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Funding Circle to raise maximum loan to £250k
It wasn't so long ago that Funding Circle raised the maximum loan from £50,000 to £100,000, and yesterday they announced they will be increasing the maximum loan to £250,000 from January 2012. This will be tied in with additional security. Here is the except from the email:
From January 2012, businesses will be able to take out larger loans of up to £250,000. This is great news for our lenders as it will mean many more businesses to choose from and help even more UK businesses to thrive and grow.
As with all businesses who borrow they are carefully vetted by our experienced team, plus we have introduced some additional security with these loans, to further protect your money.
This will allow Funding Circle to compete more with ThinCats who are facilitating loans between £50,000 and £3,000,000 and only offer secured lending. It is noteworthy that both Funding Circle and ThinCats have experienced quite amazing growth since going live less than 2 years ago.