PayPoint partners with Funding Circle

This follows the launch of a partnership between Funding Circle and Handepay, part of the PayPoint Group and card payments solutions provider. The extension of the partnership to PayPoint’s retailer partner network will allow retailers on its loyalty scheme to apply for a Funding Circle loan.

With applications taking no longer than ten minutes to complete and no more than a 24-hour wait for a decision to be made, Funding Circle’s loans offer retailers access to fast and affordable finance.

PayPoint makes life easier for millions of consumers daily with online and in-store payments solutions serving numerous organisations, from SMEs and convenience retailer partners to local authorities, multinational service providers, and ecommerce brands. The company’s retail network of more than 28,000 convenience stores across the UK is bigger than all banks, supermarkets, and Post Offices combined.

Funding Circle loans

Funding Circle is an online lender that offers small-business loans of up to usd 500,000. These term loans can be a good option for established business owners that want competitive rates, but also need fast funding.Funding Circle is known for its streamlined application process and multiple loan options. In addition to its business term loan, Funding Circle acts as a marketplace, connecting business owners to other lenders for business lines of credit and SBA loans.

Although the company doesn’t have a minimum annual revenue requirement, companies do need to have been in business for at least two years. They will also need a credit score of at least 660 and no personal bankruptcies among the business owners in the last seven years.

Funding Circle requires a lien on the business assets, which may include equipment, vehicles or inventory. Like most other business lenders, it also requires a personal guarantee from the primary business owners, which gives the lender the right to pursue the personal assets if your business fails to repay the loan.