Asked by: Lilya Moll
asked in category: General Last Updated: 22nd May, 2020

Does Funding Circle conduct a credit check?

The majority of Funding Circle loans require a personal guarantee. To assess whether Directors could be guarantors for the loan in this way, we also perform credit checks on their personal credit files, which will leave a record on their credit history.

Click to see full answer.

In this regard, does Funding Circle have a minimum credit score?

You need a personal credit score of at least 620 to qualify for a Funding Circle loan. Some online lenders accept 600 or lower. The company says the average credit score of its funded borrowers is 700.

Similarly, how does a Funding Circle work? When you lend through Funding Circle, your money is matched to loans which are paid back over a period of up to five years. Your funds are lent out in small amounts to lots of different businesses. These are called loan parts, and each month you receive back a portion of the money you have lent plus interest.

Accordingly, what is the criteria for funding circle?

Policy criteria A minimum of 2 years' trading history. At least 1 year of filed or formally prepared accounts. No County Court Judgements (CCJs) registered in the last 12 months, and no outstanding CCJs larger than £1000 in the last year.

Does Funding Circle lend to startups?

One of the major players in this sector is Funding Circle, although there are many more offerings like Funding Tree and Zopa. The majority of these peer-to-peer lenders have online loan applications, so their websites are a great place to start when looking for startup funds.

32 Related Question Answers Found

Is Funding Circle a good idea?

What are the benefits of choosing Funding Circle?

How does funding circle make their money?

What is the maximum amount you can borrow from Funding Circle?

Who is behind funding circle?

Can you use Funding Circle to buy a business?

How long has Funding Circle existed?

Does Funding Circle require personal guarantees?

Is Funding Circle a bank?

Do Funding Circle lend to sole traders?

Are Funding Circle loans secured?

What is the best loan for business?

How can I get business loan in UK?

Is government funding Circle backed?