Terms and Conditions for Lenders

Terms and Conditions for Lenders

The following terms and conditions explain:

  • how Funding Circle works
  • how to become a member of Funding Circle as a lender
  • how you may use the platform provided and maintained by Funding Circle.

If you decide to become a member of Funding Circle, you must comply with these terms and conditions. These terms and conditions should be read alongside, and are in addition to, our privacy policy (accessible online at http://www.fundingcircle.com/privacy).

Please read these terms and conditions carefully and print a copy for your future reference. By using these systems and the services provided via the platform, you confirm that you have read, understood and agree to these terms and conditions and the privacy policy (each as amended from time to time) and where you're acting on behalf of an LLP, limited company or public body that they agree to these terms and conditions. If you do not agree to these terms and conditions, you must stop using this platform immediately.

References in these terms and conditions to "we", "us" and "our" means Funding Circle Limited. References to "systems", or "platform" means the platform, the Funding Circle API, any other online services provided by us and any data managed by, displayed on or transmitted from such services. References to "you" and "your" mean a user of the platform and the services provided via our systems, whether as an individual or on behalf of an entity which meets the lender criteria set out below.

Each agreement between each lender and borrower comprises our standard Loan Conditions and Key Contract Terms (together the "Loan Contract"). The Loan Contract is a separate agreement and is governed by separate terms and conditions. If there is a conflict between these terms and conditions and the Loan Contract, the Loan Contract will prevail.

Please note that under clause 6 of these terms and conditions in certain circumstances you grant us the authority to amend certain of the main elements of the Loan Contract as your administrative agent, without the need for your agreement to those changes.

If you are using our systems and the services provided via the platform, agreeing to these terms and conditions or entering into a Loan Contract on behalf of an LLP, limited company, partnership, public body or other separate entity you warrant that you are duly authorised to act on its behalf.

Special offers

From time to time we may run special offers the terms of which will be available at: http://www.fundingcircle.com/lend/offers/

1. How to become a lender

1.1 To be a lender on Funding Circle you must meet the following criteria:

(a) you must be an individual, LLP, limited company or public body;

(b) if you are lending in your capacity as an individual you must be over 18 years old;

(c) if you are lending in your capacity as an individual you must be a permanent resident of the UK (excluding the Channel Islands and the Isle of Man);

(d) if you are a limited company, you must be registered with Companies House;

(e) if you are an LLP, you must have a permanent place of business in the UK (excluding the Channel Islands and the Isle of Man);

(f) if you are a public body, you must be registered or formed with the relevant authority in the UK (excluding the Channel Islands and Isle of Man);

(g) you must have a valid UK bank or building society account; and

(h) you must register your details on the website http://www.fundingcircle.com).

Where a prospective lender does not meet the criteria listed above, the lender may be otherwise permitted to become a lender on Funding Circle by written confirmation from Funding Circle.

1.2 If you are not in possession of a valid consumer credit licence, you warrant to Funding Circle that you are not lending in the course of a business or carrying out any type of regulated consumer credit business (as defined under the Consumer Credit Act 1974). This is required for Funding Circle to permit you to lend to sole traders and small partnerships with three or fewer partners.

1.3 If you are in possession of a valid consumer credit licence you cannot lend to sole traders and partnerships with three or fewer partners or otherwise use Funding Circle to carry out a formal consumer credit business. Our systems will prevent you from lending to these businesses if you are identified as having such a licence in your settings.

1.4 We do not make any separate enquiries to find out if you have a valid consumer credit licence or not and it is your responsibility to provide this information to us and to update us if your status changes.

1.5 For the avoidance of doubt there are no restrictions on the total amount you can lend to limited companies and partnerships with four or more partners at Funding Circle, except as provided in Clause 4.5.

1.6 Funding Circle's principal role is to perform introductory functions on behalf of borrowers and lenders in order to bring together prospective borrowers and lenders, to provide a stream-lined process for entering into loans (including the development of standard form loan agreements) and to facilitate the payment and collection of sums due under or in connection with those loans (including taking certain actions on behalf of lenders upon a borrower's default or if the borrower becomes, or is likely to become, insolvent as set out in these terms and conditions). Save as set out in Clause 6 of these terms and conditions in connection with any amendments that Funding Circle may make to the Loan Contract in your best interests when acting as agent on your behalf, Funding Circle will not perform any management functions on a lender's behalf; the lender retains complete control and discretion over whether or not to make a loan to a borrower and on what terms and over all other aspects of its participation in Funding Circle and loans made through it. Nothing Funding Circle does and nothing on the platform is intended to operate or be construed as advice or recommendation by Funding Circle to enter into a particular loan.

1.7 Funding Circle gives each borrower a risk band classification at the time a loan request is processed, which is based on information included in the borrower's application and the results of an online check made with Experian. Funding Circle does not edit the information submitted or uploaded by a borrower.

1.8 While Funding Circle adds value to the credit analysis as part of our underwriting exercise, the provision of a risk band classification is intended to be informative only and a lender must form its own opinion regarding the creditworthiness of a borrower and undertake its own research, analysis and assessment of each borrower for each loan and, where appropriate, seek its own independent financial advice.

1.9 Funding Circle accepts no responsibility and disclaims all liability for any information about a borrower made available to prospective lenders through the Funding Circle platform or in respect of risk band classifications. Funding Circle may from time to time at the end of each month, but accepts no obligation to, update or amend at any time borrower's information or the risk band classification (including between when the loan request is first made and when it is entered into, and during the term of any loan).

1.10 While Funding Circle believes that access to the assets of a borrower (via the secured loan, secured property finance or asset finance product) can provide additional comfort as to the likelihood of repayment, Funding Circle accepts no additional responsibility for the likelihood of a borrower meeting its financial obligations to lenders through the Funding Circle platform in circumstances where such recourse to the assets of the borrower is available.

1.11 As a lender, you cannot also be a borrower on Funding Circle with loans outstanding, except where you are acting as the director or the proprietor of a business borrowing money and want to act as a lender in a different capacity.

1.12 You warrant to Funding Circle that all information provided to us in the course of the registration and lending process is true and accurate in all respects. You will update us if any of the information you provide to us changes.

1.13 Once you are registered on the platform and have applied to lend through Funding Circle, we will carry out identity and fraud checks on you and you as a proprietor, member or director, your business and other members, or directors of the business using credit reference agencies such as Equifax or Experian. Funding Circle uses its own internal guidelines and policies when assessing applications but has complete discretion as to whether to allow you to be a lender on the Funding Circle platform. If we cannot get adequate information from the credit reference agency then we will ask you to send us copies of the relevant passports or other identification documents plus a utility bill and anything else that we may require. If you do not provide all appropriate identification documents you will not be able to lend on the Funding Circle platform. We may suspend or place limitations on trading on your account at any time if we believe it is appropriate in order to comply with our legal obligations. For more details about how we use your information, please refer to our privacy policy at http://www.fundingcircle.com/privacy/. We will then set up a Funding Circle lender account for you.

1.14 You can then transfer money into your Funding Circle lender account by debit card on the platform or bank transfer. Funding Circle has complete discretion to specify the method by which you may transfer money into and out of your Funding Circle lender account depending on the outcome of the checks set out at clause 1.13. It is important that you quote your Funding Circle lender account number in the narrative box if you transfer money using a bank transfer. In the case of transfers by debit cards, a transfer will be deemed to be complete as soon as funds are credited to your Funding Circle lender account. We generally require you to use an account held with a UK bank or building society maintained in your sole or joint name.

1.15 As soon as we receive and allocate funds to your Funding Circle lender account you can start lending. There are no fees payable to set up a Funding Circle lender account.

1.16 Money in your Funding Circle lender account will be held by us in a segregated client account with Barclays Bank until or unless it is lent to a borrower at which time it will be transferred to the relevant borrower's Funding Circle account.

1.17 You may only withdraw money from your Funding Circle lender account in excess of the total value of Active Bids (as defined in clause 4.2 below) that you have made from your Funding Circle lender account. Money will be generally only paid into a UK bank or building society account held in your name or joint name.

2. Username and password

2.1 On registering with us, you must provide a username and email address, enter a password and provide answers to three security questions. These must be used in order to access certain restricted parts of the platform. Each time you access your Funding Circle lender account you will need to enter your email address and password, and answer one security question. Your username and password are unique to your Funding Circle lender account and are not transferable.

2.2 Your username, password and the answers to security questions are how we identify you, and so you must keep them secure at all times. You are responsible for all information and activity on the platform by anyone using your username and password. If you authorise an employee, sub-contractor or agent to use your Funding Circle lender account you will be responsible for their activity on the platform. Any breach of security, loss, theft or unauthorised use of a username, password or security information must be notified to us immediately using the contact details at clause 22 of these terms and conditions.

2.3 You agree not to adapt or circumvent the systems in place in connection with the platform, nor access our systems other than by using the credentials assigned to you and by following the instructions that we have provided for that type of connection.

2.4 We reserve the right not to act on your instructions where we suspect that the person logged into your Funding Circle lender account is not you or we suspect illegal or fraudulent activity or unauthorised use.

3. The lending process

3.1 There are three ways to lend money on Funding Circle:

(a) By hand-picking the businesses using a Funding Circle search tool to identify loan requests that have not been completed that you might be interested in and bidding on those loan requests in online auctions;

(b) By choosing the criteria for the types and profiles of businesses, which have been determined by Funding Circle, that you want to lend to; and then using a Funding Circle tool called Autobid to automatically select the loan requests that you bid on (that match your criteria) in online auctions and to purchase those loan parts; or

(c) By choosing to purchase parts of a loan (we call these "loan parts") already lent from an existing lender, using a Funding Circle search tool or Autobid.

You can also use a mixture of the above ways to lend. There is a short video and more information on the website which explains how to lend money and the bidding process at http://www.fundingcircle.com/lend/how-to-lend/.

4. The bidding process

4.1 All applications by businesses to borrow at Funding Circle are carefully reviewed by our underwriters, and classified at the initial application stage into risk bands based on data from Experian, Credit Sage and Call Credit. Businesses that pass through this screening process create a loan request page, which lenders can review at http://www.fundingcircle.com/lend/loan-requests/.

4.2 Once you have decided which business(es) you want to lend to using a Funding Circle search tool, you choose the amount of money that you want to lend and (unless the loan is a large asset finance loan) the annual interest rate to charge for your loan part. Provided that you have sufficient funds in your Funding Circle lender account, this offer to lend, known as a "bid", then becomes active (an "Active Bid") and is entered into the auction on that loan request page. The minimum bid per business is £20. You can increase the amount by increments of £20. The maximum bid per business is £2,000. Where the loan requested is a fixed rate loan (being a large asset finance loan, a secured property finance loan, or other type of fixed rate loan), the interest rate charged will be fixed by Funding Circle upon receipt of the loan request and the auction or other allocation process will be a fixed rate auction or process.

4.3 If two lenders bid the same amount at the same interest rate then the lender who bids first will have their bid ranked in preference. Once each loan (other than a large asset finance loan) is fully funded new lenders for that loan reduce the rate, or "bid down" the rate in a reverse auction. If the amount that you bid exceeds the amount required by the borrower to fully fund the loan, the borrower will be able to borrow part of the amount that you have bid, which will create a loan part for an amount less than the original bid and effectively means that your bid has partially won.

4.4 All bids on the marketplace will be subject to such minimum bid rate that Funding Circle may set in relation to a loan from time to time.

4.5 Save where Funding Circle has otherwise agreed, a single lender is not permitted to bid for loan parts in a loan which add up in total to more than 20% of the requested amount for that loan if that lender is an API User. If the total amount of accepted bids in a live auction is equal to 20% of the loan request, the API User will not be permitted to bid further through the API.

4.6 If you are using the Autobid tool, you choose the average offer rate you want and turn Autobid on. Funding Circle will automatically bid funds available in your Funding Circle lender account on all available loan requests that match your criteria. The rate offered is calculated for each risk band by adjusting for the expected loss percentage for each risk band. The average rate you offer at could be higher or lower depending on the mix of the different risk bands you lend to. Autobid will also automatically purchase loans parts (which are already lent from an existing lender) listed for sale that offer a rate equal to or above the offer rate for each risk band. Autobid will only purchase loan parts that have no mark-up or mark-down applied to the principal value outstanding. Autobid and any average offer rate selected on Autobid will be subject at all times to any minimum bid rate set from time to time by Funding Circle and the relevant bid rate for the loan will be the higher of the selected offer rate or any minimum bid rate. Autobid will lend a maximum of 1% of the total funds in your account to any one business, unless the total funds are less than £2,000. If the total funds in your account are less than £2,000, Autobid will default to the minimum bid amount of £20 per business. Expected loss percentages for each risk band are estimates only and you may experience lower or higher loss rates depending on the performance of the businesses you lend to - latest estimates can be found on risk page of the Funding Circle platform (at http://www.fundingcircle.com/investors/understanding-risk/. If you click on Advanced Settings you can choose the risk bands you want to bid on, set a corresponding offered interest rate per risk band and change the maximum percentage of your funds to lend to any one business. Funding Circle may extend the types of criteria available on Autobid from time to time.

4.7 All bids made by you in an auction on a loan request page or using Autobid are final and cannot be withdrawn unless:

(a) there are sufficient Active Bids from other lenders at lower interest rates to fully fund the total loan requested;

(b) the loan request period expires and the loan is not fully funded;

(c) the borrower declines an aggregated loan request offer from you and other lenders on Funding Circle; or

(d) we withdraw an auction for a loan request or Autobid.

4.8 A loan must be fully funded to complete. A completed loan will be made up of the sum of the bids with the lowest annual interest rate sufficient to fully fund the loan request at the time the borrower accepts the loan or the auction period expires. The borrower can then either accept the loan or allow the loan offer to lapse (which will happen 5 days after the auction period expires) in which case no loan is made.

4.9 A Funding Circle search tool can also be used to search for loan parts that are listed for sale by existing lenders of Funding Circle, which you can purchase if you have sufficient funds in your Funding Circle lender account.

4.10 We reserve the right to withdraw auctions on loan request pages, or the availability of the Autobid tool, at any time for any reason. We may also change the minimum and maximum amounts that you can bid and will tell you about these changes on the platform.

4.11 You can monitor your loan portfolio in the My Account section of the platform.

5. The Loan Contract

5.1 Once a loan request is fully funded by bids from you and other lenders and the borrower accepts the aggregated loan request offer, you automatically enter into a Loan Contract (which comprises our standard Loan Conditions and Key Contract Terms) with the borrower for the loan part and your money is then transferred from your Funding Circle lender account to the Funding Circle account of the borrower. The loan documentation will be generated automatically to include the Key Contract Terms, setting out the specific details of the loan, and to incorporate our standard Loan Conditions, comprising together the Loan Contract. The first time you bid on an auction or purchase a loan part you will be required to accept the Loan Conditions for all your ongoing lending. You will be deemed to accept the Loan Conditions by ticking a box when prompted.

5.2 Until the loan request has completed no interest will be earned by you.

5.3 If you purchase a loan part from another lender, you will become a party to the Loan Contract with the borrower and your money will be transferred from your Funding Circle lender account to the Funding Circle account of the transferring lender. Information on the transfer of loan parts is set out in clause 7 (Selling your loan part) below.

5.4 Each time you purchase or sell a loan part, you will be shown the form of transfer certificate, which will detail the legal terms of your purchase or sale.

5.5 In all Loan Contracts and loan part transfer documentation we will quote a lender's address as being "c/o Funding Circle Limited" and state Funding Circle's postal address. Each lender agrees that all notices and communications given to it by a borrower may be sent to Funding Circle on their behalf.

6. Interest and repayments

6.1 The monthly repayments due to you on each loan part can be viewed in the My Account section of the platform. The Loan Contract governs the payment of these amounts.

6.2 All repayments and interest accrued will be paid to your Funding Circle lender account.

6.3 Each loan will be for the period specified in the Loan Contract applying to it.

6.4 All repayments will be made to lenders without deduction of income tax. It is your responsibility to account for any income tax and other personal taxes that may be payable to the appropriate authorities.

6.5 We will provide an annual statement of interest earned for tax purposes.

6.6. Notwithstanding any other clause in these terms you agree that, in exceptional circumstances and in its absolute discretion, Funding Circle (acting as your agent and on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract in any of the following (limited) ways:

(a) to increase the term by one year, with a corresponding increase in interest rate to the higher of 13.5% or 4% above your interest rate;

(b) to increase the term by two years, with a corresponding increase in interest rate to the higher of 15.5% or 5.5% above your interest rate; or

(c) to increase the term by three years or more, with a corresponding increase in interest rate to the higher of 17.5% or 7% above your interest rate.

6.7 Where Funding Circle believes that an agreement to restructure the loan and amend the Loan Contract is in the interests of the relevant Lenders, and intends to amend the terms of the Loan Contract in accordance with clause 6.6 above, we will notify you of our intention to amend not less than 1 week before making such amendment.

6.8 You agree that Funding Circle will be acting as agent on your behalf in

(a) negotiating and agreeing any amendments to the Loan Contract; and

(b) entering into the amendment to the Key Contract Terms,

in accordance with clause 6.6.

6.9 You hereby appoint Funding Circle (for the duration of your membership of Funding Circle) as your agent with full power and capacity to carry out those amendments without your specific agreement. You will then be bound by those changes. You agree and acknowledge that Funding Circle shall take on no liabilities, obligations or rights under the Loan Contract as a result of such agency, and you agree that you will continue to be solely liable for and responsible for the rights and obligations under the Loan Contract (as amended).

7. Selling your loan part

7.1 If you want to get access to the money you have lent before it has been repaid, you can sell your loan parts to other lenders at Funding Circle, either using another Funding Circle tool called Autosale or by selling your loan parts individually. Please note that you cannot sell loan parts:

(a) with one repayment remaining;

(b) which have moved by more than one risk band or have no risk band;

(c) that are in arrears (have currently missed a repayment) or are in default(that have missed consecutive repayments); or

(d) if, after the application of any mark-up or mark-down, the simple interest rate the buyer would receive if they held the loan part to maturity, and the borrower continues to make all repayments on time ("Buyer Rate") is less than 4% per annum.

7.2 The limitation in clause 7.1 (a) will not apply where the loan is an interest-only repayment loan.

7.3 You can apply a mark-up or mark-down of up to 3% of the outstanding principal value of each loan part, to each loan part you decide to sell, subject to the restrictions in clause 7.1 (d).

7.4 The sale price for loan parts will be the outstanding principal amount lent plus the mark-up or mark-down you may choose to apply to the loan parts plus any interest accrued during the month. The accrued interest will be updated automatically at the end of each day.

7.5 To use Autosale, you choose the total amount you want to raise from selling your loan parts. Autosale will then list loan parts with a total sale value close to the amount you want to raise on the platform. Loan parts for sale will be listed on the platform for sale for 14 days, after which those loan parts that have not been sold will be removed from the sale listing and you will continue to be the lender for that loan. You may choose to relist the loan parts straight away if you wish.

7.6 You can also sell loan parts outside of the Autosale tool on an individual basis, which allows you to decide exactly which loans you wish to sell. You can select the loans you want to sell in the My Account section of the platform, and these loans will be listed on the platform for sale for 14 days after which loan parts will be removed from the sale listing and you will continue to be the lender for that loan.

7.7 If you sell loan parts, the sale proceeds will be transferred to your Funding Circle lender account from the buying lender's Funding Circle lender account after deduction of the Funding Circle loan part sale fee (see clause 8.2 below).

7.8 We may decide to extend or reduce the 14 day list period from time to time.

8. Lender fees

8.1 We will charge an annualised intermediary fee of 1% of the outstanding principal (the "Intermediary Services Fee"). Accordingly, the monthly rate charged will be 1/12% of the outstanding principal in the given month. The monthly rate of the Intermediary Services Fee will be deducted from your Funding Circle lender account when each monthly repayment is received from the borrower. If a borrower misses a repayment, the Intermediary Services Fee relating to that repayment will not be deducted until that repayment has been received. The Intermediary Services Fee covers our role in providing intermediary services in relation to the introduction between you and the Borrower. This fee does not cover the costs of administrating and facilitating the loan, nor our related credit analysis which we carry out as part of our underwriting exercise, which are a no-cost added value arrangement only. Please note there are no Intermediary Services Fee due for any loan parts in loans accepted by the borrower or listed in 2010, for the entire term of the loan parts. The Key Contract Terms may also stipulate that an Intermediary Services Fee is not payable in respect of certain transactions.

8.2 If you decide to sell a loan part, we will also charge a loan part Sale Fee of 0.25% (the "Sale Fee") of the total outstanding principal value of each loan part sold.

9. The role of Funding Circle

We perform an administrative role in matching borrowers and lenders and in facilitating payments, collection of sums due and onward distribution of funds. We are not a party to any Loan Contracts, save where we act as a lender in our own right (though we have third party rights under the Loan Contracts). If we cease trading, we have arrangements in place with a financially stable third party back-up servicer who would take on our servicing obligations (see clause 15 for more details).We may perform additional tasks in the event that a loan or a loan part is secured, as outlined in the next clause. We may pass on to lenders available Experian data on borrowers to assist each lender's analysis of each loan request and to add value to the credit analysis as part of our underwriting exercise.

10. Security and the role of Funding Circle Trustee Limited and Funding Circle Property Finance Limited

10.1 Where the Key Contract Terms indicate that a loan is to be secured, the following security provisions will apply:

(a) Where the Key Contract Terms indicate that a loan is to be a secured loan, the borrower's obligations under the Loan Contract to you will be secured by an all assets security agreement and/or chattels mortgage and/or a legal mortgage. In the event that a borrower fails to make a payment when due or defaults in meeting any material obligations of the loan, you agree that Funding Circle may instruct Funding Circle Trustee Limited (formerly called Funding Circle Recoveries Limited) ("FCTL"), a separate wholly-owned subsidiary of Funding Circle Limited (as security holder on your behalf) to enforce any such security on your behalf.

(b) Where the Key Contract Terms indicate that a loan is to be a secured property finance loan, the borrower's obligation under the Loan Contract to you will be secured by a legal mortgage (and in some cases an all assets security agreement and/or assignment of rent or contracts). In the event that a borrower fails to make a payment when due or defaults in meeting any material obligations of the loan you agree that Funding Circle may instruct FCTL or Funding Circle Property Finance Limited ("FCPFL"), each a separate wholly-owned subsidiary of Funding Circle Limited, (as security holder on your behalf) to enforce any such security on your behalf.

In the remainder of these conditions, a reference to "Security Agent" is a reference to FCTL and/or FCPFL, in its capacity as security holder on your behalf.

10.2 In the circumstances described at 10.1(a) and / or 10.1(b), you agree that the Security Agent will act on your behalf as security agent in respect of the any borrower's liabilities to you under each loan. All communications to a borrower in connection with any such security will be made through the Security Agent.

10.3 Where we or the Security Agent have been provided with information by a relevant borrower, we or the Security Agent may provide to you as lender certain information about the assets of that borrower and/or an asset register detailing such assets together with estimated forced re-sale value of such assets on enforcement. In such circumstances, any asset valuation provided will be indicative of the value of the asset or assets only and realisation on enforcement in connection with the sale of such asset or assets may be lower (or higher) than the value set out in the asset register.

10.4 The Security Agent will hold the assets charged under any security upon trust for itself and for all lenders to that borrower (including you). From time to time the Security Agent may perform (before or after any enforcement under the terms of the security) all obligations, rights and benefits given to the Security Agent by any all assets security agreement, assignments, legal mortgage and/or chattels mortgage and by any future security that the Security Agent may take in respect of the debt due under the loan or under any document entered into pursuant to such all assets security agreement, assignments, legal mortgage, chattels mortgage and/or future security. The Security Agent shall have certain powers and discretions conferred upon trustees and may also rely on (i) any representation, notice or document believed by it to be genuine correct and appropriately authorised and (ii) any statement made by any director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

10.5 Where the Security Agent holds an all assets security agreement, assignment, legal mortgage and/or a chattels mortgage in respect of a particular loan or the liabilities of a particular borrower, that all assets security agreement, assignment, legal mortgage and/or chattels mortgage will generally operate to secure all monies due from that borrower to lenders on the Funding Circle platform from time to time. If the Security Agent is required to enforce any security agreement, and any proceeds of recovery become available (after allowing for all of the Security Agent's costs of enforcement), it is possible that the available proceeds will not be sufficient to discharge all obligations owed by the borrower at that time to lenders on the Funding Circle platform. If that is the case, then the lenders shall only be entitled to recover their proportionate share of such recoveries. In addition, it is possible that there may be other creditors of the borrower that have claims that may be recovered in priority to those of the Security Agent and the Funding Circle lenders, so the existence of such an all assets security agreement, assignment, legal mortgage and/or chattels mortgage should not be considered to be a guarantee of certain repayment in the event of failure by the borrower in meeting its payments.

10.6 You agree that the Security Agent shall be entitled to be repaid and reimbursed out of the proceeds of any recovery under any all assets security agreement, assignment, legal mortgage and/or chattels mortgage and that you will pay all reasonable costs incurred by the Security Agent in enforcing the security or in complying with any instructions from you in connection with any security agreement. You will only be responsible for payment of such costs out of the proceeds of any recovery and to the extent that such costs cannot be recovered by the Security Agent from the relevant borrower.

11. Large Asset Finance and the role of Funding Circle Asset Finance Limited

11.1 Where the Key Contract terms indicate that the loan is to be an asset finance loan, the loan shall be used by the borrower in procuring the use of a specific business asset or assets. It must be paid by the borrower to Funding Circle Asset Finance Limited ("FCAF"), a separate wholly owned subsidiary of Funding Circle Limited to satisfy the payment of the asset procurement charge and the finance arrangement charge under the applicable conditional sale or lease agreement.

11.2 In such circumstances FCAF may obtain a third party asset valuation report (which may be provided to you as lender) in connection with the underlying asset. Such valuation will be indicative of the value of the business asset or assets only.

11.3 In such circumstances, you agree that FCAF will act as asset financier in respect of the assets made available to the borrower under the terms of the conditional sale or leasing arrangement. FCAF will hold the title to the assets and from time to time FCAF may perform all obligations, right and benefits given to FCAF as legal title holder of the assets, until such time that the conditional sale is completed.

11.4 To manage any repayments in the circumstances set out at clause 12 (Missed payments) below, FCAF shall, as required, hold and manage any sums realised from the sale of business asset(s) (the "Realisation Proceeds") on the terms set out in clauses 11.5 and 11.6 below and on Funding Circle's behalf.

11.5 Where FCAF holds and manages an asset that has been funded by a particular asset finance loan, that asset will generally be managed with a view to providing additional comfort for the lenders of the underlying asset finance loan that a source for repayment will exist in the circumstances following any default by the borrower (after allowing for all of FCAF's costs of recovery). It is possible that the available Realisation Proceeds will not be sufficient to discharge all obligations owing by the borrower at that time to lenders who have lent the underlying asset finance proceeds on the Funding Circle platform. If that is the case, then the lenders shall only be entitled to recover their proportionate share of such Realisation Proceeds, so the existence of such recourse to the underlying asset should not be considered to be a guarantee of certain repayment in the event of failure by the borrower in meetings its payments.

11.6 You agree that FCAF shall be entitled to be repaid and reimbursed out of the proceeds of any recovery against a finance asset and that you will pay all reasonable costs incurred by FCAF in recovery and realising those assets. You will only be responsible for payment of such costs incurred by FCAF out of the proceeds of any recovery and to the extent that such costs cannot otherwise be recovered by FCAF from the relevant borrower.
 

12. Missed payments

12.1 You agree that in the event of missed payments on a loan Funding Circle will take the administrative steps set out in clauses 12.2 to 12.4 below on your behalf. In certain circumstances, we may act outside and/or ahead of the following process to pursue missed payments or loans (whether or not in formal default) where we consider this to be in the best interests of lenders. We may recover our reasonable costs from any amount recovered.

12.2 If the borrower misses a payment or only partially pays, the amount due to you and the other lenders, we (ourselves or through an agent acting on our behalf) will contact the borrower to inform them that we will reattempt to collect the outstanding payment in respect of that loan. If our reattempts to collect the funds fails 2 working days after the payment was due, the borrower's account will be treated as an overdue account and we will continue to attempt to collect the funds. We may refer the missed payment to a debt collections agency (the "Collections Agency"), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use the Collections Agency on your behalf. Any fee that the Collections Agency charges for this initial debt chasing will be added to the loan amounts that they are seeking to collect and will not reduce the amount available for distribution to lenders.

12.3 If the borrower misses, fails to pay or only partially pays three or more consecutive monthly instalments or four out of six consecutive monthly instalments, or if the borrower is otherwise in breach of any of the Loan Conditions, the loan may be placed into default and we may engage field agents to attempt to collect the total loan amount outstanding. The field agents may deduct up to 40% of the amount they recover from the borrower and the remaining proceeds will be distributed to lenders; where possible this fee will be added on to the loan amount outstanding so as not to reduce the amount lenders receive.

12.4 If the loan is placed into default, Funding Circle will notify you that all of the outstanding loan parts will be novated to FCTL or FCPFL. We need to novate the debt to one of our subsidiaries to enable us to commence legal proceedings against the borrower for the full amount outstanding. You will have 7 days to opt out of this novation if you decide to pursue the borrower yourself. FCTL or FCPFL will then investigate the amount of debt that is likely to be successfully recovered through the courts. If FCTL or FCPFL deems it appropriate, it will instruct solicitors to file court claims to recover the debt. FCTL or FCPFL will pay back to lenders in their proportionate share any funds successfully recovered, less its costs incurred during that recovery. FCTL or FCPFL will act in a fair and equitable manner to achieve maximum recovery for all affected lenders, which may include extending payment terms or selling the debt to a third party.

12.5 Where the relevant loan or loans are secured, the relevant Security Agent will take the steps outlined in clause 10 above.

12.6 Where the relevant loan or loans are a large asset finance loan and the borrower has missed any payments, FCAF may take the following steps:

(a) FCAF may terminate its consent to the borrower's possession of the business asset or assets and the borrower shall be required to deliver to FCAF the assets that are subject to the conditional sale or leasing arrangement. FCAF (or its authorised representatives) may, without notice and at the borrower's expense, take possession of the assets;

(b) upon recovery of the business asset or assets, and failing any full settlement of all liabilities due by the borrower, FCAF may as legal title holder of the business assets elect to sell the asset or assets at such price that it deems fit. In such circumstances, any asset valuation report provided as described in clause 11.2 above will be indicative of the value of the business asset or assets only and any realisation or sale proceeds in connection with the sale of such asset or assets may be lower (or higher) than the value set out in such asset valuation report. FCAF is under no obligation to sell the asset or assets under the circumstances set out in this clause 12 for the value set out in the asset valuation report;

(c) FCAF shall (after allowing for the costs of recovery and sale) hold and manage the net Realisation Proceeds and shall at its discretion transfer such funds to Funding Circle to be distributed to the relevant lenders (pro rata) in repayment of the underlying asset finance loan or loans;

(d) any Realisation Proceeds shall only be transferred to Funding Circle for distribution and payment to lenders (i) at the discretion of FCAF; and (ii) within such period as FCAF deems reasonable following receipt of the sale proceeds and satisfaction of all related expenses.

12.7 Funding Circle will keep you up to date with the progress of its efforts to collect missed payments and to recovery defaulted debt, and such progress can be viewed in the My Account section of the platform.

13. Terminating your membership of Funding Circle

13.1 If you no longer want to be a member of Funding Circle, and provided you have no Loan Contracts currently in force, you can let us know and we will end your membership.

13.2 We may end your membership of Funding Circle at any time and for any reason, including but not limited to if:

(a) you breach these terms and conditions;

(b) you breach any Loan Contract;

(c) we suspect that you have committed fraud, been involved in money laundering or other criminal activities;

(d) you use the Funding Circle platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Funding Circle;

(e) you use the Funding Circle platform in any of the following ways:

(i) in any way that causes, or is likely to cause, the platform or access to it to be interrupted or damaged in any way;

(ii) for fraudulent purposes, or in connection with a criminal offence;

(iii) to send, use or reuse any material that is illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any “spam”;

(iv) to cause annoyance, inconvenience or needless anxiety; or

(f) there is no activity in your Funding Circle lender account within a 12 month period.

13.3 On termination we will credit your bank or building society account with any funds left in your Funding Circle lender account or send a cheque to the address last provided by you.

14. Lender's agreements with Funding Circle

14.1 You agree that Funding Circle is making no warranty or representation as to the ability of borrowers to pay, and their credit risk, and that we are in no way liable for the debts of borrowers. You acknowledge that you are bidding and lending entirely at your own risk.

14.2 Calculations we may provide on the platform of the likely rate of return on loans are for guidance purposes only and are not guaranteed.

14.3 The information on the platform does not constitute advice, recommendation or an endorsement of loan requests or borrowers. The information is not intended to be relied upon as a sole basis for deciding whether or not to lend to a particular business.

14.4 We make no representation or warranty as to the accuracy of the data displayed for loan requests, nor whether the information is up to date or error free.

14.5 We do not guarantee that there will be sufficient bids to fully fund loans and allow your funds to be lent out, that there will be sufficient borrowers for you to lend to or that there are sufficient other lenders to buy your loan parts should you wish to sell them.

14.6 We do not guarantee that loan parts listed for sale will be bought by other lenders or the time it will take to withdraw funds from Funding Circle by selling loan parts.

14.7 Where Funding Circle has implemented any form of personal guarantee in support of a loan on your behalf as a lender, you accept that the enforceability of such personal guarantee shall be subject to normal legal risks and limitations and that Funding Circle will not have ensured that any individual providing such a guarantee has been independently advised on the impact of such a personal guarantee. Such guarantees can be open to challenge in circumstances where the individual granting the guarantee has been subject to undue pressure or influence from a third party.

15. Back-up servicer arrangements

15.1 If our platform were to fail or we become insolvent, we would transfer our member loan servicing obligations to a third party back-up servicer, Link Financial Outsourcing Limited, with whom we have entered into a back-up servicing arrangement. We reserve the right to use a back-up servicer prior to insolvency where such action is in the best interests of all of the lenders. If this happens:

(a) you would not be able to sell any loan parts;

(b) you would receive distributions of funds to your external bank or building society account on a quarterly basis;

(c) the My Account page on the platform and the rest of the platform would not be available for access by you; and

(d) you would receive quarterly statements of repayments and continue to receive annual statements (for tax purposes).

Our outsourced servicer would continue to collect the Intermediary Services Fee. Our outsourced servicer may charge each lender an additional special situation fee, however, the total annual fees (including the Intermediary Services Fee) would not exceed 2% of the principal value of each loan part outstanding.

16. General terms

16.1 The information provided on the platform is directed solely at and is for use solely by persons and organisations that meet the criteria set out in clause 1 above and the equivalent criteria set out in the terms and conditions applying to borrowers. The content provided through the platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.

16.2 You are permitted to download and print content from this platform solely for your own personal use or in the course of your business to the extent required to use the services provided on this platform. Funding Circle supplied content must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.

16.3 We are not responsible for content downloaded or posted by lenders or borrowers on the platform. We will not edit content downloaded or posted on the platform.

16.4 We will endeavour to allow uninterrupted access to the platform, but access to the platform may be suspended, restricted or terminated at any time.

16.5 You agree to use the platform only for lawful purposes and in a way which does not infringe the rights of any anyone else or restrict or inhibit anyone else's use and enjoyment of the platform.

16.6 You agree not to use the Funding Circle platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Funding Circle.

16.7 You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to the platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the platform or any other technology.

16.8 The content and material available through the platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. If you are unsure about whether a product is suitable you should contact an independent financial adviser.

16.9 You are responsible for all costs incurred by you in accessing the platform.

16.10 We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.

16.11 Information transmitted via our systems will pass over public telecommunications networks. We accept no liability if communications sent via the the platform are intercepted by third parties or incorrectly delivered or not delivered.

16.12 The platform may contain links to websites. We accept no responsibility or liability for any material supplied by or contained on any third party website which is linked from or to the platform, or any use of personal data by such third party.

17. Privacy

You agree that any and all personal information you provide to us via this platform may be collected, stored, processed and used in accordance with our current privacy policy (accessible online at http://www.fundingcircle.com/privacy>).

18. Intellectual property rights

18.1 Subject to clause 18.3 below, as between you and us, we own all present and future copyright, registered and unregistered trademarks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the platform.

18.2 If and to the extent that any such intellectual property rights vest in you by operation of law or otherwise, you agree to do any and all such acts and execute any and all such documents as we may reasonably request in order to assign such intellectual property rights back to us.

18.3 You shall retain ownership of all copyright in data you upload or submit to the platform. You grant us a world-wide exclusive, royalty-free, non-terminable licence to use, copy, distribute, publish and transmit such data in any manner.

18.4 We do not warrant or represent that the content of the platform does not infringe the rights of any third party.

19. Your liability to us

You shall be liable to us for any loss or damage suffered by us as a result of any breach of these terms and conditions or any Loan Contract by you, or any fraudulent use of the Funding Circle platform. You will also be liable to us as contemplated in clauses 10.6 and 11.6 above in circumstances where a loan is a secured loan.

20. Our liability to you

20.1 We shall not be liable to you for any loss or damage which you may suffer as a result of being a member of Funding Circle or using the services provided via the platform, except where such loss or damage arises from our breach of these terms and conditions or was caused by negligence, wilful default or fraud by us or our employees. We are not responsible for any breach of these terms and conditions arising from circumstances outside our reasonable control. Our total liability to you in connection with these terms and conditions, your membership of Funding Circle and your use of the services provided via the platform shall not exceed the amount of money you have lent giving rise to the liability.

20.2 Nothing in these terms and conditions shall limit our liability for personal injury or death, fraud, nor for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.

21. About us

21.1 Funding Circle Limited is a company incorporated in England and Wales, whose registered number is 06968588 and whose registered office and principal place of business is at 3 Dorset Rise, London EC4Y 8EN, United Kingdom.

21.2 Funding Circle Limited is registered with the Information Commissioner (Z213385).

21.3 Funding Circle Limited is a member of CIFAS - the UK's leading anti-fraud association.

21.4 Funding Circle Limited has a Consumer Credit License granted by the Office of Fair Trading (OFT) (Licence No. 0635439) and Funding Circle Trustee Limited has a Consumer Credit License granted by the Office of Fair Trading (OFT) (Licence No. 0640243). These licences facilitate loans to sole traders and partnerships.

22. Contacting us

Should you have any questions about these terms and conditions, or wish to contact us for any reason whatsoever, please contact us on the Funding Circle website http://www.fundingcircle.com)

23. Amendments to these terms and conditions

23.1 We expect to need to update or amend these terms and conditions from time to time to comply with law or to meet our changing business requirements. We may make such changes without your specific agreement where those updates are, in our reasonable opinion, of an immaterial and routine nature and may not always be able to give you advanced notice of such updates or amendments but we will always post them on the platform so you can view them when you next log in. By continuing to use the platform, or our services in allocating funds you have deposited, you agree to be bound by the terms of any updates and amendments implemented in accordance with this clause 23.

23.2 These terms and conditions were last updated on 17th February 2014

24. Other important terms

24.1 If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.

24.2 All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us for any reason.

24.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.

24.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.

24.5 These terms and conditions and the Loan Contracts (and the API Terms of Use, if appropriate) set out the entire agreement between you and us with respect to your use of the platform and the services provided via the platform and supersede any and all representations, communications and prior agreements (written or oral) made by you or us.

24.6 Funding Circle may exercise any of its rights under these terms and conditions by itself or through any company or other legal entity which is under the control or ownership of Funding Circle (including without limitation FCTL, FCPFL or FCAF).

24.7 These terms and conditions are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and conditions, you and we shall submit to the non-exclusive jurisdiction of the English courts.

Terms and Conditions for Borrowers

Terms and Conditions for Borrowers

The following terms and conditions explain:

  • how Funding Circle works
  • how to become a member of Funding Circle as a borrower
  • how you may use the platform provided and maintained by Funding Circle.

If you decide to become a member of Funding Circle, you must comply with these terms and conditions. These terms and conditions should be read alongside, and are in addition to, our privacy policy (accessible online at http://www.fundingcircle.com/privacy).

Please read these terms and conditions carefully and print a copy for your future reference. By using this platform and the services provided via the platform or by any other systems provided by Funding Circle, you confirm that you have read, understood and agree to these terms and conditions and the privacy policy (each as amended from time to time) and where you're acting on behalf of an LLP, limited company, partnership or other separate entity that they agree to these terms and conditions. If you do not agree to these terms and conditions, you must stop using this platform immediately.

References in these terms and conditions to "we", "us" and "our" means Funding Circle Limited. References to “systems” or “platform” means the website, the Funding Circle API, any other online services provided by us and any data managed by, displayed on or transmitted from such services. References to "you" and "your" mean a user of the platform and the services provided via our systems, whether as an individual or on behalf of an entity which meets the borrower criteria set out below.

Each agreement between each lender and borrower comprises our standard Loan Conditions and Key Contract Terms (as the same may be amended from time to time in accordance with these terms and conditions) (together the "Loan Contract"). The Loan Contract is a separate agreement and is governed by separate terms and conditions. If there is a conflict between these terms and conditions and the Loan Contract, the Loan Contract will prevail.

If you are using this platform and the services provided via the platform, agreeing to these terms and conditions or entering into a Loan Contract on behalf of an LLP, limited company, partnership or other separate entity you warrant that you are duly authorised to act on its behalf.

Funding Circle allows registered agents to make a loan application on a borrower's behalf. If a registered agent makes a loan application on your behalf, Funding Circle will be entitled to treat the loan application as having been made with your full authority. The terms of our privacy policy still apply to borrowers who choose to make applications through brokers. If you use an agent to make a loan application on your behalf, you will not become a member of Funding Circle and your application will instead be made and managed through the agent's account.

1. How to become a borrower

1.1 To be a borrower on Funding Circle you must meet the following criteria:

(a) you must be actively trading (not dormant) as a business, and have actively traded (not been dormant at any time) for at least two years, or be a property investment business;

(b) you must have a valid UK bank or building society account to facilitate repayments to lenders;

(c) if you trade through an LLP or a limited company, it must be registered with Companies House and you must have filed accounts at Companies House for the previous two consecutive financial years; save that if you have traded as a non-limited business for a minimum of three years previously to becoming an LLP or a limited company, it must be registered with Companies House and you must have filed accounts at Companies House for the previous one financial year;

(d) if you are a sole trader you must be a permanent resident of the UK (excluding the Channel Islands and Isle of Man);

(e) if you are a partnership or LLP you must, unless Funding Circle agrees otherwise, have a permanent place of business in the UK (excluding the Channel Islands and Isle of Man);

(f) if you are a partnership, LLP or limited company, unless Funding Circle agrees otherwise: (i) at least 50% of the directors or partners of your business must be permanent residents of the UK (excluding the Channel Islands and Isle of Man); and (ii) your centre of main interests must be in the UK (excluding the Channel Islands and Isle of Man);

(g) your business, its directors, members, partners or proprietors must meet minimum credit and fraud risk criteria which will include obtaining a minimum score from credit reference agencies such as Equifax or Experian;

(h) your business must not have any outstanding county court judgements of more than £250.00;

(i) you must register and submit details of your business for publication on the website ( http://www.fundingcircle.com). Please note that some (but not all) of those details will be disclosed by us to lenders in accordance with clause 3.1 below.

1.2 Borrowers must be in a business for profit and may not be public bodies, charities or trusts.

1.3 As part of the registration process we will need to authenticate the identity of the business and certain people authorised to act on its behalf. We will do this using credit reference agencies such as Equifax or Experian, otherwise we may require you to send us copies of the relevant passports or other identification documents and anything else that we may need. If you do not provide all appropriate identification documents, you will not be able to borrow on the Funding Circle platform.

1.4 Once you're registered on the platform and have applied to borrow through Funding Circle, we will carry out credit and fraud checks on you as the proprietor, partner, member or director, your business and other partners, members or directors of the business using credit reference agencies such as Equifax or Experian. Funding Circle uses its own internal guidelines and policies when assessing applications but has complete discretion as to whether we allow you to be a borrower on the Funding Circle platform.

1.5 You warrant to Funding Circle that all information provided to us in the course of the application and borrowing process is true and accurate in all respects. You will update us if any of the information you provide to us changes.

1.6 You warrant and represent that you have disclosed to us any circumstances that you are aware of (including without limitation any claims, undisclosed liabilities, litigation, arbitration, court proceedings or investigations which are current, threatened, pending or otherwise reasonably likely to occur against you by any third party) which could or might result in a material adverse change in your financial condition, business or assets.

1.7 You agree with us that you will promptly provide full details to Funding Circle upon you becoming aware of or suspecting that any of the circumstances in clause 1.6 have occurred or may occur, and will also provide Funding Circle with such information as it may reasonably require about your financial condition, business and affairs from time to time.

1.8 If you are, or at any time become, aware of any current or future claim (or potential claim) by HM Revenue & Customs (or any other governmental department or agency or other public body) against you, you may not accept a loan unless you have provided Funding Circle with full details of such claim (or potential claim) and we have agreed in writing that you are still eligible to accept loans.

2. Username and password

2.1 On registering with us, you must provide a username and email address, enter a password and provide answers to three security questions. These must be used in order to access certain restricted parts of the platform. Each time you access your Funding Circle borrower account you will need to enter your email address, password and answer one security question. Your username and password are personal to your Funding Circle borrower account and are not transferable without our prior written consent.

2.2 Your username, password and the answers to security questions are the methods used by us to identify you and so you must keep them secure at all times. You are responsible for all information and activity on the platform by anyone using your username and password. If you authorise an employee, sub-contractor or agent to use your Funding Circle borrower account, you will be responsible for their activity on the platform. Any breach of security, loss, theft or unauthorised use of a username, password or security information must be notified to us immediately using the contact details given at clause 17 below.

2.3 You agree not to adapt or circumvent the systems in place in connection with the platform, nor access the platform other than through normal use of it.

2.4 We reserve the right not to act on your instructions where we suspect that the person logged into your Funding Circle borrower account is not you or we suspect illegal or fraudulent activity or unauthorised use.

3. The borrowing process

3.1 Where you are a limited company or an LLP, we may require directors and/or shareholders or members (as the case may be) to give a personal guarantee before any funds are released by us to you.

3.2 Once we have agreed to allow your application onto the Funding Circle platform, a loan request page will be displayed on the platform. The Key Contract Terms forming part of the Loan Contract will contain the name of your business. Please see our privacy policy for more information on which details are provided to lenders and those which are withheld, in particular clause 3.2(d) and (e) of our privacy policy (together with the page on our platform called "What information will be available to investors?" under "FAQs for Borrowers" as updated from time to time). We may amend details you provide on your loan request page (except information identifying you) at our discretion.

3.3 Once the loan request page is posted, the auction process will start and prospective lenders will start bidding to lend to your business parts of the amount you have requested. The auction process will set the interest rate for each part of the loan, except in relation to any fixed rate loan. The auction process shall expire the earlier of (i) the date of your acceptance of a fully funded loan and (ii) the date falling 7 calendar days after the date the auction is commenced (unless otherwise extended by Funding Circle in its absolute discretion). Where the loan requested is a fixed rate loan (being a large asset finance loan, a secured property finance loan, or other type of fixed rate loan), the interest rate charged will be fixed by Funding Circle upon receipt of the loan request and any related auction process will be a fixed rate auction.

3.4 The information on the loan request page can be edited at any time before the auction begins. After the auction has started you cannot amend the loan request page until the auction period expires, or if you accept a loan you will not be able to amend the loan request page until such time as the entire loan has been repaid in full.

3.5 Funding Circle gives each borrower a risk band classification at the time a loan request is processed, which is based on information included in the borrower's application and the results of an online check made with credit reference agencies such as CreditSafe, Equifax or Experian. Funding Circle does not check or edit the information submitted or uploaded by a borrower.

3.6 Funding Circle's principal role is to perform introductory functions on behalf of borrowers and lenders in order to bring together prospective borrowers and lenders, to provide a stream-lined process for entering into loans (including the development of standard form loan agreements) and to facilitate the payment and collection of sums due under or in connection with those loans (including certain limited actions upon a borrower's default as set out in these terms and conditions).

3.7 While Funding Circle adds value to the credit analysis as part of our underwriting exercise, the provision of a risk band classification is intended to be informative only and a lender must form its own opinion regarding the creditworthiness of a borrower and undertake its own research, analysis and assessment of each borrower for each loan and, where appropriate, seek its own independent financial advice.

3.8 Funding Circle accepts no responsibility and disclaims all liability for any information about a borrower made available to prospective lenders through the Funding Circle platform or for risk band classifications. Funding Circle may from time to time, but accepts no obligation to, update or amend at any time borrower's information or the risk band classification (including between when the loan request is first made and when it is entered into, and during the term of any loan).

3.9 Once the loan is fully funded it will be offered to you at the weighted average interest rate for all the loan parts. The offer will remain open and available for acceptance until 6pm on the fifth working day after the day that the auction period expires. Funding Circle may, in its absolute discretion, extend the period that the offer remains open and available for acceptance. If you do not accept the offer within this period then your loan request will be cancelled, and any funds bid will be released back to lenders. There is no obligation on you to accept the aggregated loan request offer. Interest shall only accrue from the date the auction period expires if you accept the offer.

3.10 Once you have accepted the aggregated loan request offer, you automatically enter into a separate and legally enforceable Loan Contract with Funding Circle and with each of the lenders for each relevant loan part. The Loan Contract will be generated automatically to include the Key Contract Terms, which set out the specific details of the loan, and our standard Loan Conditions. The money is then transferred from each of the relevant Funding Circle lender accounts by us to your Funding Circle borrower account where it can be transferred to your bank or building society account. Once you have accepted a loan it cannot be cancelled for any reason (although, for the avoidance of doubt, it may be repaid in full at any time in accordance with clause 5.3 of these Terms).

3.11 If your loan request has not been fully funded within the stated auction period we will remove it from the platform within two months from the start of the auction process.

3.12 Each loan will be for the period specified in the Loan Contract applying to it.

3.13 In all Loan Contracts and loan part transfer documentation we will quote a lender's address as being "c/o Funding Circle Limited" and state Funding Circle's postal address. Each borrower agrees that all notices and communications to be given to a lender will be sent to Funding Circle on that lender's behalf and that this is sufficient to identify the lenders for the purposes of the Loan Contracts.

3.14 Notwithstanding any other clause in these terms, in exceptional circumstances and in its absolute discretion, Funding Circle (acting as agent on behalf of the lenders) may agree with the borrower to restructure the loan and amend the Loan Contract in any of the following (limited) ways:

(a) to increase the term by one year, with a corresponding increase in interest rate, in respect of each lender, to the higher of 13.5% or 4% above such lenders' interest rate;

(b) to increase the term by two years, with a corresponding increase in interest rate, in respect of each lender, to the higher of 15.5% or 5.5% above such lenders' interest rate; or

(c) to increase the term by three years or more, with a corresponding increase in interest rate, in respect of each lender, to the higher of 17.5% or 7% above such lenders' interest rate,

and, for the avoidance of doubt, you acknowledge and agree that Funding Circle may require additional and/or restated security documentation to be executed by you (and any guarantor as the case may be) as a condition of agreeing to any restructuring.

3.15. If and to the extent that Funding Circle agrees to restructure the loan in accordance with clause 3.14, Funding Circle will charge you a flat-rate fee of £500 (+VAT) which shall be payable within 5 business days of presentation of the invoice.

3.16 You agree that each Loan shall be used solely for the purpose stated in its applicable loan request.

4. Borrower fees

4.1 If you accept a loan, we will charge:

(a) a completion fee of 2% of the amount borrowed for any loan with a 6 or 12 month term;

(b) a completion fee of 3% of the amount borrowed for any loan with a 24 or 36 month term;

(c) a completion fee of 4% of the amount borrowed for any loan with a 48 or 60 month term; or

(c) a completion fee of 5% of the amount borrowed for any loan that is a large asset finance loan.

We will deduct the completion fee from the amount borrowed before it is transferred to you so you will receive the amount borrowed less the completion fee. A higher completion fee may be charged for applications made by registered agents on your behalf.

4.2 Where the loan is a large asset finance loan, the completion fee above shall include the finance arrangement charge of £100 payable by a borrower to Funding Circle Asset Finance Limited under the relevant conditional sale or lease agreement. There will also be an additional charge of £10 plus £1 per quarter payable on the final asset purchase completion date, and this will be detailed in the conditional sale or lease agreement itself.

4.3 We may choose to waive or reduce the above stated fees from time to time.

4.4 The above fees cover our role in providing intermediary services in relation to the introduction between you and the lenders. This fee does not cover the costs of administrating and facilitating the loan, nor our related credit analysis which we carry out as part of our underwriting exercise, which are a no-cost added value arrangement only.

5. Repaying the loan

5.1 The monthly or other scheduled repayments payable to each lender on each loan part in respect of the loans will be set out in the Loan Contract.

5.2 We will collect the repayment amounts each month or as otherwise set out in the Loan Contract from your bank or building society account using direct debit or debit card repayments, or using credit card repayments. We will charge a fee for each repayment made using a credit card. We will collect the repayment amount due up to 5 days before the date specified in the Loan Contract in order to ensure that funds are received and distributed to lenders.

5.3 The monthly or other scheduled repayments payable by you to each lender can be viewed in the My Account section of the platform. You may repay an entire loan early at any time at no extra cost provided you pay the principal amount outstanding together with the interest due until the end of the month in which the loan is so repaid .

5.4 In certain circumstances, Funding Circle may (but is not obliged to) amend certain terms of the Loan Contract by entering into an amendment to the Key Contract Terms with you. In doing so, Funding Circle is authorised to act as agent on behalf of the lenders (in accordance with its agreed terms and conditions with the lenders) in agreeing such amendments.

6. Security

6.1 Where the Key Contract Terms indicate that a loan is to be secured, the following security provisions will apply:

(a) Where the Key Contract Terms indicate that a loan is to be a secured loan, each loan and your obligations under the Loan Contract will be secured by way of an all assets security agreement between you and Funding Circle Trustee Limited (formerly called Funding Circle Recoveries Limited) ("FCTL") or in some cases a chattels mortgage between you and FCTL or in some cases an all assets security agreement and a chattels mortgage between you and FCTL, and any future security that a lender or FCTL may take in respect of the debt due under the loan. If you are unable to make repayments under a Loan Contract and amounts remain outstanding when due or you default in meeting any obligations of a loan, Funding Circle may instruct FCTL (as security holder on behalf of the lenders) to enforce the security constituted by the all assets security agreement or chattels mortgage.

(b) Where the Key Contract Terms indicate that a loan is to be a secured property finance loan, each loan and your obligations under the Loan Contract will be secured by way of a legal mortgage between you and FCTL or Funding Circle Property Finance Limited ("FCPFL") and in some cases an all assets security agreement and/or assignment of rent or contracts between you and FCTL or FCPFL, and any future security that a lender, FCTL or FCPFL may take in respect of the debt due under the loan. If you are unable to make repayments under a Loan Contract and amounts remain outstanding when due or you default in meeting any material obligations of a loan, Funding Circle may instruct FCTL or FCPFL (as security holder on behalf of the lenders) to enforce the security constituted by the legal mortgage and any all assets security agreement.

6.2 Where FCTL or FCPFL holds an all assets security agreement, assignment, legal mortgage and/or chattels mortgage in respect of a particular loan that security agreement, assignment, legal mortgage and/or chattels mortgage will generally operate to secure all monies due from you to all lenders on the Funding Circle platform from time to time.

6.3 You agree that FCTL and FCPFL shall be entitled to be repaid and indemnified of all costs incurred by them in connection with any necessary or desirable registration of the security constituted by any all assets security agreement, assignment, legal mortgage or chattels mortgage or any other security held from time to time in respect of your obligations under the Loan Contract at Companies House, the Land Registry or any other body (as may be appropriate) and that you will, on demand, pay to FCTL and FCPFL (as security holder on behalf of the lenders) all such costs.

7. Large Asset Finance Loans

7.1 Where the Key Contract Terms indicate that the loan is to be a large asset finance loan, the loan shall be used by you in procuring the use of a specific business asset or assets. It must be paid by you to Funding Circle Asset Finance Limited ("FCAF"), a separate wholly owned subsidiary of Funding Circle Limited, to satisfy the payment of the asset procurement charge and the finance arrangement charge under the applicable conditional sale or lease agreement. In such circumstances, you agree that the principal amount of the loan may be remitted directly to FCAF to satisfy your obligation to pay the asset procurement charge and the finance arrangement charge.

7.2 Should you miss any payments or default in meeting any material obligations on the loan, you are likely to lose the use of the business asset or assets funded by the loan.

7.3 Where FCAF have taken the steps outlined at clause 8.6 below, you agree that FCAF shall be entitled to be repaid and indemnified for all costs incurred by FCAF in recovering the business asset or assets and that you will, on demand, pay to FCAF (as asset financier) all such costs.

8. Missing payments

8.1 If at any time you believe that you may not be able to make one or more repayments under a Loan Contract, please contact us immediately. If you miss a payment or only partially pay the amount due, we (ourselves or through an agent acting on our behalf) will contact you and ask you to explain why and will attempt to recollect the payment. If our reattempt to collect the funds fails, 2 days after the payment was due your account will be treated as an overdue account, and we will continue to attempt to collect the funds. We may refer the missed payment to a debt collections agency (the "Collections Agency"), who will attempt to collect the money on the lenders' behalf.

8.2 If payment has still not been made 7 days from the date payment was due, Funding Circle may charge you administration fees up to 15% of the missed payment amount which would be in addition to the loan sums due. This fee will be payable immediately. We may also charge other fees to cover tracing charges, field agents' costs, litigation costs, expenses and other such third party fees incurred by Funding Circle in the course of protecting the interests of the lenders.

8.3 Save in exceptional circumstances (such circumstances being deemed exceptional by Funding Circle in its absolute discretion from time to time), if you miss, fail to pay or only partially pay, three or more consecutive monthly instalments or four out of six consecutive monthly instalments, or if you otherwise fail to comply with any term or condition of the Loan Conditions, the loan will be placed into default and we will issue you with a default notice and termination notice and will pursue you for the total loan amount outstanding. We will try to give you 18 days' notice before filing a default on your credit reference file although we may not always be able to do so. Please see our privacy policy for more details on how we disclose information about you.

8.4 If we and/or the Collections Agency is still unable to collect the debt, lenders will novate their debt to FCTL or FCPFL which may take such steps as it considers necessary or desirable to recover the amount owed including without limitation to sell the novated debt to a debt purchaser or otherwise to pursue you (and any relevant guarantor, as the case may be) for the outstanding amounts through third party debt collection agencies and/or the courts. If such further action is necessary, it is likely that significant costs will be incurred which will be passed on to you as the defaulting borrower.

8.5 Notwithstanding the provisions in clauses 8.1 to 8.3 above, time is of the essence with regard to payment of each monthly repayment. Accordingly, Funding Circle may, if it considers it necessary or desirable to, terminate the loan and demand immediate payment of the full amount of the loan (with all outstanding accrued interest) plus costs if any repayment is missed or only partially repaid (and such missed repayment is not remedied within 10 business days), or if you (or any guarantor of the loan) enters or is deemed to be likely to enter any formal or informal insolvency process. In circumstances where the relevant loan or loans are secured, FCTL or FCPFL will take the steps outlined in clause 6 above.

8.6 In circumstances where the relevant loan or loans are large asset finance loans, FCAF may (or its authorised representatives may), without notice and at your expense, retake possession of the business asset or assets and for this purpose may enter any property, site or premises at which the assets are located as detailed under the underlying conditional sale or lease agreement.

9. Terminating your membership of Funding Circle

9.1 If you no longer want to be a member of Funding Circle and provided you have no Loan Contracts currently in force, you can let us know and we will end your membership.

9.2 We may end your membership of Funding Circle at any time and for any reason, including but not limited to if:

(a) you breach these terms and conditions;

(b) you breach any term or condition of the Loan Contract, or any Security Document;

(c) you enter into any other new unsecured borrowing arrangement (or any arrangement having the effect of a borrowing) with any third party where the total amount of external finance raised from third parties would as a result exceed 30% of the total amount lent to you through the Funding Circle lending platform, without the prior written consent of Funding Circle (such consent shall not be unreasonably withheld and this clause shall not restrict you from entering into asset-specific financing or invoice purchasing arrangements);

(d) you give any fixed or floating charge security to any third party after the date that the Loan Contract is entered into without our prior written consent;

(e) you breach the terms of any conditional sale or lease agreement entered into for the use of an asset that is the subject of a large asset finance loan;

(f) we suspect that you have committed fraud, been involved in money laundering or other criminal activities;

(g) you use the Funding Circle platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Funding Circle; or

(h) you use the Funding Circle platform in any of the following ways:

(i) in any way that causes, or is likely to cause, the platform or access to it to be interrupted or damaged in any way;

(ii) for fraudulent purposes, or in connection with a criminal offence;

(iii) to send, use or reuse any material that is illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any spam; or

(iv) to cause annoyance, inconvenience or needless anxiety.

9.3 Termination of your membership of Funding Circle will not necessarily result in a termination of any Loan Contract to which you are a party at that time.

9.4 On termination, we will credit your bank or building society account with any funds left in your Funding Circle borrower account or send a cheque to the address last provided by you.

10. Borrower's agreements with Funding Circle

10.1 Membership of Funding Circle does not in any way constitute an obligation on us to procure funding for borrowers or constitute a warranty by us that funding will be available.

10.2 Interest rates advertised by us on the platform are indicative only and we do not guarantee that the rates advertised will be available.

10.3 If any personal guarantee is provided of the borrower's obligations, the borrower, directors, shareholders and members represent and warrant that there has been no undue influence or inducement of the guarantor.

10.4 If you are a borrower through the Funding Circle platform, you generally cannot also be a lender while you have loans outstanding. An exception would be where you are lending in your own individual capacity but you happen to be a director or owner of a business borrowing money. We also retain the discretion to grant specific exceptions to this rule.

11. General terms

11.1 The information provided on the platform is directed solely at and is for use solely by persons and organisations that meet the criteria set out in clause 1 above and the equivalent criteria set out in the terms and conditions applying to lenders. This platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.

11.2 You are permitted to download and print content from this platform solely for your own personal use or in the course of your business to the extent required to use the services provided on this platform. Platform content must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.

11.3 We are not responsible for content downloaded or posted by lenders or borrowers on the platform. We will not edit content downloaded or posted on the platform.

11.4 We will endeavour to allow uninterrupted access to the platform, but access to the platform may be suspended, restricted or terminated at any time.

11.5 You agree to use the platform only for lawful purposes and in a way which does not infringe the rights of any anyone else or restrict or inhibit anyone else's use and enjoyment of the platform.

11.6 You agree not to use the Funding Circle platform or any information accessible on or obtained from it for the purpose of canvassing or soliciting any person or enticing any person away from Funding Circle.

11.7 You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to the platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of the platform or any other technology.

11.8 The content and material available on the platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. If you are unsure about whether a product is suitable you should contact an independent financial adviser.

11.9 You are responsible for all costs incurred by you in accessing the platform.

11.10 We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.

11.11 Information transmitted via the platform will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third parties or incorrectly delivered or not delivered.

11.12 The platform may contain links to third party websites. We accept no responsibility or liability for any material supplied by or contained on any third party website which is linked from or to the platform, or any use of personal data by such third party.

12. Privacy

You agree that any and all personal information you provide to us via this platform may be collected, stored, processed and used in accordance with our current privacy policy (accessible online at: http://www.fundingcircle.com/privacy).

13. Intellectual property rights

13.1 Subject to clause 11.3 below, as between you and us, we own all present and future copyright, registered and unregistered trade marks, design rights, unregistered designs, database rights and all other present and future intellectual property rights and rights in the nature of intellectual property rights existing in or in relation to the platform.

13.2 If and to the extent that any such intellectual property rights vest in you by operation of law or otherwise, you agree to do any and all such acts and execute any and all such documents as we may reasonably request in order to assign such intellectual property rights back to us.

13.3 You shall retain ownership of all copyright in data you upload or submit to the platform. You grant us a world-wide exclusive, royalty-free, non-terminable licence to use, copy, distribute, publish and transmit such data in any manner.

13.4 We do not warrant or represent that the content of the platform does not infringe the rights of any third party.

14. Your liability to us

14.1 You shall be liable to us for any loss or damage suffered by us as a result of any breach of these terms and conditions or any Loan Contract by you, or any fraudulent use of the Funding Circle platform.

14.2 You will also be further liable to us as contemplated by clauses 6.2 and 6.4 above in circumstances where a loan is to be a secured loan.

15. Our liability to you

15.1 We shall not be liable to you for any loss or damage which you may suffer as a result of being a member of Funding Circle or using the services provided via the platform, except where such loss or damage arises from our breach of these terms and conditions or was caused by negligence, wilful default or fraud by us or our employees. We are not responsible for any breach of these terms and conditions arising from circumstances outside our reasonable control. Our total liability to you in connection with these terms and conditions, your membership of Funding Circle and your use of the services provided via the platform shall not exceed the greater of: (i) the amount of money you have borrowed giving rise to the liability; and (ii) £10,000.

15.2 Nothing in these terms and conditions shall limit our liability for personal injury or death, fraud nor for any other liability the exclusion or limitation of which is not permitted by applicable law or regulation.

16. About us

16.1 Funding Circle Limited is a company incorporated in England and Wales, whose registered number is 06968588 and whose registered office and principal place of business is at 3 Dorset Rise, London EC4Y 8EN, United Kingdom.

16.2 Funding Circle Limited is registered with the Information Commissioner (Z213385).

16.3 Funding Circle Limited is a member of CIFAS - the UK's leading anti-fraud association.

16.4 Funding Circle Limited has a Consumer Credit License granted by the Office of Fair Trading (OFT) (Licence No. 0635439) and Funding Circle Trustee Limited has a Consumer Credit License granted by the Office of Fair Trading (OFT) (Licence No. 0640243). These licences facilitate loans to sole traders and partnerships.

17. Contacting us

Should you have any questions about these terms and conditions, or wish to contact us for any reason whatsoever, please contact us on the Funding Circle website: http://www.fundingcircle.com.

18. Amendments to these terms and conditions

18.1 We may update or amend these terms and conditions from time to time to comply with law or to meet our changing business requirements. We may not always be able to give you advanced notice of such updates or amendments but we will always post them on the platform so that you can view them when you next log in. By continuing to use the platform, you agree to be bound by the terms of these updates and amendments.

18.2 These terms and conditions were last updated on 17 February 2014.

19. Other important terms

19.1 If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.

19.2 All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us for any reason.

19.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.

19.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.

19.5 These terms and conditions and the Loan Contracts set out the entire agreement between you and us with respect to your use of the platform and the services provided via the platform and supersede any and all representations, communications and prior agreements (written or oral) made by you or us.

19.6 Funding Circle may assign, transfer, novate or otherwise exercise any of its rights under these terms and conditions by itself or through any company or other legal entity which is under the control or ownership of Funding Circle (including without limitation FCTL, FCPFL or FCAF).

19.7 These terms and conditions are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and condition, you and we shall submit to the non-exclusive jurisdiction of the English courts.

 

Loan Conditions

Loan Conditions

1. Introduction

1.1 When a Loan Request is fulfilled by successful Bids and subsequently accepted by the Borrower, a Loan Contract is created in respect of the resulting Loan. That Loan Contract is made up of:

(a) these Loan Conditions; and

(b) the Key Contract Terms applicable to that Loan, that are agreed between the relevant Borrower and Lenders during the Loan Request, Bid and acceptance processes.

1.2 Where a Loan is made up of various Loan Parts, a separate Loan Contract is formed for every Loan Part, between the Borrower of that Loan and each Lender which has lent it a Loan Part.

2. Repayment

2.1 The Borrower agrees to repay the Lender the total Loan Amount at the times and in the instalments shown in the Key Contract Terms. It is essential that the Borrower makes these payments on time. If the Borrower is late in paying an instalment, the Lender and Funding Circle will have the rights detailed in clauses 4 and 5 below.

2.2 The Borrower's obligation to make repayments to the Lender will be satisfied from the Borrower's Funding Circle Client Account. To the extent that there are insufficient funds in the Borrower's Funding Circle Client Account to meet its repayment obligations, Funding Circle will complete a debit or credit card transaction or arrange for a direct debit payment to be completed (or such other payment method available from time to time) to ensure sufficient funds are deposited into the Borrower's Funding Circle Client Account to meet this obligation (and any other obligation to Lenders), as contemplated by the Funding Circle Terms and Conditions.

2.3 All repayments will be made to Lenders without deduction of income tax.

2.4 Where a Loan is made up of various Loan Parts, each repayment paid by the Borrower will be pro rated between the various Loan Contracts that govern the various Loan Parts and used:

(a) first towards repaying any arrears on the Loan;

(b) second towards paying the current interest and principal due in respect of the Loan Amount; and

(c) third towards paying any administration charges or other fees due to Funding Circle under the Funding Circle Terms and Conditions.

3. Interest

3.1 The Borrower agrees to pay the Lender interest on the Loan at the agreed interest rate. Interest on the Loan shall accrue at that agreed interest rate from the date the auction closes (or is closed by the Borrower) to the date of actual repayment and shall be calculated at the outset for the whole period of the Loan and be stated in the Key Contract Terms. Interest shall be paid in amortising instalments and, for the avoidance of doubt, any early settlement of the loan shall not entitle the Borrower to any rebate in amortised interest that has been paid to the date of settlement.

3.2 If the Loan is not repaid in full on its contractual repayment date, interest shall continue to accrue on the Loan at the agreed interest rate and be immediately due and payable as it accrues.

4. Early repayment and termination

4.1 Should the Borrower wish to repay a Loan early, it may do so, but it has to repay the entire Loan Amount and not just some of the Loan Parts. It can do so by following the instructions in My Account and repaying the full Loan Amount that the Borrower owes under each Loan Contract in respect of the Loan. On an early repayment, the Loan Amount will include interest that would have accrued to the end of the month in which the early repayment is made.

4.2 The Borrower agrees that Funding Circle may, on the Lenders' behalf, terminate all Loan Contracts relating to a Loan and demand repayment of the full Loan Amount owed by the Borrower under each Loan Contract in respect of that Loan if:

(a) the Borrower or any guarantor misses, fails to pay or only partially pays a monthly instalment or other payment that is due;

(b) the Borrower has provided false information (including without limitation the purpose for which the loan has been requested) in a way which affects the decision to allow the Borrower to register as a member of Funding Circle, the decision to list Loan Requests on the website, the risk band that Funding Circle has given to the Borrower, or the information that is provided to Lenders in contemplation of their lending to the Borrower;

(c) the Borrower has breached the terms of this Loan Contract and/or any other loan contract that it is a party to (including those relating to a different loan on Funding Circle) and, in respect of other loan contracts only, either notice has been given to the Borrower ending that loan contract or Funding Circle has reasonable grounds to believe that as a result:

(i) the Borrower will also breach the terms of this Loan Contract; or

(ii) any of the other events of termination stated in this clause will occur;

(d) the Borrower has breached the terms of any All Assets Security Agreement, Assignment, Legal Mortgage, Chattels Mortgage and/or IP Mortgage that it is a party to or any future security which the Lender, Funding Circle Trustee Limited (formerly called Funding Circle Recoveries Limited) or Funding Circle Property Finance Limited may from time to time hold for the Borrower's Debt;

(e) the Borrower's membership of Funding Circle is terminated for any reason under the Funding Circle Terms and Conditions;

(f) a petition is presented, or an order made or an effective resolution passed for the winding up or dissolution or for the appointment of a liquidator of the Borrower;

(g) the Borrower ceases to pay its debts or is unable to pay its debts as they fall due or is deemed unable or admits its inability to do so or makes a general assignment for the benefit of or a composition with its creditors;

(h) the Borrower ceases to carry on its business or a substantial part of its business;

(i) notice is given of an intention to appoint an administrator, a petition is filed or a competent court makes an order for the appointment of an administrator in relation to the Borrower;

(j) an encumbrancer takes possession or steps are taken for the appointment of an administrator or receiver or administrative receiver or manager or supervisor or sequestrator over the whole or any substantial part of the undertaking or assets of the Borrower;

(k) any person who has provided a guarantee for the Loan or any Loan Part breaches the terms of any guarantee or other Funding Circle document that it is a party to, or disputes or threatens to dispute the enforceability of that guarantee or other document, or suffers or is likely to suffer a material adverse change to their financial position, or Funding Circle has any reason to believe that a guarantee or security document has become unenforceable, and in any case, a replacement guarantee or security document has not been provided to Funding Circle's reasonable satisfaction within 14 days of a request from Funding Circle;

(l) the Borrower (or if any person who has provided a guarantee for the Loan or any Loan Part) dies, becomes of unsound mind, becomes bankrupt or makes a voluntary arrangement with anyone that they owe money to;

(m) where the Borrower is a partnership, the composition of the partnership materially, in the reasonable opinion of Funding Circle, changes following the date of any Loan Contract or any partner dies, becomes of unsound mind, becomes bankrupt or makes a voluntary arrangement with anyone that they owe money to; or

(n) if a claim by HM Revenue & Customs (or any other governmental department of agency or other public body) is, or is reasonably likely to be adversely decided against the Borrower and the Borrower does not meet any payment obligation relating to that claim within the required period.

5. Funding Circle fees

5.1 On your acceptance of the Loan, we will charge:

(a) a completion fee of 2% of the amount borrowed for any loan with a 6 or 12 month term;

(b) a completion fee of 3% of the amount borrowed for any loan with a 24 or 36 month term;

(c) a completion fee of 4% of the amount borrowed for any loan with a 48 or 60 month term; or

(d) a completion fee of 5% of the amount borrowed for any loan that is a large asset finance loan.

We will deduct the completion fee from the amount borrowed before it is transferred to you so you will receive the amount borrowed less the completion fee. A higher completion fee may be charged for applications made by registered agents on your behalf.

5.2 Other fees or charges that may be charged by Funding Circle (or by any collections agency it may appoint in relation to the Borrower's Loan Contracts) and added to the balance outstanding are:

(a) once a sum has been outstanding for 7 days or more, Funding Circle will charge an administration fee of up to 15% of the overdue amount;

(b) tracing charges (for finding the Borrower if he or she can't be contacted by Funding Circle or its collections agency);

(c) where a field agent has been employed as part of the collections process, Funding Circle or its collection agency may charge a fee; and

(d) all litigation, enforcement and recovery costs and expenses, including (but not limited to) legal fees and expenses, to cover litigation or enforcement of any security held on behalf of the Lender to recover any loan or outstanding arrears.

In the case of the fees referred to in (b), (c) and (d) above, where it is appropriate to do so, the Borrower will be advised of the cost if such action proves necessary. The Borrower will be notified (by way of general update to the Funding Circle Terms and Conditions or on the Funding Circle platform) if these charges change in nature or amount.

6. Transfer by novation

6.1 Each Lender may transfer by novation his or her right, title and interest in any Loan Contract and all associated rights under the Funding Circle Terms and Conditions to any other registered lender on the Funding Circle platform (or to Funding Circle Trustee Limited or Funding Circle Property Finance Limited if a Loan goes into default as anticipated in the Funding Circle Terms and Conditions, which may subsequently assign or transfer all such rights, title and interest to a third party).

6.2 The Borrower's rights and obligations under a Loan Contract that has been transferred shall not be adversely affected in any way whatsoever.

6.3 A Borrower shall not be entitled to assign or transfer its rights or obligations under any Loan Contract.

6.4 A transfer by novation shall be effected by the transferring Lender and the new lender entering into a Transfer Certificate. A Transfer Certificate will be entered into by electronic means in accordance with the Funding Circle Terms and Conditions upon the acceptance by the new lender of an offer by the transferring Lender to sell a Loan Part (including using any automatic bid facility) and this will have the same effect as if the Transfer Certificate was signed in a hard single copy.

6.5 At the time of entry into a Transfer Certificate (the "Transfer Time") the Borrower and the transferring Lender shall be released from further obligations towards one another under the relevant Loan Contract (being the "Discharged Obligations"). The Borrower and the new lender shall at the Transfer Time assume those Discharged Obligations towards one another, as if the new lender's details originally appeared in the Key Contract Terms in place of the transferring Lender. The new lender will then become the Lender under that Loan Contract. The Borrower confirms its agreement to these arrangements and waives any requirement for it to be a party to, or receive copy of, a Transfer Certificate. There shall otherwise be no effect on the Key Contract Terms applicable to that Loan Contract.

6.6 Any fees charged by Funding Circle for administering a transfer by novation shall be paid by the relevant Lenders in accordance with the Funding Circle Terms and Conditions, and the Borrower shall not be liable for any fees in connection with the transfer.

7. Information undertakings

7.1 If the Borrower is, or at any time becomes, aware of any of the following circumstances, then the Borrower will promptly provide to Funding Circle full written details of such circumstances, claims or potential claims:

(a) circumstances (including without limitation any claims, undisclosed liabilities, litigation, arbitration, court proceedings or investigations which are current, threatened, pending or otherwise reasonably likely to occur against the Borrower by any third party) which could or might result in a material adverse change in the Borrower’s financial condition, business or assets; and/or

(b) any current or future claim (or potential claim) by HM Revenue & Customs (or any other governmental department or agency or other public body) against the Borrower.

7.2 The Borrower shall, from time to time, on request from Funding Circle, provide Funding Circle with such information as it may reasonably require about the Borrower’s financial condition, business and affairs, and compliance with the terms of the Loan Contract.

8. Restructuring

8.1 Notwithstanding any other clause in these terms, in certain circumstances and in its absolute discretion, Funding Circle (acting as agent on behalf of the Lenders) may agree with the Borrower to restructure the loan and amend the Loan Contract in any of the following (limited) ways:

(a) to increase the term by one year, with a corresponding increase in interest rate to the higher of 13.5% or 4% above each Lender’s interest rate;

(b) to increase the term by two years, with a corresponding increase in interest rate to the higher of 15.5% or 5.5% above each Lender’s interest rate; or

(c) to increase the term by three years or more, with a corresponding increase in interest rate to the higher of 17.5% or 7% above each Lender’s interest rate.

For the avoidance of doubt, no such restructuring can take place without the written agreement of the Borrower. The Borrower acknowledges and agrees that Funding Circle may require additional and/or restated security documentation to be executed by the Borrower (and any third party or guarantor as the case may be), or independent advice to be taken by the Borrower, each as a pre-condition to any restructuring.

9. No reliance

The Borrower confirms that, in entering into this Loan Contract, it has not relied on any representation made by or on behalf of Funding Circle or any of the Lenders or on any written statement, advice, opinion or information given to the Borrower in good faith by or on behalf of Funding Circle or any of the Lenders; and has been and will continue to be solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Loan Contract.

10. General

10.1 The Loan Conditions and the Loan Contracts are governed by and construed in accordance with English law, and each Lender and Borrower submits to the non-exclusive jurisdiction of the English courts.

10.2 In entering into this Loan Contract, the Borrower agrees that it will not borrow any monies from its directors, officers, members, partners, shareholders or any other third party that ranks in priority of recovery to the Loan. In the event that the Borrower does enter into any such loan, the rights to payment of that loan will be subordinated behind the Loan, except to the extent otherwise required by insolvency law.

10.3 In entering into this Loan Contract, the Borrower agrees that it will not enter into any other new unsecured borrowing arrangement (or any arrangement having the effect of a borrowing) with any third party where the total amount of external finance raised from third parties would as a result exceed 30% of the total amount lent to the Borrower through the Funding Circle lending platform without the prior written consent of Funding Circle. Such consent shall not be unreasonably withheld. This clause shall not restrict the Borrower from entering into asset-specific financing or invoice purchasing arrangements.

10.4 If any part of the Loan Conditions that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the Loan Conditions or the Loan Contract.

10.5 Any waiver by either party of a breach of any provision of these Loan Conditions and/or any Loan Contract shall not be considered to be a waiver of any other or later breach of the same, of any other, provision.

10.6 Any notices to be given to the Borrower in relation to any Loan Contract shall either be put on the Borrower's My Account section of Funding Circle or shall be sent by email to the Borrower's email registered address .

10.7 The records kept by Funding Circle shall be conclusive of the facts and matters they purport to record except where there is an obvious mistake.

10.8 In the event that a Loan Contract relates to a Loan that is being made to a Borrower that is a sole trader, unincorporated body or partnership, by entering into such Loan Contract the Borrower makes the following declaration:

"I am entering this agreement wholly or predominantly for the purposes of a business carried on by me or intended to be carried on by me. I understand that I will not have the benefit of the protection and remedies that would be available to me under the Consumer Credit Act 1974 if this agreement were a regulated agreement under that Act. I understand that this declaration does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the creditor and the debtor is unfair to the debtor. I am aware that, if I am in any doubt as to the consequences of the Agreement not being regulated by the Consumer Credit Act 1974 I should seek independent legal advice."

10.9 In the event that the Borrower is a partnership, by entering into the Loan Contract the Borrower makes the following declaration:

"I confirm that I am authorised by the partnership to enter into this agreement for and on behalf of the partnership and that I am authorised by the partnership upon entering into this agreement to bind the partnership to the terms of this agreement."

10.10 The Borrower and Lender agree that, while Funding Circle is not a party to this Loan Contract, Funding Circle may take the benefit of and specifically enforce each express term of this Loan Contract and any term implied under it pursuant to the Contracts (Rights of Third Parties) Act 1999.

10.11 This Loan Contract will be entered into by electronic means in accordance with the Funding Circle Terms and Conditions upon the acceptance by the Borrower of Bids satisfying its initial Loan Request and this will have the same effect as if the Agreement was signed in a hard single copy.

11. Service

The Borrower should contact Funding Circle if there are any terms of the Loan Contract it wishes to discuss. Alternatively the Borrower may wish to seek independent advice to help it fully understand the Loan Contract and the implications of its terms.

Complaints about our service

Funding Circle wishes to hear from the Borrower if the Borrower has any suggestions for how we could improve our service. If the Borrower wishes to make a formal complaint, the Borrower may do so in person, in writing by post or email or by telephone.

12. Defined terms

In these Loan Conditions and each Loan Contract the following words have the meanings set out next to them in the table below:

"All Assets Security Agreement"

an agreement (if any) to be entered into between the Borrower and the Security Holder (acting on behalf of all of the Lenders to that Borrower) which will secure the repayment of the Borrower's Debt

"Assignment"

A security assignment in respect of rent or contracts (if any) to be entered into between the Borrower and the Security Holder (acting on behalf of all of the Lenders to that Borrower) which will secure the repayment of the Borrower's Debt

"Bid"

a bid which a Lender posts on Funding Circle making that Lender's offer of funds in satisfaction of a Loan Request, including any such bid posted automatically on that Lender's behalf using the Autobid tool

"Borrower"

the member of Funding Circle identified as the Borrower in the Key Contract Terms

"Borrower's Debt"

all of the Borrower's liabilities to the Lender (and where relevant to the Security Holder) present, future, actual or contingent and will include (i) Interest (ii) the Loan and (iii) related costs and expenses

"Chattels Mortgage"

a chattels mortgage (if any) to be entered into between the Borrower and the Security Holder (acting on behalf of all the Lenders to that Borrower) which will secure the repayment of the Borrower's Debt

"Funding Circle"

Funding Circle Limited, and also means the Funding Circle lending platform operated for the purposes of matching Loan Requests and Bids

"Funding Circle Client Account"

the segregated client bank account that Funding Circle maintains with Barclays Bank plc for the sole purpose of holding funds on behalf of all of the members of Funding Circle, and specifically the part of the contents of that account to which the relevant member of Funding Circle is entitled in accordance with these Loan Conditions and/or any Loan Contract to which it is a party

"Funding Circle Terms and Conditions"

each of the Borrower terms and conditions and the Lender terms and conditions, both available on Funding Circle's website, as amended or replaced from time to time

"IP Mortgage"

a legal mortgage over certain intellectual property rights of the Borrower (if any) to be entered into between the Borrower and the Security Holder (acting on behalf of all the Lenders to that Borrower) which will secure repayment of the Borrower's Debt.

"Key Contract Terms"

the summary of the key commercial terms applicable to a particular Loan and Loan Contract made on a single occasion between a Borrower and Lenders, those commercial terms being taken from the Loan Request and subsequent Bid or Bids that formed the Loan Contract

"Legal Mortgage"

a legal mortgage over property (if any) to be entered into between the Borrower and the Security Holder (acting on behalf of all of the Lenders to that Borrower) which will secure the repayment of the Borrower's Debt

"Lender" or "Lenders"

the member or members of Funding Circle identified as the Lender or Lenders in the Key Contract Terms

"Loan"

the individual loan transaction entered into between a Borrower and a Lender or multiple Lenders following the making of the Loan Request, subsequent Bid or Bids being placed by the relevant Lenders and those Bid or Bids being accepted by the Borrower

"Loan Amount "

in respect of a Loan, the total amount of principal and interest outstanding under the Loan Contract relating to that Loan at the time of calculation

"Loan Conditions"

these Funding Circle Loan Conditions

"Loan Contract"

the agreement governing the terms on which a Lender makes a Loan to a Borrower, in each case made up of the Loan Conditions and Key Contract Terms applicable to the relevant Loan

"Loan Part"

in respect of a Loan which has been lent by multiple Lenders, the part of that Loan which has been lent by a particular Lender

"Loan Request"

a loan request which a potential Borrower posts on Funding Circle requesting loan funds

"My Account"

the part of the Funding Circle website which can only be accessed by a member of Funding Circle, using his or her own secure login details

"Security Holder"

where security is taken for the Loan, Funding Circle Trustee Limited and/or Funding Circle Property Finance Limited, as applicable

"Transfer Certificate"

the pre-determined form to be used between two Lenders who have agreed on Funding Circle to buy and sell an interest in a Loan Contract

Funding Circle Privacy Policy

Funding Circle Privacy Policy

This privacy policy governs the collection, storage and use of personal information collected by us, Funding Circle Limited, via our website at www.fundingcircle.com. It provides you with details about the personal information we collect from you, how we use your personal information and your rights to control personal information we hold about you. Please read this privacy policy carefully – by accessing and using this website, you confirm that you have read, understood and agree to this privacy policy in its entirety. If you do not agree to this privacy policy in its entirety, you must not use this website or the services provided on it.

In this privacy policy, the following terms have the meanings set out below:

  • "Funding Circle", "we", "us" and "our" means Funding Circle Limited;
  • "Funding Circle Group" means Funding Circle and any Holding Company or Subsidiary of Funding Circle from time to time (including but not limited to Funding Circle Trustee Limited, Funding Circle Asset Finance Limited, Funding Circle Property Finance Limited, and Funding Circle Holdings Limited);
  • "Holding Company" means any holding company within the meaning of Section 1159 of the Companies Act 2006 or any parent undertaking within the meaning of section 1162 of the Companies Act 2006;
  • "Loan Contract" means the agreement between a lender and a borrower comprising our standard Loan Conditions and Key Contract Terms;
  • "Subsidiary" means any subsidiary company within the meaning of section 1159 of the Companies Act 2006 or any subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006; and
  • "you" and "your" means a user of the website and the services provided via it.

This privacy policy was last updated on 17 February 2014 to add new provisions to the policy applicable in relation to third party sub-contractors and transfers of data outside of the UK. Please check back regularly to keep informed of updates to this privacy policy.

1. Who we are

Funding Circle Limited is a company incorporated in England and Wales, whose registered number is 06968588 and whose registered office and principal place of business is at 3 Dorset Rise, London EC4Y 8EN, United Kingdom.

We are registered with the Information Commissioner with registration number Z2133885.

We have a Consumer Credit License granted by the Office of Fair Trading (OFT) (Licence No. 0635439)

We respect your right to privacy and will only process personal information you provide to us in accordance with the Data Protection Act 1998, the Privacy and Electronic Communications (EC Directive) Regulations 2003 and other applicable privacy laws.

If you have any questions about how we collect, store and use personal information, or if you have any other privacy-related questions, please contact us on the Funding Circle website www.fundingcircle.com.

2. Lender specific information

If you are applying to be a member of Funding Circle as a lender then this section 2 explains the type of personal information we collect about you and how we may store, use and disclose your information.

2.1 The personal information we collect about you

(a) When you access or browse this website (including when you submit personal information to us through data entry fields on the website) or apply to be a member of Funding Circle as a lender, and whilst you continue to be a member of Funding Circle, we will collect information from you, which will include the following information:

(i) your name;

(ii) your current and previous postal addresses;

(iii) your phone, fax and e-mail details;

(iv) your bank or building society account details and details of debit cards used to make transfers on Funding Circle;

(v) your date of birth;

(vi) your passwords and security question answers;

(vii) comments you make on blogs and discussion forums on the website;

(viii) correspondence with us by email and post;

(ix) answers to questions required by Experian for identification purposes (although these answers and questions will be deleted by Funding Circle); and

(x) data about your activities using Funding Circle.

(b) If you give us false or inaccurate information and we suspect or identify fraud, we will record this.

(c) If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies.

Law enforcement agencies may access and use this information.

We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:

  • checking details on applications for credit and credit related or other facilities
  • managing credit and credit related accounts or facilities
  • recovering debt
  • checking details on proposals and claims for all types of insurance
  • checking details of job applicants and employees

Please contact us using the details provided above if you want to receive details of the relevant fraud prevention agencies.

We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

(d) We may also collect anonymised details about visitors to the website for the purposes of aggregate statistics or reporting purposes and to calculate referral fees. However, no single individual will be identifiable from the anonymised details we collect or disclose for these purposes.

2.2 How we may store, use and disclose your information

(a) We (or third party data processors, agents and sub-contractors acting on our behalf) may collect, store and use your personal information for the following purposes:

(i) to verify your identity in order to prevent and detect crime and money laundering, including by using scoring methods;

(ii) to manage your Funding Circle lender account with us and update the records we hold about you from time to time;

(iii) to provide and administer the Funding Circle platform and services;

(iv) to identify fraud;

(v) to carry out statistical analysis and market research;

(vi) to carry out regulatory checks;

(vii) to develop and improve our services and products;

(viii) to make this website available to you and to identify the products and services which you may be interested in;

(ix) where you have given us your consent, to contact you (including by SMS and e-mail) with products and services which we think may interest you; and

(x) where you have given us your consent, to disclose your personal information to carefully chosen third parties so that they may contact you (including by SMS and e-mail) with products and services which they think may interest you.

(b) Any or all of the processes above may be automated and may involve the transfer of your information to other countries including those outside Europe. We will always take steps to ensure that such transfers comply with applicable privacy laws.

(c) We may disclose your personal information as follows:

(i) to other members of Funding Circle if required to enforce any Loan Contract. If we provide you with information about other Funding Circle members for this purpose then you must only use it to communicate with us about your Loan Contract;

(ii) to our third party sub-contractors, including but not limited to card payment and direct debit payment processors and companies that assist us in carrying out identification and fraud checks;

(iii) to a third party if it acquires all (or substantially all) of our business and/or assets in connection with the acquisition;

(iv) where we are required to do so by applicable law, by a governmental body or by a law enforcement agency;

(v) to Funding Circle Trustee Limited, Funding Circle Property Finance Limited or Funding Circle Asset Finance Limited for the purpose of setting up a secured loan or asset finance product and/or enforcing a secured loan; and

(vi) to any other member of the Funding Circle Group for the purposes of providing and administering the Funding Circle platform and services.

(d) We will also provide transactional information to other members of Funding Circle but this information will not include your postal address or payment details. Your full name will be used in the Key Contract Terms. We are not responsible for misuse of this transactional information by Funding Circle members but you should let us know about any misuse of such information.

(e) Details of the borrowers’ accounts and how they are managed will be shared with a credit reference agency. Further details of how their information is used are outlined in the borrower specific section of this privacy policy.

(f) We will not disclose, sell or rent your personal information to any third party, save as expressly provided for above or if you have consented to this. If you do consent but later change your mind, you may contact us and we will cease any such activity.

3. Borrower specific information

If you are, or are applying to be, a member of Funding Circle as a borrower, or are using an agent to make a loan application on your behalf, then this section 3 explains the type of personal information we collect about you and how we may store, use and disclose your information.

3.1 The personal information we collect about you

(a) When you access or browse the website (including when you submit personal information to us through data entry fields on the website) or apply to be a member of Funding Circle as a borrower, or use an agent to make a loan application on your behalf, and whilst you continue to be a member of Funding Circle, we will collect information from you, which will include the following information:

(i) your name and your business name;

(ii) your current and previous home postal addresses;

(iii) your business postal address;

(iv) your business phone, fax and e-mail details;

(v) your business bank or building society account details and details of debit cards used to make payments on Funding Circle;

(vi) your date of birth;

(vii) your passwords and security question answers;

(viii) comments you make on blogs and discussion forums on the website;

(ix) correspondence with us by email and post;

(x) answers to questions required by Experian for identification purposes (although these answers and questions will be deleted by Funding Circle);

(xi) information provided in your application form; and

(xii) data about your activities using Funding Circle.

(b) If you give us false or inaccurate information, either directly or through an agent, and we suspect or identify fraud, we will record this.

(c)If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies.

  • Law enforcement agencies may access and use this information.
  • We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:
  • checking details on applications for credit and credit related or other facilities
  • managing credit and credit related accounts or facilities
  • recovering debt
  • checking details on proposals and claims for all types of insurance
  • checking details of job applicants and employees

Please contact us using the details provided above if you want to receive details of the relevant fraud prevention agencies.

We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

(d) We may also collect anonymised details about visitors to the website for the purposes of aggregate statistics or reporting purposes and to calculate referral fees. However, no single individual will be identifiable from the anonymised details we collect or disclose for these purposes.

(e) We will check information about you held on our own records and also obtain information from credit reference agencies about you and your business partners’ personal credit behaviour and personal credit accounts if you are proprietors of a small business and are directors of that business, your business accounts, identity information on beneficial owners of the business, your business partners personal accounts (if they are a director). If you are a director, we will seek confirmation that the residential address you provide is the same as that shown on the restricted register of directors usual address at Companies House.

(f) We will also search at fraud prevention agencies for information on your business, you, your personal financial partner (if they are a director), your business partners, beneficial owners and your addresses.

3.2 How we may store, use and disclose your information

(a) We (or third party data processors, agents and sub-contractors acting on our behalf) may collect, store and use your personal information for the following purposes:

(i) to assess your application for credit, including by using scoring methods;

(ii) to check details on applications for credit and credit related and other facilities;

(iii) to verify your identity in order to prevent and detect crime and money laundering, including by using scoring methods;

(iv) to manage your Funding Circle borrower account with us and update the records we hold about you from time to time;

(v) to provide and administer the Funding Circle platform and services;

(vi) to identify fraud;

(vii) if you do not repay money you have borrowed, to trace your whereabouts and recover debts or enforce a Loan Contract;

(viii) to carry out statistical analysis and market research;

(ix) to carry out regulatory checks;

(x) to develop and improve our services and products;

(xi) to make this website available to you and to identify the products and services which you may be interested in;

(xii) where you have given us your consent, to contact you (including by SMS and e-mail) with products and services which we think may interest you; and

(xiii) where you have given us your consent, to disclose your personal information to carefully chosen third parties so that they may contact you (including by SMS and e-mail) with products and services which they think may interest you.

(b) Any or all of the processes above may be automated and may involve the transfer of your information to other countries including those outside of Europe. We will always take steps to ensure that such transfers comply with applicable privacy laws.

(c) We may disclose your personal information as follows:

(i) to credit reference agencies who will record information about your application, your business, you and your business partners.For the avoidance of doubt we will not disclose any management account information you supply to us to credit reference agencies;

(ii) to credit reference and fraud prevention agencies, where it will be recorded by them, and supplied to other organisations to perform similar checks, trace your whereabouts and recover debts you owe;

(iii) we may provide information about your loans at Funding Circle and how you manage them to credit reference agencies, where it will be recorded by them but we will not disclose information on your other loans outstanding that has been provided to us from credit reference agencies;

(iv) we may provide information about other loans outstanding with Funding Circle lenders;

(v) to and via an organisation which provides a centralised matching service which it collects from mortgage and/or credit applications, for the purpose of preventing and detecting fraud;

(vi) if you consent, to a reputable, licensed credit broker in the event that you apply to borrow money using Funding Circle and your application is declined or the loan monies are otherwise unavailable and we reasonably believe that the credit broker may be able to help you obtain a loan;

(vii) to other members of Funding Circle if required to enforce any Loan Contract. If we provide you with information about other Funding Circle members for this purpose then you must only use it to communicate with us about your Loan Contract;

(viii) to our third party sub-contractors, including but not limited to card payment and direct debit payment processors and companies that assist us in carrying out identification and fraud checks;

(ix) to a third party if it acquires all (or substantially all) of our business and/or assets in connection with the acquisition;

(ix) where we are required to do so by applicable law, by a governmental body or by a law enforcement agency;

(x) to Funding Circle Trustee Limited, Funding Circle Property Finance Limited or Funding Circle Asset Finance Limited for the purpose of setting up a secured loan or asset finance product and/or enforcing a secured loan;

(xi) to any member of the Funding Circle Group for the purposes of providing and administering the Funding Circle platform and services; and

(d) We will also provide transactional information to other members of Funding Circle but this information will not include your postal address or payment details. The name of your business will be used in the Key Contract Terms. We are not responsible for misuse of this transactional information by Funding Circle members but you should let us know about any misuse of such information.

(e) We will not provide the following information to other Funding Circle members:

(i) addresses and personal details of directors;

(ii) ownership of different shareholders;

(iii) employee details;

(iv) contact numbers or email addresses of the business; and

(v) any other data used in the verification of the directors.

(f) You may decide to reveal your identity in order to secure lower cost finance, or to provide personal information to prospective lenders on your loan request page. Please be aware that this information is available online to other users and therefore we have no control or responsibility for the ways that others members of Funding Circle may use that information. If you ask us, we will remove this personal information as soon as possible.

(g) We will not disclose, sell or rent your personal information to any third party, save as expressly provided for above or otherwise if you have consented to this. If you do consent but later change your mind, you may contact us and we will cease any such activity.

(h) We will provide general updates on our website about the status of negotiations with you regarding any debts or loans through Funding Circle.

3.3 What Credit Reference and Fraud Prevention Agencies do

(a) When credit reference agencies receive a search from us they will:

(i) place a credit search “footprint” on your company credit file whether or not your application proceeds. If the search was for a credit application the record of that search (but not the name of the organisation that carried it out) may be seen by other organisations when your business applies for credit in the future;

(ii) place an enquiry search on the personal credit files of any director/owner or partner that have been searched. Place an associate enquiry search on your personal financial partner’s credit file, if that is checked, if they are a director. These enquiry searches will not be seen by other organisations if any director/owner or partner applies for credit in the future;

(iii) link together the previous and subsequent names advised by you, of anyone that is a party to the account;

(iv) place an enquiry or identification search on the record of any shareholder who is a beneficial owner and who we have checked;

(v) create a record of the name and address of your business and its proprietors if there is not one already.

(b) Credit reference agencies supply the following information to us:

(i) information about your business or company, such as previous applications for credit and the conduct of the accounts and also similar personal credit information in your name and of your business partners;

(ii) public information such as County Court Judgments (CCJs) and bankruptcies;

(iii) electoral register information on you and your business partners;

(iv) fraud prevention information; and

(v) confirmation or otherwise that the usual residential addresses supplied by directors match those on the restricted register held at Companies House (or for those directors’ addresses registered under section 243 of the Companies Act, that the usual residential addresses supplied by directors match those on the credit reference agency’s proprietary business directory).

(c) Credit reference agencies will keep records of outstanding debt on file for six years after they are closed, whether settled by you or defaulted.

(d) Your information will not be used by credit reference agencies to create a blacklist or to make a decision.

(e) The information which we and other organisations provide to the credit reference agencies and fraud prevention agencies about you, your business partners and details about your business may be supplied by credit reference agencies and fraud prevention agencies to other organisations and used by them to:

(i) prevent crime, fraud and money laundering by, for example checking details provided on applications for credit and credit related or other facilities;

(ii) check the operation of credit and credit-related accounts;

(iii) verify your identity if you or your business partner(s) applies for other facilities;

(iv) make decisions on credit and credit related services about you and/or your business partner, or your business;

(v) manage your personal, your business partner’s and/or business credit or credit related account(s);

(vi) trace your whereabouts and recover debts that you owe;

(vii) conduct other checks to prevent or detect fraud; and

(f) undertake statistical analysis and system testing.

Organisations may access and use from other countries the information recorded by fraud prevention agencies.

3.4 How we may store, use and disclose information provided to us about third parties

We may use information you or your agent provide to us about directors/business partners and shareholders of your business to verify their identity. We may also disclose information about your business partners and shareholders to credit reference agencies so you must be sure that you have their agreement to do this. Information on shareholders who are beneficial owners will be used and supplied to others only for the purpose of the performance of identity checks and with their specific consent.

4. Agent specific information

If you are, or are applying to be, a member of Funding Circle as an agent for borrowers then this section 4 explains the type of personal information we collect about you and how we may store, use and disclose your information.

4.1 The personal information we collect about you

(a) When you access or browse the website (including when you submit personal information to us through data entry fields on the website) or apply to be a member of Funding Circle as an agent, and whilst you continue to be a member of Funding Circle, we will collect information from you, which will include the following information:

(i) your name and your business name;

(ii) your current and previous home postal addresses;

(iii) your business postal address;

(iv) your business phone, fax and e-mail details;

(v) your business bank or building society account details;

(vi) your date of birth;

(vii) your passwords and security question answers;

(viii) comments you make on blogs and discussion forums on the website;

(ix) correspondence with us by email and post;

(x) answers to questions required by Experian for identification purposes (although these answers and questions will be deleted by Funding Circle);

(xi) information provided in your application form; and

(xii) data about your activities using Funding Circle.

(b) If you give us false or inaccurate information and we suspect or identify fraud, we will record this.

(c) If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies.
Law enforcement agencies may access and use this information.

We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:

  • checking details on applications for credit and credit related or other facilities
  • managing credit and credit related accounts or facilities
  • recovering debt
  • checking details on proposals and claims for all types of insurance
  • checking details of job applicants and employees

Please contact us using the details provided above if you want to receive details of the relevant fraud prevention agencies.

We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

(d) We may also collect anonymised details about visitors to the website for the purposes of aggregate statistics or reporting purposes and to calculate referral fees. However, no single individual will be identifiable from the anonymised details we collect or disclose for these purposes.

(e) We will check information about you held on our own records and also obtain information from credit reference agencies about you and your business partners personal credit behaviour and personal credit accounts if you are proprietors of a small business and are directors of that business, your business accounts, identity information on beneficial owners of the business, your personal financial partner’s personal accounts (if they are a director). If you are a director, we will seek confirmation that the residential address you provide is the same as that shown on the restricted register of directors’ usual address at Companies House.

(f) We will also search at fraud prevention agencies for information on your business, you, your personal financial partner (if they are a director), your business partners, beneficial owners and your addresses.

4.2 How we may store, use and disclose your information

(a) We (or third party data processors, agents and sub-contractors acting on our behalf) may collect, store and use your personal information for the following purposes:

(i) to assess your creditworthiness;

(ii) to verify your identity in order to prevent and detect crime and money laundering, including by using scoring methods;

(iii) to manage your Funding Circle agent account with us and update the records we hold about you from time to time;

(iv) to provide and administer the Funding Circle platform and services;

(v) to identify fraud;

(vi) to carry out statistical analysis and market research;

(vii) to carry out regulatory checks;

(viii) to develop and improve our services and products;

(ix) to make this website available to you and to identify the products and services which you may be interested in;

(x) where you have given us your consent, to contact you (including by SMS and e-mail) with products and services which we think may interest you; and

(xi) where you have given us your consent, to disclose your personal information to carefully chosen third parties so that they may contact you (including by SMS and e-mail) with products and services which they think may interest you.

(b) Any or all of the processes above may be automated and may involve the transfer of your information to other countries including those outside Europe. We will always take steps to ensure that such transfers comply with applicable privacy laws.

(c) We may disclose your personal information as follows:

(i) to credit reference agencies who will record information about your business, you and your business partners;

(ii) to credit reference and fraud prevention agencies, where it will be recorded by them, and supplied to other organisations to perform similar checks;

(iii) to and via an organisation which provides a centralised matching service which it collects from mortgage and/or credit applications, for the purpose of preventing and detecting fraud;

(iv) to other members of Funding Circle if required to enforce any Loan Contract that you may have facilitated to put in place for a borrower;

(v) to any member of the Funding Circle Group for the purposes of providing and administering the Funding Circle platform and services.

(vi) to our third party sub-contractors, including but not limited to card payment and direct debit payment processors and companies that assist us in carrying out identification and fraud checks;

(vii) to a third party if it acquires all (or substantially all) of our business and/or assets in connection with the acquisition; and

(viii) where we are required to do so by applicable law, by a governmental body or by a law enforcement agency.

(d) We will not disclose, sell or rent your personal information to any third party, save as expressly provided for above or otherwise if you have consented to this. If you do consent but later change your mind, you may contact us and we will cease any such activity.

4.3 What Credit Reference and Fraud Prevention Agencies do

(a) When credit reference agencies receive a search from us they will:

(i) place a credit search “footprint” on your company credit file;

(ii) place an enquiry search on the personal credit files of any director/owner or partner that have been searched. Place an associate enquiry search on your personal financial partner’s credit file, if that is checked, if they are a director. These enquiry searches will not be seen by other organisations if any director/owner or partner applies for credit in the future;

(iii) link together the previous and subsequent names advised by you, of anyone that is a party to the account;

(iv) place an enquiry or identification search on the record of any shareholder who is a beneficial owner and who we have checked;

(v) create a record of the name and address of your business and its proprietors if there is not one already.

(b) Credit reference agencies supply the following information to us:

(i) information about your business or company, such as previous applications for credit and the conduct of the accounts and also similar personal credit information in your name and of your business partners;

(ii) public information such as County Court Judgments (CCJs) and bankruptcies;

(iii) electoral register information on you and your business partners;

(iv) fraud prevention information; and

(v) confirmation or otherwise that the usual residential addresses supplied by directors match those on the restricted register held at Companies House (or for those directors’ addresses registered under section 243 of the Companies Act, that the usual residential addresses supplied by directors match those on the credit reference agency’s proprietary business directory).

(c) Credit reference agencies will keep records of outstanding debt on file for six years after they are closed, whether settled by you or defaulted.

(d) Your information will not be used by credit reference agencies to create a blacklist or to make a decision.

(e) The information which we and other organisations provide to the credit reference agencies and fraud prevention agencies about you, your business partners and details about your business may be supplied by credit reference agencies and fraud prevention agencies to other organisations and used by them to:

(i) prevent crime, fraud and money laundering by, for example checking details provided on applications for credit and credit related or other facilities;

(ii) check the operation of credit and credit-related accounts;

(iii) verify your identity if you or your business partner(s) applies for other facilities;

(iv) make decisions on credit and credit related services about you and/or your business partner, or your business;

(v) manage your personal, your business partner’s and/or business credit or credit related account(s);

(vi) trace your whereabouts and recover debts that you owe;

(vii) conduct other checks to prevent or detect fraud; and

(viii) undertake statistical analysis and system testing.

(f) Organisations may access and use from other countries the information recorded by fraud prevention agencies.

4.4 How we may store, use and disclose information provided to us about third parties

We may use information you provide to us about directors/business partners and shareholders of your business to verify their identity. We may also disclose information about your business partners and shareholders to credit reference agencies so you must be sure that you have their agreement to do this. Information on shareholders who are beneficial owners will be used and supplied to others only for the purpose of the performance of identity checks and with their specific consent.

For details of how we may store, use and disclose information which you provide in relation to borrowers on whose behalf you make loan applications, please refer to section 3 above. You must provide a copy of this privacy policy to any potential borrowers whom you represent. You must ensure that they are made aware of the content of section 3 above and that they give their consent to their information being used in accordance with this privacy policy before you provide any information about the borrower to us.

5. Cookies

This website uses cookies to collect information about you. If you use this website, then you accept that we can use the cookies set out below.

5.1. What are cookies?

Cookies are small data files which are placed on your computer by this website and which collect certain personal information about you.

5.2. Why do we use cookies?

Cookies enable us to tailor our service offering (including the website) and to provide you with a better service.

5.3. What cookies do we use?

We use the following cookies:

  • Strictly necessary cookies. These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website. They do not gather information about you that could be used for marketing purposes or remembering where you’ve been on the Internet.
  • Analytical/performance cookies. They allow us to collect information about how you use our website, such as, how you move around our website and if you experience any errors. These cookies do not collect any information that could identify you; all of the information collected is anonymous and is only used to help us improve the way our website works, understand what interests our users and measure how effective our advertising is.
  • Functionality cookies. These are used to recognise you when you return to our website. This enables us to personalise our content for you, greet you by name and remember your preferences and improve your visit.
  • Targeting cookies. These cookies record your visit to our website, the pages you have visited and the links you have followed. They are linked to services provided by third parties, such as "Like" and "Share" buttons. The third party provides these services in return for recognising that you have visited our website.

You can find up to date information about the individual cookies we use and the purposes for which we use them by following this link

Generally, cookies which are strictly necessary for the operation of the website will expire when you leave the website. Other cookies may be more permanent or not expire unless you actively delete them.

5.4.How to reject cookies

If you want to reject any of the cookies that we use, then you will need to change your website browser settings. Find out how to do this by following this link

6. Security

6.1 Whilst we take appropriate technical and organisational measures to safeguard the personal information that you provide to us, we accept no liability if communications are intercepted by third parties or incorrectly delivered or not delivered.

6.2 If we transfer your information to third parties we will take steps to ensure that such transfer and any on-going processing by such third parties is carried out securely and in accordance with applicable privacy law.

7. Your rights

7.1 You have the following rights:

(a) the right to ask us to provide you with copies of personal information that we hold about you at any time, subject to a fee specified by law (currently £10);

(b) the right to ask us to update and correct any out-of-date or incorrect personal information that we hold about you free of charge; and

(c) the right to opt out of any marketing communications that we (or any third party to whom we have disclosed your personal information with your consent) may send you.

7.2 If you wish to exercise any of the above rights, please contact us using the details specified above.

7.3 You can contact the credit reference agencies currently operating in the UK; the information they hold may not be the same so it is worth contacting them all. They will charge you a small statutory fee.

(a) CallCredit, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 0601414

(b) Equifax PLC, Credit File Advice Centre, PO Box 3001, Bradford, BD1 5US or call 0870 010 0583 or log on to www.myequifax.co.uk

(c) Experian, Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 4818000 or log on to www.experian.co.uk.

7.4 Please contact us if you want to receive details of the relevant fraud prevention agencies.

8. Third party sites

This website contains links to other websites operated by third parties. Please note that this privacy policy applies only to the personal information that we collect through this website and we cannot be responsible for personal information that third parties may collect, store and use through other websites. You should always read the privacy policy of each website you visit carefully.

Terms and Conditions for API Users

Terms and Conditions for API Users

1. These Terms and Conditions

1.1 The Funding Circle API is an application programming interface that allows authorized lenders to produce or use bespoke third party software applications to interact with the Funding Circle platform.

1.2 The API allows lenders to retrieve business profiles listed on auctions, bid on new loan requests, participate in question and answer sessions on auctions, and buy or sell loan parts on the secondary market.

1.3 In consideration of Funding Circle providing to you an access token to the API, you agree that you are and shall remain bound by these Terms and Conditions. If you are unable to comply with any of the terms or conditions set out below, you must immediately cease using the API and disable any lending applications in your control.

1.4 While using the API you are still bound by the Funding Circle Terms and Conditions for Lenders and by the Privacy Policy. If there is any conflict between the Terms and Conditions for Lenders and these Terms and Conditions, the Terms and Conditions for Lenders will prevail.

2. Definitions

“API” means the Funding Circle Application Programming Interface.

“Lending applications” means third party software systems that transmit, retrieve, display or manage data provided through the API.

“Privacy Policy” means the Funding Circle privacy policy as set out at www.fundingcircle.com/home/privacy-policy, as amended or updated from time to time.

“Systems” or “platform” means the Funding Circle website, the API, any other online services provided by us and any data managed by, displayed on or transmitted from such services.

“Terms and Conditions for Lenders” means the Funding Circle terms and conditions for lenders as set out at www.fundingcircle.com/home/terms-and-conditions, as amended or updated from time to time.

"We", "us" and "our" means Funding Circle Limited and any holding company or subsidiary company of Funding Circle Limited from time to time.

"You" and "your" mean a user of the platform and the services provided via our systems, whether as an individual or on behalf of an entity which meets the lender criteria set out in the Terms and Conditions for Lenders.

3. Access

3.1 If you are a lender on the Funding Circle platform you can request an access token from the following link: www.fundingcircle.com/api/sign_up/new. You will need to be logged in to your Funding Circle account to do this.

3.2 Even if you have more than one Funding Circle account, you will only receive one access token. Therefore, you must ensure that you request an access token from the account that you intend to use for lending through the API.

3.3 Funding Circle may prevent a lender from lending through the API where we believe that such lender may act, or attempt to act, in a way that could (in our opinion) be disruptive to the platform, or to the market created by the platform, or to other lenders or borrowers on the platform.

3.4 Funding Circle may discontinue the availability of some or all of the API at any time.

3.6 Funding Circle may suspend or terminate your use of all or any of the API at any time if:

(a) we believe your lending application is not in our members’ best interests;

(b) you breach these Terms and Conditions;

(c) you breach any term of the Terms and Conditions for Lenders;

(d) we suspect or become aware that your lending application infringes our intellectual property rights or those of a third party.

3.7 On termination your licence to use the API will immediately cease and your access token will no longer be valid. You must immediately cease all use of the API and delete or remove the API and any copies of it in your possession, custody or control.

3.8 We may discontinue the availability of some or all of the API features or of access to the platform without prior notification.

4. Liability

4.1 You assume full responsibility for any lending applications developed by you, and you indemnify us and agree to keep us fully indemnified against any loss, damage, cost and expenses (including without limitation reasonable legal fees) whatsoever caused or incurred by us as a result of such lending application, whether such loss, damage cost or expense directly or indirectly arises from or in connection with (without limitation): software bugs; security vulnerabilities; unintended behaviour of such lending application; any breach of these Terms and Conditions; or any actual or alleged infringement of our intellectual property rights or those of a third party.

4.2 The API is provided “as-is”, and Funding Circle does not represent or warrant that the API is error-free and that any information retrieved or transmitted through the API is timely or correct. Funding Circle will not be liable for any losses directly or indirectly arising from or in connection with the lending applications or the use thereof, save that this clause 4.2 shall not limit our liability for fraud or for any other liability the exclusion or limitation of which is not permitted by applicable law or regulations.

5. Use of the API

5.1 In consideration of you agreeing to use the API in accordance with these Terms and Conditions, we grant you a non-exclusive, revocable, non-transferable licence to use the API in accordance with these Terms and Conditions.

5.2 You will not:

(a) attempt to obtain an access token to another lender's account;

(b) use multiple access tokens to attempt to circumvent restrictions imposed on the API or specified in these Terms and Conditions or in the Terms and Conditions for Lenders;

(c) share your individual access token with a third party in order to give them indirect unauthorized access to the API or any other Funding Circle content or use such credentials shared with you by another lender;

(d) attempt to circumvent any restrictions or policy put in place by Funding Circle in order to obtain an unfair advantage over other lenders;

(e) act in a way that seeks to disrupt service through the platform in any way, including without limitation reverse engineering the API or any part of the platform, implementing features or practices that harm the professional reputation of any Funding Circle staff or users, removing any material that you have received through the platform;

(f) use the API in applications that are illegal, offensive, abusive, indecent, defamatory, obscene or menacing; or in breach of copyright, trademark, confidence, privacy or any other right; or is otherwise injurious to third parties; or objectionable; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any “spam”;

(g) cache other users’ access tokens to the API or any other access credentials to the platform; and/or

(h) sell or lease any lending application that you create to another lender or any other third party for the purpose of personal financial gain.

5.3. Your lending application must:

(a) cache data for performance in a manner that does not create unnecessary requests to the API;

(b) make requests to the API containing the minimum possible amount of information required to obtain the information or perform the action you require; and

(c) be able to handle errors, exceptions or other software or hardware problems gracefully.

5.4 If your lending application is used by any other Funding Circle lenders you must:

(a) provide to such lenders your own terms and conditions and privacy policy which do not in any way conflict with any Funding Circle terms;

(b) include these Terms and Conditions in your distribution;

(c) explicitly specify in your terms and conditions that your product is not officially endorsed by or affiliated with Funding Circle.

5.5 You must ensure that your network, operating system and any third party software services that you use are properly configured to securely operate your application.

5.6 Save where we have otherwise agreed, an API User is not permitted to bid for loan parts in a loan which add up in total to more than 20% of the requested amount for that loan. If the total amount of accepted bids in a live auction is equal to 20% of the loan request, the API User will not be permitted to bid further through the API.

6. Use of content

6.1 We (or our licensors) own all present and future copyright, registered and unregistered trade marks, design rights, unregistered designs, database rights and all other present and future intellectual property rights existing in or in relation to the API. You acknowledge that you have no rights in the API other than the right to use it in accordance with these Terms and Conditions.

6.2 If and to the extent that any such intellectual property rights vest in you by operation of law or otherwise, you agree to do any and all such acts and execute any and all such documents as we may reasonably request in order to assign such intellectual property rights back to us.

6.3 You must not:

(a) use Funding Circle content in any advertisements or for the purposes of targeting advertisements anywhere;

(b) use Funding Circle content to generate mass messages, promotions or offers for any reason; and/or

(c) use any Funding Circle brand, trademarks, trade names, service marks or logos in your bespoke lending application.

7. Storage of content

You cannot store on any device or system, for a period of more than 30 days, the following information obtained through the API:

(a) any information listed by Funding Circle about a borrower on the platform including without limitation: business profile information, credit scores, financial accounts, outstanding business loans and credits, answers to questions posted by investors, any information that could be used to identify the directors of the business or any staff members that the business employs, the reason for taking out the loan, the number of years trading, information about assets or director guarantees;

(b) any information about other Funding Circle lenders participating in auctions including without limitation: lender user names, bid amounts and bid rates for any bids placed; and

(c) any information that could be used to identify a lender from whom you have purchased a loan part on the secondary market.

8. Lending restrictions

8.1 API consumers cannot place more than one bid every 20 seconds, applicable to the entire loan request marketplace.

8.2 Funding Circle reserves the right to impose additional restrictions for individual users at any time and from time to time, in our absolute discretion and without prior notice or liability to you.

9. Independent development

9.1 Funding Circle will not assist with any development, testing or configuration of lending applications. However, we will use reasonable endeavours to look into potential errors, bugs or service failures that are reported by API consumers.

9.2 You acknowledge that Funding Circle may be independently creating applications, content or other products and services that may be similar or competitive to your own lending application. Nothing in these Terms and Conditions will be prevent or restrict Funding Circle from creating any applications, content or other items.

10. Fees

10.1 Funding Circle intends to keep the API free of charge. However, Funding Circle may charge for the API and related service at any in the future, but any such charges shall not be retrospective.

10.2 You are responsible for all costs incurred by you in using the API.

11. Publicity

11.1 Subject to these Terms and Conditions, you may promote your lending application, including talking about it with other users, sharing your code, as long as you do so truthfully, accurately and without implying that your code, services or software is in any way affiliated or endorsed by us. However, you may not issue any formal press release via traditional routes or online media referring to Funding Circle without our prior consent.

11.2. We may publicly refer to you, orally or in writing as a licensee of the API. You hereby give us irrevocable and unconditional consent to publish the name of your application on our website, in press releases and in promotional materials as we see fit from time to time.

12. Monitoring

12.1 Funding Circle will monitor information transmitted to and from its services.

12.2 You will assist Funding Circle in verifying your compliance with these Terms and Conditions, by providing to us information about your lending application when requested by us, including without limitation access to your lending application or content displayed, transmitted to or from it and any other materials that would help us establish whether you are compliant with these Terms and Conditions.

12.3. If you are in breach of any of your obligations under these Terms and Conditions, or otherwise if we cease to provide some or all of the API or related services, immediately on our request you will delete any content received by or stored by your lending application .

13. Amendments

We may update or amend these Terms and Conditions from time to time to comply with law or to meet our changing business requirements. We may make changes without your specific agreement and we may not always be able to give you advanced notice of such changes, but we will always post any changes on the website so you can view them when you next log in. By continuing to use the API, you agree to be bound by the terms of any updates and amendments implemented in accordance with this clause.

14. Miscellaneous

14.1 If any of these Terms and Conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, such term shall be severed from this agreement but all other tersm and conditions shall remain in full force and effect.

14.2 All disclaimers, indemnities and exclusions in these Terms and Conditions shall survive termination of the agreement between us for any reason.

14.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these Terms and Conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.

14.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these Terms and Conditions or otherwise.

14.5 These Terms and Conditions are governed by English law. In the event of any matter or dispute arising out of or in connection with these Terms and Conditions, you and we shall submit to the non-exclusive jurisdiction of the English courts.