Overview: Balboa Capital reviews
When starting a new company or business venture, financing is often one of the biggest obstacles. There are many different ways to raise funds and with so many options it is important to do thorough research before making any financial decisions.
Borrowing from financial services and leasing companies is a common way for companies of all sizes to achieve their business goals. In this article, we'll do some of the research for you and do a detailed review of one of the largest leasing companies in the US:Balboa Capital.
Image source:Balboa Capital
What is Balboa Capital? Balboa Capital is a financial services company based in Irvine, California. To fully convey everything you need to know about Balboa Capital, let's start with a brief history of the company.
Next we will cover the services that Balboa Capital offers to both small and large companies. We're going to round up a number of Balboa Capital reviews to summarize general feedback about the company and to highlight Balboa Capital complaints that you need to know about.
At AdvisoryHQ, our goal is not to tell you what to do, but to equip you with all the information you need to make the right financial decisions. We hope that by the end of our Balboa Capital review you will have a clear understanding of what is available at Balboa Capital and whether the services on offer are right for you.
California dreams of business solutions
When you look at the giant Balboa Capital, it's hard to imagine that's how it startedtwo college graduates and an initial investment of $4,000.
In 1988, Patrick Byrne and Shawn Giffin formed Balboa Capital Corp. as a high-tech equipment leasing company. The company's name comes from its first office location on Balboa Island off the coast of California.
In just four years, sales grew by 2,652%. As a result of this rapid growth, Balboa was ranked 67/500Inc. MagazinListfastest growing private companies of 1993.
In the years that followed, Balboa Capital expanded its services to include small business loans, commercial and franchise financing, and dealer cash advances. It's coming in toothe blogArticles on the concerns and solutions of small companies are regularly published there. The company borrowed$4.8 billionsince its foundation and today operates from four locations nationwideover 200 employees.
We begin our Balboa Capital review by discussing the service that Balboa is best known for:Equipment lease financingfor small businesses.
Furniture leasing is a loan for company-related equipment. Instead of an outright purchase, the lessor (Balboa Capital) allows the lessee (you) to use the equipment while paying a certain amount per month. At the end of the term, you usually have the option of returning, exchanging or buying the equipment or extending the rental agreement.
The highlights of the BalboaCapital.com websitefour main reasonsWhy equipment leasing could be right for your company:
- Capital preservation (through individual monthly payments)
- Securing credit lines
- Access to the latest device models
- Tax Deduction through Section 179 Tax Benefits
Applying for an equipment lease takes less than a minute. You can get an instant credit decision and same-day financing to get your new business off the ground.
To get a quick cost analysis, Balboa also provides theMachine Leasing Calculator. It estimates your monthly lease payment, tax deduction, and return on investment (ROI) based on the cost of the equipment, monthly profit, and lease range. You can get one tooFast offerbefore officially applying for or trying out a lease§ 179 tax calculator.
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Small Business Loans
If you need funds for a small business or start-up that doesn't necessarily go into equipment, Balboa Capital has another solution:small business loans.
There are several ways small businesses can raise capital, and two of the most common resources are bank loans and investors. However, there are reasons why these methods don't work for everyone.
Banks can refuse loans for any number of reasons, and if your business is particularly small or new, attracting the attention of venture capitalists can be difficult.Inc. howsuggests other ways of funding. One of the proposals is an alternative loan like that offered by Balboa Capital. As a side note, the article also suggests equipment leasing, specifically naming Balboa as a rental company.
Balboa offers three types of small business loans: working capital loans, dealer cash advances, and flexible business loans. Loans are customizable and you can get up to $250,000 with basic information or $2 million with a full finance package. Balboa prides itself on having flexible requirements, fast turnaround and no hidden fees.
You can use this to estimate your loan packageBusiness Loan Calculatorand then fill out the quick loan application to get started.
Commercial business loans
While Balboa Capital initially worked with small businesses, it has expanded to provide some services to large corporations. One of them is hiscommercial business loanOption that can provide equity business financing to medium-sized companies.
On BalboaCapital.com, the company states that its strength as a lender lies in co-developing its loans. Balboa tailors loans to your short- and long-term business goals.
Balboa Capital works with a variety of industries including manufacturing, pharmaceutical, technology, trucking and more. You can complete either of thosecommercial funding applicationor contact them directly for a quote.
If you are starting a new franchise location or are looking for financing for another franchise related business, Balboa Capital has got you coveredFranchise Financingoptions.
The loans can be up to $1 million per owner/operator and the funds can be used for redesign, remodeling or the acquisition of a new site or new equipment. After completing aApplication for Franchise Financing, you can get a credit decision in just one hour.
Balboa offers franchise loans to businesses in many different industries, and that's about itexpressly recommended by Fundera.comas one of the best loan leasing companies for franchise restaurants.
Accounts payable financing
To conclude the discussion of the services offered in our Balboa Capital review, we will mention theVendor FinancingPossibility. For the other services, Balboa works with the company that needs the loan or equipment. In this case, it works with providers themselves to serve as an alternative payment option.
Balboa assures that this partnership can be beneficial as customers already have a simple financing plan prepared for the equipment they want. This could lead to more sales for the provider company.
Balboa Capital Reviews
Now that you have an idea of what services are available at Balboa Capital, let's examine some of Balboa Capital Corporation's complaints and reviews. Like other savvy consumers, you probably want to find out if these services are a Balboa Capital scam.
As with many customers, there is a mix of positive and negative reviews of Balboa Capital online. The BalboaCapital.com website links to three review sources: YouTube testimonials, BBB and Trustpilot.com.
Image source:Balboa Capital Review
On the Balboa CapitalYoutube Kanal, there are over 50 undescribed customer testimonials from a variety of industries including musical instruments, woodworking, healthcare and tire repair.
Balboa waraccredited by the BBB(Better Business Bureau) since 1999, and it has an A+ rating from it.
This rating is based on factors such as the number of years the company has been in operation, the number of grievances filed with the BBB in relation to its size, and the company's responses and resolutions to grievances. The BBB has 53 complaints on record and five negative customer reviews.
The reviews atTrustPilot.comare also fundamental for the company. Balboa Capital has a rating of 9.2/10 from 72 reviews. Many people praised the ease of working with Balboa and recommended specific representatives. Vendors also enjoyed partnering with the company to sell their products.
Balboa Capital Complaints
However, there are some online forums where Balboa Capital complaints abound. AtYelp.com, the Irvine location received 9 one star ratings and 1 two star rating from Balboa Capital. Individuals complained about unprofessional customer service and excessive fees.
This is reported by ComplaintsBoard.coma specific complaintwhere a customer felt that there was a discrepancy between what was first promised and the fees later demanded, which were nearly three times the original cost of the equipment. The complaint contains many additional comments from customers with similar stories.
RipoffReport.com hatanother specific complaintwhich accuses its employees of misrepresenting the business and lying. There is a customer rebuttal defending the company.
Several Balboa Capital reviews on the websites mention the fact that people had problems because they had not read the contracts in full. Therefore, it is likely that people were not victims of a Balboa Capital scam but may have interacted with dishonest representatives.
Whenever you deal with financial contracts and leasing companies, it is crucial that you examine the contract fully. If you are unsure, you should discuss this with the leasing company or have a lawyer check it for you.
Don't be afraid to ask for changes to the contract, and don't sign anything if you're not sure what you're agreeing to! That seems to be the root cause of many of Balboa Capital's complaints.
Is using Balboa Capital's financial services right for me?
As we showed in our Balboa Capital review, there are several financial services it can offer. If you run a business of any size and are looking for financing or if you are an equipment supplier then Balboa Capital's services may be of interest to you.
A key benefit of using Balboa is that you can quickly get the capital funding you need without being subject to some of the strings attached that banks or investors may require. Many companies have had positive experiences with the company and keep going back to it.
However, it is important that you carefully review any lease or contract you enter into so you are not surprised by fees or requirements that the original seller may not have mentioned. As with all important financial decisions, proceed with caution.
With over a quarter century of experience, Balboa Capital is one of the largest leasing companies in the United States. Overall, the positive reviews we found outweigh Balboa Capital's complaints. Therefore, we conclude that when you need business funding, it can be worth speaking to a Balboa Capital representative and finding out exactly what the company can do for you.
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