Funding Circle is a peer-to-peer (P2P) loan provider focused on lending to small businesses. It allows accredited investors and institutions to lend money directly to small businesses without the need of a bank. We compiled reviews from our own website plus looked at user reviews from around the web and found that Funding Circle has generally positive ratings. We also compared the most popular pricing options for small business owners.
Funding Circle Customer Reviews
Ease of Use: Good
Customer Service: Good
Summary of User Reviews
What Funding Circle does well:
Users who recommend Funding Circle liked the fast and easy application process as well as the transparent fees. Many customers also had a positive experience with the company’s customer service.
What Funding Circle does not do well:
Some users who gave the company negative feedback reported difficulty with the application process in terms of paperwork collection. Unimpressed customers felt like the company asked for a lot of business and personal documentation for verification purposes.
Most Helpful Positive User Review
A user who gave Funding Circle a positive review on TrustPilot said that she had a great overall experience with the service. She reported that they were advised on the same day as applying that they had been approved and the funds were in their account within three working days. She also mentioned that their assigned account manager was extremely helpful and kept them up to date with the process and what the next steps were. She likewise said that the interest rate they received was extremely competitive.
Most Helpful Negative User Review
One user who gave Funding Circle a negative review on Better Business Bureau said that the company’s staff wasted their time. He reported that representatives constantly asked them to fill out documents for more loans and have produced what seems like arbitrary results.
Funding Circle Pricing
Funding Circle loans range from $25,000 to $500,000 and have terms of 6 months – 5 years. They charge an origination fee ranging from 3.49% – 4.99%, and an interest rate ranging from 5.49% – 27.79%. These rates are determined during the underwriting process and are based on the strength of your credit profile.
|Loan Sizes Available||$25,000 - $500,000|
|Origination Fee||3.49% - 4.99%|
|Simple Interest Rate||5.49% to 27.79%|
|Loan Term||6 months to 5 years|
|Minimum Personal Credit Score||620|
|Minimum Time in Business||2 Years|
|Minimum Gross Annual Review||$120,000|
Interest rates remain fixed over the life of a loan. However, they charge 10% on late payments and a $35 Insufficient Funds fee on failed payment transactions.
Funding Circle typically lends no more than 30% of your business’ annual gross revenue. You must be in business for at least two years and have a credit score of at least 620.