Lender alternatives
Alternatives to Funding Circle
4 UK specialty finance alternatives to Funding Circle, compared on product type, ticket band, rate, decision time and eligibility.
Check your optionsFree · 2 mins
Funding Circle vs the 4 alternatives
| Compared on | Funding Circle | iwoca | Allica Bank | OakNorth | Aldermore |
|---|---|---|---|---|---|
| Product | Term loan | Flexi-loan / line of credit | SME term loan, asset finance + commercial mortgage | SME term loan + bridging | Asset finance, invoice finance, commercial mortgages |
| Ticket | £10k to £750k (its own figure) | £1k to £1m (its own figure) | £25,001 to £150,000 (business loans); £25k to £2.5m (asset finance); £150k to £15m (commercial mortgages) (its own figures) | £1m to tens of millions (its own figure) | Commercial real estate loans of £3m to £100m (its own figures); not published for asset or invoice finance |
| Rate | From 6.9% per year | From 1.5% per 30 days | Business loans 9.90% to 13.75% interest; other products quoted per deal | Bespoke | Quoted per deal (not published) |
| Decision | Decision in as little as 5 minutes, funds typically within 48 hours (its own figures) | Many customers get an instant decision; larger loans within 24 hours (its own figures) | Decision by the next working day (its own aim) | Funds can be with you in a matter of weeks (its own words) | Not published |
| Soft search | Yes | Yes | No | No | No |
| FundBiz editorial tier | Top tier | Top tier | Top tier | Strong | Strong |
Sources: each lender's own published product pages, as recorded in our lender index: Funding Circle · iwoca · Allica Bank · OakNorth · Aldermore. Figures change; confirm with the lender before you rely on one.
iwoca
Many customers get an instant decision; larger loans within 24 hours (its own figures) · From 1.5% per 30 daysMainstream lender for flexi working capital.
Allica Bank
Decision by the next working day (its own aim) · Business loans 9.90% to 13.75% interest; other products quoted per dealChallenger bank for established businesses: business loans of £25,001 to £150,000, asset finance of £25k to £2.5m and commercial mortgages of £150k to £15m (Allica's own ranges).
OakNorth
Funds can be with you in a matter of weeks (its own words) · BespokeTop-end lender suited to £1m+ tickets (OakNorth lends from £1 million) where the business has the financials to support a bespoke deal.
Aldermore
Not published · Quoted per deal (not published)Challenger bank suited to asset finance, invoice finance and commercial mortgages where the borrower has time for proper underwriting and wants a real bank on the other side.
Frequently asked questions
What are the main alternatives to Funding Circle?
The closest UK specialty finance alternatives are iwoca, Allica Bank, OakNorth and Aldermore. The table above sets them side by side with Funding Circle.
How does Funding Circle compare on ticket size and rate?
Funding Circle offers term loan, with tickets of £10k to £750k (its own figure). Its pricing: from 6.9% per year.
How quickly does Funding Circle make a decision?
Decision time for Funding Circle: Decision in as little as 5 minutes, funds typically within 48 hours (its own figures). Decision times for the alternatives are listed in the comparison table; faster isn't always cheaper, so weigh speed against rate and ticket fit.
Does Funding Circle do a soft-search quote?
Funding Circle runs a soft-search quote, so it says checking eligibility doesn't affect your credit score. Among the alternatives, iwoca offers a soft-search quote.
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Tell us what you need in 2 minutes. FundBiz is not a lender and does not run a credit check. It's free and there's no obligation. For limited companies, LLPs and partnerships with four or more partners.
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Founder & Managing Director, Muswell Rose, FundBiz
Adam is the founder and managing director of Muswell Rose and a founder of Best Business Loans Ltd, the company behind FundBiz. His background runs through commercial finance, mortgages and fintech, including as managing director of an invoice finance business. He oversees FundBiz's guides and lender reviews.
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