An update to the business profile tab

In September we announced that borrowers would now be required to show the total amount of additional debt they had, rather than broken down by specific types of finance. We wanted to let you know that over the coming weeks you’ll start to to see this change in the loans and credits tab in the business profile.

Additionally, as part of this drive to attract more creditworthy businesses to the marketplace, we have refined the application businesses need to complete to register at Funding Circle. We have condensed the three questions business owners provide on their Profile page, into a single question titled: “How will this loan help your business?

Rather than making this change immediately, we will roll it out slowly over the next few weeks. As a result you will continue to see some loan requests where the businesses has provided answers to the old three questions.

If you have questions about this change, please feel free to get in touch or join us on the forum.

The Funding Circle Team

Jack Pritchett

Senior Communications Manager


12 thoughts on “An update to the business profile tab

  1. Can’t see how that is an improvement. The current format elicits the information lenders need and keeps it focused. A single question would make it too open ended and either encourage applicants to ramble or let them omit necessary background on the business.

    • Hi all, thanks for your comments. The changes made are part of an ongoing project to improve the application for borrowers, which we believe will greatly increase the number of lending opportunities for you going forward. In the past week alone, we’ve seen more than 100 new loans come onto the marketplace. Although we tell businesses that this info will be displayed to you to help support your lending decisions, it is ultimately up to them how
      much they write. You can still ask questions in the Q&A should you need any more information from them, and it goes without saying that if you’re not happy with their response then you don’t have to lend to them. Finally, these changes have not had any impact on the creditworthiness of the businesses on the marketplace. You can see this in our late rate, which is the lowest it’s ever been, and our bad debt rate which continues to be below expectations. Thanks, Becky

      • Thanks Becky. The point is that borrowers must be telling FC what they do and why they want the money, as part of their application, so why not just pass that information on to us? Why must we ask them all over again?

      • “The changes made are part of an ongoing project to improve the application for borrowers…”

        How about improving the overall process for the Lenders who are now having to ask Businesses just what they do in the Q&A? This regressive step has muddied the waters considerably now that a not insignificant number of Borrowers are not even bothering to say anything about their Business. Surely it can’t have been that hard for Borrowers to write a couple of sentences about what their Business actually does…

        • Thanks all for providing your feedback which we’ve been closely monitoring here, on the forum and through our customer relations team. We have now re-worded and expanded the question businesses are asked in their application to ‘What is the nature of the business and how will it use the loan?’ and this change will filter through to loans you see on the marketplace over the coming weeks. If you have any further queries please feel free to email us on and we’ll be happy to help. Thanks, Becky

  2. This is a definite step backwards. Recent evidence shows borrowers are, understandably, answering the new question with a single sentence, as its wording encourages them to do.

    What is clear to me is that borrowers assume (rightly) that potential investors are privy to the detailed information which the borrower has given to Funding Circle as part of their application. However, as we all know, this is NOT the case, and an investor is left in the dark unless the borrower chooses to answer questions in the Q&A (which takes time).

    As an investor, I want to be able to make a quick decision on whether to lend or not, and the information now being provided does not allow me to do so. I am ruling out loans which may be perfectly sound because I do not see enough info, and I do not have the time to wait a week for an answer.

    Surely I am not alone here – and the fact that this is only the second comment on this blog entry suggests very few borrowers have seen it.

    Please, make sure borrowers are aware how little information investors see up front, and encourage them to be more forthcoming in answering the new question.

    Thank you, Helen

    • Couldn’t agree with you more. I want to make a quick decision. I haven’t got time to mess around with Q+A, especially when I’m only investing £20 – £60 per business.

  3. I agree that this is definitely unsatisfactory for lenders. Some borrowers are not providing any information about the nature of their business and it just means that lenders have to ask that question every time. If FC want to give borrowers more freedom or make the loan application process simpler, then at least some guidance should be provided to borroweres as to the information they should provide, even if it is not obligatory to give it.

  4. One has only to look at the Q&As on loan requests using the new format to see that many lenders are unhappy about the new arrangements. It’s also clear from many exchanges that borrowers are often unaware of what information lenders get to see routinely. I sense that many assume that lenders see much/all the information they provide to FC, whereas we only see a small proportion. Where is the harm in suggesting to businesses that they address the three original questions? They can still choose not to. As for claim that it has not affected creditworthiness because the loss rate is low, I would argue that it is far to early to draw any conclusions since the new arrangements have only been introduced recently and only with some borrowers. Please review this again and give more weight to lender considerations! Thanks.

  5. This isn’t an improvement. It’s a completely backward retrograde step. Seriously, what were you thinking..?

  6. This is NOT an improvement. How am I supposed to make ethical investments when businesses say nothing about what they produce and whether they import or sell British-made goods? The scope for ethical investment was the biggest plus about Funding Circle.

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