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  Funding Circle Business Line of Credit
Funding Circle Business Line of Credit
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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 740 - 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 Denver, CO. Funding Circle Business Line of Credit are available in 49 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 variable APR product that starts at 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 740 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 and permanent resident / green card holders are eligible to apply for the services offered by Funding Circle Business Line of Credit.

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

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • U.S. tax identification number

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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Message From Funding Circle

Funding Circle is the world’s largest small business lender specializing in fast & affordable funding solutions. Since 2010, we’ve proudly funded more than $15.2B to borrowers looking to transform big dreams into small businesses in over 700 industries.

As a leading resource trusted throughout the United States and across the globe, our mission is to empower small businesses with the flexible funding solutions they need to help reach their full potential.

Our full suite of affordable loan programs offer borrowers a unique and seamless funding experience. With approval in as little as 24 hours, access up to 500K in funds within just a matter of days. Even better, our long term business loans come standard with low once-monthly payments so that you can focus on what really matters: your business.

 

Contact

Hours of Operation

  • Sunday Closed
  • Monday 6:00am - 5:00pm
  • Tuesday 6:00am - 5:00pm
  • Wednesday 6:00am - 5:00pm
  • Thursday 6:00am - 5:00pm
  • Friday 6:00am - 5:00pm
  • Saturday Closed

Other Services by Funding Circle

Availability

  Available in 49 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • 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
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Annual Fee $240
Application Fee $0
NSF Fee $0
No Prepayment Fee
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 740 - 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
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
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
  • 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%
APR Type Variable APR
Loan Amount $6,000 - $100,000
Loan Term 6 - 12 months

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