Funding Circle specializes in small business term loans from 6 months to 7 years. They also offer a business line of credit and SBA 7(a) loans through their network of lending partners. Depending on which type of loan you choose, you can borrow between $25,000 and $500,000 and repay your loan in monthly installments.
Funding Circle has a unique model for offering loans compared to other online lenders. With the term loans offered through Funding Circle, the company handles the application, approval, and loan servicing process directly, but your loan is purchased by one of the company’s institutional investors.
Why Funding Circle Is Good For Your Business
Funding Circle offers a wide range of loan options, including small business term loans as well as business lines of credit and SBA 7(a) loans through their network of lending partners. Working with a network of lending partners allows Funding Circle to offer funding to a wider range of businesses than most individual lenders.
On top of that, you can apply for a Funding Circle term loan as well as a business line of credit and SBA 7(a) loan through Funding Circle’s network of lending partners using a single online application. Funding Circle makes loan decisions in as little as 24 hours after you submit your supporting documentation, and can deliver funds in as little as two business days. So, this service is suitable if your business needs money quickly.
Business Term Loan Features
Funding Circle Small Business Term loans range in size from $25,000 to $500,000. Features and minimum requirements for a Funding Circle Business Term Loan include:
- Borrow $25,000 to $500,000
- Receive funds in as little as 2 business days after approval
- Must be in business for at least 2 years
- Cannot have filed for bankruptcy in the last 7 years
- Minimum credit score of 620 to qualify
- Minimum annual revenue of $50,000
- One time origination fee from about 4% - 9%
- No prepayment penalty
You can apply for a small business loan with Funding Circle online. The application takes just 6 minutes to complete and asks for information about the size of the loan you’re looking for, your business, and your financial history. Funding Circle runs a soft credit check, which doesn’t impact your credit score, as part of your application. However, if your business is organized as a general partnership, a hard inquiry will be run so your credit score may be impacted.
Once you submit the application, Funding Circle will contact you within as little as 24 hours of documents being submitted with a credit decision. If approved, your dedicated Funding Specialist will walk you through your approved funding solutions.Depending on the type of loan you select, funds can be available within 2 business days.
How Much Can You Borrow?
Funding Circle term loan loans range from $25,000 to $500,000. However, the exact amount you can borrow varies based on your business’s revenue and overall creditworthiness.Funding Circle also offers a business line of credit, ranging from $5,000 to $250,000 and a SBA 7(a) loan, ranging from ($50k-$500k), through their network of lending partners.
Funding Circle offers repayment terms from 6 months to 7 years for their business term loans. Interest rates start as low as 7.49%, and Funding Circle charges an origination fee of between 4.49% to 8.49% of your approved loan amount. There is no prepayment penalty and no monthly maintenance fees. Funding Circle business term loans require a business lien and personal guarantee.
Privacy and Security
Funding Circle uses SSL (Secure Socket Layer) encryption to protect your application information and the online loan management portal. The company has an A+ rating with the Better Business Bureau and a 4.6-star rating on Trustpilot as of April 2023.
Help & Support
You can contact Funding Circle’s customer support team by phone or email from 8:00 am - 5:00 pm (MT), Monday to Friday. The company’s website also has a detailed FAQs page that answers questions about rates, repayment, and the application process.
Phone: (855) 385-5356
Funding Circle, 707 17th St Suite 2200, Denver, CO 80202
Funding Circle is a direct small business lender specializing in small business term loans from 6 months to 7 years. They also offer SBA loans with terms up to 10 years, and business lines of credit through their network of lending partners.. You can apply online in minutes and get a funding decision in as little as 24 hours. Funding Circle has funded over $19.4 billion in small business loans to date and has an A+ rating with the Better Business Bureau.
This review was created with information from the Funding Circle website, the Better Business Bureau, and Trustpilot.
All loan offers and qualifications require credit approval and are subject to change with or without notice.
Loans are made by FC Marketplace, LLC dba Funding Circle and arranged pursuant to Nevada Installment Loan Company License No. IL11154 and IL11155, California Financing License No. 6054785, North Dakota Money Broker License MB 102840, South Dakota Money Lending License MYL.3054, Vermont Commercial Lender License No. 1287979 CLL, and Florida Consumer Company License CF9901099. Partner Loans are made or arranged pursuant to their applicable lending license(s).