Funding Circle is a peer-to-peer (P2P) loan provider focused on lending capital funds to small businesses. It enables accredited investors and institutions to lend money to small business owners without the need for a bank. In this article, we cover Funding Circle reviews and pricing. Ready to get started? Apply now.
Quiz: Is Kabbage or OnDeck Right for Your Business?
Funding Circle Pricing
Funding Circle pricing depends on the terms of the loan. It offers loans ranging from $25,000 to $500,000, payable in six months to five years. The interest rate is fixed over the life of the loan and ranges from 4.99% to 22.99% per year, depending on the borrower’s credit profile and the payment period.
|Loan Sizes Available|
|Simple Interest Rate|
|Late Payment Fee|
Funding Circle charges borrowers with a one-time origination fee that ranges from 3.49% to 6.99%. For borrowers with late monthly payments, Funding Circle also imposes a late payment fee, which is equivalent to 5% of the missed payment amount.
Ready to get started with Funding Circle? Apply now.
Top Funding Circle Alternatives
Repayment terms up to three years on funding up to $500,000
Traditional bank term loans available nationwide with low rates
Online term loans with repayment terms up to seven years
Bank term loans up to $200,000 with terms up to five years
Evaluating funding options with a free online lending marketplace
Summary of Positive Funding Circle Reviews
Users who gave positive Funding Circle reviews online said that it offers competitive terms and fees and that there are very few additional fees to the loan. They also appreciate the online application process and fast turnaround time in forwarding approved loan amounts to borrowers. Excellent customer support was also cited.
One user who gave a positive Funding Circle review on Trustpilot said that its customer service staff was helpful from initial contact. He shared that the process was very easy from start to finish, with communications done via phone calls and emails. He said that he would recommend it to anyone looking for help to make their business better.
Summary of Negative Funding Circle Reviews
Users who gave negative Funding Circle reviews online shared their frustrations about the company’s stringent borrower requirements and constant calls or email messages from account managers. Some investors also complained about the changes in the lender’s investment policies that limited their flexibility in choosing whom to lend their money to.
One user who gave a negative Funding Circle review on Trustpilot said that he was lured to invest by the advertised high-interest rates and upbeat story about supporting small and medium enterprises. He related that the returns were good initially, but his bad debt later began to overtake the interests he received.
Top Small Business Loans Picks From Fit Small Business
7 Best Easy Small Business Loans 2019: With many online lenders these days, applying for a small business loan has become much easier. Easy business loans have short applications, simple repayment procedures, easy-to-manage accounts, and fast application processes. Easy business loans can get funded in 24 hours and help small business owners save time so they can focus on their business.
Funding Circle Features
Check out the list below of some of Funding Circle’s features:
- Competitive terms and fees
- Online application process
- Fast business financing
- Transparency on lending fees
- Zero prepayment penalties
- And more
Funding Circle FAQs
What are the documents that Funding Circle will require from interested borrowers?
Interested borrowers are required to submit two years of most recent business tax returns, one year of the most recent personal tax return, six months of most recent bank statements, and business debt information. Funding Circle may also require borrowers to provide additional documents to support the loan application further.
Does Funding Circle provide loans for all types of businesses?
Funding Circle currently does not lend to businesses that belong to certain industries, such as speculative real estate, nonprofit organizations, weapons manufacturers, gambling businesses, pornography, and marijuana dispensaries. Interested borrowers can contact Funding Circle’s support team to learn whether or not their business is eligible for a loan.
When are loan payments due?
Loan payments are due monthly. For new borrowers, loan payments will start one month from the day that they received the fund.
Funding Circle Alternatives
What is Funding Circle?
Funding Circle is a global SME loans platform, connecting SMEs who want to borrow with investors who want to lend. Since 2010, investors have lent $7 billion to more than 50,000 small businesses globally through Funding Circle.
Funding Circle News & Activity
- Funding Circle and Alcentra announce strategic partnership to lend $1 billion to U.S. small businesses
- Lending through Funding Circle unlocked 75,000 jobs in 2017
- Funding Circle expands U.S. operations with new office in Denver
Funding Circle Customer Service
Unlike other online lenders, every Funding Circle loan applicant is assigned their own personal account manager who works with each applicant to explain their options, walk them through the process and find the best terms to suit their needs.
What makes your company stand out from the competition?
We understand small business because we were small business owners ourselves. Funding Circle has created a new model that’s faster and better at helping businesses access affordable financing. We connect small businesses with financing in a faster, more transparent way than banks, with competitive, market-driven pricing.
We do this by leveraging technology to better underwrite loans and automate processes, and old-fashioned white glove customer service. We offer market-leading business rates and no penalty for early repayment, make quick, honest decisions in as few as 24 hours after document submission and each borrower gets a dedicated account manager to guide them through the process. For the big banks, lending to smaller businesses isn’t always viable. For us, it is our specialty, and we excel at it.