Investor evening: meet the co-founders

In the third installment of our investor evening roundup, you can hear from Funding Circle co-founders Samir Desai, James Meekings and Andrew Mullinger who spoke at the recent event hosted at our London office.

They discuss the idea behind Funding Circle, what building a sustainable marketplace means for you, and future plans for the business.

Watch video:

Andrew started off the night by explaining why the three university friends decided to quit their jobs more than six years ago, to plan what would become the UK’s largest marketplace for small businesses loans.

James followed on to discuss how building a sustainable marketplace means having a diverse mix of businesses with thousands of loans, allowing investors to be diversified.

Samir rounded off the evening and talked in depth about raising capital, how lending to businesses across geographies may be possible in the future and gave a quick update on Funding Circle US.

Have you watched our highlights video from the event?

Five reasons why now is the right time to hire a social media freelancer

Like Funding Circle, weliketowork want small businesses to succeed by helping them unleash the power of the hidden workforce. Below they outline the reasons why small businesses should consider hiring a social media freelancer.

The power of social media has never been greater and any successful business, large or small, needs to consider what part it will play in their marketing strategy. No one is looking in telephone directories or at the classified ads these days – we are all browsing online and often hear about products or services via social media.

Here are five reasons why hiring a skilled professional to manage your social media marketing could be the best investment you make this year.

1) Save time

Social media is a fantastic engagement tool which is free to use. That’s great! No printing costs, advertising costs or line rental. But it costs time. Your time! Who can produce engaging content and interact on several different sites several times a day whilst running a business?  

If you’re spending eight hours a week managing your social media presence that’s a whole day out of your schedule. By hiring a skilled social media freelancer to do in two hours what would have taken you eight, you gain back a day at a fraction of the cost. You can get on with pouring all your energies into your business while they take care of the social media side.

2) Hire expertise

The world of social media changes fast with new platforms sprouting up all the time. Twitter, Facebook, Linkedin, Pinterest, Snapchat, Whatsapp, Youtube, Vine, Instagram – learning your way around all of these, or at least being aware of what they can offer your business, can be a full time job in itself.

But it doesn’t have to be time consuming, and a skilled freelancer can help you. Someone well versed in all the different platforms out there can get your social media marketing campaign up and running quickly and advise which ones are right for you.

3) Hiring a freelancer has never been easier

There are huge numbers of talented people out there looking for flexible freelance work and it’s never been easier to find them. The beauty of hiring a freelancer is the flexibility they offer. Social media marketing can be managed remotely from anywhere which makes it the ideal task to outsource to a skilled professional. You can hire someone to work for as many or as few hours as you need without hiring a permanent employee.

4) Outsourcing is nothing new

Technology has made outsourcing possible for any size of business, not just large corporations, as people are able to work from pretty much anywhere and in their own time. You may already have an accountant or bookkeeper, and a designer for your marketing collateral, so what’s stopping you from looking for someone for your social media marketing too?

5) Build your audience

Make your business more social and you make it more visible. Build followers, likes, an audience and they add credibility and trust to your brand. The simple fact is people judge your business at the click of a mouse these days. The more Twitter followers and Facebook likes you have, the more trust people place in what you can offer. But you don’t need to spend time learning the ins and outs of Pinterest, Vine and Instagram. There are plenty of freelancers out there who know these platforms inside out and with a skilled social media professional at the helm, you are likely to quickly see an increase in traffic to your site. And if you have a creative social media campaign which goes viral you have struck gold!

Sound like a good idea? Why not visit weliketowork.com to find out more!

Weliketowork is the UK’s dedicated freelance marketplace, connecting freelancers with small and medium sized businesses.  

Read more on why you should consider outsourcing your marketing.

‘Brilliantly British’ hatter shares his top tips for success

We caught up with Alex Torun-Shaw, owner of Laird Hatters, who shared his top tips for running a small business.

Alex owner Laird Hatters

Described as ‘Brilliantly British’, Laird Hatters sell handmade caps and hats combining the essence of classic style with an approachable, modern twist. Alex has borrowed £140,000, across two business loans, from more than 2,000 Funding Circle investors, to enlarge the business’s main retail premises in Covent Garden.

Laird Hatters has a diverse range of clients from judges and films stars, to tourists and cab drivers. “We are an unstuffy, friendly place to buy quality and affordable headwear,” says Alex who also has shops in Soho and Cambridge.

In this short video you’ll meet Alex, find out why he felt it was important to observe his new premises at various times of the day and how they came to be featured in magazines such as Vogue, Esquire and GQ.

Alex’s top tips are:

  • Do your research
  • Think outside the box for marketing
  • Always keep an eye on your costs

If, like Alex, you’re looking for a business loan, you can check you qualify for a business loan in just 30 seconds.

Apply online and a member of our team will get back to you within 2 working days.

We’ve helped more than 10,000 businesses in the UK and US access finance for a range of finance needs, and you can read more stories like Alex’s here.

Happy 5th birthday, Funding Circle!

In August 2010, the Funding Circle marketplace was launched by 3 university friends, Samir Desai, James Meekings and Andrew Mullinger. £50,000 was lent to small businesses in the UK during the first month.

Fast forward 5 years, and approximately £65 million, or $100 million, is being lent to small businesses in the UK and the US every month. We’ve come a long way in the past 5 years and it’s all thanks to your lending and continued support, so here are some highlights:

– More than $1 billion has been lent to small businesses in the UK and US.

42,000 investors, including individuals, the Government-backed British Business Bank, a university, 16 local councils and a number of larger financial organisations are lending to small businesses.

– Your lending has resulted in 12,000 loans to more than 10,000 UK businesses.

– 12,000 loans has created an estimated 36,000 jobs in the UK*.

– Borrowers have gone on to do fantastic things including exporting worldwide, like Moo Free, some have had their goods stocked in major department stores, like Pampeano, and one business, The Stripes Company, has had their fabric feature on the set of a major TV series, Downton Abbey.   

– More than £54 million of interest has been earned by investors in both the UK and US

The growth of Funding Circle community would not have been possible without your continued support, so we’d like to thank all of our investors and borrowers for helping to build the Funding Circle marketplace into what it is today.

The Funding Circle team


Click the image for the full version

fc-timeline-front

* Independent research by government think tank Nesta found that businesses that receive a loan through Funding Circle employ on average 11 people, and see an average increase in employment of 27 per cent after receiving finance.

Unique uniforms, thanks to more than 2,000 investors

Last month we were in Chiswick visiting bespoke uniform designers, Fashionizer. The award-winning company was launched 20 years ago by costume designer Debbie Leon when she identified a gap in the market for luxury uniform design. “There’s a technical side to uniforms – their functionality, whether you’re bending or stretching or carrying, their durability and their wearability,” Debbie says.

Fashionizer Debbie Leon

Operating at the top end of the market Fashionizer boasts an impressive client list including St Pancras Renaissance, The Connaught Hotel in London and Four Seasons Hotels and Resorts in Dubai. Debbie and her team create uniforms that reflect a brand’s identity, combining the creative design process with strong technical expertise. They export their tailor-made uniforms all over the world, and even have an order from Bora Bora at the moment!

Fashionizer Limited was the first company to receive part of their loan from the Government’s Business Bank* and since 2013, have borrowed over £195,000, across three business loans (Loan ID 2392, 3464, 9564).

In this short video you’ll hear from Debbie, meet the Fashionizer team and learn the three key elements to uniform design.

Are you interested in lending to businesses?

You can support businesses like Fashionizer and earn a great return. It takes minutes to sign up online and you can use our investor information guide to help you get started. We have thousands of loans which you can be a part of, making it quick and easy to build a diversified portfolio. Remember, by lending to businesses your capital is at risk.

Do you need a business loan?

More than 10,000 businesses in the UK have accessed finance from the marketplace for a wide range of purposes. You can check if your business qualifies to apply online in just 30 seconds.

*Funding Circle is supported by the British Business Bank, a development bank wholly owned by the UK Government. British Business Bank and its subsidiaries do not offer bank accounts, take deposits or provide regulated banking services. British Business Bank provides its financial support to smaller businesses through its delivery partners. Any decisions to provide finance to smaller businesses are made by Funding Circle not by the British Business Bank.

Highlights from our third investor evening | Weekly Lending Review

Week 33: 10 – 14 August 2015

Last month we had the pleasure of welcoming investors into our London office. We filmed the event and will be publishing three videos in the coming weeks, which will include an introduction of the new risk band and how lending through marketplaces will be included within an ISA wrapper next year. Watch the highlights from our third investor evening on the blog.

New loans available to you

There are currently 29 loan requests on the marketplace which are all available for you to lend to.

If you are lending to less than 100 businesses you may be missing out on a more stable return. We’ve created a short video which runs through the basics of diversification, which simply means lending small amounts of money to lots of different businesses, why it’s so important and how you can diversify at Funding Circle.

The total value of new loans listed on the Funding Circle marketplace was £13,099,680, averaging at £75,080 per loan. The largest loan value was £480,000 and the smallest loan value was £5,000.

Business loans still available for bidding on:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The dates on the graph should be read as ‘week beginning’, for example: 10-Aug represents the week of 10th – 14th August 2015.

The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn (The calculation is AGY = (1 + (two week rolling weighted average rate/12))^12 – 1). You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

WLR 33 Yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 33 Loans listed

Listed loan value per week

WLR 33 Value

Total amount lent

WLR 33 Lent

Loan parts available to buy from other investors

WLR 33 loan parts

Loans defaulted last week

Health & safety training company. Loan 4876. Risk band D

This West Yorkshire business was established in 2007 and the borrower has been placed in administration.

Local information service. Loan 5100. Risk band C

This Worcestershire business was incorporated in 2010 and the borrower has been placed into liquidation.

Helicopter services. Loan 5749. Risk band C

This County Antrim business has been running since 2009 and is two months in arrears.

Online fashion store. Loan 5891. Risk band D

This Northern Ireland business was incorporated in 2014 and is four months in arrears.

Web solutions. Loan 3437. Risk band D

This London business was established in 2008 and is four months in arrears.

Riverside marine & leisure limited. Loan 9860. Risk band D

This Cambridgeshire business was incorporated in 2005 and is looking to enter insolvent liquidation.

Property repair company. Loan 5286. Risk band D

This Kent business has been running since 2005 and is two months in arrears.

All affected investors have been notified.

Our collections and recoveries team are working to recover the outstanding amounts for all of these loans. Read how our collections and recoveries process works on our blog.

Enjoy lending, The Funding Circle Team

 

Top 4 questions (and answers) from our recent investor evening

In the second instalment of our July investor evening round-up, and following from the highlights video, we’re focusing on the questions that were asked during the event. We’ve picked our top 4 which are detailed below.

Our third and fourth instalments will be published soon, so watch out for these in your newsletters.

If you have any questions please get in touch with our customer relations team who will be more than happy to help or come and join us on our forum.

Q : When the third ISA launches in April 2016 will investors be able to transfer current lending into the new ISA wrapper?

A : Although the ISA has been announced and will open in April 2016, details of how it will work in practice are yet to be released. We are engaging with HMRC and will update you with further information as soon as we have news to share.

It has not been decided whether investors will be able to transfer existing loan parts into an ISA wrapper, but we believe that this is the most sensible approach. You can read more about what we’ve proposed to Government here.

Q : As new platforms enter the market, and more people start investing, what do you think is going to happen to the returns investors currently enjoy?

A : At an industry level we don’t think new entrants in the market is linked to pricing, or returns. The market as a whole is very big; in July 2015 Funding Circle investors lent £47.5 million to businesses, but we estimate there is between £7 to £10 billion lent to small businesses each month in the UK.

In terms of competition on the Funding Circle marketplace, there are certain things we do to make sure returns are attractive for investors. There are minimum bid rates in place for each risk band, which increase with expected bad debt rates, and we encourage investors to diversify their investment. Recent data published on our statistics page showed that everyone lending to 100+ businesses equally is earning positive returns, with approx. 90% earning more than 4%. Remember, by lending to businesses your capital is at risk.

Q : Will you offer other products?

A : Funding Circle’s vision is to help as many small businesses access finance as possible. We’re always looking to increase our product range, as having more products will mean we’re better able to service the needs of small businesses. Property finance for example, has been a very successful product; investors have lent £80 million to small businesses who develop or invest in property over the last 16 months, helping to build over 400 homes.

Q : What kind of backup procedures do you have in place?

A : We have a stringent disaster recovery plan in place, from a gas leak in the office to how we would handle a whole data centre going down, and we systematically run practice scenarios for employees to test our resilience. Our disaster recovery plan is in line with FCA regulations. We also run regular security penetration tests, where hackers try to break into our system. This allows us to continually review our security systems and fix any vulnerabilities.  

Funding Circle has raised $273 million of equity capital, but in the unlikely event that we were to go out of business, all loan contracts would remain in place. You can read more about this here.  

Have a question?

See our FAQs for answers to the most popular questions.

Meet the team: highlights from our third investor evening

Last month we had the pleasure of welcoming investors into our London office. Members of the Funding Circle team gave short updates on recent developments, such as the introduction of the new risk band, and how lending through marketplaces will be included within an ISA wrapper next year.

It proved to be a great forum for debate and feedback, with many interesting and useful points raised – we hope those that attended agree, and many thanks to you for giving up your time to come and say hello.

We appreciate that not everyone is able to travel to London, so we filmed the event and will be publishing three videos on the blog in the coming weeks. The first video, below, shows highlights from the evening and you’ll also hear from other investors about their experience of lending to businesses on the marketplace:

Are you interested in becoming a Funding Circle investor?

It takes minutes to sign up online and you can use our investor information guide to help you get started. We have thousands of loans which you can be a part of, making it quick and easy to build a diversified portfolio. Remember, by lending to businesses your capital is at risk.

 

Marketplace lending in the UK breaks new record | Weekly Lending Review

Week 32: 3 – 7 August 2015

A record-breaking £500 million was lent to consumers and businesses through marketplaces like Funding Circle, from April to June 2015 for the first time in history. Here’s our round-up of last month’s industry news.

News you should know

We’re making some improvements to the marketplace; specifically how Autobid funds new loans. Until now, Autobid could fund up to half of each available loan at the minimum bid rate. As more money is being lent through Autobid than ever before, we’re increasing this so 65% of new loans can be funded by Autobid at the minimum rate. Should this change again in the future, we’ll let you know in the Weekly Lending Review. This update should not affect your lending experience, but if you have any questions about this please get in touch or visit our forum.

New loans available to you

There are currently 50 loan requests on the marketplace which are all available for you to lend to.

The total value of new loans listed on the Funding Circle marketplace was £13,119,840, averaging at £73,331 per loan. The largest loan value was £400,000 and the smallest loan value was £5,000.

Business loans still available for bidding on:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The dates on the graph should be read as ‘week beginning’, for example: 3-Aug represents the week of 3rd – 7th August 2015.

The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. You can view the latest gross interest rates accepted on the marketplace on our statistics page.

Weekly average gross yield (2 weeks rolling)

WLR 32 yield

Number of loans, value of loans and amount lent are reported weekly.

Number of listed loans per week

WLR 32 loans listed

Listed loan value per week

WLR 32 value

Total amount lent

WLR 32 amount lent

Loan parts available to buy from other investors

WLR 32 loan parts

Loans defaulted last week

Retail business. Loan 8268. Risk band C

This Manchester business was established in 2011 and has entered liquidation.

Courier company. Loan 5423. Risk band D

This Cheshire business was incorporated in 2007 and has been placed in administration.

Indian restaurant. Loan 1751. Risk band B

This Birmingham business has been running since 1998 and is 2 months in arrears.

Ecological consultants. Loan 3751. Risk band D

This Wiltshire business was established in 2010 and has entered liquidation.

All affected investors have been notified.

Our collections and recoveries team are working to recover the outstanding amounts for all of these loans. Read how our collections and recoveries process works on our blog.

Enjoy lending, The Funding Circle Team

A third type of ISA. July industry news

Newspapers - Copy

P2P Isa investments confirmed for next year

July saw the Chancellor deliver his Summer Budget, where he confirmed a third ISA, which will allow lending through marketplaces such as Funding Circle to be held within an ISA from the 6th April 2016. This is tremendous news for investors who will soon be able to lend up to £15,000 per year tax free. Our co-founder, James Meekings said “inclusion of peer-to-peer lending within ISAs is a pivotal moment for our industry”. You can read more in the Telegraph, Mirror, Mail, Times, Independent and on our blog.

Funding Circle’s new Innovative Finance ISA can be found here

 

UK peer-to-peer finance breaks new record

Another busy month at Funding Circle as you lent a record £47.5 million to businesses across the UK! Q2 was also a record quarter for marketplace lending as a whole with over £500 million lent to consumers and businesses across a three month period for the first time in history. The phenomenal growth is proof that marketplace lending continues to become a mainstream way to borrow and lend. Check out this article in the Guardian if you’re still not convinced.

 

Funding Circle Hires Barclays, AmEx Executives to Oversee Risk

In more big news, we are delighted to welcome Jerome Le Luel and Manpreet Dhot to the Funding Circle team. Jerome, former Head of Risk Analytics at Barclays Group, is joining the company as Global Chief Risk Officer. And Manpreet, previously Chief Credit Officer at American Express within the Latin American market, has joined as Chief Risk Officer in the USA.  Full details can be found in the press release.

 

Software firm Sage brings funding options to its small business customers

We were also pleased to announce our new partnership with Sage, one of the world’s leading software providers for small businesses. Our partnership means Sage will refer small businesses to the marketplace for fast and efficient access to finance.  We believe that by working in partnership, we can help more small businesses grow, and bring you even more lending opportunities. This tie-up follows our agreement with Santander last year. More details can be found in the Daily Mail, CNBC and on our blog.

 

Apple becoming a bank? Don’t count on it

And finally, in this interesting article about the powerful growth of the financial technology industry, Morgan Stanley predicts that marketplace lending could grow from 1% of consumer and small business lending in America, to 10% by 2020. With tech companies popping up everywhere and smartphone apps providing 24/7 services to millions of people, it’s no wonder the fintech revolution is taking off. The internet is driving the biggest upheaval to the financial services industry in its history, and we hope that by lending to businesses through Funding Circle, you feel part of this!

News

9 things you need to know about applying for a business loan

Thinking about taking out a business loan through Funding Circle? Cast your eyes over our list below to make sure you have all of the information you need.

1. Who can apply for a business loan?

Our aim is to help established and creditworthy businesses access finance through our marketplace.

Limited companies, limited liability partnerships (LLPs) and non-limited companies that have at least 2 years of filed or formally prepared accounts can apply. We’ll typically need to see a minimum annual turnover of £50,000 in your latest accounts. You can check if you’re eligible for a business loan online in just 30 seconds.

2. Types of business loans we offer

Unsecured loans – typically up to £250,000
These are highly flexible loans that can be used for a wide range of purposes, including working capital, expansion capital, asset purchase and more.

Secured loans – typically up to £1 million
These loans can be used for a wide range of purposes and will allow you to borrow more for your business.

Asset Finance – typically up to £1 million
If you’re thinking about purchasing a new asset or refinancing an existing one, then this could be the best solution for you. We can also fund the VAT if required.

Property Finance – typically up to £3 million
We offer the full suite of property loans including finance for development and investment purposes, commercial mortgages and bridging finance. Please contact propertyfinance@fundingcircle.com to find out more.

A personal guarantee from the majority shareholder(s) is required for all of the above.

Birchmead Homes Property Finance School Development

Jonathan Jay, director of Birchmead Homes Limited, has borrowed more than £2 million since July 2014 to develop a former school in Gloucestershire into 19 family homes. Find out more about the development on the blog.

3. What do we look for when we make our decisions?

The credit assessment team use the information you provide, as well as information from credit bureaus (for example, Experian) and other third parties.

Once you’ve checked your business is eligible you will need to complete our short online application and provide the following, all of which can be uploaded online:

  • Most recent filed / formally prepared accounts
  • Last three months of business bank statements

We may also request management accounts, depending on the age of your most recently filed / formally prepared accounts, and other supporting documents for certain products.

4. How long does the process take?

The application form only takes 5-10 minutes to complete. Then, our Credit team will assess your application, making a decision typically within 2 working days, and the funds will be available for you to drawdown within a week.

5. What interest rate will your business pay back?

If your loan application is successful, the loan will be given a risk band. This will be one of six: A+, A, B, C, D or E. The final interest rate you pay back on your loan will depend on many factors, but the risk band is the most influential. Interest rates start at 6%.

6. What fees do we charge?

One of the best things about taking a loan through Funding Circle is that there is only one fee, and unlike other lenders, there are no early repayment fees so you can settle your loan early with no extra cost. All we ask is that you pay the outstanding capital on the loan and the interest up to, and including, the month that you repay.

The fee amount will depend on the risk band and loan term you have requested.

Fees

7. How are the repayments structured?

You’ll need to pay your loan back in equal monthly instalments over your chosen time period. (Please note the repayment structure of some property development loans may vary.)

Make sure you get your ID documents in to us to set up a direct debit as soon as you can, as your first repayment is due one calendar month after your loan request closes. This is to ensure payments are on time for the investors who have lent to you.

8. Who’s lending to me?

With more than 41,000 investors, including individuals, local councils, universities and the Government-backed British Business Bank*, the marketplace gives all types of investors, big and small, the chance to participate in your loan.

Each loan request is listed on the marketplace and is either funded in full by a large investor, like a family office, or as a partial loan, where thousands of investors can offer as little as £20 each to fund your loan.

They will have access to key financials for the business, for example the credit score and details of why you need the loan. Investors can also ask you questions about your application, and we recommend answering these as quickly and in as much detail as you can!

9. Can I apply for a second loan?

It’s easy to apply for another loan, as you’ve been through the process once before. You’ll typically need to have made at least 3 to 6 months of repayments on your existing loan before applying.

If you’re interested in taking out a business loan through Funding Circle, you can have a look at the website for more details, or start the application here.

Have a question?

If you are unsure about any of the above or would like to discuss your options, our team are more than happy to help. Call  0207 401 9111 (and choose option 2)

*Funding Circle is supported by the British Business Bank, a development bank wholly owned by the UK Government. The British Business Bank and its subsidiaries do not offer bank accounts, take deposits or provide regulated banking services. The British Business Bank provides its financial support to smaller businesses through its delivery partners. Any decisions to provide finance to smaller businesses are made by Funding Circle not by the British Business Bank.

News

A record-breaking £47.5 million lent to businesses in July! | Weekly Lending Review

Week 31: 27 – 31 July 2015

A record-breaking £47.5 million was lent to businesses across the UK through the Funding Circle marketplace in July, thanks to your lending.

There are a wide variety of opportunities on the marketplace for you to lend to, including a property developer building 4 new homes in Wigan and a fundraising business looking to expand. Remember, by lending to businesses your capital is at risk.

New loans available to you

There are currently 46 loan requests on the marketplace which are all available for you to lend to.

If you are lending to less than 100 businesses (and are not part of the 100 club) you may be missing out on a more stable return. We’ve created a short video which runs through the basics of diversification, which simply means lending small amounts of money to lots of different businesses, and how you can diversify at Funding Circle.

The total value of new loans listed on the Funding Circle marketplace was £11,440,520, averaging at £84,304 per loan. The largest loan value was £515,480 and the smallest loan value was £5,000.

Business loans still available for bidding on for the next 3 days or more:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. Number of loans, value of loans and amount lent are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 27-July represents the week of 27th – 31st July 2015.

Weekly average gross yield (2 weeks rolling)

WLR 31 Yield

Number of listed loans per week

WLR 31 Loans Listed

Listed loan value per week

WLR 31 Loan Value

Total amount lent

WLR 31 Amount Lent

Loan parts available to buy from other investors

WLR 31 Loan parts

News you should know

We’re making some small changes to our investor terms and conditions this week, mainly to clarify how the marketplace works and to comply with regulation. More information about the specific changes can be found on our blog.

If you have any questions please contact our customer service team who will be happy to help.

Loans defaulted last week

IT recruiter. Loan 4315. Risk band D

This Hertfordshire business was established in 2007 and is 5 months in arrears.

Video game retailer. Loan 8570. Risk band B

This Angus business was incorporated in 2012 and has ceased trading.

All affected investors have been notified.

Our collections and recoveries team are working to recover the outstanding amounts for all of these loans. Read how our collections and recoveries process works on our blog.

Enjoy lending, The Funding Circle Team

 

Small updates to our terms & conditions

We’re making some small changes to our investor T&Cs this week, mainly to clarify how the marketplace works and to comply with regulation. Please see below for details:

Investor terms & conditions

  • Changes to clauses 1.10 to 1.14 to clarify that money must be paid in from, and withdrawn to, a bank account in the name of the Funding Circle account holder.
  • A change to clause 5.1 to clarify that we can make changes to loan conditions in respect of future loans, as long as we notify investors of such changes and they do not adversely affect investors.
  • Changes to clauses 10 and 12 to clarify that any debt collection activity is carried out by Funding Circle Limited.
  • Amendments to clauses 13.2(a) and (e) to make clear that we can, in the interests of all investors, terminate membership of Funding Circle if our marketplace is not being used for the purposes for which it is intended.
  • Some small changes to clause 25 (clauses 25.3 and 25.4) to clarify how we hold client money and how statements are provided.

If you have any questions about these updates please get in touch and we’ll be more than happy to help.

Enjoy lending,

The Funding Circle team