First Circle Loan Review: Requirements, Interest Rate

What is First Circle Financial?

First Circle is a business loan provider that is revolutionizing the way Filipino business owners access credit. It offers online lending products to help small and medium enterprises (SMEs) succeed in the ever-changing business landscape.

Launched in 2016, First Circle is led by a team of experienced professionals from the banking, tech, and e-commerce industries. With its powerhouse team, the Philippine government chose First Circle as the official finance partner of the Department of Trade and Industry.

First Circles uses technology and advanced algorithms to evaluate borrowers, making it easier for them to get approved for a loan. This makes First Circle an attractive option for small business owners who may not have access to traditional financing options or don’t have collateral for the loan.

The company has become a go-to source of financial support by providing flexible terms and low interest rates on its loans.

First Circle business loan, how does it work?

First Circles business loan is a revolving credit line, which enables you to borrow funds up to a specific limit, repay it, and then borrow again. It gives you the flexibility to borrow as much or as little money as you need for your business.

Interest rate

First Circle’s business loan interest rates start at 1.39% with a loan duration of up to 12 months. This can be lowered if you qualify for the Best Price Guarantee. If another financing company offers a lower interest rate, you may be eligible for the promo. First Circle will beat the rate by as much as 10%.

Is First Circle loan legit?

Yes. First Circle is a legit financing company. In fact, it’s one of the fintech companies to be licensed in the Philippines by the Securities and Exchange Commission (SEC).

How much is the First Circle loan?

First Circle offers a business loan of up to PHP5 million. You can unlock higher limits and lower interests as you keep using your credit line and building good credit standing with First Circle.

Is First Circle SEC registered?

Yes. First Circle Growth Finance Corp. has been registered with the SEC since March 17, 2016. It has a Certificate of Authority to operate as a financing company

First Circle loan benefits

• First Circle offers flexibility when it comes to loan terms with repayment plans ranging from 1 to 12 months.

• The application process is simple and straightforward, so you can be up and running quickly without a lot of paperwork. By leveraging technology, First Circle eliminates the need for tedious forms and excessive documentation that slows down the application process. Moreover, if you have a good credit score, you can secure funding at attractive interest rates that are significantly lower than those offered by banks.

• First Circle’s innovative financing solution allows entrepreneurs to easily apply and receive funding in just 2 days, not weeks or months like traditionally required.

• The main advantage of using a First Circle revolving credit line is the ability to pay off existing loans quickly, freeing up your borrowing capacity for other expenses. This can help you manage cash flow more effectively over time and make it easier to pay down debt when needed.

• There will be dedicated account managers that will help guide the business when it comes to funding opportunities.

First Circle loan, how to apply?

To apply for a business loan, go to the First Circle website . Click on the “Apply for a Credit Line” or “Apply Now” button. This will activate the 5-step onboarding process that will assess if you’re eligible for a business loan. You will be asked to provide your contact information and other details pertinent to your application. The process takes less than 5 minutes.

If you are eligible for a business loan you will be assigned a dedicated account manager who will guide you through the requirements and the loan application process.

The application processing takes 2-3 business days. Once approved, the money will be released within 2 business days.

Requirements

• Bank Statements (last 3 months). Businesses with PHP100M declared revenue are not required to submit bank statements.

• Latest Income Tax Return or Audited Financial Statements

• For Corporations: Secretary’s Certificate for Partnerships and Corporation and General Information Sheet

• For Partnerships: Articles of Partnership

• You must have a valid government-issued ID:

• Passport

• Driver’s License

• TIN ID

• PRC ID

• Postal ID

• UMID

First Circle loan, how to pay?

If you fail to pay your loan on the repayment date, you will be charged a late fee of 2% of the outstanding amount.

What happens if you can't pay?

If you are unable to pay, you can request to reschedule before the due date. You  must contact your account manager five says before the repayment date. It’s also advisable to inform the Collections team ahead of time about payments.

In the event that you default on your loan, you may be charged additional interest and fees. In the worst-case scenario, the company may take legal action to collect money from you.

First Circle loan app

There is no First Circle loan app to download. The pre-qualifying and loan application process are done on the First Circle website . The site is safe to use as it is Data Privacy Act compliant.

First Circle, customer service

Hotline:

• +632 8580 3200

• +63 918 9857937

First Circle, reviews

First Circle’s revolving credit line for small and medium-sized enterprises in the Philippines is receiving positive reviews for its innovative business loan process. The company has quickly become a favorite among SMEs due to its competitive terms and transparent and flexible approach to lending.

This makes it easier for businesses to borrow money without having to deal with costly paperwork or complicated procedures. Furthermore, First Circle provides a detailed risk assessment service that helps SMEs better understand their borrowing options before applying for a loan.

The combination of competitive rates, no collateral requirement, flexibility, and support makes First Circle's business loan one of the most sought after financial solutions for Philippine SMEs.