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

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

balance personal loans
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

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 5.99% – 17.88% with no origination fee. And Upstart personal loans have APR rates between 5.69% – 35.99% 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?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. 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 to help you understand what you are buying. Be sure to consult with 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.

RATES (APR)loan amount
5.99% – 17.88%1 $5,000 to $100,000
5.69% – 35.99% $1,000 to $50,000
6.98% – 35.89%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 4, 2019 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 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 3.08% 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. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. 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 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.


Published in Loans, Personal Finance, Review

You're on your way...

You are being redirected to LendingTree.com where you’ll be able to fill out an online form. Based on your creditworthiness, you may be matched with up to five different personal loan lenders in our partner network.