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Balboa Capital Review

Donna Fuscaldo
Donna Fuscaldo
Senior Finance Writer Staff
Updated Jul 19, 2022

Balboa Capital’s small business loans have no hidden fees, are funded quickly and don’t require any collateral. This alternative lender cuts down on the time and work it takes to get a small business loan, making it our choice for the best alternative lender for easy approval.

Balboa Capital Review

Balboa Capital

The Verdict

Balboa Capital's relaxed qualifications make it an ideal lender for business owners who are looking for easy approval. This lender is willing to look at more than your credit score when providing short-term loans of up to $250,000.

Balboa Capital

Online application9.0
Quick funding7.0
Strict credit requirements9.0
Variety of loan types9.0
Editor’s score8.6

Pricing: Rates and Terms

Balboa Capital provides funding of between $5,000 and $250,000 for a wide variety of small businesses. The interest you pay on a Balboa loan depends on your financial situation. The company looks at more than your credit score, including how many years you’ve been in business and your business’s annual sales, when approving you for a loan. However, note that, as with all alternative lenders that extend credit to business owners with lower credit scores, the interest rate will be higher. You need to weigh the cost to borrow against the business use case before proceeding.

We like that Balboa Capital offers a variety of lending types – including small business loans, lines of credit and equipment financing – and requires only a decent credit score to get approved. That makes it easier for business owners to get a loan even if they’ve hit a rough patch.

Small Business Loans

The terms for Balboa Capital’s small business loans run anywhere from three to 18 months. That range gives business owners flexibility, but it isn’t ideal if you are looking for a longer-term loan. If you need a longer term,   may be a better option, as it offers repayment terms of up to 60 months. To get a sense of how much you’ll pay, you need to contact the company. You can fill out an online form to be contacted by a representative or call the lender directly.

Balboa’s small business loans are unsecured, meaning you don’t have to put up specific personal or business assets. However, a personal guarantee may be necessary. It’s a good idea to ask your loan specialist about personal guarantees when you call for a quote. There are no hidden fees or upfront costs with Balboa Capital’s small business loans, and you can prepay without penalty.

Did you know?Did you know? Although you can be approved for a Balboa Capital loan if you have a lower credit score, you may have to adhere to daily or weekly repayment terms.

Equipment Financing

Balboa Capital provides equipment financing of up to $250,000 for everything from machinery to software. No collateral is required with these loans, and Balboa offers flexible term lengths. The lender has an online application and can provide same-day funding once you’re approved. To qualify, you need to have been in business for at least one year, generate at least $100,000 in annual revenue and, according to Balboa Capital have a “decent” FICO score.

Line of Credit

Balboa Capital extends lines of credit between $5,000 and $250,000. There’s an easy application and quick turnaround. With Balboa’s lines of credit, you draw down funds from money using your primary business checking account. The money can be used for any business need. The lender requires only minimal paperwork for its line of credit – another reason it’s an ideal option for small business owners who are looking for an easy approval process. You can pay back this loan daily, weekly or monthly, and you pay interest only on the money you draw.

Loan Process

With Balboa’s business loan, you get a quick lending process and relaxed qualifications – two vital criteria for small business owners who are looking for easy approval. Here’s the process you’ll follow when applying for a loan:

  1. You fill out an online application that takes minutes to complete. The application asks for basic information, including your name and the location of your business, how long you’ve been in business, your email address and your business phone number.
  2. You provide basic financial information, like your business’s annual revenue, as well as personal information, including your Social Security number and ownership percentage.
  3. The company checks your credit score. Balboa has a quick preapproval process, and once you’ve been preapproved, you can work with a loan specialist to finalize an agreement. You may be able to get approved and funded within a few days, depending on your specific loan process. Certain loan amounts can be funded the same day as approval.

We like that Balboa Capital leads with technology when evaluating potential borrowers. It uses automated decision-making technology, which quickens the approval process and, in some cases, enables same-day funding.

Balboa Capital offers a wide range of financing solutions.


Business owners who are seeking to borrow money from Balboa Capital must have been in business for at least one year, have revenue of more than $300,000 and have a decent FICO credit score. Balboa focuses on how long you’ve been in business and how much annual revenue your business generates. If you have a ding against your credit score, it can be tough to get a loan, so these other factors can improve your chances of getting approved. These relaxed requirements are a major reason Balboa Capital is one of our best picks.


Balboa doesn’t require collateral. However, you may need to provide a personal guarantee, which is a legally binding statement that you’ll personally pay back the loan if your business defaults on it. This requirement is common in the lending industry.

Special Documentation

When you apply for a loan, be prepared to provide financial statements and other business information. Balboa Capital will use this information to determine your income, how long your business has been established and what type of loan your business can handle.

TipTip: Financial statements, tax returns and a business plan are all standard requests from alternative lenders. Make sure you have these documents on hand when applying for a loan.

Balboa Capital Pros

Small business owners know how hard it is to get funding; many have been turned down by banks and other traditional lenders. As such, Balboa’s ability to offer financing to small business owners is commendable. But what makes this lender stand out is the speed and ease in which you can get approved. The online form is simple to complete, and the turnaround time is short. Other than an origination fee, Balboa doesn’t require upfront payments or have any hidden fees.

Balboa Capital has a good reputation, sporting an A+ rating with the Better Business Bureau. The company is committed to working with small businesses to get them the funding they need. For 2021, Balboa Capital has a Net Promotor Score of 77 out of 100, putting the lender in the top 4% of financial services companies.

While Balboa doesn’t list specific rates for its loans, it’s easy to gauge the loan structure, terms and amounts. The lender provides an online loan calculator to give you an understanding of what your monthly payments will look like. Balboa Capital can issue business loans in all 50 states and has no restrictions on what your business can use these loans for. However, it does have a few restrictions on which organization types qualify for a loan.

Balboa Capital offers an online calculator to provide an idea of how much you should expect to pay for your loan.

Balboa Capital Cons

Balboa has a lot to offer applicants, but small business owners should know that this lender charges an origination fee. That’s common in the industry, but it’s still an expense to be mindful of. Also, to qualify for a small business loan, you need to have been in business for at least one year, which can push out young startups seeking funding.

Balboa Capital’s business loan terms max out at 18 months, which isn’t ideal for small business owners who need longer terms. If you operate in certain industries – including adult entertainment, aviation and gambling – you aren’t eligible for a loan. Additionally, if you have bad credit, you must make payments daily or weekly, which could have a negative impact on cash flow

Another drawback is that, although you can use Balboa’s calculator to get an idea of what your loan payments will look like, the company doesn’t list its interest rates. For time-crunched small business owners, it may not be appealing to take the extra step to discuss rates over the phone. Every lender has some drawbacks, and Balboa’s are common in the industry. Notably, the downsides don’t outweigh the benefits that this lender provides business owners who are looking for easy loan approval.

Balboa Capital Review

Balboa Capital

The Verdict

Balboa Capital's relaxed qualifications make it an ideal lender for business owners who are looking for easy approval. This lender is willing to look at more than your credit score when providing short-term loans of up to $250,000.

Donna Fuscaldo
Donna Fuscaldo Staff
Donna Fuscaldo is a senior finance writer at and has more than two decades of experience writing about business borrowing, funding, and investing for publications including the Wall Street Journal, Dow Jones Newswires, Bankrate, Investopedia, Motley Fool, and Most recently she was a senior contributor at Forbes covering the intersection of money and technology before joining Donna has carved out a name for herself in the finance and small business markets, writing hundreds of business articles offering advice, insightful analysis, and groundbreaking coverage. Her areas of focus at include business loans, accounting, and retirement benefits.