The Balance Credit personal loans provided by SunUp Financial, LLC are designed to help you get the cash you need to pay off, or borrow, quickly and easily. It is possible to receive financial assistance from them in the form of unsecured installment loans and credit services. On the balancecredit.com website, the company advertises the services it offers.
Balance Credit Summary
It can be difficult to choose a lender when you need a loan. With so many options available, it is important to compare different lenders to select the one that best suits your needs. In recent months, Balance Credit has gained a great deal of attention. Is this lender a good fit for you? So that you can make an informed decision, let’s take a closer look.
In reviewing the Balance Credit website and terms and conditions, our team discovered some interesting information. Here is what we found.
- There are some states where Balance Credit is not a lender.
- The average interest rate on a personal loan is between 5% and 36%.
- APRs range from 99% to 720% on fixed-rate personal loans.
- 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.
- State-specific rates and terms apply.
What Is Balance Credit?
A licensed lender in Chicago, IL, SunUp Financial, LLC d/b/a Balance Credit provides personal loans to help you cover expenses or consolidate debt. The company offers loans in 25 states across the country. They have been in business since 2014 and can be reached by phone at (855) 942-2526 or by email at [email protected].
Despite its A+ rating from the Better Business Bureau, this company is not accredited by the BBB. In the last three years of review, it has received 17 customer reviews and 49 complaints have been resolved. Therefore, consumers rate the company only one star out of five.
How Does Balance Credit Work?
To complete an application, you must visit the Balance Credit website. It is not possible to process applications by telephone or by mail. To complete your application, you will need to provide the following information:
- Social Security number;
- Phone number and valid email address;
- Provide details about your source(s) of income; and
- You will need your bank account and routing number (to deposit funds once approved).
If your application has been approved, you will receive a message within seconds after you click “AGREE AND CHECK YOUR ELIGIBILITY.”.
Your application may, however, not be approved in some cases. You will receive a Notice of Adverse Action within 30 days explaining the reasons for the decision.
Loans are processed and approved quickly – typically within one business day. The application must be submitted before 6 p.m. CT on a weekday or 4 p.m. CT on a Sunday. In the case of Balance Credit and third-party products, the decision-making process and loan agreement may take longer than next business day as usual. To verify the information provided on the application, customers are required to submit additional documentation.
How To Qualify For Balance Credit
Applicants must meet the following requirements:
- You must reside in a state where their products are available.
- The minimum age requirement must be met.
- Ensure that your email address and phone number are valid.
- You must have an active checking or savings account that has not been associated with another Balance Credit account for at least 30 days.
- Underwriting criteria must be met by your source of income.
There may be other requirements. This product is not available chose balance credit and in all states. Balance Credit may change the states in which it provides services without prior notice.
Balance Credit BBB Reviews
Despite its 1-star rating from consumers, this company is not without flaws. It has an average of 17 customer reviews and 49 complaints closed in the last three years, and the Better Business Bureau does not accredit it. Nevertheless, it is rated A+ by 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 due date again. 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 interest charges, **** revised code ****** in other 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 the balance credit gave 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 state law and 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 my money order take advantage of it. The ************* is cracking down on these types of loans and this company should lose their **** lending license.
Balance Credit FAQ
How Much Does Balance Credit Charge?
Typically, Balance Credit’s personal loan interest rates range from 5% to 36%, with an Annual Percentage Rate (APR) as high as 720%. You do not have to worry about loan origination fees with Balance Credit Personal Loans.
What is the maximum loan term you can get with Balance Credit?
With the credit card Balance Credit, you can get an unsecured personal loan with a maximum loan term of 36 months. Balance Credit offers installment loans that are designed to help you meet your short-term financial needs. With the excellent credit and balance their state-of-the-art online loan approval process, you can get the cash you need quickly and easily.
Balance Credit also offers competitive rates and flexible repayment options to fit your budget. They understand that everyone’s financial situation is different, so they strive to provide personalized service and support throughout the entire loan process.
Do They Charge Prepayment Penalties?
With a Balance Credit personal loan, there are no prepayment fees. By paying off the loan early, you as borrowers can save on interest, and missed payments will not result in late fees.
What kind of loans does balance credit offer?
Balance Credit offers unsecured personal loans to those in need of fast cash. These loans are designed to help those with bad credit, and are available through their state of the art online loan application process. Balance Credit’s loans are unsecured, meaning that they do not require collateral or a cosigner in order to be approved. They offer competitive interest rates and flexible repayment terms, making them a great option for those looking for quick financial relief.
How Does Balance Credit Affect Your Credit?
Consolidating debt or financing large purchases can be an easy process when accomplished through loans. It is important to understand the difference between a soft credit pull and a hard credit inquiry before applying for a loan.
In a soft credit pull, lenders are simply providing you with an idea of the interest rates and loan terms you may qualify for. There is no impact on your credit score as a result of this credit limit.
When you submit a loan application, they’ll need to run a hard credit check to get a full picture of your credit history.
With Balance Credit, you don’t have to worry about your credit score when you apply for a loan. There will be additional fees but no hard inquiries with TransUnion, Equifax, or Experian, the 3 major credit bureaus.
How To Cancel Balance Credit
A personal loan can be an effective method of obtaining funds, whether you are consolidating debt or making a large purchase. It’s important to understand that once you’ve been approved and the money has been deposited into your account, there is no turning back. You should be certain of your decision before taking out a personal loan. In this way, you can avoid any unnecessary complications in the future.
Through unsecured personal installment loans, and credit services, Balanced Credit has been providing quick access to cash to people in need since 2008. Despite the company’s excellent A+ rating with the Better Business Bureau, its customer rating is only one star. The majority of feedback online about Balanced Credit is negative, with an average of 17 reviews and a total balance 49 complaints.
It is important to consider some factors before taking out a payday loan. The first step is to explore all of your options and compare rates. You may also wish to read customer reviews to gain a better understanding of the pros and cons of each option. Finally, make sure you choose a loan that you can repay.