Sometimes, things don’t go as planned and one may encounter financial hiccups. Personal loan providers and credit service providers such as Balance Credit come in handy in difficult situations. However, despite needing money fast, it is important to check out the credibility of the service provider you are considering before settling. We aim to make the due diligence process easy for you.

balance credit review

Balance Credit reviews - 80

Customer Service Calls - 60

Balance Credit Rating* - ⭐ (1.2)

 Claimed Losses - $21.9K

We have done the research and identified the following top consumer questions to Balance Credit. We then sought their answers from and other reputable websites. 

  1. How do I contact customer service?
  2. Is Balance Credit legit?
  3. Is a direct lender?
  4. Is Balance Credit a payday loan?
  5. What is the interest rate?
  6. What are the terms for eligibility for loans?

In addition, we went ahead and looked at Balance Credit reviews on various platforms including PissedConsumer, Student Loan Hero, Trust Pilot, Credit Karma and Super Money to find out if Balance Credit service is satisfactory.

How Do I contact Balance Credit Customer Service?

According to the company’s contact us page, you can contact the Balance Credit customer service team through various channels including the phone, email and mail.

There are two Balance Credit phone numbers available one for non-Ohio customers (855-942-2526) and the other for Ohio customers (800-970-8978). Ohio customers can call the Balance Credit phone number from Monday to Friday between 9 a.m. and 8 p.m. EST, while the non-Ohio Balance Credit phone number is reachable Monday to Friday from 8a.m. to 7p.m CST and on Saturdays from 9 a.m. to 6 p.m. CST. The Balance Credit customer service team can also be reached through the following email address:

Is Balance Credit Legit?

The Balance Credit difference according to the company’s website is that they offer a simple and convenient process to apply for a personal loan or credit services. In addition, once your eligibility is established, you get the cash on the next business day. Another Balance Credit advantage is that if you choose to pay off your loan early there will be no hidden fees or penalties.

The big question however is whether Balance Credit customers satisfied?

Different customers have had different experiences. On Trust Pilot, Balance Credit has a 4.3-star rating out of 5 stars. Majority of Balance Credit customers on Trust Pilot say that they would recommend Balance credit to other customers due to the company’s favorable interest rates, great customer service, easy online application process, and fast approval and funding.

On the other hand, Balance Credit reviews on, and PissedConsumer indicate customer dissatisfaction with the personal loans company. On Credit Karma, Balance Credit has a 1.6 out of 5 stars rating with 86% of the reviews being 1 star ratings. On Super Money, 106 Balance Credit reviews are complaints with only 46 users recommending the business. Furthermore, Balance Credit has a 1.2-star rating on PissedConsumer with majority of the reviews being 1-star ratings.

The top Balance Credit complaints on the various review platforms are in regards to poor customer service and high interest rates. One Credit Karma user complained company had hidden terms and conditions. He only learnt that he would end up paying more than thrice of what he had borrowed after the loan has already been approved.

credit karma review
Similarly, the top Balance Credit complaint on PissedConsumer (review #1386400) is in regards to hidden terms and conditions of getting a loan and high interest rate on loans (Up to 600%). Here is a sample Balance Credit review in regards to high interest rates:

I applied for a loan(400.00) I received it,,, When starting to pay back. I thought it would be simple maybe 600.00 pay back for an 400.00 dollar loan, NOPE...I paid back close to 1500 dollars…  ITS A TOTAL RIP OFF...

Is Balance Credit a Direct Lender?

According to an article on, Balance credit offers unsecured personal loans either directly from its own funding sources or from a third party. further clarifies that Balance Credit is a direct lender in California, Delaware, Idaho, Missouri, Mississippi, New Mexico, South Carolina, Utah, and Wisconsin. However, the lending company operates as a licensed third-party credit service provider that connects borrowers with lenders in Texas and Ohio. In the states where Balance Credit is a main lender, customers can borrow up to $5,000 repayable in up to 3 years. On the other hand, in Texas and Ohio where Balance Credit serves as a broker, customers can only borrow a maximum of $2,500.

how balance credit works

Is Balance Credit a Payday Loan?

According to Wikipedia, the term “payday loan” refers to a short term, high-interest unsecured loan that a lender offers a borrower as a salary or cash advance. Usually, the amount loaned plus the lending fees are deducted from the borrower’s next salary or check once it has been paid. Payday loans are payable within weeks. Eligibility for payday loans is determined by verifying that the borrower is employed, and that they are receiving an income higher than the borrowed amount.

However, Balance Credit personal loans are not tied to a salary or paycheck and can be paid in several installments. As such they are not payday loans.

According to the Balance Credit About Us page, company offers unsecured personal loans and credit services to people who need the money fast. Balance Credit notes that their unsecured personal loans are a convenient alternative to title loans and payday loans. The amount borrowed is paid back in installments at an interest. Unlike most lenders, Balance Credit does not mind if you have a bad credit score.

What Is the Balance Credit Interest Rate?

As noted above, one of the top Balance Credit complaints is that the interest rates are high. Judging from the various Balance Credit interest rate reviews in regards to interest rates and amount payable, it is clear that there is no standard interest rate on Balance Credit personal loans. In this Balance Credit loan review (review #1363947), the customer complained that one ends up paying up to thrice the borrowed amount.

If you're looking for a low rate loan (or even a "reasonable rate,") you shouldn't be looking at a payday loan. They'll often be several hundred percent interest - meaning, yes, you'll borrow (say) $500 and end up paying $1000, $1200, $1500 back...

According to the Balance Credit FAQs section, interest rates vary from state to state. The company notes that unlike other lenders, they do not charge application fees rather the repayable amount is inclusive of the amount borrowed, total finance charges, Annual Percentage Rate (ARP), and CSO Fees where applicable. CSO fees are applied for loans issued in Texas. However, in the case that you default on payment on the agreed payment date, you will incur an additional cost.

A number of Balance Credit personal loan reviews reveal that customers felt that Balance Credit did not provide outright information on interest rates and payable amount, and that the information was hidden in the terms and conditions. Balance credit FAQs states that the interest rates, CSO fees, ARP charges, total finance charges and the date of first payment are provided in the loan agreement. The issue for most customers however is that they do not access this information before they agree to the contract hence they end up not knowing what they are signing up for until it is too late. To prevent such a scenario, it would be best to call the Balance Credit customer support before agreeing to get the loan to be provided with a detailed breakdown of the amount you expect to payback.

What Are the Terms of Eligibility for Balance Credit Loans?

According to the Balance Credit FAQs, the minimum requirements to apply for a Balance Credit personal loan are:

  • You should reside in one of the states that Balance Credit caters to.
  • You must be 18 years and above.
  • You should have a valid email address and phone number.
  • You should have an active checking or savings bank account that has been open for at least 30 days.
  • You should have a proven source of income.
  • You should have a social security number.

The only way to apply for a loan is through the Balance Credit website. To check if you are eligible for a loan, go to the check eligibility page. You will be required to open an account using your email address and to provide your personal information including your name, social security number, phone number, bank account, your income details and how much money you need.

balance credit application

Would you like more information about Balance Credit?

  • Call the Balance Credit phone number.
  • Ask a question about Balance Credit on
  • Check Balance Credit reviews on and other reputable platforms.

Freelance Writer

By Winnie
Health and Beauty Expert

Winnie is a freelance writer and B2C content expert who specializes in health and beauty, cafes and restaurants, fitness products buyer guides and researches. She has been working with international clients since 2012.

*The company ratings on the PissedConsumer website are calculated using a mathematical algorithm that evaluates the information in the company’s profile. The algorithm parameters are: users’ rating, the number of resolved issues, the number of company responses and more. The PissedConsumer algorithm is also subject to change in the future.

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