Strongly not recommended
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Where does Balance Credit do business?
Balance Credit is a direct lender based in Chicago, IL. Founded in 2013, Balance Credit offers access to personal loans in 10 states across the USA.
What are the APRs offered via Balance Credit?
Balance Credit has a variable APR that ranges from 99% up to 720%.
Does Balance Credit charge an origination fee?
No, Balance Credit does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Balance Credit charge a late fee?
No, Balance Credit will not charge you a late fee.
Does Balance Credit charge prepayment fees?
No, Balance Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow via Balance Credit?
Loan amounts start at $100 and go up to $5,000.
What is the maximum loan term you can get with Balance Credit?
Balance Credit offers personal loans with terms ranging from 4 to 24 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 Balance Credit?
Balance Credit doesn’t disclose its credit score minimum. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
Balance Credit only considers borrowers who are employed
Active duty servicemembers and their covered dependents cannot apply for a loan via Balance Credit. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.Only U.S. citizens and permanent residents can apply for a loan.
What is the estimated funding time for a personal loan via Balance Credit?
Balance Credit will typically approve (or deny) a loan application within 1 hour and fund personal loans within 2 business days of approval.
180 N. Wacker Drive Suite 300
Chicago, IL 60606 USA
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Message from Balance Credit
- New Mexico
- South Carolina
- Only Individual Applications
- Employed Full-Time
- U.S. Citizen
- U.S. Permanent Resident