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CircleBack Lending

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3 User Reviews
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LAST UPDATED: March 19th, 2021

CircleBack Lending is an internet-based, peer-to-peer lending institution that provides personal loans to qualified applicants. The company offers loans for a wide range of uses and expenses, including debt consolidation, home improvement, credit card refinancing, medical expenses, weddings and engagement rings, small businesses, relocation/moving, vacations, military, and auto and other vehicles (motorcycles, boats). CircleBack Lending markets a fast and easy application process with a quick turnaround time for receiving funds. It also advertises low-interest rates and fees with no hidden charges. CircleBack Lending was establishing in 2012 and they are headquartered in Florida. All of their loans are financed by County Bank of Rehoboth Beach in Delaware.

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The Good

  • Good Loan Terms

Good Loan Terms

CircleBack Lending offers personal loans of at least $3,100 with repayment term lengths of either 36 months or 60 months. Customers' interest rates are determined by their credit grade, A through H, as well as the repayment term length. The interest rates range from as low as 5.96% to as high as 32.32%; however, once the fees are added in, the annual interest rates range 6.63% to 36.00% APR (those these figures have not been confirmed). CircleBack does not offer smaller loan amounts or flexible repayment term lengths, but there are no prepayment penalties or fees. Of course, you can elect to reduce your term if that is right and feasible for you. This would be considered a "fair" score and is higher than many lenders allow. If your score is poor and doesn't meet this standard, you probably won't have much luck with CircleBack, and you'll have to look elsewhere for your lending needs.

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The Bad

  • Fees May Apply
  • Long Disbursement Time

Fees May Apply

CircleBack Lending charges a one-time origination fee when the loan is funded. The fee is calculated within the annual percentage rate and is deducted directly from the loan amount when the funds are disbursed. The fee is based on a percentage of the total loan amount, with the percentages ranging from 0.99% to 4.99% depending on the credit grade of the applicant. In certain circumstances, other fees may be applied as well:

  • $15 will be charged for every failed payment
  • Late payments will incur a $15 or 5% fee, whichever is greater
  • If payments are made by check, there is a $5 administrative charge each month

Long Disbursement Time

One of the main drawbacks to CircleBack's peer-to-peer lending process is that while it is possible to have a loan request accepted and approved right away, it may take several days or even weeks to complete the process and receive funds. The majority of complaints from customers are regarding the potentially long wait times while everything is processed. There are also several negative reports of being unable to receive responses to voicemail or email messages. However, while there are a fair number of negative reviews of CircleBack Lending's services, there are also many positive reviews from both consumers and reputable news sources. 

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The Bottom Line

CircleBack Lending is a fresh company to the personal loan industry with three years of experience. As an online business, it does a great job of making sure customers are taken care of. Its loan amounts and APRs are enough to make most customers happy. Any customers with lower scores should look elsewhere for a personal loan. Final approval can sometimes take a few days, which might be a negative for those looking for money within a day. All in all, CircleBack Lending is a good option for a personal loan if you are located in their availability area. 

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