Balboa Capital
3.6
6.3
Overall Score
Author: Kaitlyn Short
Founded in 1988, Balboa Capital is one of the longest-standing independent online finance lenders. The company is named after its first office on Balboa Island in Newport Beach, CA.
The company initially made its reputation by providing equipment leasing and equipment financing services, but today, it offers a number of additional financing options to small business owners, franchise owners, and equipment vendors. In November 2020, Balboa Capital completed a $201 million securitization, which increased its lending capacity, so approval rates should be higher than ever.
Product highlights include the following:
- Small business loans which provide fast cash without collateral
- Commercial financing which includes middle market programs of up to $100 million
- Vendor financing which increases sales and profits
- Franchise financing which provides financing for FF&E, PIPs, and re-imaging
- Equipment leasing which offers same-day funding of up to $250,000
- Business cash advance which is a flexible option to manage working capital needs
Keep reading our Balboa Capital review or jump straight to reviews from past and present customers.
Top Ranked Companies
The Good
- Industry Experience
- Fast Approval
- Loan Options
- Business Resources
- Balboa Capital Reviews
Industry Experience
BBalboa Capital has been around for a long time-much longer than many of its competitors. This level of experience, success, and stability is an important quality in a lender.
Fast Approval
Lending with Balboa Capital is faster and easier than lending with a bank.
Balboa Capital has a simple online application process and utilizes automated decision technology to review and process your application. Credit decisions are instant and there is minimal paperwork involved. Balboa Capital is a direct lender, which means the company can provide customers within one business day in some cases, with no middleman markup or broker fee.
By contrast, banks can take weeks or even months to disburse loans after they have been approved.
Another difference between Balboa Capital loans and bank loans is eligibility. Balboa’s eligibility requirements are easier to meet than a bank’s criteria. All credit is considered above a “decent” FICO score, provided the business has been operating for at least a year and has $300,000 in annual revenue.
Loan Options
Balboa Capital is a technology-driven lender with nationwide coverage of the following loan types:
- Equipment financing
- Small business loans
- Business line of credit
- Commercial financing
- Franchise financing
- Vendor financing
Loans range from $5,000 to $250,000 and term lengths vary between 3 to 18 months. You can repay your loan daily or weekly through an ACH transfer from your bank account. This repayment schedule allows you to make frequent and smaller payments instead of larger monthly payments.
Balboa Capital offers unsecured loans, which are a good option for small business owners who do not want to put up personal or business collateral when receiving funding. Plus, the application process for unsecured loans requires far less paperwork than for secured loans.
You can use funds for nearly any business need, including the following expenses:
- Pay suppliers
- Business expansion
- Payroll
- Marketing
- Inventory
- Business taxes
Business Resources
The company offers several business resources on its website including a small business loan calculator, equipment lease calculator, section 179 calculator, small business blog, small business whitepapers, and small business infographics.
Balboa Capital Reviews
Balboa Capital reviews are mostly positive, highlighting competitive rates and loan amounts, affordable monthly payments, excellent customer service, and a quick application and funding process. Positive reviews can give businesses interested in Balboa Capital peace of mind knowing previous borrowers found the company to be a quality lending option.
The Bad
- Unclear Credit Requirements
- No Startup Funding
Unclear Credit Requirements
There's no clear indication of what a potential customer's credit score must be in order to borrow from Balboa Capital. The corporate website says all credit is considered, yet in a list of requirements it lists “decent” credit as essential. This ambiguity has the potential to raise hopes for prospective borrowers with fair or poor credit, even if approval is unlikely.
No Startup Funding
Although Balboa Capital is a direct lender, it does not provide funding or other financial solutions to startup companies.
The Bottom Line
Balboa Capital offers a number of attractive features for your working capital needs, including extensive industry experience, quick approval and funding times, and unsecured loans. The company also offers a variety of financing options including small business loans, equipment leasing, commercial financing, vendor financing, franchise financing, and business cash advances.
Notably, Balboa Capital is a direct lender which allows customers to obtain quick funding, even same-day funding with equipment financing. Plus, the company claims to not have any hidden fees or upfront costs. Keep in mind that your interest rate and loan terms are dependent upon approval decisions.
Unfortunately, the company’s credit requirements are ambiguous, so if you're a business owner with subpar credit, you’ll want to conduct your own research on credit-inclusive alternative lender options before choosing this company.
Verified Customer
Review Source
Troy Takach Sandy, UT
7 years ago
Verified Customer
Review Source
F.V. Los Angeles, CA
7 years ago
Karen Giroir Alexandria, LA
6 years ago
