Funding Circle Business Loans

Funding Circle Business Loans Review

Funding circle is a business financing offering by Funding Circle, based in Denver, CO. Founded in 2010, Funding Circle offers access to small business loans in 48 states (and Washington, DC).

Funding circle FAQ

What are Funding circle’s rates?

Funding circle offers a fixed APR business financing product that ranges from 4.99% APR up to 38% APR.

Does Funding circle charge an origination fee?

Yes, Funding circle charges a loan origination fee of 5.99% of the business loan amount. Funding circle deducts the fee directly from your business 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 business loan?

Funding circle considers business loan applications for business purposes, such as:

• Emergency Repairs
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• Marketing
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

What types of small business loans does Funding circle offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Funding circle provides access to the following business loan types:

• Secured Term Business Loans
• SBA Loans

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 business loan off early.

How much can you borrow from Funding circle?

Business loan amounts start at $25,000 and go up to $500,000.

What is the maximum business loan term you can get with Funding circle?

Funding circle offers small business loans with terms ranging from 6 to 84 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 Business Loans?

Funding Circle Business Loans requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $500,000 to be considered.

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

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 Loans. 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 Loans.

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

What is the estimated funding time for a business loan via Funding circle?

Funding circle can approve (or deny) a business loan application within 24 hours and fund small business loans within 1 business day of approval.

Does Funding Circle Business Loans report your account activity to credit bureaus?

Yes, Funding Circle Business Loans 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.