Behind the scenes: How the Funding Circle process works

We’re committed to helping established and creditworthy businesses, like your clients, access the finance they need to grow with business loans up to £350,000 unsecured, with a personal guarantee. Our loans are highly flexible and can be used for a wide range of business purposes, including buying stock, expansion, refurbishment and much more.

Since launching in 2010, we’ve helped more than 20,000 UK businesses access over £1.8 billion and over the last six years our team’s grown too. There’s now more than 350 staff in our London office, from legal to risk, payments to marketing and of course an extensive technology team.

To ensure your client gets a decision within two working days and receives the funds shortly after, our dedicated team, including nine Business Development Managers and five Account Managers, work with specialists from across the business.

In this short video, Business Development Manager James will take you on a tour of our office, show you what happens behind the scenes when you apply for a loan through Funding Circle and introduce you to some of the team:

To recap, once you’ve submitted an application online:

  • Your Account Manager will need 3 months business bank statements, the last set of full, filed accounts at Companies House and if these are over 16 months old we’ll need P&L and balance sheet information for the last financial year end.
  • Then, an Underwriting Assistant will carry out some initial credit checks and searches on the financial documents you’ve submitted.
  • Our Credit Assessment team will then look at whether the loan is affordable, if it makes sense and whether it fits our credit criteria.
  • Once the loan is approved, you’ll receive an email with the offer conditions and loan contract. Once the contract has been signed by a company director, scan it back to us along with:
    • A direct debit mandate
    • I.D. and proof of address documents for all guarantors
    • If it’s a Limited company, a personal guarantee
  • The team will then carry out a few final fraud checks, and once complete the loan will be listed at random either as a whole loan, where an institutional investor buys the entire loan, or as a partial loan where thousands of investors lend to your client. The funding process typically takes one to five working days.
  • Once the process is complete, your client will receive the funds within 24 hours.

If you have any questions about the process or want to find out more, contact your Business Development Manager who’ll be happy to help.

Partner with Funding Circle

Our dedicated team work with hundreds of introducers, including commercial finance brokers, financial advisors, corporate partners and accountants. If you haven’t yet tried Funding Circle but have clients who are looking for fast, flexible finance, why not register now to check their eligibility or log back in to your account to start submitting more deals.

 

Rob McCorquodale