Funding Circle Business Loans

Funding Circle Business Loans logo
  • Funding Circle offers a range of finance products to businesses. Find out what options are available, whether your business might be eligible, and how to apply.
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Compare Funding Circle Business Loans

  • Funding Circle logo

    Funding Circle

    • Your business must have a minimum of 2 years’ trading history
    • A leading UK platform for small business loans
    • Simple online application and decisions in as little as 5 hours
    • Rates from 4.9% per year - No early settlement fees
    • Minimum Turnover
      £16,700 p.a.
    • Available Amounts
      £10,000 to £500,000
    • Available Terms
      2 to 6 years

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Last updated on 30 June 2022.

Funding Circle is an online platform that connects businesses seeking finance with a network of individuals and organisations that are willing to lend.

Funding Circle offers a variety of finance options, including loans for small businesses and the self-employed, and FlexiPay, a line of credit that allows you to spread repayment over three months.

Below, you can find out more about Funding Circle business loans, including key features and how to apply.

What is Funding Circle?

Funding Circle is an online platform which helps businesses borrow between £10,000 and £500,000 from a pool of lenders around the world.

Funding Circle takes responsibility for reviewing applications, ensuring businesses are creditworthy, paying out loans, and processing repayments for lenders.

Businesses repay their loan in fixed monthly instalments and repayment terms can be anything from two to six years.

To date, more than 122,000 businesses have used Funding Circle to borrow £13.7 billion. 100,000 of those businesses have been based in the UK.

What products and services do Funding Circle offer?

Small Business Loans

Funding Circle’s small business loans may allow you to borrow between £10,000 and £500,000 that can be used for anything from boosting cash flow to paying your staff.

Recovery Loan Scheme

Funding Circle took part in the government’s Recovery Loan Scheme, which allowed businesses that have been affected by the pandemic to borrow between £25,001 and £1m. There were no personal guarantees needed for anything up to £250,000, and no early settlement fees. The scheme closed on30 June 2022.

Self Employed Loans

Funding Circle currently offers self employed loans of between £10,000 and £500,000 that can be used for any business purpose, whether you’re a sole trader, in a partnership, or a limited company.

Unsecured Business Loans

You may be able to access an unsecured business loan of between £10,000 and £500,000 through Funding Circle, which allows you to borrow without securing the finance against a business asset.

FlexiPay

FlexiPay is a line of credit that allows you to spread payments for anything from invoices to large asset purchases over three months. You can get a credit limit of between £2,000 and £50,000, with a flat 3% fee payable on each invoice. There are no interest or set up fees.

Business Charge Card

The Business Charge Card is currently advertised by Funding Circle as a soon to be launched product that will give you 1% cashback on any business purchases you make. You can use the card to pay for anything up to your credit limit, and either pay the balance every month free of charge or pay it off in three monthly instalments for a 3% fee.

Can I get a small business loan with Funding Circle?

Yes you can apply for a small business loan with Funding Circle. They currently offer small business loans with borrowing amounts between £10,000 and £500,000, fixed rate repayments over two to six years, and no need to be interviewed in person, or to provide business plans or financial forecasts.

Key features of Funding Circle business loans

  • loan amounts of between £10,000 and £500,000
  • repayment terms of between two to six years
  • fixed rate repayments made monthly
  • available for any business that has been trading for more than two years
  • a dedicated account manager
  • don’t need to be a UK-based business to qualify

How do I apply for a Funding Circle loan?

You can apply for a Funding Circle business loan using the online application form.

Firstly you need to answer a few questions such as:

  • whether you’ve checked your eligibility with Funding Circle before
  • how much you’d like to borrow
  • how long you’d like to borrow it for

You’ll then be asked what type of business you have (limited company, partnership, or a sole trader), for a business name (if you’re a limited company), and for a contact email address.

Funding Circle will use this information to check your eligibility. The check does not affect your credit score.

If you meet the criteria, you’ll be invited to fill in an application form, providing more information about your business and why you need a loan, which helps Funding Circle decide whether to offer you a loan and on what terms..

To support your application, you’ll also need to provide evidence of your finances, including business bank statements for the last eight months, and your latest full accounts (profit and loss, detailed profit and loss, balance sheet information).

Am I eligible for a Funding Circle business loan?

In order to be eligible for a Funding Circle business loan, you need to have been trading for two years or more. You also need to be looking to borrow between £10,000 and £500,000.

What business loan rates could I get with Funding Circle?

Your rates will be tailored to your individual circumstances, and based on factors such as your financials and credit score. Funding Circle also charges a one-off completion fee when you take out a loan.

What do Funding Circle customers say?

On Trustpilot, Funding Circle has been rated 4.6 out of 5 based on over12,253 reviews.

The Funding Circle app has been rated 3.7 out of 5 based on 233 on the App Store.

This information is correct as of 23 May 2022.

Conclusion

Whether you’re a sole trader, limited company, or partnership that’s been trading for more than two years, you may be able to secure a loan of between £10,000 and £500,000 from Funding Circle’s global network of lenders.

Funding Circle claims that you can apply online in as little as 10 minutes, and have the funds deposited in your account within 24 hours. What’s more, you don’t need to take part in an in-person interview, you don’t need to provide a business plan or financial forecast, and you don’t need to use business assets as security.

If you do plan on taking out a loan from Funding Circle, make sure to thoroughly review its terms and compare its offering to other business lenders to ensure you’re getting a good deal that makes sense for your needs.

Funding Circle Business Loan FAQs

Is Funding Circle a legitimate lender?

Funding Circle is a legitimate lending platform that’s regulated by the Financial Conduct Authority.

Does Funding Circle have a minimum credit score?

Funding Circle uses credit reference agencies Experian and TransUnion to check applicants’ credit score. The best rates are reserved for those applicants with the higher credit scores so the platform recommends you check that all your details are up to date and try to improve your score where possible.

Are Funding Circle in trouble?

Due to the impact of the Covid-19 pandemic, Funding Circle decided to close its platform to new investment from retail investors in 2020. In April 2022, it made the decision to permanently close the retail platform, but will continue to issue repayments to existing users who have lent via the platform until all their loans have been repaid or recovered. This means that you can no longer be a ‘lender’ to funding circle but you can still apply to receive a loan.

Does Funding Circle lend to startups?

To be eligible to apply for a loan from Funding Circle, your business must have been trading for two years or more.

Services offered by this provider may change over time. Always check Ts&Cs.