Balboa Capital Small Business Loans Review

Balboa capital is a business financing offering by Balboa Capital, based in Costa Mesa, CA. Founded in 1988, Balboa Capital offers access to small 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 business loan amount. Balboa capital deducts the fee directly from your business 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 business loan?

Balboa capital considers business loan applications for business purposes, such as:

• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of small business loans does Balboa capital offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Balboa capital provides access to the following business loan types:

• Secured Term Business 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 small business 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 business loan early.

How much can you borrow from Balboa capital?

Business loan amounts start at $1,000 and go up to $1,000,000.

What is the maximum business loan term you can get with Balboa capital?

Balboa capital offers small 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 Small Business Loans?

Balboa Capital Small Business Loans 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 may be eligible for Balboa Capital Small Business Loans.

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 Small Business Loans 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 Small Business Loans. 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