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.