in Business Loans from Funding Circle
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Funding Circle Review
Where does Funding Circle do business?
Funding Circle is a business financing offering by Funding Circle, a marketplace lender based in San Francisco, CA. Founded in 2010, Funding Circle offers access to business loans in 49 states (and Washington, DC).
What are Funding Circle’s rates?
Funding Circle offers a fixed APR business financing product that ranges from 4.99% APR up to 26.99% APR.
Does Funding Circle charge an origination fee?
Yes, Funding Circle charges a loan origination fee of 5.99% of the loan amount. Funding Circle deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Funding Circle set on the purpose of the loan?
Funding Circle considers loan applications for business purposes, such as:
- Business Debt Refinance
- Emergency Repairs
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Technology Investment
- Working capital
What types of business loans does Funding Circle offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Funding Circle provides access to the following business loan types:
- Secured Term Loans
- Lines of Credit
Does Funding Circle charge prepayment fees?
No, Funding Circle does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from Funding Circle?
Loan amounts start at $25,000 and go up to $500,000.
What is the maximum loan term you can get with Funding Circle?
Funding Circle offers business loans with terms ranging from 6 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for Funding Circle?
Funding Circle requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $75,000 to be considered.
Applicants with a credit score of at least 620 and up to 850 are eligible for Funding Circle.
Funding Circle does not have or does not disclose a minimum annual income eligibility requirement. Funding Circle only considers borrowers who are employed.
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. Their rates fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Government issued photo ID
- Proof of identity
What is the estimated funding time for a business loan via Funding Circle?
Funding Circle can approve (or deny) a loan application within 24 hours and fund business loans within 5 business days of approval.
Does Funding Circle report your account activity to credit bureaus?
Funding Circle reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Credit Score Range||
620 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Minimum Months in Business||24|
|Verification Documents Required||
|Loan Amount||$25K - $500K|
|Loan Term||6 - 60 months|
|APR (Fixed APR)||4.99% - 26.99%|