Clicky

Balance Credit offers personal loans through SunUp Financial, LLC. You can get the financial assistance that you need through their unsecured installment loans and credit services. On the company’s website balancecredit.com, they advertise the services they offer.

balance credit

An overview of Balance Credit

It can be difficult to determine which lender to turn to when you require a loan. Due to the wide range of options available, it is important to compare different lenders to find the one that best meets your needs. Recent attention has been focused on Balance Credit, a popular option. Are you a good candidate for this lender? We will take a closer look at this issue to assist you in making an informed decision.

Our team reviewed the website and terms and conditions of Balance Credit and discovered some interesting information. Here is what they found.

  • Not all states allow Balance Credit to lend.
  • There is typically a range of interest rates between 5% and 36% for personal loans.
  • Offers fixed APR personal loans ranging from 99% to 720%.
  • There is a $100 minimum loan amount and a $5,000 maximum loan amount.
  • Loan terms of up to 30 months are available from the lender.
  • Depending on the state, rates and terms may vary.
Balance Credit CcConnect 09 22 Michael get up to 3000 Page 2 791x1024 1

Balance Credit: What is it?

As a licensed lender located in Chicago, IL, SunUp Financial, LLC d/b/a Balance Credit provides personal loans that can be used to cover expenses or consolidate debt. There are 25 states in the United States where they offer their loans. You can contact the company by phone at (855) 942-2526 or by email at [email protected] The company has been in business since 2014.

While this company has an A+ rating from the Better Business Bureau, it is not accredited by the organization. In the past three years, it has received an average of 17 customer reviews, and 49 complaints have been resolved. Due to this, consumers have only given the company one star out of five.

How does Balance Credit work?

To complete an application, you must visit the Balance Credit website. Applications cannot be processed by phone or by mail. To complete your application, you will need to provide the following information:

  • The number of your social security card;
  • Phone number and valid email address;
  • Provide details about your income source(s);
  • You will need your bank account’s routing number and account number (where you plan to deposit funds once approved).

Upon completing your online application, click “AGREE AND CHECK YOUR ELIGIBILITY.” You will generally receive an email within seconds informing you of your application’s approval.

Your application may, however, not be approved in some cases. If this is the case, you will receive a Notice of Adverse Action within 30 days explaining the reasons for the decision.

Their loan processing and approval processes are usually completed within one business day. However, your application must be submitted by 6 PM CT on a weekday or 4 PM CT on a Sunday. There may be a delay in the decision-making process for Balance Credit and third-party products. As a result, customers must provide additional documentation to verify the information provided on their applications.

What is the qualification process for Balance Credit?

list 1

To qualify, applicants must meet the following requirements:

  • Live in a state where they provide their products.
  • You must be at least 18 years of age.
  • Make sure you have a valid email address and phone number that can be verified.
  • You must have an active checking or savings account that has not been associated with another Balance Credit account for at least 30 days.
  • You must have a source of income that meets their underwriting requirements.

Other requirements may exist. Some states do not offer this product. Balance Credit may change the states where it offers services without prior notice.

BBB rating

Consumers have given this company a 1-star rating, indicating its shortcomings. This company has received an average of 17 customer reviews in the last three years and has resolved 49 complaints. The Better Business Bureau does not accredit it. Despite this, it has an A+ rating from the Better Business Bureau.

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.

FAQs

faqa 2

What is the cost of Balance Credit?

As a general rule, Balance Credit’s loan interest rates range from 5% to 36%, with an Annual Percentage Rate (APR) as high as 720%. There are no loan origination fees associated with Balance Credit Personal Loans.

Is there a prepayment penalty?

In the case of a personal loan from Balance Credit, there are no prepayment fees. Paying off the loan early will help you save on interest, and there will be no late fees if you miss a payment.

What is the impact of Balance Credit on your credit?

If you want to finance a major purchase or consolidate your debt, loans can be a great way to do so. Nonetheless, it is important to know the difference between a soft credit pull and a hard credit inquiry before you apply for a loan.

A soft credit pull is a way for lenders to determine whether you qualify for a loan at a particular interest rate and term. Your credit score won’t be affected by this.

They’ll need to perform a hard credit inquiry once you’ve applied for the loan to give you an accurate view of your credit history and offer you your final rates.

With Balance Credit, you don’t need to worry about your credit score when applying for a loan. No hard inquiry will be made to TransUnion, Equifax, or Experian.

What is the process for canceling Balance Credit?

cancel 2

When considering taking out a personal loan, it’s essential to understand that once you’re approved, and the money has been deposited into your account, there is no turning back. This is why it’s crucial to be sure of your decision before taking out a personal loan. That way, you can avoid any unnecessary complications down the road.

Are you having difficulty making ends meet? You might find this advice helpful.

  • Keeping track of your finances is easy when you create and stick to a budget.
  • You can also work with a financial advisor who can help you understand your options and devise a plan that suits your needs.
  • Debt can be difficult to manage, but options are available to help make payments more manageable. Many companies are willing to work with customers to create a payment plan that works for them. So, don’t hesitate to contact their customer service team for more information.

Is Balance Credit Legit Or A Scam?

With unsecured installment loans and credit services, Balanced Credit has been providing people in need with quick access to cash since 2008. While the Better Business Bureau gives the company an A+ rating, its customer rating is a meager 1 star. Most of Balanced Credit’s online reviews and complaints are negative.

A loan should be considered carefully before taking it out. Compare rates and explore all your options first. For a better understanding of the pros and cons of each option, read customer reviews. Third, make sure you can afford the loan.

If you have worked with balancecredit.com, feel free to leave your experience and review below.

Thank you for reading!

Balance Credit Review
  • Balance Credit
    (3)
3

Balance Credit Review

With unsecured installment loans and credit services, Balanced Credit has been providing people in need with quick access to cash since 2008. While the Better Business Bureau gives the company an A+ rating, its customer rating is a meager 1 star. Most of Balanced Credit’s online reviews and complaints are negative.

A loan should be considered carefully before taking it out. Compare rates and explore all your options first. For a better understanding of the pros and cons of each option, read customer reviews. Third, make sure you can afford the loan.

Comments Rating 0 (0 reviews)
Share.

Leave A Reply

Sending