in Personal Loans from Balance Credit
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 rates and terms does Balance Credit offer?Balance Credit has higher interest rates than the average for lenders reviewed on SuperMoney.
What personal loan APRs does Balance Credit offer?Balance Credit offers a fixed APR personal loan product that ranges from 99% APR up to 720% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via Balance Credit?
Loan amounts start at $100 and go up to $5,000.
What can a personal loan from Balance Credit be used for?
Personal loans from Balance Credit are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.
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.
|Loan Amount||$100 - $5000|
|Loan Term||4 - 24 months|
|APR||99% - 720%|
What fees does Balance Credit charge?
Does Balance Credit charge an origination fee?
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.
|Late Payment Fee||N/A|
What do you need to qualify for a loan with Balance Credit?
Applicants with a credit score of at least 300 can apply for a loan via Balance Credit . 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.
|Bank Account Required?||No|
|Joint Applications Accepted?||Yes|
|Credit Score||300 - 700|
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.
- New Mexico
- South Carolina
|No Origination Fee|
|No Prepayment Fee|
|No Late Fees|
|Credit Score Range||
300 - 700
|Immigration Status Considered||
|Employment Statuses Considered||
|Joint Loan Applications Accepted||
|Loan Amount||$100 - $5K|
|Loan Term (Months)||4 - 24|
|APR (Fixed APR)||99% - 720%|