Funding Circle

[rocktronAMP]

When I borrow £50k from the bank, the bank gives me £50k. When I borrow £50k from Funding Circle, they give me £48.5k so you have to put the £1500 somewhere else.

As payments are made against the loan, you should then apportion the loan repayment against the loan account and the costs of the loan.

HTH

I guess Funding Circle probably is not good idea for personal credit card debts. I was very tempted myself by the reading FC mailshots, because I have incurred credit cards debts of £20K+, but then I am glad I didn't. I thought it would be very bad idea. (I know someone else on this forum was worried about obtaining SC clearance and gambling debts of £15K, mate ... ) So I decided to keep business separate from personal and I found a 10 months or so that personal credit cards companies were offering 48 month long-term 0% interest rate and so I did two of them from separate provider. Sadly, this 48 month cards stopped recently, but you might get 30 months or so. Have a look at money super market for advice.

[TheFaQQer]

How is that related to a funding circle loan. It looks pretty generic about handling any loan? Keyword article?

When I borrow £50k from the bank, the bank gives me £50k. When I borrow £50k from Funding Circle, they give me £48.5k so you have to put the £1500 somewhere else.

As payments are made against the loan, you should then apportion the loan repayment against the loan account and the costs of the loan.

HTH

[northernladuk]

John Falcon at JF Financial has a blog post today about the tax treatment for Funding Circle loans here.

Edit - sorry, that's how to account for receiving the loan, not giving one.

How is that related to a funding circle loan. It looks pretty generic about handling any loan? Keyword article?

[TheFaQQer]

Not taken a loan from them but considering being an investor. Cash in MyCo. is earning bugger all, and even if it only returns 2 or 3% after costs it's better than sitting in the co. account doing nothing.

Need to have a chat with the accountant etc. but it does look attractive.

John Falcon at JF Financial has a blog post today about the tax treatment for Funding Circle loans here.

Edit - sorry, that's how to account for receiving the loan, not giving one.

[VirtualMonkey]

I took a loan from them last year to fund a project I was running. Loan was just to cover subbie costs while in between payment milestones. Worked well and I paid it back early. The project was owning/PMing the IT installations on PSBP school builds.

[DaveB]

Not taken a loan from them but considering being an investor. Cash in MyCo. is earning bugger all, and even if it only returns 2 or 3% after costs it's better than sitting in the co. account doing nothing.

Need to have a chat with the accountant etc. but it does look attractive.

[saptastic]

I am getting weekly post from these guys. Surely after 20+ mailshots they give up.

[northernladuk]

They've lent to all sorts of companies. As long as you meet the criteria I don't really think they care what you do.

[WTFH]

You're lucky you only see adverts, I get post from them almost every week.

[quackhandle]

Saw that advert for funding circle this evening, (the skipping one).

Anyone ever applied and got a loan? Not sure if it is aimed at techy contractors, the website shows people who run a brewery, cycle shop, etc.

qh