Has anyone borrowed/loaned money via Funding Circle?

[Ian PES]

I'm in the process of borrowing from this organisation and would value any comments from anyone who has actually used them, either lending or borrowing but I'd most like to hear from anyone who secured a loan.

(Respectfully -any UKBF BIG SHOTs who feel a strong urge to give advice at this point please try and control yourself and move on to another post...thanks ...)

 

[Mark T Jones]

I’ve broken a number of deals through them, is there any specific advice/questions?

 

[Ian PES]

I’ve broken a number of deals through them, is there any specific advice/questions?

Everything looks ok to me thanks but just wanted to see if there was any positive or negative feeling about them here. I'm having the forms checked by a solicitor soon. Thanks for responding

 

[Deleted member 300159]

We've used them in the past to get funds to buy a van - I was actually really impressed with them from start to finish. Everything was just really easy. They gave us an account manager who was available directly by phone & email (and even text message) and everything was really easy to understand. I wouldn't hesitate to recommend them. A far cry from jumping through hoops, trying to get a loan from the bank...!

 

[Ian J]

(Respectfully -any UKBF BIG SHOTs who feel a strong urge to give advice at this point please try and control yourself and move on to another post...thanks ...)

Hmmmm. As a commercial finance professional I was about to give you a warning but as you might consider me to be an unwanted UKBF BIG SHOT I will take your advice and move on to another thread

 

[crelding]

I loan to companies through Funding Circle. Very pleases with the return and how they operate. Not had a loan from them though, but can vouch for their authenticity.

 

[Ian PES]

We've used them in the past to get funds to buy a van - I was actually really impressed with them from start to finish. Everything was just really easy. They gave us an account manager who was available directly by phone & email (and even text message) and everything was really easy to understand. I wouldn't hesitate to recommend them. A far cry from jumping through hoops, trying to get a loan from the bank...!

Thanks very much -just the response I was hoping for.

 

[Ian PES]

Hmmmm. As a commercial finance professional I was about to give you a warning but as you might consider me to be an unwanted UKBF BIG SHOT I will take your advice and move on to another thread

Thanks...I see that you are a 'full member' not a BS so probably not prone to the over inflation of the ego that some seem to suffer from on here! No offence though. If you would still like to comment please do.

 

[Ian J]

Just be warned that Funding Circle chase personal guarantees aggressively if loan repayments fall into arrears

 

[Ian PES]

Just be warned that Funding Circle chase personal guarantees aggressively if loan repayments fall into arrears

..Thanks -yes I thought that might be the gist of the warning! ....It's pretty explicit in the guarantee form.

 

[Mark T Jones]

Just be warned that Funding Circle chase personal guarantees aggressively if loan repayments fall into arrears

Interestingly a few investors i know feel that they are rubbish at chasing guarantees!

 

[Ian J]

Interestingly a few investors i know feel that they are rubbish at chasing guarantees!

A buddy of mine met a solicitor who was on FC's panel and he sent out an average of six pre action letters every day prior to invoking a personal guarantee and he was one of half a dozen solicitors on their panel

 

[Ian PES]

I was successful and have received the funds. Thanks very much to all those who contributed here. Much appreciated

 

[DontAsk]

I have lent to Funding circle but will not do so again as it is a right PITA to get your funds out. It takes moinths to sell all your loan parts.

Zopa is a much better platform in this respect and returns funds within a few days.

 

[Alan]

^ me too. You can get a big chunk back quickly, but any late payment parts are not repaid, so requires constant visits to get loan parts back. Too time consuming ...