Repayment of loan
Short-term loans from Balboa Capital can be paid back automatically every day or every week, while lines of credit and equipment financing can be paid back every month. For loans with shorter loan terms, expect to pay a flat rate instead of an interest rate. This means you have to pay back the loan's principal amount plus a certain percentage of the total loan amount.
The term for short-term loans is between three and twenty-four months. The term for a line of credit from Balboa Capitals is between six and eighteen months, and the loan term for equipment financing is between two and five years. If you are behind on your loan payments or choose to make payments after the due date, this can affect your credit score negatively and result in additional fines. Borrowers can pay off their debt to Balboa Capital for financed equipment either once a month or once every three months. Payments can be made at any of these frequencies.
Early payoff
Those who take out small business loans from Balboa Capital and pay them back sooner than expected will have to pay extra fees. When looking for a lender for your business loan, you should keep this information in mind because prepayment penalties can reduce or even nullify the interest savings that come from paying off a loan early.
