Asked by: Lilya Mollasked in category: General Last Updated: 22nd May, 2020
Does Funding Circle conduct a credit check?
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.