Balance Credit Review: Is It Legit Or A Scam?

Balance Credit offers personal loans through SunUp Financial, LLC. They can help you get the cash you need fast. They provide unsecured personal installment loans, and credit services. Find out more at balancecredit.com.

Summary

In the event that you require a loan, it is often difficult to choose a lender. With so many options available, it is important to compare various lenders to find the one that is most suitable for you. In recent years, Balance Credit has received a lot of attention. But is this lender right for you? Here’s a closer look so you can decide.

A close examination and original review of the website and terms and conditions of Balance Credit revealed some interesting information.

• There are some states in which Balance Credit is not a lender.
• Interest rates on personal loans typically range from 5% to 36%. 
• Provides personal loans with fixed APRs ranging from 99% to 720%.
• The loan amount ranges from $100 to $5,000.
• Loan terms of up to 30 months are available from the lender.
• Depending on the state, rates, and terms may vary. 

Balance Credit: What is It?

SunUp Financial, LLC d/b/a Balance Credit is a licensed lender located in Chicago, Illinois. They offer personal loans to help individuals cover expenses or consolidate debt. Their loans are available in 25 states across the country. You can contact the company by phone by calling (855) 942-2526 or by email at [email protected]. It has been in business since 2014.

In spite of its A+ rating from the Better Business Bureau, this company is not accredited by the organization. It has an average of 17 customer reviews and 49 complaints closed over the past three years. As a result, consumers only rate the company one star out of five.

How Does This Company Work?

Applicants must complete an application through Balance Credit’s website. Applications cannot be processed over the phone or via mail. When completing your application through balance credit website, you will need to provide the following information:

• Social Security number;
• Email and valid telephone numbers;
• The source(s) of your income; and
• You must provide your bank account number and routing number as soon as the funds are approved.

Once you have completed your online application, click “AGREE AND CHECK YOUR ELIGIBILITY.” You will usually receive a message within seconds informing you whether or not your application has been accepted.

It is possible, however, that your application may not be approved. In this case, you will receive a Notice of Adverse Action explaining why your application was denied.

In most cases, they approve and process loans within a single business day, but your application must be submitted by 6 pm CT on weekdays or 4 pm CT on Sundays. As a result, the decision-making process for Balance Credit and third-party products may take longer than usual. Customers are required to submit additional documentation to verify the information provided on their application.

How To Qualify For Balance Credit

To qualify, applicants must meet the following requirements:

• Reside in a state where their products are available.
• You must be at least 18 years old.
• Make sure your email address and telephone number are valid and verifiable.
• Maintain 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 criteria.

The states covered by Balance Credit may change without notice. There may be additional fees or other requirements. Not all states offer this product.

Balance Credit Reviews

It has an average of 17 customer reviews and 49 complaints closed in the last three years and it’s not accredited by the BBB. It does, however, have an A+ rating from the Better Business Bureau.

The following 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 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 ****** states that if a loan is accelerated the interest must be charged with us the customer is paying in full.
After I discussed this with them I received an 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 which 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 its **** lending license.

FAQs

How Much Does Balance Credit Charge?

The interest rates on Balance Credit personal loans range from 5% to 36%, with an Annual Percentage Rate (APR) as high as 720%.

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 credit balance their state-of-the-art online loan approval process, you can get the cash you need to pay off 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.

Is There Any Pre-Payment Penalty?

A Balance Credit personal loan does not require prepayment fees. You can save money on interest by paying the loan early, and there are no late fees if you fail to make a scheduled payment.

How Does It Affect Your Credit?

Before applying for a loan, it is important to understand the difference between a soft credit pull and a hard credit check.

A soft credit pull is simply a method by which lenders can give borrowers and you a rough idea of the interest rates and loan terms you may qualify for. It does not affect your credit score in any way.

Upon submitting the loan application, the lender will perform a hard credit inquiry to obtain a complete view of your credit history and offer you a final interest rate.

According to Balance Credit, you will not have to worry about your credit score when you apply for a loan chose balance credit. They will not perform a hard inquiry with any of the three major credit bureaus.

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 To Cancel Balance Credit?

If you are consolidating debt or making a large purchase, a personal loan can assist you in getting the funds you require. Once you have been approved and the funds have been deposited into your account, there is no turning back. Consequently, it is crucial to be absolutely certain of your decision prior to taking out a personal loan. This will prevent any unnecessary complications down the road.

Having trouble making ends meet? Here are some tips to help you get back on track.

• Staying on track is made easier by creating and adhering to a budget.
• Alternatively, you may wish to consult a financial advisor who can assist you in understanding your options and helping you develop a plan tailored to your specific needs.
• Last but not least, if you are already in debt, don’t worry too much. Many companies are willing to work with their customers to create a more manageable payment plan.

Balance Credit: Is It Legit?

Balanced Credit has been providing unsecured installment loans and credit services to individuals in need since 2008. However, their customer rating is a mere one out of five despite the company’s excellent A+ rating with the Better Business Bureau. There are approximately 17 reviews and 49 complaints about Balanced Credit online, resulting in the majority of negative feedback.

Consider a few things before taking out a loan: First, compare rates and options. Second, read customer reviews to learn more about the pros and cons of each option. Third, choose a loan that you can afford.

Would you mind sharing your experience and review of balancecredit.com?