The new 10 minute application process at Funding Circle

We have launched a new 10 minute application process for introducers. This will allow you to submit loan applications twice as quickly as the previous application. In three easy steps, and on any device, you can prequalify your client for a loan. And in just 30 seconds, you will receive an indicative quote which you can discuss with your client.

Information required

As part of the new process, we only need to see total new debt over £25,000 and management accounts if filed accounts are older than 16 months.

To assess your client’s application we will need the following, which you can either upload after submitting the application when you are logged in, or email directly to the credit assessment team:

  • Latest full filed accounts
  • Last 3+ months of bank statements
  • If filed accounts are more than 16 months old we need a full year P&L and balance
  • sheet (management accounts, spreadsheets, accounting software reports are
  • acceptable)
  • Statement of personal assets and liabilities – if loan amount is £150,000 or larger

For more information about how to apply for a loan on behalf of your client, take a look at our new guide for introducers – available to download in your summary page. Log in now.

Flexi-fee option

Following feedback that you would like the option to decrease or increase the fee you charge clients based on the time you spend with them, you can also now change the total fee you charge your client. Please speak to your Business Development Manager to find out more about this flexi-fee option.

Next day payments

We have introduced next day payments, so you and your client will receive the loan and commission the day after completion.

New risk band

Finally, we’re excited to announce that we will soon be launching a sixth risk band, to help more of your clients access finance. These loans will be listed on the marketplace over the coming weeks. Here’s what you need to know:

  • the new risk band is called E
  • the minimum bid rate for E loans is 18.2% and the maximum is 20% (gross interest rates)
  • businesses that are rated as an E may generally show lower profit after tax than businesses in other risk bands, but they will not have poor payment performance. We may be able to reconsider clients as long as they were not declined for policy reasons, such as director credit history or trading history
  • C- is being renamed to D to make our risk grading easier to understand
  • this does not mean they have been reassessed and have higher expected bad debt rates, we’re just changing the name

We hope this has been a useful update on improvements to the Funding Circle application process. If you have any questions or feedback, please get in touch with your Business Development Manager or get in touch by emailing introducer@fundingcircle.com

The Funding Circle team

Rob McCorquodale