Key updates to our loans for brokers

As we enter the new year, some key changes are coming into force on our Funding Circle business loan and the Government-backed Recovery Loan Scheme (RLS). Here’s our rundown of the changes, and how they could affect you and your clients. 

Key changes to Funding Circle loans for 2022: 

• Higher commission rates. Great news for our broker community – the commission rates on our Funding Circle business loans are returning to our flexible fee structure. And from January 2022, you can set your fee up to a maximum of 6% commission.

Key changes to RLS loans for 2022:

• The scheme has been extended for 6 months, to 30 June 2022.
  
• The Government guarantee has been reduced from 80% to 70%.
  
• For loans over £250,000, a personal guarantee continues to be required for 20% of the loan amount

Please note the scheme’s guarantee is to the lender, not the business, and the borrower remains 100% liable for the debt. 

Continued low rates on our loans 

Funding Circle business loans continue to be available from 2.9% per year, with RLS loans available from 9.1% per year.

If you have any questions about the loans available and these new changes, don’t hesitate to contact our team on 0203 667 2208 or broker@fundingcircle.com.