Funding Circle review
A non-bank term lender with peer-to-peer marketplace heritage that writes fixed-rate, fixed-term business loans to established borrowers in days, not months.
Pros
- Fixed-rate, fixed-term, fully amortizing — no balloon payments, no surprises
- Funding in as little as three business days for clean files
- Loan amounts up to $500,000 — larger than most non-bank competitors
- Terms of six months to seven years — flexibility most online lenders don't offer
- No prepayment penalty on most products
Cons
- Two years of operating history required — younger businesses are auto-declined
- Origination fee of 4.49% to 10.49% of the loan amount
- Personal guarantee from any 20%+ owner
- Top of the rate sheet (28%) is well above SBA pricing
Best for
Funding Circle is built for established small businesses — at least two years in operation, 660+ owner credit, demonstrable cash flow — that need a fixed, predictable term loan and don't want to wait through an SBA cycle. The product is straightforward: a lump sum, an APR, a term, a fully amortizing monthly payment. For owners financing equipment, building out a new location, refinancing existing debt, or acquiring a smaller business, the predictability is the entire point. The peer-to-peer marketplace heritage (Funding Circle began connecting investors directly with borrowers and now funds primarily off its own balance sheet) means the underwriting model has been refined over more than a decade of lending data.
Not for
Newer businesses — under two years in operation — should not bother applying; the tenure threshold is enforced strictly. Owners with credit under 660 will not pre-qualify. Borrowers who want revolving access rather than a one-time draw should look at Bluevine or Fundbox. And anyone who can wait 60–90 days for cheaper money should seriously consider Live Oak Bank or another SBA lender — Funding Circle's pricing is materially above SBA 7(a) rates for comparable borrowers, and the trade-off is purely speed.
The fine print: rates, fees and structure
Funding Circle prices term loans from 7.49% to 28% APR on amounts from $25,000 to $500,000, with terms from six months to seven years. The origination fee — 4.49% to 10.49% of the loan, rolled into the APR — is the largest non-rate cost and varies with risk tier. There are no monthly maintenance fees and no prepayment penalty on the standard term loan, which is unusual at this end of the market. Late fees are 5% of the past-due payment after a 10-day grace period. Estimates only — final terms are set by Funding Circle, not Cankicker Finance, and we are not a lender.
How application works
The online application takes about 10 minutes and uses a soft pull. Funding Circle requires two years of business tax returns, six months of business bank statements, year-to-date financials and a personal financial statement from each 20%+ owner. Most applicants receive a soft-pull rate quote within one business day; final approval after document review typically lands in two to three days; funding follows by one or two business days after signing. The pure online-to-funded timeline for a clean file is generally three to seven business days — slower than Bluevine or OnDeck, but dramatically faster than a bank.
Funding Circle vs. its closest competitor
The most direct comparison is Live Oak Bank, and the trade-off is simple: rate vs. speed. Live Oak's SBA 7(a) loans price four to ten points lower for comparable borrowers but take 30 to 90 days to fund; Funding Circle prices higher but funds in days. If timing matters — an acquisition with a closing date, a piece of equipment that's about to be sold to someone else, a refinancing window — Funding Circle's speed often justifies the rate premium. If you can wait, you probably shouldn't pay it. Borrowers torn between the two should compare quotes head-to-head, which is one reason platforms like Lendio exist.
Estimates only. Final APR, term and approval are determined by Funding Circle, not Cankicker Finance. We may earn a referral fee — see Advertising Disclosure.