Funding Circle

Founded in London in 2010, Funding Circle set out to close the financing gap between traditional banks and small businesses. Over the past 15 years, the platform has facilitated over $20 billion in loans to more than 135,000 businesses across 700+ industries. Its core US product is a term loan ranging from $25,000 to $500,000, with repayment terms between 6 and 84 months and monthly — not weekly — payments, a borrower-friendly structure that sets it apart from many online competitors. Notably, in July 2024, Funding Circle sold its US operations to iBusiness Funding, a division of Ready Capital Corporation (NYSE: RC), for £33 million, while retaining its UK business as its core focus. US borrowers now access Funding Circle-branded products through iBusiness Funding's infrastructure.

The platform offers three primary products in the US: business term loans, SBA 7(a) loans (including small loans up to $5 million through its lending network), and a business line of credit ($5,000–$250,000). APRs on term loans range from 10.64% to 31.85%, with an average of approximately 15.42%, according to lender disclosures — competitive relative to many online alternatives, though meaningfully higher than bank or SBA loan rates. The origination fee (4.49%–10.49% of the loan amount, deducted upfront) is a real cost to factor in: on a $100,000 loan, that's up to $10,490 off the top before a dollar reaches your account.