iBusiness Funding (formerly Funding Circle) 2025 Review
iBusiness Funding offers competitive rates for online term loans. You'll need good personal credit and an established business to qualify.
Overview
The bottom line:
iBusiness Funding is well suited for established businesses with good credit that prefer a streamlined application process.
Loan details
Min. Loan Amount
$25,000
Min. Term Length
6 months
Min. APR
22.45%
Max Loan Amount
$500,000
Max Term Length
5 years
Max APR
50.24%
Qualifications
Min. credit score
660
Min. Time in Business
24 months
Min. Annual Revenue
$50,000
Pros & Cons
Pros
Cash can be available within three business days.
Competitive rates for online term loans.
Terms up to seven years.
iBusiness Funding also offers SBA loans up to $5 million.
Cons
Must be in business for a minimum of two years.
Minimum credit score is higher than some other lenders.
Charges an origination fee.
Why trust NerdWallet
iBusiness Funding, which acquired Funding Circle in 2024, is an online lender that offers small-business loans
iBusiness Funding is known for its streamlined application process and multiple loan options. In addition to its business term loan, iBusiness Funding acts as a lending marketplace
This review will focus on iBusiness Funding's term loans.
iBusiness Funding loan qualifications
C redit score : 660 or higher.
Time in business: 24 months
Annual revenue: $50,000 or more.
Consider iBusiness Funding if you:
✔️ Are looking to expand your business or refinance costly debt.
✔️ Have good credit and an established business.
✔️ Are looking for fast cash.
Not a fit? Consider these lenders instead.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
iBusiness Funding business loan details
| Loan amount | $25,000 to $500,000. |
| Estimated APR range | 22.45% to 50.24%. |
| Fees |
|
| Terms | 6 months to 5 years. |
| Repayment schedule | Monthly. |
| Funding speed | As fast as three days. An underwriting decision can be delivered in 24 to 48 hours. Once you sign the loan agreement, you'll typically receive your funds the following business day. |
Where iBusiness Funding stands out
Competitive rates compared with other online lenders
iBusiness Funding’s annual percentage rates
Faster processing than banks
It can take just a few minutes to apply online for an iBusiness Funding loan, and you could receive funds within three days. For comparison, it can take weeks to months to be approved for a loan from a bank.
Online lender extending SBA loans
Banks and credit unions are the more common sources of an SBA loan
» MORE: Compare the best SBA lenders
💬 From our Nerds: Consider the rare opportunity to get an SBA loan from an alternative lender
"Getting an SBA loan from an online lender like iBusiness Funding means you can get access to the many benefits of this coveted type of small-business loan but with a lower minimum FICO score than many banks will expect — 640 compared with 690+ — and with a streamlined online application process."
Karrin Sehmbi, editor & content strategist, Small Business
Where iBusiness Funding falls short
Not for new businesses
iBusiness Funding requires at least 24 months of business history. For comparison, the alternatives we list below, OnDeck and Fora Financial, require only 12 months and 6 months of business history, respectively.
High qualification standards
You’ll need a personal credit score of at least 660 to qualify for a iBusiness Funding loan. Some other online lenders, however, accept scores of 600 or lower.
iBusiness Funding also requires a lien on your business assets, which may include equipment, vehicles or inventory. Like most other business lenders, it also requires a personal guarantee
Fast, but not the fastest, option
Although you can get a loan from iBusiness Funding in a matter of days, there are other online lenders, like OnDeck and Bluevine
Alternatives to iBusiness Funding
OnDeck
OnDeck
OnDeck - Online term loan
NerdWallet Rating
4.8
Max Loan Amount
$250,000
Apply now with Fundera by NerdWallet
- Loan type: Term loan.
- Max. loan amount: $250,000.
- Terms: Up to 24 months.
- APR: Starting at 31.3%.
- Min. credit score: 625.
- Min. time in business: 12 months.
OnDeck offers business term loans up to $250,000 with repayment terms up to 24 months. Although interest rates will likely be higher with OnDeck than iBusiness Funding, they have more flexible qualification requirements and faster funding times.
To qualify for a loan with OnDeck, you'll need at least 12 months in business, $100,000 in annual revenue and a credit score of 625.
These requirements may make OnDeck a better option for newer businesses and those with bad credit.
» Read our full OnDeck review
Fora Financial
Fora Financial
Fora Financial - Online term loan
NerdWallet Rating
4.7
Max Loan Amount
$1,500,000
with Fundera by NerdWallet
- Loan type: Term loan.
- Max. loan amount: $1,500,000
- Terms: Up to 24 months.
- APR: Undisclosed; charges a factor rate.
- Min. credit score: 570.
- Min. time in business: 6 months.
Fora Financial is an online lender that extends term loans of up to $1.5 million with terms up to 24 months. This lender has one of the most accessible credit score minimums for online term loans at 570 and requires only 6 months of time in business. And instead of charging prepayment penalties, Fora offers discounts for paying your loan off early.
Fora uses factor rates
» Read our complete Fora Financial review
Frequently asked questions
Frequently asked questions
iBusiness Funding acquired Funding Circle in 2024. It has connected approximately 135,000 businesses to over $20 billion in financing since its launch in 2010. Since 2013, the lender has been accredited by the Better Business Bureau, where it has an A+ rating.
iBusiness Funding is not a bank. The company issues term loans using funding from accredited investors. It also offers SBA loans up to $5 million.
iBusiness Funding typically conducts soft inquiries on loan applicants, which doesn’t impact your credit score. The lender may perform a hard inquiry on general partnership businesses, however.
The lender may also check your business credit reports; this will not impact your personal credit.