Ameris Bank Equipment Finance (Formerly Balboa Capital): Avoid This Lender, But Consider Our Alternatives
This lender appears to engage in predatory practices, including withholding necessary information from borrowers about their rates, fees and balances. Balboa Capital has also been engaged in several lawsuits over the past decade. Avoid working with this lender, and consider our recommended alternatives instead.
Karrin Sehmbi is an editor and content strategist on the small-business team. She has covered small-business software and lending since 2022 and has more than sixteen years of editorial experience in the fields of educational publishing, content marketing and medical news. She has also held roles as a teacher and a tutor.
Karrin Sehmbi is an editor and content strategist on the small-business team. She has covered small-business software and lending since 2022 and has more than sixteen years of editorial experience in the fields of educational publishing, content marketing and medical news. She has also held roles as a teacher and a tutor.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
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Karrin Sehmbi is an editor and content strategist on the small-business team. She has covered small-business software and lending since 2022 and has more than sixteen years of editorial experience in the fields of educational publishing, content marketing and medical news. She has also held roles as a teacher and a tutor.
Karrin Sehmbi is an editor and content strategist on the small-business team. She has covered small-business software and lending since 2022 and has more than sixteen years of editorial experience in the fields of educational publishing, content marketing and medical news. She has also held roles as a teacher and a tutor.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
Sally Lauckner has over a decade of experience in print and online journalism. Before joining NerdWallet, Sally was the editorial director at Fundera, where she built and led a team focused on small-business content. Her prior experience includes two years as a senior editor at SmartAsset, where she edited a wide range of personal finance content, and five years at the AOL Huffington Post Media Group, where she held a variety of editorial roles. She has a master's in journalism from New York University and a bachelor's in English and history from Columbia University. Email: slauckner@nerdwallet.com.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small business and personal finance.
50+ categories of the best business loan selections.
NerdWallet's small-business loans content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business lending. Their work has appeared in The Associated Press, The Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
Advertiser disclosure
You're our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. While we don’t cover every company or financial product on
the market, we work hard to share a wide range of offers and objective
editorial perspectives.
So how do we make money? Our partners compensate us for advertisements
that appear on our site. This compensation helps us provide tools and
services - like free credit score access and monitoring. With the
exception of mortgage, home equity and other home-lending products or
services, partner compensation is one of several factors that may affect
which products we highlight and where they appear on our site. Other
factors include your credit profile, product availability and
proprietary website methodologies.
However, these factors do not influence our editors’ opinions or ratings, which are based on independent research and analysis. Our partners cannot
pay us to guarantee favorable reviews.
Here is a list of our partners.
Ameris Bank Equipment Finance
The bottom line:
Ameris Bank Equipment Finance (formerly Balboa Capital) offers fast funding for equipment loans. But it’s not transparent about rates or terms, and many customer reviews cite predatory practices.
Loan details
Min. Loan Amount
$50,000
Min. Term Length
24 months
Max Loan Amount
$500,000
Max Term Length
5 years
Qualifications
Min. credit score
620
Min. Time in Business
12 months
Min. Annual Revenue
$100,000
Pros & Cons
Pros
Fast funding and simple application process.
Accepts borrowers with fair credit.
Cons
Lack of transparency regarding rates and fees.
Many negative customer reviews across multiple platforms.
Ameris Bank acquired Balboa Capital in 2021 and has since rebranded this branch of the bank to Ameris Bank Equipment Finance. The lender offers short-term business loans, equipment financing and leasing, SBA loans and more.
Customer reviews across multiple reviewing platforms advise small-business owners to steer clear. After our research, we advise the same.
If you have a FICO score of 700 or above, at least two years in business and strong annual revenue, then you should absolutely pursue a business loan from a reputable bank as your first step.
Read on for our full review of Balboa Capital, now Ameris Bank Equipment Finance.
How much do you need?
We’ll start with a brief questionnaire to better understand the
unique needs of your business.
Once we uncover your personalized matches, our team will consult you
on the process moving forward.
Balboa Capital loan details
Balboa Capital (now Ameris Bank EF) offers several types of business loans, including:
Here, we’ll focus on Balboa’s equipment and short-term loans.
Balboa Capital equipment financing
Equipment financing
Loan amount
$50,000 to $500,000.
Estimated APR range
Undisclosed.
Fees
May include documentation fee, UCC filing fee, equipment inspection fee, prorated rent and sales tax.
Terms
24 to 60 months; may be shorter for low-cost equipment or equipment that depreciates quickly.
Repayment schedule
Monthly.
Funding speed
Applications can be approved in as little as one hour during regular business hours. Same-day funding may be available.
Balboa Capital short-term loan
Short-term loan
Loan amount
$20,000 to $250,000.
Estimated APR range
Undisclosed.
Fees
May include documentation fee and UCC filing fee.
Terms
3 to 24 months.
Repayment schedule
Monthly.
Funding speed
Applications can be approved in as little as one hour during regular business hours. Same-day funding may be available.
Where Balboa Capital (now Ameris Bank EF) stands out
Fast funding
Balboa Capital, now Ameris Bank Equipment Finance, offers a simple and straightforward application that can be completed in minutes. The application requires minimal documentation, and you may be able to receive a decision in just one hour. The lender states that it can provide fast, same-day funding if you’re approved.
In comparison, more traditional lenders typically require detailed paperwork. They can take anywhere from several days to several weeks to process and fund applications.
⚠️ Note that by completing Ameris Bank EF’s quick online application form, you are automatically opting in to any number of calls and texts from the bank and its agents “for marketing purposes, including through the use of automatic telephone dialing system and an artificial or prerecorded voice.”
🤓
Nerdy Tip
If you find yourself receiving unwanted SMS messages from Ameris or any other lender, you can reply STOP to automatically and immediately opt out of further text message communications from that source.
Variety of loan options
Some online lenders only offer one or two types of loan options. Balboa offers several, including a few specialized options. In addition to the lender’s short-term and equipment loans, you can apply for SBA 7(a) and SBA 504 loans through Ameris Bank EF.
The lender also provides franchise financing up to $350,000. And, if you’re an equipment vendor, you can partner with Ameris Bank EF through its vendor financing program.
Flexible qualifications
Banks and credit unions usually require that you have strong credit and at least two years in business to qualify for a loan. With Balboa Capital, however, you may be able to access financing with only one year in business and a credit score of 620 or higher.
Do you have bad credit?
You have more options than you think when it comes to getting a business loan. Many online lenders will consider borrowers with fair or poor credit. You’ll pay higher interest rates and repay over shorter terms, but finding a reputable online lender could help your business get to the next level. We’ve vetted and reviewed a number of them. Check out our list and compare your options!
Where Balboa Capital (now Ameris Bank EF) falls short
Lack of interest rate and fee transparency
Balboa Capital provides very limited pricing information on its website. The lender states that it offers “competitive rates.” It explains that the rate you receive will vary based on factors such as your:
Credit profile.
Annual revenue.
Loan amount.
Repayment term.
The lender does not, however, include any details explaining how it charges interest or what typical loan rates may look like. Also absent from its website (or buried somewhere no reasonable reader will find) are any fees the lender charges.
This lack of information makes it more difficult for borrowers to get a sense of Balboa Capital’s costs and whether the lender is a good fit for their needs.
Negative customer sentiment
Dozens of customer reviews across platforms like Trustpilot, Yelp and the Better Business Bureau warn other small-business owners to avoid Balboa Capital. (Reviewers refer to this lender as Balboa Capital as recently as February 2026, despite the rebrand to Ameris Bank EF.)
The most cited complaints among borrowers include:
Persistent, aggressive and often spam-like communications.
Lack of clarity or even any disclosure of fees, rates and amortization schedules.
Unexpected withdrawals of extra payments.
Misadvertising around prepayment penalty fees.
The lender does receive several 5-star reviews on Trustpilot, but those came in between 2023 and 2024, and the majority of those praise one salesperson in particular, who may or may not still be with the company.
Shady and aggressive business practices
As mentioned above, a number of customer reviews call out Balboa’s unprofessional communication strategies. Many reviewers mention overly frequent sales and collections calls from the lender, which often involve aggressive and angry verbal communications.
Even the bank’s own website proves the intense emphasis it places on sales when it answers the question of what it’s like to work at Ameris Bank EF: “Ameris Bank Equipment Finance offers competitive salaries, generous sales commissions, and some nice perks. These include a best-in-class sales technology platform, President’s Club for our top salespeople…”
Several reviewers also mention misleading and dishonest advertising, important fine print on fees and conditions buried within contracts and feeling pressured to quickly sign contracts.
⚠️ This pressure to sign a loan agreement before you’ve thoroughly read it, and ideally reviewed it with a business attorney, is a major warning sign of a lender you don’t want to work with.
High annual revenue requirement
Balboa Capital's $300,000 requirement for its short-term business loan is higher than the minimum required by many other online lenders. (See our list of alternatives below for lenders with lower minimums.)
In fact, even some traditional lenders have lower annual revenue requirements. Bank of America asks for a minimum of $100,000 for unsecured loans and a minimum of $250,000 for secured loans and equipment financing.
Lawsuits against Balboa Capital
Balboa Capital’s legal troubles date back to 2012, when the Commissioner of Business Oversight of the state of California sought legal action for the lender failing to file its annual report, despite multiple reminders to do so. But it continued taking applications for loans during that time, while technically unlicensed.
The legal problems continued into 2018 with a federal class action lawsuit that accused Balboa of defrauding equipment loan borrowers with excessive interest rates. Then on to 2019 with a proposed class action lawsuit over a range of “junk fees” the lender had charged but never outlined in the loan agreements. This case was opened in the Superior Court of California in March 2019, but Balboa requested its removal to federal court.
And in March 2023, the U.S. District Court for the Northern District of Texas found that Balboa Capital had failed to provide essential terms in its loan agreements to a group of physicians.
According to the judgment, Balboa had provided loan documents that included the number of repayment months and monthly payment but did not include principal and interest. Instead, the lender sent a separate invoice including the missing information. Because all the necessary information was not included within the loan agreement, the judge ruled that the agreement was unenforceable.
Alternatives to Ameris Bank EF (formerly Balboa Capital)
Like Balboa, National Funding offers both short-term business loans and equipment financing. The lender is also known for its fast funding and flexible eligibility requirements.
With National Funding, you can get a short-term loan up to $500,000 and equipment financing (or equipment leasing) up to $150,000. Interest is quoted as a factor rate and starts at 1.1 for borrowers with strong credit.
To qualify, you’ll need a minimum credit score of 600, at least 6 months in business and minimum annual revenue of $250,000.
Triton Capital offers equipment loans of up to $250,000 with repayment terms up to 60 months. Interest rates start as low as 5.99%. Triton also allows you to customize your repayment schedule based on your needs, offering monthly, quarterly, annually and semi-annually options.
Like Balboa, Triton provides quick business loans — typically approving applications within two to four hours and sending funds within one to two business days. To apply, you only need to include basic information about yourself and your business, as well as three months of bank statements and a quote from an equipment vendor.
To qualify for an equipment loan from Triton, you’ll need at least $250,000 in annual revenue and a credit score of 575 or higher. Generally, the lender asks that borrowers have at least 24 months in business.
ELease is another online lender that offers equipment financing and leasing. You can get an equipment loan from $3,000 to really any amount, though higher loan amounts will require additional paperwork to qualify.
Interest rates start at 7.5% and terms range from 24 to 60 months. You can qualify with a credit score as low as 550. ELease doesn’t have a minimum annual revenue requirement and works with startup borrowers.
Frequently asked questions
Yes, Balboa Capital is still in business. It was acquired by Ameris Bank in 2021 and has since been rebranded as Ameris Bank Equipment Finance.
Yes, Balboa Capital, now Ameris Bank Equipment Finance, is a direct lender.
Apply now