This small business lender offers loans with no physical paperwork required.
|Product Name||Balboa Capital Small Business Loan|
|Loan Term||3 to 18 months|
|Min. Credit Score||500|
|Requirements||1+ years in business, $300,000+ annual revenue, decent credit score|
- 1+ years in business
- $300,000+ annual revenue
- Decent credit score
What is a Balboa Capital small business loan?
Small business loans through Balboa Capital are unsecured and flexible. Funds from a small business loan can be used for any purpose, so long as the purchase is legitimate and for the company.
Though most industries can apply for loans with Balboa Capital, there are certain ones that have legal restrictions regarding online loans. It’s important to keep in mind that as with most lenders, loan terms will vary based on your business history and credit.
What makes Balboa Capital small business loans unique?
Balboa Capital has a leg up on some traditional banks and credit unions because of its underwriting structure. Less-than-perfect credit doesn’t immediately disqualify an applicant, which can be a real risk with other lenders. Business loans from online lenders also take far less paperwork than you may face with traditional banks.
What are the benefits of a Balboa Capital small business loan?
- Many types of credit welcome. You don’t have to have perfect credit to get a loan from Balboa Capital unlike some traditional lenders.
- Paperwork-free. The online application doesn’t require the mountain of paperwork that you might face at a bank or your local credit union.
- Many uses. As a general small business loan, you can use the cash for any legitimate business purpose. Other loans, especially those with looser credit requirements, can be highly restrictive based on collateral. Get the funds, and freedom, your business needs.
- Offered in all 50 states. Online lenders can have issues with servicing all US states. With Balboa you don’t have to worry if your state made the cut or not.
What to watch out for
- Minimum time in business is 12 months. Startups need not apply for these small business loans. Luckily, there are other options out there if you’re just starting out.
- Annual revenue under $300,000 not accepted. Smaller businesses may have a harder time meeting this requirement. Can’t cut that revenue requirement? Take a look at some other lenders.
- Relatively short terms. Loan terms between 3 to 18 months can make for a tight turnaround time for paying back a loan. While it potentially means paying less interest, it may also trigger a debt cycle if you can’t pay it back on time.
- Approval is an automated system. While this is great for getting a decision fast, it means that it’s an all-or-nothing process. You won’t get to speak with a banker to present your business plan.