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Funding Circle Review

Rating: 6.9 / 10 (Very good)
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Funding Circle offers term loans starting at 7.49% to help small- and medium-sized businesses grow and thrive. </br> </br> The company is a direct online lender that provides business owners with the financing they need to grow, expand, obtain working capital, purchase equipment, hire staff, and more. Funding Circle has lent over $20.2 billion worldwide and helped support over 135,000 businesses.
 
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How is Funding Circle rated?

Breakdown

3.5/5
Loan Options
3.4/5
Application Requirements
3.5/5
Average Rates & Fees

Overall Rating: 3.4 / 5 (Very good)

Funding Circle is a great option for established business owners with available cash flow and plans for growth. Their fast and efficient service can present a decision in as little as 24 hours. The company offers excellent rates starting at 7.49% and has good customer reviews. Potential borrowers should only reconsider if they can find a better offer elsewhere.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Term Loans

Min Loan Amount
$25,000
Max Loan Amount
$500,000
Min Term Length
6 months
Max Term Length
84 months
Repayment Terms
Fixed monthly payments

Loan Options - 3.5 / 5

Funding Circle exclusively offers business term loans, which can be used to purchase new equipment, hire more employees, refinance debt, expand the business' space, and more. Terms offered range from 6 months to 7 years.

Funding Circle Rates & Fees

Term Loans

Min APR
12.45%
Max APR
45.0%

Term Loans

Fees: Single, one-time fee to cover cost of servicing and processing the loan (4.49% - 8.49% of the loan amount). Fee is based on strength of credit profile. There are no prepayment penalties or administrative fees.

Average Rates & Fees - 3.5 / 5

Funding Circle offers very affordable rates. Though these may sometimes be higher than the ones offered by banks or the Small Business Administration, they are still considerably lower than a short-term lender. Even the higher end of their interest rates is still lower than many other, comparable small business lenders.

Application & Qualifications

Online Application
Approval Time
As little as 24 hours
Funding Time
In as few as two days
Min. Years In Business
2 year(s)
Min. Credit Score
620
Additional Qualification Requirements
Personal Guarantee
No Recent Bankruptcies

Application Requirements - 3.4 / 5

Funding Circle's loan application process is simple and easy to complete, and provided business owners have all the information required, they can get a decision in as little as 24 hour and funding in as few as two days.

Funding Circle Reputation

Customer Feedback

Trustpilot Score
4.6 out of 5
BBB Rating
A+
BBB Positive Reviews
1
BBB Neutral Reviews
0
BBB Negative Reviews
11
Date Collected
2023-09-22

Consumer Education - 3.4 / 5

Funding Circle enjoys an excellent reputation on customer review websites such as TrustPilot, and has lent over $20.2 billion globally. The company is accredited by the Better Business Bureau and currently holds a BBB rating of A+. It is one of the most well-respected lenders within the online small business lending industry, due to its transparent policies and lack of predatory behavior.

Contact & Additional Information

Homepage URL
https://www.fundingcircle.com/us/
Headquarters Address
707 17th Street, Suite 2200, Denver, CO, 80202
Year Founded
2010
Top Rated
Our Partner
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Named "Best Small Business Loan with a Low APR" by Money.com in January 2020

  • Loan amounts: $25K - $500K
  • Average Yearly Revenue requirements: $50,000
  • Min. Credit Score: 620 FICO
  • Min. Time in Business to apply: 2 years
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