It’s been 1 month since we opened our Funding Circle account and I am pleased to say we have lent out 92% of our £500 fund. This isn’t as much as our Zopa account which managed to lend out 99% of my funds but still good for a completely hands-off system.

What Funding Circle had over Zopa was the speed that it bid and lent my money, within 5 days £400 of my fund had been placed in bid on loans. It wasn’t all smooth sailing however, once the bids were placed it took another 1-2 weeks to be accepted by the borrowers which was rather annoying but it is down to the borrowers to accept your bid and rates.

I haven’t had any problems using Funding Circle and so far I really like the hands-off automated approach to their system. Below are screenshots from my first month, where you can see I gained £0.41 interest from borrowers. Now this is lower than Zopa (but I’ve obviously got double the amount in my Zopa account) but I think this is due to the fact it seemed to take an extra week for all of my initial bids to be accepted. Next month should be a more accurate breakdown of my interest as my full £500 will have been lent out and been accepted by the borrowers.

See you next month with another update.