Features

Balance Credit is an online lender based in Irving, TX, that provides fast unsecured loans to people with poor to fair credit. Interest rates are high when compared to prime lenders but it offers flexible payments and an accessible eligibility criteria. There are no restrictions on how borrowers use the loan funds. Balance Credit was founded in 2013 and has an A rating with the BBB.

How Do Balance Credit Loans Work?

Balance Credit has an online application form that takes a minute to complete. Borrowers receive their approval (or denial) notice in real time. If approved, funds can be deposited as early as the next business day. 

What Are Balance Credit's Interest Rates?

Interest rates vary from 99% to 880% APR depending on the term, credit history and state of residence of a borrower. For instance, in California interest rates range from from 99% to 530% and loan terms go from 9 months to 24 months. In Texas, however, interest rates go from 390% to 611% and the terms range from 3 to 5 months. 

How Much Money Can I Borrow from Balance Credit?Loan amounts also vary from borrower to borrower and by state. The overall range is $100 to $3,000. In Utah, for instance, the minimum loan amount is $100 and the maximum loan amount is $3,000. In California the range is $2,600 to $3,000; and in South Carolina it's $700 to $3,000. In Texas, loan amounts range from $100 to $2,000. To illustrate, a four-month $800 loan will cost $213.65 every two weeks: a total payback amount of $1,709.

Which States Does Balance Credit Operate In?

Balance Credit currently (OctobeR 2015) operates in California, Idaho, Utah, Texas, New Mexico, Missouri, and South Carolina. However, Balance Credit acts as a credit services provider not as a direct lender. In other words it acts as a middleman between borrowers and its network of partner lenders.

What Is Balance Credit's Application Process Like?

Balance Credit has an online application process that takes a minute to complete. Approval decisions are in real time. So you will know if you qualify and your interest rate immediately after applying. The qualification requirements are the typical requirements of a payday loan. That is, have a source of steady income, an active checking account, and be a U.S. Resident of legal age. Acceptable sources of income include employment, Social Security Benefits, retirement benefits, unemployment insurance and alimony.

How Is Balance Credit Better than Other Lenders?

The loans offered by Balance Credit have high interest rates, so if you have fair or good credit, you may qualify for better loans elsewhere. However, if your credit is poor and you need money fast, Balance Credit is a useful resource. Balance Credit offers immediate approval decisions and flexible payment schedules. An advantage over regular high interest lenders is that it does report payments to the credit bureaus. So making on time payments will improve your credit, which will help you qualify for better loans in the future. 

 

  • Credit bureau reporting
  • Interest APR
    99% - 880%
  • Joint loans available
  • Loan Amount
    $100 - $3000
  • No late fees
  • Max Loan Term (Months)
    24
  • Lend to military?
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    1
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0 votes

I had two payments left and went into a debt consolidation plan because of some other loans. This company reported my balance was over $2500 (it was maybe $700 at the time), won't tell me anything about my own account over the phone, nor will they provide me with my original contract or schedule of payments. Their call center appears to be overseas and they hung up on my debt consolidation firm. Shady!


0 votes

Don't do it, even if u r desperate for money. LISTEN TO WHAT I am saying....please


0 votes

Balance credit sucks they are zero out of 5 stars


0 votes

This company shady don't do it. They will get your information. I was approved and then they verified bank info. Everything accurate and they denied me. They are full of it.


0 votes

I borrowed $400 and wanted to pay it off 15 days later and my payoff ended up being $771!I'm absolutely appalled.

When I borrowed it would not let me set the slider to 1 payment for payoff, but automatically set me at 5 payments. So after I was approved, I called and told them that the online system would not let me change my number of payments, with 5 payments having me paying an astronomical amount of money.

I told the CSR that I wanted to pay-off the loan in two weeks ... and he told me I would just have to call and pay it off.HOWEVER, because it had my 1st of 5 payments set up to be $268, it charged me that amount PLUS $503 (what would have more like a two-week loan pay off for the amount I borrowed.) So as you can see, they are totally FULL of IT! More Less


0 votes

Thanks for all your feedback I am not going anywhere near these guys


0 votes

This company is very deceiving. Dont not get a loan with this company. The per-approval letters they send you throw them out fast. You will not be approved for the amount stated on your letter. The customer's service is horrible. You can tell they are reading off the computer. Barely can understand what they are saying and no knowledge on how to answer question that a pissed off misleading customer might have.


0 votes

It so suck this company ,no.help.to.get loan even rate is so high..not recommended to anyone .no star ok


0 votes

I used to have bad credit due to my credit card being maxed out and when I received a pre-approval from Balance Credit and called them to ask how much I would owe if I took out a $1,000 loan and paid if off entirely by the first due date and they said it would be about $1,150. Someone did not know what they were talking about because when it came time for me to pay, I called and they said the entire balance would be closer to $2,200! No ... way, I managed to settle with them for $1,500 but I would NEVER recommend this company. I had way better experiences with: Mobiloans, Lendup, and Cash Net USA. Stay away from Balance Credit. More Less


0 votes

This is not a good company at all!! For one that don't speak good english! Secondly, THEY ARE RUDE! The don't even report to the credit bureau! It's not even worth it. By pass this company! If I had the option to not give a star I wouldn't.


0 votes

So far so good its ok i really love it check it out you'll be able to see what im talking about


0 votes

This is the worst lending company Ever! Please don't take a loan out with these people. I barrowed $2600 4 months against I made 16 biweekly payments of $201.25 totaling $3200 when I called to pay it in full I had only knocked $13 off my principle and I still owed $2,587 for the payoff! They would not work with me to reduce the balance! I will never barrow from these horrible lenders again! Please take it from me barrow from a friend or a better company!

Alan


0 votes

This is a piss poor company do not do business with them. Highly do not recommend.


0 votes

Worst customer service I've ever dealt with. Robots. They don't listen to what you're saying they just repeat the same phrases over and over again.


0 votes

They don't even deserve 1 star. Cancelled automatic withdrawal. They still took payment out. Was told on a Monday that it would be 3 days. On Friday I'm still waiting for my refund. Nobody speaks good enough English to understand. And you get the run around. Horrible company. Wish I never went through them.


0 votes

This company has no clue what their doing. Said I gave them wrong information which I didn't When they repeated info to me it was right. Don't want these retarded people messing with my bank account or I would be totally screwed Stay away from this so called company. You will thank me later.


1 votes

I was sent an email on 12/11/15, stating that they overcharged me on the interest rate and would refund me 0.14. I talked to three different people about that. Apparently they are only refunding that due to one payment which was the last one I made. I asked what about the other payments that were paid on time! They never could explain why I couldn't be reimbursed for the other payment. I don't no recommend getting a loan from this company! They don't even deserve one star!


1 votes

They had me sign a loan repayment agreement and I gave them a lot of personal information - multiple times and was still denied. They said if I signed the agreement that I had the loan ... liars ....


1 votes

DO NOT BORROW MONEY FROM THESE PEOPLE!!!! Borrowed $2600, payed $428 every other week for half of the loan term, called em to pay it off and I still owed $2436!!!!! Find another solution to your financial problem, do not do that to yourself!!!

1 votes

I had applied, but yet they had denied me. They claim that they help people with poor credit. In my case, they didn't. This is a deceptive company.


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