance Credit offers personal loans ranging from $1,000 to $5,000, depending on your state of residence and your creditworthiness. The loan amount you qualify for will be determined by several factors, including your credit score, income, and employment history. Keep in mind that Balance Credit may also charge origination fees and other fees that will be deducted from the loan amount, so the actual amount you receive may be less than the loan amount you requested. It’s important to carefully consider your financial needs and repayment ability before applying for a loan with Balance Credit to ensure you don’t borrow more than you can afford to repay.
Does Balance Credit perform a credit check when reviewing loan applications?
Yes, Balance Credit does perform a credit check when reviewing loan applications. As a responsible lender, Balance Credit considers your credit history, income, employment, and other factors to determine your creditworthiness and the loan amount and interest rate you qualify for. However, having bad credit doesn’t necessarily mean you won’t be approved for a loan with Balance Credit. They also take into consideration your ability to repay the loan, which means that if you have a steady income and can afford to make timely loan payments, you may still be approved for a loan. It’s worth noting that applying for a loan with Balance Credit may result in a hard inquiry on your credit report, which can temporarily lower your credit score.
How can I apply for a loan with Balance Credit?
Applying for a loan with Balance Credit is a simple and straightforward process that can be completed entirely online. Here are the steps to apply for a loan with Balance Credit:
- Visit the Balance Credit website: Go to Balance Credit’s website (www.balancecredit.com) to begin the application process.
- Fill out the application form: Provide your personal information, including your name, address, date of birth, and social security number.
- Provide your income and employment information: Provide details about your income and employment, including your employer’s name, your job title, and your monthly income.
- Choose your loan amount and repayment term: Select the loan amount and repayment term that best suits your financial needs and budget.
- Review and sign the loan agreement: Review the loan agreement carefully, including the loan amount, interest rate, repayment terms, and any fees associated with the loan. If you agree to the terms, sign the loan agreement electronically.
- Receive your funds: Once you have signed the loan agreement, your funds will be deposited into your bank account as soon as the next business day.
Overall, the application process with Balance Credit is fast and easy, and you can complete it from the comfort of your own home. If you have any questions or concerns during the application process, you can contact their customer service team for assistance.
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How does Balance Credit compare to other online lenders?
When it comes to online lenders, there are several factors to consider, including interest rates, loan terms, fees, and customer service. Here are some ways in which Balance Credit compares to other online lenders:
Interest Rates: Balance Credit offers fixed APR personal loans that can range from 99% APR up to 720% APR, depending on several factors such as the loan amount, repayment term, and your creditworthiness. These interest rates are relatively high compared to other lenders in the market, so it’s important to consider the cost of borrowing before applying for a loan with Balance Credit.
Loan Terms: Balance Credit offers personal loans ranging from $1,000 to $5,000, with repayment terms ranging from 6 to 24 months. This is a relatively short repayment period compared to some other lenders that offer longer repayment terms.
Fees: Balance Credit charges origination fees and other fees that may vary depending on your state of residence. It’s important to carefully review the loan agreement and understand all the fees associated with the loan before accepting the loan offer.
Customer Service: Balance Credit prides itself on its customer service, and its representatives are available to assist you with any questions or concerns. They have a toll-free phone number, email support, and live chat support available during business hours.
Overall, Balance Credit may be a good option for individuals who need quick cash for emergencies or unexpected expenses, but it’s important to carefully consider the cost of borrowing and compare it to other lenders in the market before making a decision. It’s always a good idea to shop around and compare different lenders to find the best loan terms and interest rates for your specific financial situation.
Does Balance Credit charge any fees besides interest?
Yes, Balance Credit may charge additional fees besides interest, depending on your state of residence and the loan amount you borrow. These fees can include origination fees, late payment fees, and insufficient funds fees. The exact fees charged by Balance Credit may vary by state, so it’s important to carefully review the loan agreement and understand all the fees associated with the loan before accepting the loan offer. Keep in mind that these fees can add to the total cost of borrowing and make it more expensive to repay the loan. If you have any questions or concerns about the fees charged by Balance Credit, don’t hesitate to contact their customer service representatives for assistance.
What are the repayment terms for loans offered by Balance Credit?
Balance Credit offers personal loans with repayment terms ranging from 6 to 24 months, depending on the loan amount and your state of residence. The repayment terms are fixed, which means that you will have a set schedule of payments that must be made on time each month until the loan is fully paid off. Keep in mind that the longer the repayment term, the more interest you will pay over the life of the loan.
It’s important to carefully consider your financial situation and choose a repayment term that fits within your budget and allows you to repay the loan on time. Additionally, Balance Credit may charge fees for late payments or missed payments, which can add to the total cost of the loan. If you have any questions or concerns about the repayment terms for loans offered by Balance Credit, don’t hesitate to contact their customer service representatives for assistance. Keep in mind this company is not affiliated to debt settlement companies.
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 bank account with a 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. This is just one scoring method and a credit card issuer may use another method when considering your application.
What are the interest rates offered by Balance Credit?
Balance Credit offers fixed APR personal loans that can range from 99% APR up to 720% APR, depending on several factors such as the loan amount, repayment term, and creditworthiness. These interest rates are relatively high compared to other lenders in the market, so it’s important to consider the cost of borrowing before applying for a loan with Balance Credit. Additionally, it’s worth noting that the interest rates and fees charged by Balance Credit may vary depending on the state you reside in, so it’s important to check the rates and terms for your specific state before applying for a loan.
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 Balance Credit 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 personal installment loans, 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, Balance Credit loans 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, its 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.
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Balanced Credit Review
Balanced Credit Review
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, its 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.
1 Comment
I almost took ott a loan with balance credit but after reading the reviews well I decided not to. Please always investigate the comp. before getting a loan.