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Balboa Capital Online Lender Review

Published By Janet Gershen-Siegel at February 21st, 2018

Balboa Capital Online Lender Review

It’s Time to Look at Online Lender Balboa Capital

Balboa Capital is one of several lending companies in the online space. We look at their specifics and drill down into the details of their business funding options.

As always, we gave this lender every opportunity to give us up to date information. But note, if we receive updated information in the future, we will be sure to update this blog post.

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Balboa Capital is located online here: balboacapital.com/. The company is headquartered in Costa Mesa, California. They have satellite offices in San Ramon, California; Scottsdale, Arizona; Spokane, Washington; and Ontario, California.

Balboa Capital’s contact page is here: Contact. It appears this online lender has been in business since 2010.

Offerings

Balboa Capital serves as a direct lender, where you can get a business online loan. They offer small business loans, equipment leasing, and commercial financing. And they also offer vendor financing, franchise financing, and business cash advances. 

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Small Business Loans

This lender will loan up to $250,000. Your company can get 3 to 18 month terms. There is no collateral needed, and the cash is provided in days. There is a time in business requirement of at least one year. Another requirement is $300,000 or more in annual revenue. Furthermore, they will ask for your personal credit score. You need a ‘decent’ FICO to get loans for small businesses from Balboa.

Equipment Financing

Balboa Capital will loan up to $250,000. Your company can get flexible terms. There is no collateral needed for Balboa equipment financing. There is a time in business requirement of at least one year. Another requirement is $100,000 or more in annual revenue to get financing for equipment. 

Commercial Financing

Balboa handles transactions of up to $100 million. You must have at least one year in business. One requirement is $100,000 or more in annual revenue for finance for small businesses.

Vendor Financing

Balboa also provides financing to customers for your equipment. This is for equipment vendors. There is a time in business requirement of at least three years. Another requirement is $1 million or more in annual revenue for business loans new business.

Franchise Financing

Balboa Capital will loan up to $1 million. Or get a credit line of up to $500,000. Your company can get 24 to 84 month terms. There is no collateral needed. There is a time in business requirement of at least one year. Another requirement is $100,000 or more in annual revenue.

Business Lines of Credit

Get a business line of credit for up to $250,000. Repay daily, weekly or monthly. You must be in business for at least one year. Another requirement is $300,000 or more in annual revenue for Balboa financing.

Fees

Their fees do not seem to be listed on the Balboa Capital website. Balboa Capital reviews online (on Yelp) report that there are termination fees and substantial late fees. 

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Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Advantages 

One advantage is the size of Balboa Capital’s business cash advances. Another advantage is how you will not need collateral in order to get such an advance.

Disadvantages

A very big disadvantage is that their fees have no listing on their website. Only you can decide whether this apparent lack of transparency is an issue for you.

Upshot

So an apparent lack of transparency should be of concern. However, if your company cannot come up with collateral and needs to get a cash advance, then Balboa Capital funding could be your solution. The variety of offerings is encouraging. No matter what, always be sure to read the complaints on the BBB website. Although, if they do not apply to your unique situation, then they should not carry as much weight as complaints which do.

And pay attention to any complaints regarding Balboa Capital customer service.

But note that there was a 2019 class action lawsuit against Balboa Capital. In 2020, Balboa Capital complaints led to the settlement of at least one other lawsuit.

And finally, as with every other lending program, whether online or offline, remember to read the fine print. And do the math. Go over the details with care. And decide if working with Balboa Capital will be good for you and your company. In addition, consider alternative financing options that go beyond lending. So these include building business credit, in order to best decide how to get the money you need to help your business grow.

549097 How to Build Credit For Your EIN That is Not Linked to Your SSN2 OP4 101119 - Balboa Capital Online Lender Review

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Summary
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Balboa Capital
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