Funding Circle has been a direct lender specializing in small business loans since 2010. Since its inception, it has helped 130,000 businesses in 700 industries and lent $19.4 billion globally. We chose Funding Circle because it provides fast, affordable loans with a simple application process and funding in as little as 48 hours. Prospective borrowers have three options: business term loan, line of credit or SBA loan.
Funding Circle term loans range from $25,000 to $500,000 with repayment terms from six months to five years. If you choose to apply for a business line of credit, you can access credit lines between $6,000 and $100,000. However, Funding Circle doesn’t specify its line of credit repayment terms. You can also apply for SBA loans, which range from $25,000 to $500,000 with terms up to 10 years.
There is one main drawback of Funding Circle: there’s a one-time origination fee on each loan ranging from 3.49% to 6.99% of the approved loan amount.
Eligibility: The minimum qualifications for a loan through Funding Circle are:
- Two years in business
- Minimum personal credit score of 660
- No personal bankruptcies amongst the business owners within the last seven years
SBA loans, however, require two years in business, a minimum credit score of 650, a minimum annual revenue of at least $400,000, no current federal tax liens and that your business operates in one of the SBA’s eligible industries.
Turnaround time: Depending on the financing method you apply for, you can receive your funds within two to three days. However, SBA loans may take several weeks due to long underwriting turnaround times, which typically take up to three weeks.