Balance Credit Loan Review 2021 – READ THIS BEFORE Applying!

Balance Credit claims to have been “built for when things don’t go according to plan.” Oftentimes, borrowers face a gargantuan task when trying to access emergency funding. Obstacles range from low credit scores and complex application procedures to slow approval processes and collateral requirements.

Balance Credit seeks to address the various challenges that stand in the way of fast and convenient funding access.

In this review, we would like to take a look at its key strengths as well as weaknesses. By the end of it, you should have a clear picture of whether or not it is the loan service provider for you.

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What is Balance Credit?

Based in Chicago, Illinois, Balance Credit Personal Loans is a product of Braviant Holdings LLC. The company has been in existence since 2014 and is currently available in 10 states across the US.

It specifically targets users who need emergency cash. Its strongest selling points are the fact that it offers an easy approval process and fast access to funding. The institution’s main forte includes credit services and unsecured, personal installment loans for customers who need money fast.

Among its distinguishing factors is the fact that it offers options for both good and bad creditors. Claiming to offer a convenient alternative to title and payday loans, its funding is usually available in as little as a day.

The company makes approval decisions in a matter of seconds and does not charge early payment penalties. Its installment-loans are subject to fewer stringent criteria than traditional loans and do not necessarily require collateral.

But in much the same way as they offer lots of advantages, they have some serious downsides as well.

Pros and Cons of a Balance Credit Loan

Balance Credit Loan Vs the Competition, how does it Compare? 

Founded in 2014, Balance Credit is a lending company trying to make it easy to access personal loan faster by lifting the hurdles involved in the application process. The company boasts of fast loan approval process and instant access to funds with less stringent requirements. Tittlemax, Check n Go, and Advance America also focus on making loan easily accessible to at fair terms and interest rates. Here is how these providers compare to each other:

Ace Cash Express vs the competition, how does it compare?

Ace Cash express comes off as one of the best payday loan service providers due to their co-credit check policy. But how does it compare to equally competitive payday loan services like Speedy Cash, Check ‘n’ Go, and Advance America. We compared their borrowing limits, credit score requirements, loan costs in fees and interest, and the expected loan repayment periods. Here is the comparative guide:

How does a Balance Credit loan work?

Like Advance America, the Balance Credit platform makes use of advanced technology to assist customers to access the highest level of funding possible. Thanks to its fast approval and processing, it requires little effort from the applicant and funds are accessible by the next day.

Primarily, the platform offers unsecured installment loans through its own funding sources or by means of a third-party lender. The entire application and approval process takes place online. You cannot make your application or get it processed over the phone, but you can seek assistance at any point during the application process.

Filling out the application takes approximately one minute and decisions on approval or rejection are communicated almost instantaneously. In case of approval, you will get the funds through direct deposit straight to your bank account, like you would for a business loan.

To qualify for loans on the platform, you need to have credit score of between 300 and 700. The lender does not specify a minimum annual income as part of its eligibility requirements. However, the only applicants it considers are people with a regular source of income.

It does not, however, require a bank account and does not accept joint applicants. Therefore, you do not have to be employed to qualify. Even applicants who are on welfare or those collecting unemployment can qualify.

The APR for Balance Credit loans is usually fixed but it will vary significantly from one applicant to another based on factors such as credit score. It would be wise to find out your credit score beforehand. You should also check whether there is any inaccurate or false information affecting your score and address it.

Loan amounts start from $100 and go up to $5,000. The lender offers loan terms ranging from as few as 4 months all the way to 24 months. Of course, the longer the loan term is, the higher the interest. Fortunately though, there is no penalty for making a prepayment before the loan term elapses.

Though you can get approval for your loan in a matter of minutes, in some cases it could take up to a day. Following approval, you simply need to read the terms and conditions, accept them and get the funds in your account by the next business day.

There are three repayment options, these are:

Note that you can cancel a loan application if you change your mind. However, to do so, you need to contact the team at 4:00PM CT at the latest on the same day you made the application. You can either make a call or send an email, simply requesting to cancel the application.

Since the platform does not charge any application fees, there will be no payment following the cancellation. But considering the fast loan processing times, it is imperative that you make the cancellation as soon as possible or risk being too late.

What loan products does Balance Credit offer?

What other store services does Balance Credit offer?

Balance Credit does not offer any services other than personal installation loans or credit services. Customers only sign up to the platform to access these two services. Notably, you cannot take out more than a single loan at a time. But once you pay off the loan, you may be eligible for another one.

Balance Credit Account Creation and Borrowing Process

In order to access a loan on Balance Credit, here is what you need to do:

1. Visit the Balance Credit official website on balancecredit.com and create an account under loan application.

2. For the account creation process, you will need to provide your email address, create an account password and then confirm it.

Your email address will be your account username.

Fill in your personal information such as your name, address, location, phone number and social security number among others.

3. Enter the loan information starting with the purpose for taking it out, your source of income and bank account details.

4. Once you are done filling in all the details, review the disclosures and then click “Agree and Check Your Eligibility.”

If the result for eligibility is positive, you will be in a position to select the loan amount and wait for funds processing.

Eligibility Criteria for Balance Credit Loan

Here are the requirements for one to be eligible for a loan from the company:

After you provide this information, the lender will look at your credit score and can approve your loan in a matter of minutes. Funding will typically reflect in your account by the next day.

Information Borrowers Need to Provide to Get Balance Credit Loan

What states are accepted for Balance Credit loans?

Balance Credit operates as a licensed Credit Services Organization (CSO) in some US states including:

For residents of Ohio and Texas, the lender works with third-party lenders and can only give a maximum of $2,500. But it is a direct lender in the rest of the states.

What are Balance Credit borrowing costs?

Borrowing costs at Balance Credit range significantly. Take a look at some of the fees:

• Rates (APR) – from 99% to 720%
• Origination fee – none
• Prepayment penalty – none
• Late payment fees – vary

Balance Credit Customer Support

You can reach Balance Credit support via phone, email or live chat on its website. They are a reliable team in terms of accessibility and reachability. However, a look at online reviews paints a negative picture.

There are lots of complaints about the response from the team. These range from the customer team not being responsive or helpful to lack of professionalism and poor communication skills.

Is it safe to borrow from Balance Credit?

Balance Credit is licensed and regulated in all the US states where it operates. It is also a well-known credit service and installment loan company. To ensure that its customer’s financial data does not end up in the wrong hands, it makes use of encryption on its website. For these reasons, it is safe to borrow funds from the lender.

Balance Credit Review Verdict

Balance Credit is a great solution for times when you are stuck in an emergency with no other way to access funding. It has a short approval process which takes place online. Furthermore, you will get almost immediate notification on whether your application has been approved or not to facilitate planning.

Moreover, the funds will typically be available within a day. Repayment arrangements are flexible and you will not be charged for prepayment.

However, as is usually the case with installment loans, the rates here are outrageous. Short-term loans are usually associated with high fees and rates, and are known to trap users in a debt cycle. Oftentimes, borrowers take out secondary loans to pay off the original ones within the required timespan.

Therefore, if you can qualify for an alternative form of funding, that could be a more cost-effective option.

Additionally, you can only access the services in 12 states, which greatly limits users in the rest of the US.

All in all, if you happen to be in one of the 12 states, and are stuck in a situation where you cannot access any other form of funding, it could be a viable option. But if you can get funding elsewhere, it would be best to avoid the outrageous fees.

If you have to take out a loan with the lender, make sure you understand all the terms and conditions before you sign the contract to avoid nasty surprises.

Apply for a Payday Loan Now! | Best Payday Lender 2020

Our Rating

• Loans From $100 to $15,000
• Instant Application & Approval
• Bad Credit Considered
• Lenders From All 50 US States Onboard

Apply Now

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