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Funding Circle Invoice Factoring

in Accounts Receivable Financing from Funding Circle

Claimed Apply Now

Funding Circle Invoice Factoring

Claimed

in Accounts Receivable Financing from Funding Circle

Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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Loan Amount Up to $5,000,000
APR  (Fee or Charge Based Product) Starting at 13%
Minimum Months in Business 6
Minimum Revenue N/A

Funding Circle Invoice Factoring Review

Funding Circle Invoice Factoring is offered by Funding Circle, a marketplace lending platform founded in 2010 and based in San Francisco, CA. Funding Circle Invoice Factoring is available in 48 states (and Washington, DC).

Funding Circle Invoice Factoring FAQ

What APRs does Funding Circle Invoice Factoring offer?

The cost of accounts receivable financing is typically calculated as a percentage of the invoice value, which is charged monthly. Pricing varies widely depending on several factors, such as how long you it takes to repay the invoice advance.

Funding Circle has a factoring rate starting from 1.13%. This is a fee or charge based product with an estimated equivalent APR that ranges from 13%.

How often does Funding Circle Invoice Factoring process payments?

Funding Circle Invoice Factoring receives the payment through the Merchant's weekly invoice receivables, which means Funding Circle Invoice Factoring collect the payment through the merchant's customer invoices.

Does Funding Circle Invoice Factoring charge an origination fee?

Yes, Funding Circle Invoice Factoring charges a origination fee of 5.99% of the total amount advanced. Funding Circle Invoice Factoring deducts the fee directly from your merchant cash advance amount before disbursing merchant cash advance proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What type of invoice collection structure does Funding Circle Invoice Factoring offers?

Funding Circle collects payment for invoices directly from clients.

What types of invoices does Funding Circle accept?

Funding Circle Invoice Factoring accepts the following invoice type when applying for accounts receivable financing.

  • Business-to-customer invoices (B2C).

What trade credit terms does Funding Circle accept?

Funding Circle accepts the following trade credit term. Trade credit terms are usually expressed as Net D, where D stands for the numbers days after which payment of the invoice is expected.

  • Net 10 days.
  • Net 15 days.
  • Net 30 days.
  • Net 60 days.
  • Net 90 days.

What is the estimated funding time?

Funding Circle Invoice Factoring can approve (or deny) an application within 24 hours and fund within 1 business day of approval.

What are the business financing requirements for Funding Circle Invoice Factoring?

To apply for Funding Circle Invoice Factoring, the borrower needs to provide the following business document:

  • Business certificate
  • Business license
  • Business bank account

What limitations does Funding Circle Invoice Factoring set on the purpose of the loan?

Funding Circle Invoice Factoring considers accounts receivable financing applications for business purposes, such as:

  • Business debt refinance
  • Emergency repairs
  • Equipment purchase
  • Hiring
  • Inventory
  • Lease improvement
  • Marketing
  • New location
  • Payroll
  • Product or service expansion
  • Technology investment
  • Working capital
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Availability

  Available in 48 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Annual Fee $0
NSF Fee $0
Origination Fee (%) 5.99%
Applicant's Minimum Percentage of Business Ownership 20%
Business Financing Requirements
  • Business Certificate
  • Business License
  • Business Bank Account
Credit Score Range 660 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Invoice Collection Structure Collected By Lender Directly
Invoicing Type B2C
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Months in Business 6
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
  • Inventory
  • Payroll
  • Hiring
  • Technology Investment
  • Other (All)
  • Marketing
  • Emergency Repairs
Approval Speed 24 hours
Credit Bureau Reporting Experian
Funding Time Range 1 - 2 days
Payment Frequency Weekly
Payment Options Automatic Payments
APR (Fee or Charge Based Product) Starting at 13%
Advance Rate Starting at 90%
Factor Rate Starting at 1.13
Invoice Qualifications
  • Net 10 Days
  • Net 15 Days
  • Net 30 Days
  • Net 60 Days
  • Net 90 Days
Loan Amount Up to $5,000,000
Loan Term 3 - 6 months

Funding Circle Invoice Factoring Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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