Best Reviews TopConsumerReviews.com Best Reviews
Best Reviews
      July 19, 2018

Home  >  Business Loans  >  Funding Circle vs CAN Capital

Best

Business Loans

  1. Funding Circle
  2. LendingClub
  3. LendingTree
  4. Kabbage
  5. Fundia
  6. Balboa Capital
  7. Nat Business Capital
  8. CAN Capital
  9. Advanced Comm Capital
  10. Capital Loan Hub

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Business Cards

Company Incorporation

Credit Repair Companies

Green Cards

Home Warranties

Meal Delivery

Medical Alert Systems

Pet Insurance

Refrigerators

Whiskey Clubs

 

Individual Reviews

On Deck

Funding Circle

LendingClub

Lending Tree

Kabbage

Fundia

Balboa Capital

National Business Capital

CAN Capital

Advanced Commercial Capital

Capital Loan Hub

 

Disclosure: We pay our reviewers for their reviews. We are not compensated by companies for their reviews, but we may be compensated for links and advertisements on our website. Click here for details.

Better Business Bureau Reliability Seal

Funding Circle vs CAN Capital

Best Business Loans

To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth comparison of Funding Circle and CAN Capital.

To see ALL of our reviews for the Best Business Loans, please Click Here

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

Continue reading below reviews

Best Reviews

2018

Business Loan Reviews

4.5 stars
Funding Circle

FUNDING CIRCLE Visit Site

Funding Circle is a great choice among peer-to-peer lending companies. Its cofounders created the company as small business owners themselves, who were frustrated with their attempts to access financial assistance to grow their business even when their company was thriving. Funding Circle was designed to be a better solution for American small business owners, although their customers come from not just the US but also the UK, Germany, Spain, and the Netherlands. More than 15,000 loans have been funded through Funding Circle since 2010, with a total of more than $2 billion loaned.

One thing that makes Funding Circle stand out among providers of business loans is their transparency throughout the entire loan process. While some companies make it difficult to determine interest rates and fees without reading the fine print, Funding Circle clearly lists every possible cost on their Rates and Fees page:

  • Origination fees range from 0.99% to 5.99%v
  • 12-month loans have interest rates from 5.49% to 23.29%
  • 24-month loans have interest rates from 7.99% to 25.79%
  • 36-month loans have interest rates from 8.99% to 26.79%
  • 48-month loans have interest rates from 9.79% to 27.79%
  • 60-month loans have interest rates from 10.49% to 21.29%
  • No prepayment fees
  • Late payment fee: 10% of the missed payment

Not only are Funding Circle's costs and fees readily available, they are extremely competitive within the business loans market. Funding Circle loans range from $25,000 to $500,000, considerably more than many of the lenders in our review.

We were also impressed by Funding Circle's A+ rating with the Better Business Bureau, as an accredited business since 2013.

In order to qualify for a loan with Funding Circle, borrowers must meet several criteria. For loans under $300,000, applicants must provide documentation of the two most recent year's business tax returns, the most recent year of their personal tax return, and the six most recent months' business bank statements, For loans over $300,000, applicants must also submit a year-to-date income statement and balance sheet, and an Outstanding Business Loans & Credit Worksheet available from Funding Circle upon request.

Those documents will be requested after the borrower has completed the short online application form and received a phone call from one of Funding Circle's specialists. They will typically call within two hours of submitting the online application. Once the borrower's information is verified and the loan is approved, funds are available within 5-10 days.

We were also impressed by Funding Circle's Resource Center, full of blog posts, videos, and other sources of information to help small businesses with their efforts to grow and succeed. The entire site is clean and easy to navigate, inspiring confidence in Funding Circle's ability to genuinely provide borrowers with an all-around excellent experience.

Because of their transparency with respect to interest rates and fees, their excellent rating with the BBB, and their deep commitment to helping small business owners get the funding to grow their businesses, we give Funding Circle very high marks and consider them an excellent choice for business owners in need of some extra funding.

Visit Site

3 stars
Can Capital

CAN CAPITAL Visit Site

Established in 1998, Georgia-based CAN Capital offers business loans ranging from $2,500 to $150,000 or more with terms from 4-24 months. CAN Capital focuses specifically on small business owners, with tools, resources, and blog posts directed towards helping them to grow their businesses and succeed.

Unfortunately, CAN Capital is not one of the lenders in our review who make business loans to startups: they require borrowers to have been in business for at least four months and have monthly revenue that is relatively stable.

The application process is relatively simple and is comparable to other lenders' in our review: enter basic information about the business, such as the gross monthly sales, number of months or years in business, and the business' location. Once the application is approved, funds can be sent is as little as two business days.

While CAN Capital doesn't publish their APR during any part of quote or application process, there is a calculator that allows prospective borrowers to enter the amount of their monthly sales, the desired loan amount and term, and see the weekday payment, principal amount and the total repayment amount. Of course, this is just an estimate; the final loan offered would naturally depend on the business' history, creditworthiness, and actual loan terms. Customers should make sure to read the fine print: both when we ran our own theoretical scenarios and when we considered CAN Capital's reviews, we saw interest rates around 30%, all the way up to 85%! Given that CAN Capital focuses on small businesses, particularly those who haven't been able to qualify for a traditional loan, we wonder if such high interest rates will actually help a business to succeed instead of being overburdened with (additional) debt.

Another possible downside of having a business loan with CAN Capital is the effect on one's personal credit; one customer complained that CAN Capital pulled a hard inquiry on their personal credit every six months for the duration of their loan, even though the customer had no late payments or any other issues with the loan.

On the other hand, CAN Capital has been accredited with the Better Business Bureau since 1998 and carries an A+ rating. In our opinion, this carries a great deal of weight and would indicate that, overall, CAN Capital is doing a good job of providing loans to almost 140,000 small businesses in ways that are honest and trustworthy.

Visit Site

Continued from above

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!

Does It Really Need to Be This Hard to Get a Business Loan

His i's were duly dotted, his t's correctly crossed. But he couldn't find a single bank that would give him a business loan. Related: What Does It Really Take to Get a Small-Business Loan Frustrated, ...

Published:  Wed, 18 Jul 2018 09:00:00 GMT



OnDeck Canada Adds New Revolving Credit Facility to Finance Small Business Loans

TORONTO , July 18, 2018 /PRNewswire/ -- OnDeckĀ® (ONDK), the leader in online lending for small business, announced today the closing of a CAD50 million asset-backed revolving credit facility with Cred...

Published:  Wed, 18 Jul 2018 13:03:00 GMT



Behind the Loan: Bank of San Antonio enlists private equity partners to make client's financing possible

Editor's Note: Every business loan has a story of people striving to achieve a goal. With an eye on finding and telling them, the Business Journal is launching "Behind the Loan," an occasional series ...

Published:  Wed, 18 Jul 2018 04:16:00 GMT



Intelligent Reasons to go the Business Loan Way

It is, undoubtedly, true that going into debt for your business is, for major times, not a good idea, but that doesn't mean that there are no intelligent reasons to take a business loan. Following are ...

Published:  Wed, 18 Jul 2018 11:46:00 GMT



Salem student loan collection firm caught in U.S. Department of Education "˜politics'

Meanwhile, the company is struggling to diversify its business to lessen the impact of the decision. In 2009, Windham was one of seven companies to win a five-year contract to handle graduates that ha...

Published:  Wed, 18 Jul 2018 06:42:00 GMT



LoanSnap Inc. Launches with First-Ever Smart Loan Technology to Save Americans Tens-of-Billions of Dollars Every Year

... SOURCE LoanSnap Inc. Markets ...

Published:  Thu, 19 Jul 2018 06:35:00 GMT



Dubuque small business loan program 'opens doors' for low-income entrepreneurs

DUBUQUE, Iowa (KCRG-TV9) --The city of Dubuque is giving loans to entrepreneurs with the goal to help low to moderate income people get the opportunity to start small businesses in certain areas of to...

Published:  Wed, 18 Jul 2018 14:54:00 GMT



Waukegan to use loan in $8.6M payment in wrongful conviction

A Chicago suburb is taking out a loan to cover a nearly $9 million debt in a wrongful conviction case. The Lake County News-Sun reports that the Waukegan City Council approved the issuance of up to $8 ...

Published:  Thu, 19 Jul 2018 09:13:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure