How much do you want to borrow?
£5,000 £250,000Over how many months?
12 months 60 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
7.1% - 9.4%
8.4%
£5,000 - £250,000
You can borrow the money for either 1, 3 or 5 years - no options in between
Deducted from your Debit Card
Standing Order
10 - 14 working days
No Fee
None Available
Transferred into your businesses bank account
No
45th for APR of 423 loans in the UK (See Lender League Table By APR)
Funding Circle offer a peer-to-peer lending service where people register to become a lender and others register to become a borrower. You can borrow up to £250,000 for a loan toward your business. You are effectively borrowing from other people rather than a bank or loan company.
Firstly, you need to become a member with them. You must then complete the application form including all details of your business on their website. Their underwriters will assess your application and let you know if you have been accepted as a borrower within two days. Your business is then given a risk rating, which is visible to the lenders. Then, you must post a loan request on Funding Circle's website. You will then receive offers from other people willing to lend to you. Your loan will not be funded just by one person, it may be funded by 50 people! Once your loan is fully funded with offers, you can accept the loan or wait to see if the rate comes down as other lenders bid. If accepted, the loan will be paid directly into your business bank account.
This might not be the best option for you if you need your money quickly as it can take up to two weeks. It is, however, convenient because you can do it all online, you don't need to meet the person that is lending to you and you don't need to tell them who you are, it is totally private. Their application is a bit longer and can take up to 30 minutes, so make sure you have all the business' information to hand as your session can time out if you do not save it. You don't need to meet with a bank branch manager or anything like that, other people just like you are the lenders.
Current Offers:
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Other Fees |
Completion Fee - 2% of the loan amount |
|
Late Payment Fees |
If their re-attempt to collect the failed payment, they will refer the missed payment to a debt collections agency called BCW Group or other collections agencies that they may use from time to time The Collections Agency may charge you administration fees equal to 15% of the missed payment amount for their work |
Terms and Conditions
http://www.fundingcircle.com/terms-and-cond...
