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 49 states (and Washington, DC).

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 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
• 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.