Businesses may have multiple finance needs throughout the year, for example they may need finance to purchase new assets or to fund new projects.
Existing borrowers will typically be required to make between 3 and 6 repayments on their previous loans before submitting a new application for funding. Multiple applications will be treated on a case by case basis, and there will be circumstances where further credit may be granted immediately. For example, companies taking out loans with asset security will be able to apply for additional loans immediately.
All businesses who wish to have their credit extended will be subject to the following criteria:
- All businesses will have to fully submit a new loan application and provide up-to-date financials since their last application.
- Only businesses that pass the credit assessment process, based on the enlarged amount of their loans will be listed for another loan.
Autobid will continue to only bid once per business. If a business that you are already lending to is listed for a second loan, Autobid will not bid on that second loan.
If you choose individual businesses to lend to, any loan requests where you are already lending to a business will have the following symbol next to the loan request title on the loan requests or loan parts page.
You can see if a business already has another loan outstanding at Funding Circle on the "Financial Summary" tab on the loan request page (in the "Existing Outstanding Loans" section). Existing loan request pages will also show details of new loans if these are accepted.
In addition, in the download spreadsheet on the statistics page you can see details of any related loans for each individual loan.
Please contact us here if there are additional areas you would like to see multiple loan information displayed.