Funding Circle is an online loan marketplace specifically focused on small businesses. Funding Circle matches borrowers with accredited lenders from across the globe. Investors in Funding Circle loans receive higher interest rate returns than banks and CDs while helping small businesses fund their goals.
- Products: Small business loans for various needs such as expansion, inventory, equipment, refinance the debt or to hire additional staff.
- Interest rates: As of April 12, 2016, fixed interest rates start at 5.49 percent and go up to 26.79 percent, depending on loan term, business and borrower qualifications. The firm promises a transparent fee structure and no prepayment penalties.
- Service: Access to a dedicated loan specialist for assistance is available throughout the borrowing process.
- Borrower qualifications: The application process requires two years of the most recent business tax returns, the most recent personal tax return, and six months’ recent business bank statements. For loans greater than $300,000, additional documentation includes six months’ recent bank statements, YTD balance sheet and income statement, and completion of the company’s ”outstanding business loans & credit worksheet.”
- Approval process: The quick online application promises an immediate response from the loan specialist. Borrowers may receive the loan qualification within 72 hours and funding may be secured within 10 business days.
- Loan limits: From $25,000 to $500,000.
- Repayment options: Monthly repayment is the norm and the term varies from 1 to 5 years.
- Website: Excellent and transparent website with easy access to educational resources and borrower information.
- Best for: Established small business owners and expanding businesses.
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