Business Loans

Applying for a loan with us is quick and easy, and can be done using our online form.

Simply tell us how much you want to borrow and over what period of time, and we’ll check if you’re eligible in as little as 30 seconds. We’ll ask a few more questions about your business - we promise this part won’t take more than 7 minutes. Then, if your application is approved, you’ll receive a no-obligation, personalised quote in as little as one hour.

Once you accept, we’ll run some final checks to process your loan and deposit the money straight into your account.

Once your contract has been agreed and you have set up your Direct Debit, your loan will typically be paid to you within 14 days, although you may receive it sooner.

The interest rate your business pays is determined by several factors. Our credit assessment process looks at the information you provide us, alongside publicly available data, for example from credit bureaus. The outcome of this process, along with the length of repayment term and the amount you are borrowing helps to determine what your interest rate will be.

You’re able to pay back any Funding Circle loan early, however, there are some differences depending on the type of loan you have.

For businesses that have taken out a Funding Circle business loan, Government Growth Guarantee Scheme (GGS), Recovery Loan Scheme (RLS) or Bounce Back Loan Scheme (BBLS) loan, you’re able to repay your loan in full at any time without incurring any early repayment fees.

For businesses that have taken out a Coronavirus Business Interruption Loan Scheme (CBILS) loan, you can repay in full at any time after the first four months with no early repayment fee.

There are also some further conditions for both BBLS and CBILS early repayment.

If you repay your BBLS or CBILS loan after the first 12 months, you must pay the interest due until the next repayment date. Please note, under clause 4.1 of the BBLS and CBILS Loan Conditions, if a loan is repaid fewer than eight days before the next scheduled repayment date, you will need to pay interest up to the subsequent scheduled repayment date (and so will incur a further month’s interest).

To request a settlement figure and get more information, you can contact our team directly at loanservicing@fundingcircle.com or on 0203 308 9190.

To settle your loan, you will need to:

• Complete an online form with details of your settlement
• Make a payment to settle the loan using the instructions provided
• Answer any further requests

These steps should all be completed by the ‘valid until date’ in order to avoid paying further interest.

As an FCA regulated company we are required to perform the relevant Know Your Customer (KYC) and Source of Wealth (SOW) checks on our clients when settling a loan early. These requests will vary from case to case.

You can request confirmation of your settlement from our team. Email loanservicing@fundingcircle.com or call 0800 048 2467.

Once your documents have been received and reviewed, you have agreed to the loan contract and you have set up your Direct Debit, your loan request will then be listed for funding on the Funding Circle platform. Your loan will typically fund within 14 days although it may fund sooner.

We ask for a personal guarantee on all loans, including those taken under the Growth Guarantee Scheme (GGS). However, Principal Private Residences cannot be taken as security under GGS.

If you have a loan through the Government’s Growth Guarantee Scheme (GGS), Recovery Loan Scheme (RLS) or a Funding Circle business loan that you’ve taken out post April 2021, you can view any additional costs that may apply to your loan on our Fees & Charges Tariff document here.

If you have taken a loan through the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) or have a Funding Circle business loan that you’ve taken out pre-April 2020, you can find the costs that may apply to your loan below:

1 - If borrowers are late in their repayments, we may apply an administration fee of up to 15% of the arrears, as provided for in clause 9.5 of the Terms and Conditions for Borrowers.

2 - As per clause 5.4 of the Loan conditions, borrowers whose loans are placed into default, or who are more than 90 days late may be charged an additional collections charge up to the amount set out in the table below (but also capped at 15%) of the outstanding loan amount at the time of default. These charges will be in addition to what is owed to investors.

The collections charges will be deducted from recovery payments, but will be capped at 20% of any recovery payment.

This Collections Charge Schedule is relevant to all loans originated on or after 6th June 2016 to date.

You can apply for a loan and get a decision without impacting your credit score. This is because we only run a soft credit check search on your personal and business credit reports when you apply, meaning you can find out what you could borrow and decide if it’s right for you with complete peace of mind.

We only run a full credit search on the business and its shareholders if you go on to accept your loan. This will then be visible to other lenders on your business credit report and may impact your credit score.

We report your business loan payments to two of the major business credit bureaus, Experian and Transunion, which can help your business build its own credit. This can be an important step in qualifying for additional funding, better terms with vendors and lower business insurance premiums.