|Loan amount||$5,000 to $500,000|
|Interest rate||Fixed, starting at 7.49% per year|
|Term||6 months to 7 years|
|Availability||Every state and Washington, D.C., except for Nevada|
|Credit score||Minimum 660|
|Annual revenue||Minimum $100,000|
|Time in business||Minimum 2 years|
Let me introduce you to Funding Circle – it’s like the matchmaker of the financial world. What do they do? Well, they bring together folks who need a financial boost for their small businesses and those who are ready to invest. It’s all about connecting borrowers and investors.
Now, Funding Circle doesn’t just have one trick up its sleeve; they offer a whole range of financing options. You’ve got term loans, SBA loans, lines of credit, merchant cash advances, working capital loans, and even invoice factoring. It’s like a financial buffet!
But today, we’re going to shine a spotlight on Funding Circle personal loans. These are term loans that you can use for pretty much anything – whether it’s for your personal needs or to give your business that extra push. So, if you’re looking for some financial support, Funding Circle might just be the match you’ve been waiting for.
What are Funding Circle personal loans?
These are the kind of loans where you don’t need to put up any collateral. The loan amounts are pretty flexible, ranging from a minimum of $5,000 to a hefty $500,000.
Now, when it comes to interest rates, they’ve got your back. The rates are fixed and start at a competitive 7.49% per year. Plus, you’ve got some breathing room when it comes to paying it back – terms can range from as short as 6 months to a more comfortable 7 years.
But here’s the kicker – Funding Circle personal loans are super borrower-friendly. They’re all about no strings attached. No prepayment penalties, which means if you’re feeling extra flush and want to pay off your loan early, there are no sneaky extra fees waiting to surprise you.
Now, here’s a heads-up for where you can grab these loans – they’re up for grabs in every state and Washington, D.C., except for Nevada. So, if you’re in the right location, Funding Circle might be your go-to for personal loans.”
How do Funding Circle personal loans work?
To apply for a Funding Circle personal loan, you need to fill out an online application form that takes about 10 minutes to complete. You will need to provide some basic information about yourself, your business, and your loan request. You will also need to upload some documents to verify your identity, income, and bank account.
After you submit your application, Funding Circle will review it and perform a hard credit check, which may affect your credit score. If you are approved, you will receive a loan offer with the loan amount, interest rate, term, and monthly payment. You can accept or decline the loan offer within 30 days.
If you accept the loan offer, you will need to sign a loan agreement and provide a personal guarantee. A personal guarantee is a legal promise that you will repay the loan in full if your business fails or defaults on the loan. You will also need to provide some additional information and documents to finalize the loan.
Once the loan is finalized, Funding Circle will transfer the funds to your bank account within a few days. You will need to start making monthly payments on your loan according to the repayment schedule. You can make payments online or by phone using your bank account or debit card.
What are the benefits of Funding Circle personal loans?
If you’re in need of some quick and flexible financing, Funding Circle personal loans might just be your ticket. Here are the perks that come with these loans:
Generous Loan Amounts: Need a substantial sum? Funding Circle’s got your back with loans that can go as high as $500,000. That’s more than what you’ll find with most other online lenders.
Competitive Rates: You’ll love this – Funding Circle personal loans come with fixed interest rates that kick off at a competitive 7.49% per year. That might just be lower than what you’d find with other financing options.
Extended Terms: No need to rush. These loans offer terms ranging from 6 months to a generous 7 years. That means you can spread out your repayments, making those monthly bills a bit easier on your wallet.
No Penalties for Early Payoff: Want to get out of debt faster? No problem. Funding Circle personal loans are super friendly when it comes to early repayment. You won’t face any prepayment penalties, which means you can save on interest by paying off your loan ahead of schedule.
Quick and Easy Application: Ain’t nobody got time for a complicated application process. With Funding Circle, it’s a breeze. You can complete the online application in about 10 minutes. What’s more, you can expect a decision within 24 hours, and the funds can be in your pocket within a few days. It’s that simple and fast.
What are the drawbacks of Funding Circle personal loans?
Funding Circle personal loans also have some drawbacks that you should be aware of before applying. Some of the drawbacks are:
- Strict eligibility criteria: Funding Circle personal loans have strict eligibility criteria that may make it hard for some borrowers to qualify. You need to have a minimum credit score of 660, a minimum annual revenue of $100,000, and at least two years in business.
- Personal guarantee required: Funding Circle personal loans require a personal guarantee from the borrower, which means you are personally liable for repaying the loan if your business fails or defaults. This can put your personal assets at risk if you cannot afford to repay the loan.
- Hard credit check: Funding Circle personal loans require a hard credit check when you apply, which may lower your credit score by a few points.
- Not available in Nevada: Funding Circle personal loans are not available in Nevada due to state regulations.
How do Funding Circle personal loans compare to other financing options?
They’re just one of the many options out there for small business owners looking to fuel their personal or business needs. But you know what they say, variety is the spice of life. Depending on your situation and what floats your boat, you might want to peek at some other options too. Here’s the scoop on what else is in the financial menu:
SBA Loans: These babies are government-backed, offering low interest rates and long terms. Sounds dreamy, right? But here’s the catch – they can be a bit picky with their eligibility criteria, and the application process can feel like a marathon.
Lines of Credit: Think of them as your financial safety net. Lines of credit let you borrow and pay back funds as you need ’em. Super flexible and convenient, but sometimes, the interest rates and fees can be a tad higher.
Merchant Cash Advances: Need cash pronto? Merchant cash advances got your back. They’re all about advancing your future sales, paid back with a cut of your daily credit card transactions. Easy to get your hands on, but watch out for those high-interest rates and their impact on your cash flow.
Invoice Factoring: Tired of chasing down payments from customers? Invoice factoring might be your savior. You can sell those unpaid invoices to a third-party for some quick cash. It’s a lifesaver for cash flow but can take a nibble out of your profit margin and affect those customer relationships.
These are your go-to if you need a cash injection for either personal or business stuff. Here’s what you need to know about them:
- You can snag up to a whopping $500,000 with these loans. That’s a pretty penny!
- The rates are competitive, and they give you a nice, long leash to repay.
- No need to stick around if you want to pay it off early; they won’t slap you with prepayment penalties.
- The application process? Easy-peasy. No need to pull your hair out with complicated forms.
But wait, there’s more to the story:
- These loans are a bit picky about who they cozy up to. They’ve got strict eligibility criteria.
- They’ll want you to put your John Hancock on a personal guarantee.
- Be ready for a hard credit check; they want to know you inside out.
- Oh, and if you’re in Nevada, they won’t be your financial buddy.
If this sounds like your jam, you can head to their website and fill out the online application form. But hey, you might want to do a little financial window shopping too. Check out other options to make sure you’re getting the best deal for your needs.
Hope this blog post gives you the lowdown on Funding Circle personal loans. Got questions or thoughts? Drop ’em in the comments below. Thanks for hanging out with us