Our verdict: quick to say yes, hard to live with for some borrowers
Balboa Capital earns 2.0 out of 5. It now trades as Ameris Bank Equipment Finance, a division of Ameris Bank [1]. Its pitch is speed: application-only approvals up to $500,000, one-hour decisions during business hours and same-day funding if approved [3]. Our score rests on what happens next. It publishes no pricing, a federal appeals court upheld a loss against it over agreements that left out the cost of financing, and organic reviewers describe charges and collection fights at a high rate.
Pros
- One-hour decisions during business hours
- Application-only up to $500,000 on hard collateral
- Owned by a bank; lends its own money
- No prepayment penalty on its short-term business loans
Cons
- No rates or fees published
- 28.8 per 100 organic reviews describe post-funding trouble
- 2024 appeals ruling against it on agreement terms
- Its own site gives two different minimums for the same loan
What Balboa (Ameris Bank Equipment Finance) offers and who qualifies
| Product | Amount | Term | Minimums |
|---|---|---|---|
| Equipment financing | Application-only to $500,000 (hard collateral), $350,000 (soft) | Usually 24 to 60 months | 2+ years, $100,000+ revenue, FICO 640+ |
| Newer-business equipment | Up to $50,000 | Not stated | 6 months to under 2 years; owners sign personally |
| Small business loan | $20,000 to $250,000 | 3 to 24 months | See the note below |
| Commercial financing | $50,000 to over $10 million | Not stated | $100,000+ revenue |
| SBA loans | $400,000 to $5 million | Not stated | Not stated |
The small business loan page contradicts itself. Its checklist asks for 2+ years in business, $300,000+ in revenue and a 640 FICO score, while the text below says one year, $300,000 and a 620 score [6][7]. Ask which applies to you before you apply, and remember that meeting the minimums does not mean approval; other lending criteria still decide the file.
Applying is a short online form. A credit team reviews it during business hours, and if you are approved an account manager calls to go over options [3]. Requests over $250,000 need two years of tax returns, financial statements and current interim numbers [16].
What it costs, how you pay and how payoff works
No rate, rate range or fee list appears on its pages. It says your rate depends on your credit, annual revenue, amount and term [10]. Across the market, equipment financing runs about 4% to 45% APR [21], so get your offer in writing as an APR and a total of payments.
Short-term business loans are repaid daily or weekly by ACH from your business account, over 3 to 24 months, and can be prepaid anytime without a penalty [8][9][13]. Equipment deals are usually written for 24 to 60 months [12]. The site does not say how equipment payoffs are calculated, and four organic reviewers said paying early still meant paying most or all of the interest [20].
If you already have a Balboa account, check your debits
Its customer login page says it has changed banks and no longer uses Wells Fargo to debit your account, and it asks you to tell your bank so the debit is not blocked [19]. A blocked debit can be treated as a missed payment. Call your bank and keep proof that you did.
The court record and what organic reviews say
In July 2024, the U.S. Court of Appeals for the Fifth Circuit affirmed a judgment for a group of physicians whom Balboa had sued [17]. The court found that the payment agreements, apart from separate invoices, did not form valid contracts, noting that they listed the payment schedule and payment amounts but not the total amount financed or the cost of the financing [18]. Those agreements date from 2016 and 2017, before the Ameris name change, but the case goes to the center of our cost and quote scores.
On Trustpilot, Balboa has a 1.7 TrustScore on 306 reviews even though 81% of them are five-star; the low score reflects recent reviews, and Trustpilot says the company has not invited customers recently [20]. We read the first three pages, 60 reviews. Eight were invited and 52 organic. The organic average was 3.7 stars, but every one of the 8 reviews dated 2025 or 2026 was one-star.
| Theme | Reviews | Per 100 |
|---|---|---|
| Trouble after funding: insurance charges, debits, collections, lawsuits | 15 | 28.8 |
| Terms or cost beyond what was quoted | 7 | 13.5 |
| Early payoff still owed most or all of the interest | 4 | 7.7 |
| Could not reach a person | 3 | 5.8 |
Insurance is the most specific theme. Several reviewers say charges for equipment insurance were added to payments and not removed after they sent proof of their own coverage [20]. Before you sign, ask what insurance the agreement requires, what it costs if Balboa places it, and how to submit your own certificate. BBB lists Balboa Capital Corporation in Costa Mesa with an A plus rating [22], and we found no regulator action.
Six checks before you sign a Balboa agreement
Given the court record and the review pattern, treat a Balboa offer like any equipment deal, only more carefully. These checks come straight from what went wrong for the reviewers and the physicians in the court case:
- Get the total amount financed and the total of all payments in the agreement itself, not in a separate invoice. The 2024 case turned on agreements that showed only payment amounts [18].
- Ask for the APR in writing and compare it with the 4% to 45% market range for equipment financing [21].
- Find the insurance clause. Send your own certificate before the first payment and keep the email.
- Ask how an early payoff is figured for your equipment deal, and get it in the agreement.
- Confirm the debit schedule and the bank name that will appear on your statement [19].
- Save a copy of every signed page, including any equipment schedule added later.
Alternatives to Balboa Capital
- Taycor Financial: another fast equipment lessor, with clear end-of-lease options but no published rates either.
- Live Oak Bank or SmartBiz: SBA loans with capped rates and monthly payments if you can wait weeks.
- Lendio: equipment offers from several funders in one application, if you accept the data sharing.
- Compare more picks on our best equipment financing list, and New Jersey owners can check state programs in our NJ equipment financing guide.