in Business Loans from Balboa CapitalUnaffiliated
in Business Loans from Balboa Capital
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Balboa Capital Review
Where does Balboa Capital do business?
Balboa Capital is a business financing offering by Balboa Capital, based in Costa Mesa, CA. Founded in 1988, Balboa Capital offers access to business loans in 50 states (and Washington, DC).
What are Balboa Capital’s rates?
Balboa Capital offers a fixed APR business financing product that ranges from 4% APR up to 8% APR.
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 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.Applicants with a credit score of at least 560 and up to 850 are eligible for Balboa Capital.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Balboa Capital product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Balboa Capital. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Origination Fee (%)||Starting at 0%|
|Immigration Status Considered||
|Minimum Months in Business||12|
|Verification Documents Required||
|Loan Amount||$1K - $1M|
|APR (Fixed APR)||4% - 8%|
|Loan Term||3 - 84 months|