Our new application process and what it means for introducers

We’re delighted to announce some exciting updates to the application process – which we hope will hugely benefit you, as a broker, as well as your clients.

What’s changed? 

Over the last couple of years we’ve rolled out a new application process for loans of up to £100,000. This was built on cutting-edge new technology that would allow us to process documents quicker and provide faster decisions, with many receiving instant decisions. 

We’re now excited to be expanding that process to cater for loans of all sizes, so all of your clients can benefit from a quicker, simpler process. The older form, which currently serves loans of over £100,000, will be turned off by the end of the month, and all applications will go through the newer, faster process.

What does this mean for brokers? 

The new form will make the whole application process much smoother and quicker than before. This is especially the case if you get all the documents filed correctly the first time – as the application will go straight to our checklist team once the documents have been uploaded. 

As a reminder, when processing applications we’ll need filed accounts for all new and returning applications over £100,000, and from all existing borrowers. If your client is applying for a loan over £250,000, we’ll also require bank statements. 

What happens if the offer is rejected? 

We have good news on this – if your client’s offer is rejected, there is now a re-offer function available. 

This means you can submit a request to change the loan amount or term, or to consolidate the offer up to 3 weeks afterwards, giving your client more finance options even if their first offer is rejected. 

However, there are a few restrictions to be aware of when it comes to re-offering: 

• If the initial application is for under £100,000, we can only re-offer up to £100,000. If you wish to increase the offer beyond £100,000, you will need to submit a new application
• If you wish to change executive business owners (EBO) or the personal guarantee, you will need to submit a new application
• You will also need to submit a new application if the original one is under £250,000 and the re-offer is more than £250,000. 

We’re really excited for these changes, and hope they make things even quicker and easier for you. If you do have any feedback, whether positive or negative, please do share it with us at broker@fundingcircle.com. And of course, if you have any major issues, please pass them on to your BDM.