Funding Circle is a lender providing business loans to UK companies. A leader in small business lending, Funding Circle is dedicated to helping business owners to experience business success. This lending company was founded on the idea that the traditional bank loan system doesn’t function properly and doesn’t benefit hard working business owners looking to take advantage of opportunities that require capital.
A credit check is run on businesses applying for funding with Funding Circle. Businesses need to meet some basic requirements regarding credit history. Also, businesses need to be established and be bringing in revenue every month in order to be approved for a business loan with Funding Circle.
LOAN AMOUNT AND CHARGES:
Those borrowing from Funding Circle can take advantage of loans ranging in amount from between ¬£25,000 and ¬£500,000. These loans can be taken out over a period of between one and five years. Interest fees charged on Funding Circle loans depend on the amount of money borrowed and the period of time over which the loan funds are borrowed. For a term of 12 months, interest charges vary from between 5.49 percent and 18.29 percent. For a longer loan term of 60 months, interest rates vary from between 10.49 percent and 18.29 percent.
The process of applying starts when qualifying businesses submit an online application. In the application, business owners need to indicate how much money they are looking to borrow and the period of time over which they would like to borrow loan funds. Furthermore, they must fill out information indicating their monthly/annual income and their business’s history. Once the loan application is submitted, businesses will receive a decision quickly. Once a decision is received by the borrower, the business owner interested in borrowing funds can decide whether or not to agree to the loan terms. Once an agreement is submitted, loan funds should be transferred into the borrower’s banking account within a period of 14 days or less.
Repayments on Funding Circle loans are due on a monthly basis. These repayments can be automatically debited from a borrower’s account. Alternatively, borrowers can manually make payments by logging on to their Funding Circle account online. If desired, borrowers can pay off their loans early to save money on interest charges.