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Funding Circle Reviews: Expert Analysis & User Insights for 2024
Funding Circle connects business owners to a variety of financing products - including term loans, SBA loans, and business lines of credit. Compared to other lenders, it offers low rates, an easy online application process, and personalized customer service to meet your small business needs.
Min. Credit Score 660+
Loan Amount $25K-$500K
Loan Repayment Up to 10 years
Written by:Anna Baluch
Reviewed by: Sarah Brooks, Business Finance Writer and Editor
Fact Checked by: Somer G. Anderson, Accounting and Finance Professor
Expert Reviewer Verdict
Funding Circle is a peer-to-peer marketplace lender founded in 2010. It uses technology to match small business borrowers to investors who are offering financing. It’s best for business owners who have been around for at least two years, have good to excellent credit, and are looking for a fast alternative to bank loans.
While Funding Circle lends to businesses in a variety of industries, its loans are not available to nonprofits, speculative real estate firms, weapons manufacturers, gambling businesses, marijuana dispensaries and those in pornography. Loans are available in all states except Nevada.
Funding Circle Loan Reviews
Funding Circle loans have a very respectable score of 4.5 out of 5 stars on both TrustPilot and MerchantMaverick. Customers are particularly impressed with the constructive and helpful support provided by the customer service team, along with how easy the application process is.
Some customers have been shocked by the possible high origination fees, and others feel the withdrawal fees on lines of credit are a little steep. Funding Circle does make every effort to respond to each piece of criticism individually and welcomes any direct feedback via its website and customer service team.
| Positive Reviews | Negative Reviews |
| Excellent customer service | High origination fees |
| Fast application process | Expensive withdrawal fees |
| Clear guidance on loan types | Poor responses to emails |
| Fast turnaround times on funding | Slow service on complex applications |
Summarized Ratings
Loan Features3.4
Interest Rates & Fees2.8
Qualification Leniency2
Application Process3
Customer Support4
User Reviews4.5
Funding Circle gets a 3.4 for Loan Features. This slightly above average score reflects a fairly broad offering of loan terms, somewhat flexible loan limits, and highly accommodative repayment options.
What Is Funding Circle?
Funding Circle is P2P lender that connects you directly to investors that you’ll be repaying the loan to. However, Funding Circle will underwrite the loans and approve any applications. Rates are competitive, ranging between 4.99%-27.99% (estimated) and you can borrow up to $500,000.
The applications are flexible, but Funding Circle does require a minimum credit score of 660. However, you will be assessed on more than just your credit score, making the process a little easier.
Funding Circle Pros and Cons
Pros
Cons
Funding Circle Interest Rates and Fees
Fees and rates can vary considerably across each type of loan, and not everything will be disclosed until you apply. However, we’ve outlined what you can expect below.
| SBA Loan | Small business Loan | Line of Credit | Merchant Cash Advance | Invoice Factoring | |
| Origination Fees | 3.49% - 6.99% | 3.49% - 6.99% | 3.49% - 6.99% | 3.49% - 6.99% | 3.49% - 6.99% |
| Withdrawal Fees | None | 1.6% - 2.5% | 1.6% - 2.5% | None | None |
| Late Payment Fees | 5% | 5% | 5% | 5% | 5% |
| Maintenance Fees | 1% annually | 1% annually | $20 annual fee | Not disclosed | Not disclosed |
| Interest Rates | Prime rate plus 2.75% | From 4.8% | From 4.8% | Factor rates from 1.15 | Starting from 0.25% per week |
Late payment fees are charged for payments more than seven days overdue.
How to Qualify for a Funding Circle Loan?
To be eligible for a business loan, Funding Circle requires that you’ve been in business for at least two years and have no personal bankruptcies within the past seven years. In addition, one business owner must have a minimum personal FICO score of 660.
While there is no minimum annual revenue requirement, Funding Circle’s other criteria seems to be stricter than that of other lenders. According to Funding Circle, the average borrower has good to excellent personal credit, has been around for 11 years, earns $1.4 million in annual sales, and has a team of 12 employees.
Frequently Asked Questions(FAQ)
Which Games Are Available?
This app literally changed my like. It provides a great experience. I absolutely love it!
How do Online?
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Written by: Anna Baluch
Freelance copywriter who enjoys writing for large publications as well as startups, small to medium sized businesses. Anna Baluch is a personal finance writer with over 7 years of experience covering topics related to mortgages, debt management, student loans, personal loans, and more.
More about meReviewed by: Sarah Brooks
Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.
More about meFact Checked by: Somer G. Anderson
Somer G. Anderson has been working in the accounting and finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a finance and accounting professor.
More about me