PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
If you’re looking for a loan for your business, chances are you’ve come across Funding Circle or Lending Club. As these two lenders may look quite similar at first glance, it could be difficult to choose which one is right for you. In this article, we’ll get into the nitty gritty of each lender, and take a look at some of the pros and cons of their respective products.
Funding Circle and Lending Club both offer easy, online applications that only take a few minutes to complete as long as you have all of the necessary information at the ready.
Funding Circle and Lending Club both report to creditors, so your ability to repay their loans will impact your credit. As long as you’re able to make timely payments, using these lenders should help you improve your credit score.
Funding Circle and Lending Club are both legitimate lenders. Funding Circle has an A+ rating with the Better Business Bureau (BBB) and a 3-star rating based on customer reviews. Lending Club has an A rating with the BBB and just a two-star rating based on customer reviews. Lending Club’s BBB page has also been flagged to caution potential borrowers that scammers are fraudulently using the lender’s name in telephone calls.
Both Funding Circle and Lending Club have easy, online applications that require filling out forms with basic information, including submitting a business’ annual revenue, revenue statements, tax returns, bank statements, and personal contact information. Both lenders take a soft pull of your credit upon the initial pre-qualification application and take a hard pull of your credit once you accept an offer.
One of the major benefits of Funding Circle’s application process, however, is their customer service line which immediately connects applicants to a live representative as soon as they are pre-approved.
| Lender | Loan Amounts: | Interest Rates: | Repayment Terms: |
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Loan Amounts: Up to $500,000 | Interest Rates: 4.99% – 26.99% | Repayment Terms: 1 – 5 years |
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Loan Amounts: Up to $300,000 | Interest Rates: 9.8% – 35.7% | Repayment Terms:: 1 – 5 years |
| Click to compare estimated rates. Compare Rates | |||
Funding Circle is ideal for owners of established businesses, with above-average credit who want to compare multiple offers by submitting just one application. Their loans, which range between $25,000 and $500,000, are best for medium and large-sized projects such as repairs, vehicle, or equipment purchases.
In order to qualify for a Funding Circle loan, you should have a credit score above 620 and at least two years in business.
Funding Circle’s annual percentage rates range between 10.91% and 35.5%. Their loans also come with origination fees between 3.49% and 7.99%.
Funding Circle’s loans typically take around 10 days to fund.
Their loans start at $25,000 with a maximum amount of $500,000.
» MORE: Funding Circle Small Business Loans Review
Lending Club’s loans are good for established businesses that need access to quick cash for small, medium, and large-sized projects such as emergency repairs, supplies purchases, or a down payment on a company vehicle.
To qualify for a Lending Club loan, you should have a credit score above 620, an annual revenue above $75,000, and at least two years in business.
Lending Club’s loans come with APRs between 9.77% and 35.98%, and origination fees start at 3.49% and go up to 7.99%. They also charge a check payment fee and insufficient funds fee of $15, along with a late payment fee of $15 or 5% of the late amount.
Lending Club’s loans typically fund within 2-14 business days.
Lending Club’s loans range between $5,000 and $300,000.
» MORE: LendingClub Small Business Loans Review
While both Funding Circle and Lending Club offer similar products, it’s important to look at the fine print and understand some of the more specific differences between the two. If you are looking for a loan above $300,000, Funding Circle will likely be the most ideal option for you. However, if fast cash is what you need, it’s better to apply with Lending Club as they have a significantly faster time to fund. Regardless of which lender you choose to go with, however, make sure to carefully take a look at the aspects of any agreement before signing on the dotted line.
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