Industries that don’t qualify for Funding Circle loans
- Adult entertainment
- Speculative real estate
- Weapons manufacturing
Funding Circle is a lending marketplace matching lenders and investors to businesses that have been around for at least two years. While it doesn’t have any hard revenue requirements, it’s not open to startups.
You’re eligible to apply for a business loan with Funding Circle if you meet the following criteria:
You won’t be eligible if your business is in one of Funding Circle’s restricted industries.
As a peer-to-peer (P2P) business lender, Funding Circle doesn’t have as strict eligibility requirements as traditional banks — you only need to have fair credit to qualify, and it doesn’t have a minimum revenue requirement. It also offers a more streamlined application process that should take just 10 minutes to complete, as well as a responsive customer service team.
Funding Circle is a P2P lender that connects small businesses with investors in its network. It offers fixed-term business loans between $25,000 and $500,000 you can use to cover most business-related expenses, like paying for new staff or expanding your business in general.
You have your choice of repayment terms that start at 6 months and go up to 5 years, giving your business the flexibility it needs to pay back the loan at its own pace. Funding Circle charges fixed rates between 4.99% and 22.99% depending on your loan term, as well as a one-time origination fee between 3.49% and 6.99%.
You can apply online in just minutes and hear back about approval in as little as 24 hours. If accepted, you may be able to get your funds in as fast as one business day.
There are a few perks of borrowing with Funding Circle, including:
Consider these potential drawbacks before taking out a business loan from Funding Circle:
Mostly good things as of October 2019. It’s been accredited with the Better Business Bureau (BBB) since 2013 and earns an A+ rating. While it only has 29 reviews on the BBB, over 5,900 customers have left feedback on Trustpilot. It earns an average TrustScore of 4.1 out of 5 — with 82% of customers rating it “Excellent.”
Many borrowers were happy with the fast and simple application process and helpful customer service representatives. Most negative reviews were from investors who had difficulty withdrawing their money from Funding Circle or lost profits due to loan defaults.
Before you apply, make sure you meet Funding Circle’s eligibility requirements. If you do, you can begin the application process online by following these steps:
A Funding Circle loan specialist will contact you within the hour to collect any required documents. Once you’ve submitted your documents, an underwriter reviews your application and gets back to you with a final decision in 24 hours. If you’re accepted, your funds are disbursed in as little as five business days.
Funding Circle asks all applicants to provide:
You’re now on the hook for monthly repayments through automatic withdrawals from your bank account or a debit or credit card. If you can, consider setting up autopay to avoid late fees and penalties. If you are late on a payment, you’ll be charged a fee of 5% of the missed payment amount.
Since Funding Circle doesn’t charge any prepayment penalties, you can save on interest by making extra repayments or paying back your entire loan early. Have any questions? Reach out to a Funding Circle representative by calling 855-385-5356 or emailing firstname.lastname@example.org.
Small businesses that have been around for a while stand to get the most out of a Funding Circle business loan. While it’s not open to startups, it makes up for it with its lenient revenue requirements and solid customer service.
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