Balance Credit is a great option for those who need to access cash quickly. Affiliated with SunUp Financial, LLC, Balance Credit provides unsecured personal installment loans, and credit services to help people get the money they need. With an easy-to-navigate website, Balance Credit makes it easy to learn more about their products and apply for a loan. Whether you need a personal loan or other financial support, Balance Credit is a great option to consider.
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $7,500
- $ 3 Billion Plus Debt Resolved
Balance Credit Overview
It might be challenging to decide which lender to use when you need a loan. Since there are so many choices, it’s crucial to examine different companies to choose which one best meets your needs. A well-liked choice that has recently received a lot of attention is Balance Credit. But are you a good fit for this lender? For you to make an informed choice, take a closer look at what we researched.
You can uncover some fascinating facts by carefully reading the Balance Credit website and terms and conditions. What you can find and learn is as follows.
- The cost and conditions of service
- The loan provider offers financing which can be repaid over a period of
- Loans can range from $100 to $5
- Provides personal loans with a fixed annual percentage rate (APR) that
- Interest rates on personal loans usually lie between 5%
- Balance Credit is not an authorized lender in every state.
Balance Credit: What Is It?
Offering personal loans to assist with bills or debt consolidation, Balance Credit is an authorized lender with headquarters in Chicago, Illinois. In the United States, 25 states offer their loans. You can reach the company by phone at (855) 942-2526 or by email at [email protected]. It has been operating since 2014.
This company is not accredited by the Better Business Bureau despite having an A+ rating from the BBB. In the last three years, it has received an average of 17 customer reviews and had 49 complaints closed. As a result of positive review, users have only given the company 1 out of 5 stars.
How Does This Company Work?
You must use the website of Balance Credit to complete an application. Applications sent in by mail or telephone cannot be processed. The following information must be included in your application:
- Your social security number;
- A valid email address and phone number;
- Details about your source(s) of income; and
- Your bank account’s routing and account number (for where you want to deposit funds, once approved).
Click “AGREE AND CHECK YOUR ELIGIBILITY” after finishing your online application. Usually, a message letting you know whether or not your application has been granted arrives in a matter of seconds.
Your application could, however, not always be accepted. In this situation, you will get a Notice of Adverse Action that explains the choice within 30 days of due date.
Within one business day, they process and approve loans. However, you must submit your application by 4 PM CT on Sundays or 6 PM CT throughout the week. Balance Credit and third-party product decisions may require more time than usual. This is due to the fact that clients must submit additional documentation to support the information on their application.
Application Requirements
In order to qualify, you should:
- Live in a state where Balance Credit is available.
- Meet the minimum age requirement.
- Ensure that you have an email address and phone number that can be confirmed
- You must have an active checking or savings account that has not been related to a Balance Credit account for a period of at least 30 days
- Have a method of earning money that is accepted by their standards.
Apart from the conditions listed, this product may not be offered in all states. Balance Credit holds the authority to change the state law regions in which it provides services any time.
Balance Credit BBB Rating
The fact that customers gave Balance Credit a 1-star rating shows that it has some problems. It is not BBB-accredited and has an average of 17 customer reviews next business day and 49 complaints that have been closed in the last three years. The Better Business Bureau has given balance credit gave it it an A+ rating, though.
Here are some reviews of Balance Credit from customers:
Review from Wendy C – 09/21/2021
Wants you to give banking information online prior to getting approved for a loan and loan contract. Calling number provided is no help as prescripted responses not relating to questions asked. Representative kept saying to fill out application online to be able to get loan approval, amount and payment amount; which meant giving bank information in loan application. Application could not be done over the phone either according to representative. Giving banking information prior to a loan agreement or loan contract is opening for possible fraud where banking funds could be stolen.
Review from DeloT – 05/10/2021
They definitely get you in a bind….especially when you get unexpectedly laid off by the lasting effects of the ***** virus. Agreed to work with me until a new job or a unemployment check and then were sending me nasty emails after agreeing to postpone one payment. They want to know right now when I’m catching up that payment. I’m just hoping I still have a house to live in!”
Balance Credit FAQ
How Much Does It Cost?
For loans from Balance Credit, the interest rates normally paid range from 5% to 36%, with an APR as high as 720%. Balance Credit personal loans do not charge an origination fee.
Do They Charge Pre-Payment Penalties?
With a personal loan from Balance Credit, there are no penalties for early repayment. There are no late fees if payments are missed, and you may save money on interest charges by paying off the loan a few months early.
How much can i borrow from balance credit?
If you are looking to borrow money from Balance Credit, you can expect to borrow anywhere from $100 to $5,000. Balance Credit does not charge any application fees and as long as your payments are on time, the only cost associated with borrowing money order them is the interest rate you pay.
There are some lenders that offer personal loans up to $100,000. However, most will offer smaller amounts depending on your credit score and financial situation. If you have a personal loan with a high interest rate, you could consider refinancing it by taking out a balance transfer credit card with a low introductory APR.
What kind of loans does balance credit offer?
Balance Credit offers unsecured personal loans to those in need of fast cash. These loans are designed to help those with bad credit, and are available through their state of the art online loan application process. Balance Credit’s loans are unsecured, meaning that they do not require collateral or a cosigner in order to be approved. They offer competitive interest rates and flexible repayment terms, making them a great option for those looking for quick financial relief.
What impact does Balance Credit have on My credit?
Loans can be an effective model to consolidate debt or finance large purchases. However, it’s crucial to understand the distinction between a soft credit pull and a hard credit inquiry before you apply for a payday loan yourself.
Simply said, lenders use a soft credit pull to give you an indication of the interest rates and other loan terms and conditions you might be eligible for. Your credit score is unaffected in any way by this.
To fully understand your credit history and provide you excellent credit, with final, personal loan interest rates only, they will need to conduct a hard credit inquiry when you decide to move through with the loan application.
According to Balance Credit, you shouldn’t be concerned about your credit score when applying for a loan with us. TransUnion, Equifax, and Experian, the three major credit bureaus, will not be subjected to a hard inquiry by them.
How To Cancel A Balance Credit Loan
A personal loan can be a useful way to receive the money you require, whether you’re consolidating debt or making a significant purchase. It’s crucial to realize that there is no going back after you’ve been accepted and the money has been transferred into your account. This is why you must be assured of your choice before applying for a personal loan. In this manner, any future issues that are unneeded can be avoided.
What is the maximum loan term you can get with Balance Credit?
With the credit card Balance Credit, you can get an unsecured personal loan with a maximum loan term of 36 months. Balance Credit offers installment loans that are designed to help you meet your short-term financial needs. With the credit balance their state-of-the-art online loan process, you can get the cash you need quickly and easily.
Balance Credit also offers competitive rates and flexible repayment options to fit your budget. They understand that everyone’s financial situation is different, so they strive to provide personalized service and support throughout the entire loan process.
Does Balance Credit charge an origination fee?
Balance Credit has no originator fees. Personal loans are the fees finance charges that many lenders charge when processing a person’s personal loan. Origination fees and costs usually range from 0.5 to 5 5%. Always seek out a loan with low fees as originator.
Is balance credit a legit company?
Can Balanced Credit be trusted? Balance Credit has a good reputation for supplying you with dependable financial assistance. While Balance Credit offers limited available loans and higher rates compared to most other lenders, Balance Credit may prove to be a solid option and an effective way for borrowers to get cash back.
Final Thoughts
Balance Credit has been providing credit services and unsecured installment loans to people in need of fast access to funds. It is rated A+ by the Better Business Bureau, but customers rate it a mere 1 out of 5 stars. The internet reviews and complaints about this company are not great, with an average of 17 reviews and a total balance 49 complaints.
Before getting a loan, it is important to consider a few things. First, look at the prices and the alternatives available. Second, read customer reviews to understand the pros and cons of Balance Credit. Lastly, make sure that the loan you pick is one you can manage.
