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Funding Circle Business Line of Credit

in Business Lines of Credit from Funding Circle

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Funding Circle Business Line of Credit

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in Business Lines of Credit from Funding Circle

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Highlights
APR  (Variable APR) Starting at 10.99%
Credit Score Range 660 - 850
Loan Amount $6,000 - $100,000

Funding Circle Business Line of Credit Review

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

Funding Circle Business Line of Credit FAQ

What APRs does Funding Circle Business Line of Credit offer?

Funding Circle Business Line of Credit offers a product that ranges from 10.99% APR.

Does Funding Circle Business Line of Credit charge an origination fee?

Yes, Funding Circle Business Line of Credit charges an origination fee of 5.99% of the line of credit amount. Funding Circle Business Line of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Funding Circle Business Line of Credit set on the purpose of the line of credit?

Funding Circle Business Line of Credit considers line of credit 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

Does Funding Circle Business Line of Credit charge prepayment fees?

No, Funding Circle Business Line of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from Funding Circle Business Line of Credit?

Line of credit amounts start at $6,000 and go up to $100,000.

What is the maximum term you can get with Funding Circle Business Line of Credit?

Funding Circle Business Line of Credit offers business lines of credit with terms ranging from 6 to 12 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Funding Circle Business Line of Credit?

Applicants with a credit score of at least 660 and up to 850 may be eligible for Funding Circle Business Line of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Funding Circle Business Line of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Funding Circle Business Line of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Funding Circle Business Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Business formation documents
  • Driver's license
  • Government issued photo ID
  • Proof of identity

What is the estimated funding time for the Funding Circle Business Line of Credit?

Funding Circle Business Line of Credit can approve (or deny) a line of credit application within 24 hours and fund business lines of credit within 3 business days of approval.

What are the business financing requirements for Funding Circle Business Line of Credit?

To apply for Funding Circle Business Line of Credit, the applicant needs to provide the following documentation:

  • Business certificate.
  • Business license
  • Business bank account

Does Funding Circle Business Line of Credit report your account activity to credit bureaus?

Yes, Funding Circle Business Line of Credit reports your account activity to the following credit reporting agencies:

  • Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What is the minimum percentage of business ownership that Funding Circle Business Line of Credit requirs from the applicant?

To apply for Funding Circle Business Line of Credit, the applicant needs to have at least 20% of business ownership. If you don't have enough ownership in the company, your application will most likely be denied from the Funding Circle.

What types of business lines of credit does Funding Circle offer?

Funding Circle only offers unsecured lines of credit.

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Availability

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

Feature Breakdown

Application Fee $0
NSF Fee $0
No Prepayment Fee  
Annual Fee $240
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
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Months in Business 6
Minimum Revenue $25,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
  • Income Statement
  • Cash Flow Statement
  • 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 Starting at 3 days
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Variable APR) Starting at 10.99%
Loan Amount $6,000 - $100,000
Loan Term 6 - 12 months

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