Are you a small business owner in search of the right funds for it?
I might just have what you are looking for – the most suitable financial support you can get right now.
It comes none less but from a global finance lending platform by the name of Funding Circle.
In this Funding Circle review, I’m going to provide information about:
Let’s begin by checking out some general information about Funding Circle.
Who are they? What do they do?
Funding Circle is a UK-based lending platform that connects small business owners in need of financial support directly with a network of financiers (individual and institutional).
The company has been in business for ten years now. It’s the product of 3 University-Oxford friends: Samir Desai, James Meekings, and Andrew Mullinger.
Where do they operate?
Apart from the UK, the company provides services to:
What do they offer/do? How do they do it?
Is Funding Circle a good idea for your business?
Let’s go through some of Funding Circle’s verified reviews and find out.
Funding Circle Borrower Requirements, Terms, Fees, and Repayments
According to Funding Circle loans reviews, these are the borrower requirements, terms, and fees:
|Minimum time in business||Two years|
|Credit score required||At least 660|
|Annual revenue required||None|
|Borrowing amounts range||From $50.000 – $500.000|
|Origination (or any other) fee||Origination fee: from 3.49% – 6.99%
Late fee: 5% of the missed payments
|Funding time||One business day to get approved
About 5+ days
|Location requirements||UK, USA (except Nevada), Germany, and the Netherlands|
|Bankruptcies||No bankruptcies in the last seven years|
|Eligible industries||Funding Circle works with all industries except those that have to do with: speculative real estate, nonprofits, weaponry, marihuana, gambling, and pornography.|
|Personal loan guarantee required||Funding Circle asks for a personal guarantee from those business owners who have at least a 20% stake in the business.|
|Collateral||Equipment, vehicles, accounts receivable, and inventory. No real estate properties.|
|APR||From 11.29% – 30.12%|
2020 Funding Circle pricing model reviews are praised by many because of the no-prepayment penalties.
An advantage like this one enables you to pay off early and reduce your interest.
In addition to this, there are no borrowing fees. You will have a one-time loan origination fee. It could be 3.49%-6.99% of the total loan amount, and it depends on your FICO score.
If you are late for your payment for 10 days without giving any explanations for it, 5% will be deducted along with the payment.
The repayment system is an ACH (automated clearing house).
That means it goes through the account from which the loan was distributed. If you want, you can change that, and the repayments can go through:
– or Wire.
According to Funding Circle small business loan reviews, you can use their support page information and learn how to calculate your monthly payments with its loan calculator.
Going through Funding Circle online reviews, I found out that you can follow a couple of steps to apply for a loan.
Check out the following:
Finally, according to the 2020 Funding Circle review, if all is well with the offer, you’ll receive funding in a couple of days.
How can you reach Funding Circle?
Here are three ways to do so:
According to Funding Circle small business loan reviews, once you’re assigned to a Funding Circle representative, that person will lead you through the whole process during your loan. So far, customers are delighted with the Customer Service they get.
But more on that in the next section.
Now, let’s check out some Funding Circle Reviews and see what experiences people have had.
Let’s go through the positive and negative reviews based on verified customers.
According to Funding Circle BBB reviews, the company has 42 reviews, out of which 15 are complaints closed in the last 12 months with the Better Business Bureau.
Let’s go through Funding Circle’s customer complaints:
Speaking in general, there is no company that doesn’t have some bad reviews, so all is good as long as those conflicts are resolved.
On the other hand, Funding Circle is BBB accredited and has an A+ rating. Additionally, the company has a 4.4 / 5 rating on Trustpilot.
Here is what people like about their services:
Even though Funding Circle is at a high-rank position in the money lending world, many other alternatives work. Let’s not wait any longer and check them out:
Funding Circle vs. Kabbage
Funding Circle offers loans up to $500.000 to qualifying applicants, whereas Kabbage offers loans up to $250.000. Furthermore, Kabbage provides a line of credit rather than a one-time personal loan or a business loan.
Funding Circle vs. OnDeck
OnDeck might be a better option for short-term funding for some people because OnDeck offers up to $500.000 several days quicker than Funding Circle. Additionally, the starting APR for OnDeck business loans is lower than Funding Circle’s, and the repayment terms extend up to 3 years.
Let’s check out some of the pros and cons of Funding Circle.
All in all, Funding Circle is a great source of funding for your business if you can qualify.
With a strong credit history and a well-established business, Funding Circle is the right place to turn to for financial support.
Although the application and approval process is longer than other online lenders, it is significantly shorter than applying for a loan in a bank.
Though banks might offer better rates, still, they can’t compare to Funding Circle’s quick funding time.
Funding Circles reviews have proven the company offers:
Yes. Funding Circle is approved by the Small Business Administration (SBA).
2. Can my business get a loan if I have an active bankruptcy?
No. Even if you have declared bankruptcy in the past seven years before applying for the loan, you still won’t be able to get one.
3. What is the customer service availability?
You can reach Funding Circle via
4. What is Funding Circle’s BBB rating? Is it accredited?
Funding Circle has an A+ BBB accreditation since 2013.
5. Does Funding Circle report to credit bureaus?
Funding Circle reports to both: Experian and Dun & Bradstreet for both on-time and late payments.