Balance Credit Review: Is it Legit?

If you’re in need of a personal loan, you may have come across Balance Credit, a direct lender that offers unsecured loans to help cover expenses or consolidate debt. With loan amounts ranging from $1,000 to $5,000 and repayment terms from 6 to 24 months, Balance Credit may seem like a good option for individuals in need of quick cash. However, as with any lender, it’s important to consider the pros and cons before making a decision. In this article, we’ll take a closer look at Balance Credit, its services, and what you should consider before applying for a loan.

What is Balance Credit?

Balance Credit is a direct lender based in Chicago, IL, that offers personal loans to help cover expenses or consolidate debt. Their loans are available in 25 states across the USA, and they pride themselves on their customer service. It offers a fast and easy application process, with approval and funding within minutes, making it a convenient option for individuals in need of quick cash.

If you are struggling with credit card debt and looking to make a balance transfer, Balance Credit offers personal installment loans with competitive interest rates that may be a great alternative to consider. When applying for a loan with Balance Credit, the entire process is simple and fast. You can choose from various loan terms and monthly payment options that work best for your financial situation.

If your balance transfer request is approved, you can use the loan to pay off your credit card balance and consolidate your debt into one manageable monthly payment. With Balance Credit, you can avoid the high average interest rate of credit cards and save money in the long run. So if you are looking for a better way to manage your credit card debt, consider choosing Balance Credit for your personal loan needs.

Services Offered by Balance Credit

Balance Credit offers personal loans to individuals who need quick cash for emergencies, unexpected expenses, or debt consolidation. The loan amounts range from $1,000 to $5,000, and the repayment terms range from 6 to 24 months. The company also offers a fast and easy application process, with approval and funding within minutes. The company prides itself on its customer service, and its representatives are available to assist you with any questions or concerns.

Pros and Cons of Balance Credit

As with any lending company, Balance Credit has its advantages and disadvantages. Here are some of the pros and cons of using Balance Credit as your loan provider:

Pros:

Fast approval and funding process: You can get approved for a loan within minutes and receive your funds the next business day. No prepayment penalties: You can pay off your loan early without incurring any extra fees. Easy application process: Applying for a loan is easy and can be done online from the comfort of your home. No collateral required: You don’t need to put up any collateral to secure a loan.

Cons:

High-interest rates: Balance Credit charges high-interest rates on its loans, which can make it difficult to pay back the loan. Limited loan amounts: Balance Credit offers loans ranging from $1,000 to $5,000, which may not be enough for individuals with larger financial needs.

Not available in all states: Balance Credit is not available in all states, so you may not be able to apply for a loan if you live in a state where Balance Credit does not operate. No joint applications: You cannot apply for a loan with a co-borrower, which may limit your borrowing capacity.

Interest Rates and Fees

Balance Credit personal loans APR can range from 99% APR up to 720% APR, depending on several factors such as the loan amount, repayment term, and creditworthiness. These interest rates are relatively high compared to other lenders in the market, so it’s important to consider the cost of borrowing before applying for a loan with Balance Credit.

Additionally, It may charge origination fees and other fees that may vary depending on your state of residence. It’s important to carefully review the loan agreement and understand all the fees associated with the loan before accepting the loan offer.

Application and Approval Process

Applying for Balance Credit loans is a relatively simple and straightforward process that can be completed entirely online. Here are the steps you need to follow to apply for a loan with Balance Credit:

• Visit the Balance Credit website The first step to applying for a loan is to visit their website. Once you’re on the website, you’ll be able to start the application process.
• Fill out the application form To apply for a loan, you’ll need to fill out an application form with your personal information, including your name, address, date of birth, and social security number. You’ll also need to provide your income and employment information, including your employer’s name, your job title, and your monthly income.
• Choose your loan amount and repayment term Next, you’ll need to choose the loan amount and repayment term that best suits your financial needs and budget. It offers personal loans ranging from $1,000 to $5,000, with repayment terms ranging from 6 to 24 months.
• Review and sign the loan agreement Once you’ve chosen your loan amount and repayment term, you’ll be presented with a loan agreement that outlines the terms and conditions of your loan, including the interest rate and any fees associated with the loan. It’s important to carefully review the loan agreement and make sure you understand all the terms before signing it.
• Receive your funds If your loan application is approved and you’ve signed the loan agreement, your funds will be deposited directly into your bank account as soon as the next business day.

It’s important to note that the application process and approval time may vary depending on your state of residence and your creditworthiness. They may also require additional documentation or verification of your information, which could delay the approval process. If you have any questions or concerns during the application process, you can contact Balance Credit’s customer service team for assistance.

How to qualify for a loan with Balance Credit

To qualify for a loan with Balance Credit, you must meet certain eligibility criteria, which include:

• Income: You must have a steady source of income that is verifiable. This could be through employment, self-employment, or government benefits.
• Bank account: You must have a valid checking account that is in good standing. This is necessary for the electronic transfer of funds and repayment.
• Residency: You must be a resident of the state where the company operates. Currently, Balance Credit provides loans in the following states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, Ohio, South Carolina, Utah, and Wisconsin.
• Age: You must be at least 18 years old.
• Credit score: While Balance Credit does not require a minimum credit score to apply for a loan, they do take your credit history into account when reviewing your application.

Once you meet these eligibility criteria, you can apply for a loan with Balance Credit by filling out an online application form. You will need to provide personal information, such as your name, address, phone number, and email address, as well as details about your income and employment. Balance Credit will then review your application and determine if you qualify for a loan. If approved, you will receive the loan funds in your bank account within one business day.

Balance Credit BBB Reviews

The Better Business Bureau (BBB) is a nonprofit organization that focuses on advancing marketplace trust by providing information and ratings on businesses based on their performance and customer complaints. Balance Credit is not accredited by the BBB, but it does have an A+ rating, which is the highest rating possible. However, the company has received some negative customer reviews and complaints, which is something to consider when deciding whether to apply for a loan with them.

According to the BBB website, Balance Credit has an average of 17 customer reviews and 49 complaints closed in the last 3 years. Some of the complaints relate to issues with billing and collections, while others relate to problems with the product or service provided. However, it’s worth noting that the company has responded to all of the complaints and has made an effort to resolve them.

How much does Balance Credit charge?

Balance Credit charges interest rates that can range from 99% APR up to 720% APR, depending on several factors such as the loan amount, repayment term, and creditworthiness. These interest rates are relatively high compared to other lenders in the market, so it’s important to carefully consider the cost of borrowing before applying for a loan with Balance Credit. Additionally, the company may charge origination fees and other fees that will be deducted from the loan amount, so the actual amount you receive may be less than the loan amount you requested.

Are there any pre-payment penalties?

No, there are no pre-payment penalties with a personal loan from Balance Credit. This means that you can pay off your loan early without incurring any extra fees, which can help you save on interest charges.

How does Balance Credit affect your credit?

When you apply for a loan with Balance Credit, the company will perform a soft credit pull to determine your eligibility for a loan. This will not affect your credit score. However, if you accept a loan offer and sign the loan agreement, the company will perform a hard credit inquiry, which may affect your credit score. It’s important to carefully consider your credit situation and the potential impact of a hard credit inquiry before applying for a loan with any lender.

FAQs

Can I make extra payments on my loan?

Yes, you can make extra payments on your loan with Balance Credit at any time without incurring any prepayment penalties. By making additional payments, you can pay off your loan faster and save on interest charges over the life of the loan.

What happens if I miss a payment on my loan?

If you miss a payment on your loan with Balance Credit, you may be charged a late fee, and the missed payment will be reported to the credit bureaus, which can negatively impact your credit score. Additionally, missing payments can make it more difficult to qualify for future loans with Balance Credit or other lenders.

What is the difference between a payday loan and a personal loan?

Payday loans and personal loans are both types of short-term loans, but there are some key differences between the two. Payday loans are typically small loans that are due on your next payday, and they often come with high-interest rates and fees. Personal loans, on the other hand, are installment loans that allow you to borrow a larger amount of money and pay it back over a longer period of time. Personal loans typically have lower interest rates and more flexible repayment terms than payday loans.

How can I contact Balance Credit if I have questions or concerns?

If you have questions or concerns about your loan with Balance Credit, you can contact their customer service team by phone, email, or live chat. Their toll-free phone number is (855) 942-2526, and their email address is [email protected]. Their customer service team is available Monday through Friday from 7 am to 9 pm CT and on weekends from 8 am to 5 pm CT.

What happens if I can’t repay my loan on time?

If you are unable to repay your loan on time, it’s important to contact Balance Credit as soon as possible to discuss your options. Ignoring the problem will only make it worse, and it can lead to additional fees and damage to your credit score. Depending on your situation, Balance Credit may be able to offer you a payment plan or other options to help you get back on track.

Conclusion

Overall, Balance Credit may be a good option for individuals who need quick cash for emergencies or unexpected expenses. Its fast and streamlined application process, along with fast approval and funding times, makes it a popular choice for those in need of quick cash. However, it’s important to carefully consider the cost of borrowing and compare it to other lenders in the market before making a decision.

Balance Credit has its advantages and disadvantages, and it’s important to weigh them carefully before deciding to take out a loan. Some of the advantages of Balance Credit include the fast approval and funding process, the easy application process, no prepayment penalties, and no collateral required. However, the disadvantages include high-interest rates, limited loan amounts, and not being available in all states.

It’s worth noting that Balance Credit is not accredited by the Better Business Bureau (BBB), and has a 1-star rating from consumers. However, it does have an A+ rating from the BBB. Additionally, Balance Credit is not affiliated with any debt settlement companies, so consumers should be aware of potential scams that may try to pose as Balance Credit.

In conclusion, Balance Credit can be a helpful resource for those who need quick cash for emergencies or unexpected expenses. However, it’s important to carefully consider the cost of borrowing and compare it to other lenders in the market before making a decision. With its high-interest rates and limited loan amounts, Balance Credit may not be the best choice for everyone. As with any financial decision, it’s important to do your research and make an informed decision that best suits your needs and financial situation.