Balance Credit Personal Loans Review: Beware Sky-High Interest Rates

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

balance personal loans

If you have low or poor credit, it can be difficult to qualify for a personal loan.

That’s where a company such as Balance Credit can help. Balance Credit connects consumers with personal loans without taking your credit score into account.

But, there’s a catch: Balance Credit personal loans come with extremely high fees and interest rates, often well over 100.00%.

So even though Balance Credit offers a personal loan fast, you’ll likely end up spending a lot of money on interest charges.

Here’s what you need to know so you can decide whether a Balance Credit personal loan is right for you.

Balance Credit personal loans come with high APRs

The borrowing limits on Balance Credit personal loans vary by state, but a typical range is $100 to $5,000. Your rates and terms also depend on where you live, how much you wish to borrow, and what information you provide on your application. You can pay your personal loan off on a weekly, biweekly, or monthly basis.

Interest will start accruing from the date of disbursement. Plus, you’ll be charged an origination fee. You can pay the loan off ahead of schedule without penalty.

Unfortunately, the website doesn’t provide examples of APRs and fees until you apply. To get a sense of rates, though, I spoke with customer service about a personal loan worth $5,000 in California.

According to the representative, this loan would have an APR of 251.99% on a biweekly repayment plan. Altogether, it came with an extraordinarily high finance charge (a fee that includes the origination fee and interest) that totaled over $6,000.

To compare, SoFi personal loans come with an APR range of 6.33% – 15.62% with no origination fee. And Upstart personal loans have APR rates between 7.73% – 29.99% and origination fees between 0% and 8%.

Of course, you need to meet credit and income requirements to qualify for low-interest personal loans. But since Balance Credit lends to almost anyone with a bank account, it can opt to charge high interest rates.

If you can’t qualify for a personal loan elsewhere, Balance Credit could help. It provides most borrowers with an instant approval decision and deposits funds in your account within a day.

But thanks to significantly high charges, you could end up paying thousands of dollars more than you borrowed. Taking on high-interest debt is a risky move, especially if you already have a subpar credit score.

Instead of borrowing a Balance Credit personal loan, you might be better off with another option, such as using a credit card (if you’re careful) or forgoing a loan altogether.

How Balance Credit personal loans work

Balance Credit offers personal loans up to $5,000, depending on where you live.

Applying for a Balance Credit personal loan online

Borrowers can apply for a Balance Credit personal loan online. You’ll start by providing personal information, such as your name, address, and Social Security number.

applying for a balance personal loan

Image credit: Balance Credit

You’ll also indicate how much you’d like to borrow and what you plan to use the loan for.

balance personal loans application

Image credit: Balance Credit

Finally, you’ll provide your bank account information. Balance Credit checks that your account is in good standing. Plus, it’ll use this information to make automatic withdrawals from your account.

Since the company has your bank information, it can withdraw money on the payment due date, even if you’re not able to afford it.

balance credit personal loan application form

Image credit: Balance Credit

After crunching the numbers, Balance Credit will tell you if you qualify. Plus, it’ll show you rates and terms in your loan offer. If you agree, you can go on to finalize the loan agreement.

Balance Credit loans are only offered in certain states

Balance Credit is headquartered in Chicago, but it doesn’t offer personal loans in Illinois. Instead, according to a Balance Credit customer service rep I spoke to, it provides personal loans to residents of California, Delaware, Idaho, Missouri, New Mexico, Ohio, South Carolina, Texas, Utah, and Wisconsin.

Besides living in an eligible state, you must also meet a few other requirements to qualify for Balance Credit personal loans:

  • Have a valid email address

  • Have a working phone number

  • Hold an active checking account or savings account in good standing

  • Be 18 years of age or older

  • Be a U.S. resident

According to the representative I spoke with, Balance Credit doesn’t have specific requirements for your bank account balance or income. It just requires that your account have a positive balance.

Balance customer reviews warn against high interest rates

If you’re looking for more information on Balance Credit personal loans, you can call the lender at 855-942-2526 or email it at support@balancecredit.com. Ohio customers should call 800-970-8978 or email support@promovere-servicing.com.

You can also read customer reviews for firsthand insight into the company’s services. With its massive finance and interest charges, it’s no surprise that most customer reviews are negative.

On financial product comparison website SuperMoney, for example, 63% of customers gave Balance Credit one star out of five. One reviewer said companies such as Balance Credit “prey on people with challenging credit.”

Another reviewer on SuperMoney said, “Every loan company that the APR is close to 99.00% should not be even on the market; it’s crazy how they want to take advantage of people.”

Customer reviews on Credit Karma are marginally better. The lender averages a 3.1 out of 5 stars. However, Credit Karma customers also complain about its high interest rates, with one saying, “In my opinion, this loan is only to be taken out if you have an emergency. The interest is very high.”

Another reviewer on Credit Karma warned borrowers to, “Be ready for an intense interest rate. You will pay back more than double what you borrow. I don’t even know how an interest level that high is legal.”

On a positive note, some customers said the company is upfront about this information, so you at least know what you’re getting into before you borrow. Plus, they say the process is fast and easy, and you do get funds in your bank account quickly.

Before borrowing, you have to decide if access to fast money is worth the huge costs of borrowing. In most cases, the answer should most likely be no.

Note: Student Loan Hero has independently collected the above information related to Balance Credit personal loans. Balance Credit has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal LoansFixed rates from 6.325% APR to 15.615% APR (with AutoPay). Variable rates from 6.275% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of July 3, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.275% APR assumes current 1-month LIBOR rate of 2.10% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  1. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  2. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

  • Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  1. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  2. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.73% – 29.99%$1,000 - $50,000
Check rate nowon SLH's secure site
6.28% – 15.62%1$5,000 - $100,000
Check rate nowon SLH's secure site
6.87% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%$5,000 - $35,000
Check rate nowon SLH's secure site
4.99% – 29.99%$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%2$5,000 - $50,000Visit Citizens
15.49% – 34.49%$2,000 - $25,000Visit LendingPoint
5.99% – 35.89%$1,000 - $40,000Visit LendingClub
5.49% – 18.24%$5,000 - $75,000Visit Earnest
9.95% – 35.99%$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.