Updates to the Terms & Conditions

Today we will be making some changes to the Terms & Conditions which will affect all of our community.

As you may already know, we will be launching new borrowing products in the near future, such as asset and property finance, as well as opening more channels through which you can lend your money – the iOS mobile app for example. Through the introduction of these new products, there will be many more lending opportunities and specifically more lending opportunities on larger loans, so we have made some changes to the terms and conditions to reflect these new types of loans.

In addition, we want to ensure that we are in a more flexible position to deal with borrowers who are unable to keep up with their monthly repayments. These changes should help us reach a better outcome for both investors and businesses.

Here are the key changes you should know about:

1. Information from borrowers: We have added requirements for borrowers to provide information to us if we request it, during the life of the loan.

2. Restructuring loans: In certain circumstances we’ll be able to agree an extension of the loan term with borrowers (provided there is an increase in the interest rate), which may help borrowers stay in business whilst making regular repayments back to investors, rather than placing the loan into default.

3. Flexibility of default date: If there is one late payment for a loan, we may place the loan into default (after 10 working days) if we believe this will maximise recovery.

4. Restrictions on loan participation: A single investor (either retail or institutional) can fund up to a maximum of 20% of each loan through the API.

5. Our ‘website’ is now our ‘platform’: To better describe our service due to the apps we will release in the future.

These changes will be reflected in the updated Loan Conditions, as well as the Terms & Conditions for investors, borrowers and intermediaries. It’s important to have a look, as by continuing to use the Funding Circle marketplace you agree to be bound by these revised terms. From later today, before making a bid you’ll also be asked to reaccept the Loan Conditions.


Jack Pritchett

Senior Communications Manager


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