Funding Circle Personal Loans

Funding Circle is a lending platform that connects small businesses to investors in order to help them with their financing needs. It is a peer-to-peer lending that is different from banks and other financial institutions. The company is based out of San Francisco, but has spread its wings across the globe. Apart from the United States, it offers lending solutions in Europe, UK, and Canada as well.

Funding Circle Rates and Fees

The lender claims to offer competitive interest rates with an instant approval too. It charges anywhere between 4.99% and 26.99% depending on the borrower’s credit score and loan term. The minimum loan term is 6 months and maximum being five years. Funding Circle acts as an agent between the lender and the borrower and therefore charges a fee for all the services rendered.

It has an origination fee of 0.99% to 6.99% and a late payment fee of 10%. Also, if there has been any failed transaction due to insufficient funds, Funding Circle imposes a fine of $35 too. The company claims that they do not have any application fee and the other charges are to be paid only after the loan is disbursed.


Similar to the majority of banks, Funding Circle does not have any prepayment penalty. It encourages borrowers to pay off their loan at the earliest so that they save on interest rate too. This means, borrowers have to pay interest only on the amount being used.

Application Process of Funding Circle

The company claims to have a quick application process unlike other banks that take several days to process one application. Funding Circle states that loan decisions are made within 10 minutes of applying and the funds are transferred the next week itself.

In order to apply, you need to fill up an online application form available on their official website. Funding Circle performs a credit check after which you would receive a call from a loan specialist. The loan officer would verify all the information entered and may ask for other documents such as business tax returns, personal tax returns, bank statements and income statements.

The entire transaction can be carried out online or through phone banking. You need not visit Funding Circle’s branch in person. Quick application process along with a fast turnaround time attract borrowers to opt for the services of Funding Circle.

Bad Credit – Credit Score Requirements

Some banks are very stringent when it comes to credit score requirements. At times, customers may not be approved of a loan if the minimum credit score is not met. However, with Funding Circle, you may walk out with a loan if you have an average credit.

Funding Circle acts as a mediator that carries out all the required background check including the routine credit check, based on which interest rates and loan terms are determined. This means, if you have a good credit score, you may be charged a lesser interest rate as compared to those with poor credit score.

The lender has made it mandatory for customers to have a minimum credit score requirement of 620 in order to qualify for a loan. You also need to provide proper documentation that shows the satisfactory working of your businesses.

Why Funding Circle?

If you are looking for a speedy approval of loan and a hassle free application process, Funding Circle can be the right choice. It is faster than a traditional bank, provided all your documents are in place. The company does not require any minimum annual revenue, so no matter what your turnover is, you may be lucky to qualify for a loan from Funding Circle.

Apply personal loans at other lenders:-

  1. Loans up to $5,000 at
  2. Freedom Financial Network:- Get fixed-rate loans with personalized rates and terms.
  3. Payoff:- A way to Pay off Credit Cards
  4. LendingPoint:- Apply for a Personal Loan up to $20,000 at!
  5. - Get up to $1000 in Your Bank Account

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