Balance Credit Review: Are Their Personal Loans A Scam Or Legit?

Balance Credit is an affiliate of SunUp Financial, LLC, and provides personal loans. You could use it to receive the money you require fast. They can offer you the financial support you need through unsecured installment loans and credit services. The business advertises its products on balancecredit.com.

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.

• Balance Credit is not a lender in all states.
• Personal loan interest rates typically range between 5% and 36%. 
• Offers fixed APR personal loans that range from 99% APR up to 720% APR.
• Loan amounts start at $100 and go up to $5,000.
• The lender offers loans with terms of up to 30 months.
• Rates & Terms vary by state. 

What Is Balance Credit?

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, users have only given the company 1 out of 5 stars.

How Balance Credit Works

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.

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.

How To Qualify For Balance Credit

To be eligible, applicants must:

• Reside in a state where we provide our products.
• Be of the minimum age requirement.
• Have a valid email address and phone number that can be verified.
• Have an active checking or savings account that has not been associated with another Balance Credit account for at least 30 days.
• Have a source of income that meets their underwriting criteria.

There can be other requirements. This product is not available in all states. Balance Credit reserves the right to change its service areas at any time.

Balance Credit BBB Reviews

The fact that customers gave this business a 1-star rating shows that it has some problems. It is not BBB-accredited and has an average of 17 customer reviews and 49 complaints that have been closed in the last three years. The Better Business Bureau has given it an A+ rating, though.

Here are some reviews:

Candace C. 09/10/2022

Horrible so called company. They aren’t taking my payments out all of a sudden and I’ve called customer service and no explanation just told its in their collections so I get a hold of them and ask why it wasn’t taken out, no explanation. Then I get an email saying its been reinstated for another date. They didn’t take it out. Now I’m trying to make a payment over the phone and they won’t take it. How am I to make a payment??? I’ve sent many many emails to them and nothing happens. Plus the extremely high interest rate is unbelievable. STAY AWAY FROM THESE PEOPLE!

Justin K 08/21/2022

This company is a fraud! DO NOt use this company running an illegal business operation.

Erin H 04/02/2022

This company is horrible and operates illegally. And before they spew some nonsense about giving out proper disclosure read what they did to me. I fell behind on a loan of $2350, after I paid back over the amount borrowed. After a few years of paying them what I could, they decided that enough time had gone by, which I fully understand.

I contacted the office about a settlement on the remaining **** they claim I owed and told them I wanted the opportunity to talk to the **** attorney general on the laws of accelerated charges, **** revised code ****** states that if a loan is accelerated the interest must be charged of us the customer is paying in full.

After I discussed this with them I received and email stating that my payoff was now **** and could settle for ****. I was working on coming up with the settlement when I was told, 17 days later, that the amount owed was again **** and they sold it to a collection agency. I have all emails saved and explained all of this to the collections agency who is being kind enough to work with me through the attorney general to sort out the mess ************** created.

I respect that I messed up and take full responsibility for it, but that gives this company no right to take advantage of it. The ************* is cracking down on these types of loans and this company should lose their **** lending license.

Balance Credit FAQs

How Much Does Balance Credit Charge?

For loans from Balance Credit, the interest rates normally 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 by paying off the loan early.

How Does Balance Credit Affect Your 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 loan.

Simply said, lenders use a soft credit pull to give you an indication of the interest rates and loan 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 with final rates, 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.

Do you have trouble making ends meet? Here are some suggestions to help you get back on track.

• Creating and sticking to a budget is a great way to stay on track.
• Another option is to speak with a financial advisor who can help you understand your options and develop a plan that works for your unique circumstances.
• And finally, don’t worry too much if you’re already in debt. Many companies are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.

Is Balance Credit Legit Or A Scam?

Since 2008, Balanced Credit has offered credit services and unsecured installment loans to help those in need get access to money quickly. The business is rated A+ by the Better Business Bureau, but its customers only give it 1 out of 5 stars. The majority of the internet reviews and complaints about Balanced Credit are unfavorable, with an average of 17 reviews and 49 complaints.

Before taking out a loan, there are a few things to think about. Compare prices and all of your options first. Second, study customer testimonials to gain a sense of the advantages and disadvantages of each choice. Third, make certain that the loan you chose is one you can afford.

Do you have previous experience with balancecredit.com? Leave your review below!

Thank you for reading!