in Business Loans from Balboa Capital
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Where does Balboa Capital do business?
Balboa Capital is a direct lender based in Costa Mesa, CA. It was founded in 1988 and offers access to business loans in 50 states (and Washington, DC).
What are Balboa Capital’s rates?
Balboa Capital offers business loans with fixed APRs starting from 4% to 8%.
Does Balboa Capital charge an origination fee?
Yes, Balboa Capital charges a loan origination fee starting at 0% of the loan amount. Balboa Capital deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Balboa Capital set on the purpose of the loan?
Balboa Capital considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does Balboa Capital offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Balboa Capital provides access to the following business loan types:
- Secured Term Loans
- Lines of Credit
- Merchant Cash Advances
Does Balboa Capital charge prepayment fees?Yes, Balboa Capital charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from Balboa Capital?Loan amounts start at $1,000 and go up to $1,000,000.
What is the maximum loan term you can get with Balboa Capital?
Balboa Capital offers business loans with terms ranging from 3 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Balboa Capital?
Applicants with a credit score of at least 560 can apply for a loan via Balboa Capital. Balboa Capital requires companies to be in business for at least 12 months.Businesses must have a minimum annual revenue of $300,000 to be considered.
Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
560 - 850
|Immigration Status Considered||
|Minimum Months in Business||12|
|Verification Documents Required||
|Loan Amount||$1K - $1M|
|Loan Term (Months)||3 - 84|
|APR (Fixed APR)||4% - 8%|