Is Balance Credit legit?
Yes, Balance Credit is a legitimate company. Founded in 2014, it has been in business for more than a decade. While it isn’t accredited by the Better Business Bureau (BBB), the company has an A+ rating for resolving customer complaints. It also gets high marks from past customers on Trustpilot.
However, borrowing from Balance Credit isn’t cheap. The company doesn’t openly disclose its interest rates, but former borrowers claim they were charged high rates, bordering on predatory. And though the company takes steps to protect customer data, it also shares information with third parties for marketing purposes, so expect unsolicited emails, texts or calls if you choose to apply.
How Balance Credit compares to other lenders
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What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you’re comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
Read the full Finder Score breakdown
What makes Balance Credit shine?
Balance Credit stands out for its easy application process that can be done completely online. It only takes a few minutes to apply, and you can see if you’re approved with just a soft credit check that won’t ding your credit score.
And you’re welcome to apply even if you have bad credit or limited credit history. Balance Credit works with borrowers of all credit types. Funding is fast, too. Once your loan is approved, expect to receive the funds in as little as 24 hours.
Where Balance Credit falls short
The biggest drawback of getting a loan from Balance Credit is the high cost of borrowing. Though the company doesn’t openly disclose APRs, many past customers have reported rates of 200% or higher on its installment loans. With rates this high, it’s easy to fall into a cycle of debt where you’re mostly paying interest without making much progress on the principal balance.
Another downside is the limited loan amounts and repayment terms. The maximum loan amount is $4,000, and you have up to 36 months to repay the loan. While this short window cuts back on the amount of interest paid, it can also mean higher monthly payments that are harder to manage. If you need lower payments spread over a longer term, you may want to compare lenders that offer 48- or 60-month repayment options, like Upstart or Signature Loans.
Balance Credit loan details
| Minimum credit score | No minimum; accepts all types of credit |
| APR | Not advertised, but reportedly high |
| Loan amount | $100 to $4,000 |
| Terms | Repayments made bi-weekly, semi-monthly or monthly for up to 36 months |
| Turnaround | Typically within 24 hours |
| Requirements |
|
| Availability | Available in: Alabama, Alaska, Arizona, Arkansas, Delaware, Florida, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Wisconsin |
| Fees |
|
Balance Credit contact information
| Phone number | 855-942-2526 |
| Customer service hours | Weekdays: 7 a.m. to 8 p.m. CST Saturdays: 8 a.m. to 5 p.m. CST |
| support@balancecredit.com | |
| X, formerly Twitter | @balancecredit |
| @BalanceCreditLending |
Calculate your monthly loan payments
You can easily calculate how much a loan will cost you by using the calculator below. Simply enter the amount you’re borrowing, plus the expected interest rate and repayment term.
Fill out the form and click on “Calculate” to see your
estimated monthly payment.
or
$
per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
How to qualify for Balance Credit
Balance Credit has a few basic criteria you must meet to be eligible for a loan:
- Have a Social Security number, a valid email address and a verifiable phone number.
- Have a checking or savings account at least 30 days old with unlimited debits and credits allowed. The account must not be linked with another Balance Credit account.
- Have a source of income that can be verified.
- Live in a state where the company operates.
- Be of legal age (18 years old in most states).
How to apply
You can complete the application process with Balance Credit 100% online. Here’s what to expect:
- Go to the Balance Credit website and select Check Eligibility.
- Provide your Social Security number, email address, phone number, income details and bank account information.
- Get an approval decision in just a few minutes.
- Accept the loan terms, finalize the agreement and receive funds within one business day.
- Repay the loan either bi-weekly, semi-monthly or monthly, depending on your loan terms.
Balance Credit reviews and complaints
| BBB accredited |
No |
|---|---|
| BBB rating |
!+ |
| BBB customer reviews |
1 out of 5 stars, based on 26 customer reviews |
| Trustpilot Score |
4.9 out of 5 stars, based on 4,051 customer reviews |
| Customer reviews verified as of |
22 May 2025 |
Balance Credit is not accredited by the Better Business Bureau, but it has an A+ rating on the site due to its consistent follow-up on formal customer complaints. Customer ratings on the site are all negative, receiving a single star on average from past customers. Common complaints include extremely high interest rates, applications being denied and failure to recognize final payment.
Reviews on Trustpilot paint a completely different picture, with Balance Credit receiving either four or five stars from 95% of all customers. Happy users praise the fast and easy application process, great customer service and quick funding. The few complaints mention high APRs and applications being denied.
What do people on Reddit say?
People aren’t saying much about Balance Credit on Reddit. There’s just one post related to the company, and it’s just a review. The OP asks for input from people who have used Balance Credit before, but there are no comments on the post.
Frequently asked questions
How does Balance Credit work?
You can apply for a loan through the Balance Credit website by providing personal and financial details, including your bank account information. Once your loan is approved, you’ll typically receive funding within 24 hours. Repayments are made either bi-weekly, semi-monthly or monthly, depending on your loan’s terms.
Is Balance Credit a payday loan?
No, Balance Credit is not a payday loan. While both charge high interest rates, a payday loan must be paid off on your next payday, while Balance Credit gives you more time to repay the loan, up to 36 months maximum.
Does Balance Credit do a hard inquiry?
No, Balance Credit does not do a hard inquiry when you apply for a loan. The company only does a soft credit check, which won’t harm your credit.
