Funding Circle is an online peer-to-peer lending marketplace founded in 2010 in San Francisco, California. The company has assisted over 15,000 businesses globally with more than $2 billion in small business loans. The company offers small business loans up to $500,000 with fast approval times and funding within 10 days. Funding Circle has an A+ rating with the Better Business Bureau with five filed complaints in the last three years. The main complaints from customers involve too many emails received by the company.

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Typical Funding Circle Borrowers

Typical borrowers through Funding Circle have been in business for at least two years and have good to excellent credit histories. Small business owners also should not have any bankruptcies on record within the last seven years. Borrowers must be able to provide both personal and business collateral and show proof of consistent income. Startup companies and business owners with bad credit will want to consider alternative lending options.

Best Uses

Small business loans from Funding Circle are typically used for inventory purchases, location expansion, debt refinancing, and payroll.

Minimum Qualifications

  • Two Years in Business
  • 620 Credit Score
  • Business and Personal Collateral Required

The Good

Pros of Funding Circle Small Business Loans

  • Fast Approval
  • Transparent Rates and Fees
  • No Prepayment Penalties
  • Secured Loans Up To $500,000
  • Variable Term Lengths From 1 to 5 Years
  • Fixed Interest Rates

Transparent Application Requirements

Funding Circle fully discloses its entire small business loan application requirements and fees on its corporate website. Small business owners can apply directly with lenders for the term length and exact amount needed. The secured loans can be used for a variety of purposes and feature low monthly payments with fixed interest rates. There are no penalties for paying off loans early.

Resource Center

Funding Circle offers small business owners an online resource center on its corporate website that features educational articles and financing tips from entrepreneurs. The website also features a FAQ section that answers commonly asked questions on loans through affiliated investors. Borrowers can also speak with loan specialists during normal business hours for more detailed information.

The Bad

High Interest Rates and Fees

Interest rates typically range from 5.49 to 21.29 percent, although in some cases rates may be even higher. Funding Circle charges origination fees ranging from 0.99 to 5.99 percent. There is also a 10 percent late fee charge on missed monthly payments. Funding Circle also charges a $35 Non-Sufficient Funds Fee when applicable.

Time to Funding

Funding Circle takes up to 10 days to transfer funds and complete the application process. Many similar competitors are able to approval applications immediately and transfer funds in 1–3 days for most loans.

Negative Customer Reviews

While most reviews online are positive about the company, some consumers report difficulty reaching a customer service representative and receiving too many emails. The company failed to resolve two out of the five total complaints filed with the Better Business Bureau. Some consumers also report that the company was not transparent with them initially regarding rates and fees for their small business loans.

Compare to the top rated business loan companies

The Bottom Line

Funding Circle is an online peer-to-peer lending marketplace that offers secured loans up to $500,000 for small to medium-sized business owners. Small business owners applying for loans must have great credit to avoid high interest rates and the time to funding is longer than similar competitors; however, borrowers can choose loans directly from investors and negotiate term lengths and amounts.

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*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.

More Information

Types of Loans Offered

Peer-to-Peer Lending – Up to $500,000

Rates Offered

5.49% – 18.29%
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Term Lengths

1-5 Years
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The Borrowing Process

Borrowing with Funding Circle is different than borrowing with typical alternative lenders. Funding Circle is peer-to-peer lending, meaning your exact terms will depend on who your lender is. However, the borrowing process is the same across the board:

  • Apply online (only takes 10 minutes)
  • Hear back from a loan specialist (in the same day you apply)
  • Get approved (takes less than 72 hours)
  • Receive Funding (takes less than 1- days)

How to Apply

Before even applying for a loan with Funding Circle, you can estimate what it will cost you. This is a unique feature Funding Circle offers that you should fully take advantage of.

After filling out the above information, you will need to enter the following information about yourself / your business:

  • Business name
  • When you need the loan
  • Your first name, last name, email, primary phone number
  • How you heard about Funding Circle

Determining Your Eligibility:

  • How long have you been in business
  • What type of business do you have
  • What is your annual revenue – have you been profitable
  • Financial history

Business Details:

  • Your industry
  • Your state
  • Number of employees
  • What you will use the funds for
  • Business address
  • Additional business owners

Personal Information:

  • Social security number
  • Contact information
  • Your (residential) address
  • Your financial information
  • Legal history

Overall, it takes about 5 minutes to apply for a loan with Funding Circle.

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