Reliant Funding is a small business loan company that has provided more than $1.5 billion in funding to a variety of enterprises since its inception in 2008. The San Diego Regional Chamber of Commerce has acknowledged the company, it is on the Inc. 500 list of fastest-growing companies, and it is an official member of the Forbes Finance Council. Multiple online Reliant Funding reviews attest to its superiority.
Furthermore, it has an A+ BBB rating and a 4.7-star Trustpilot rating. The good news for prospective consumers is that most loans do not demand collateral. Small business owners can acquire a short-term capital loan, equipment financing, or cash advance in less than 30 seconds thanks to a quick, straightforward, and flexible application process.
Reliant Funding loan evaluations reveal that there are clear benefits to adopting Reliant Funding’s services. Let’s take a look at what Reliant Funding has to offer, focusing on the following factors:
- The characteristics of the loan provider
- Procedure and terms of loan application
- Plans, pricing, and payment terms
- Advantages and disadvantages
Overview
Reliant Funding is a small business lender that provides funding alternatives to traditional banks. According to a firm representative, while listing multiple different loan kinds on its website, it now only offers Merchant Cash Advances (MCAs). This could be related to recent legal actions in which the corporation agreed to a consent agreement with California’s Commissioner of Business Oversight, alleging that the company put out fraudulent and misleading marketing, among other things. Reliant Funding should only be considered if you are interested in MCAs.
Who Should Use Reliant Funding?
Reliant Funding is ideal for business owners who:
- Need money right away: You might be able to get money in less than 24 hours.
- Are looking for an MCA: Although Reliant Funding’s website still claims a wide range of financial products, the company currently only sells MCAs.
- Don’t have a good business or credit history: You may be eligible for funding if you’ve been in business for at least six months, make more than $60,000 per year, and have a personal credit score of at least 525.
Who Isn’t a Good Fit for Reliant Funding?
Reliable funding may not be appropriate for business owners who:
- Want to compare rates quickly online: Reliant Funding will not provide you with a rate via the internet. Instead, you’ll need to fill out a form and speak with someone at the company to find out how much it will cost you.
- Prefer working with reputable lenders: Reliant Funding was sued in California for deceptive advertising and brokering loans it didn’t have the authority to broker, according to the state regulator, who stated in the legal filing that Reliant self-identified and corrected the flaws.
- Call North Dakota, South Dakota, or Vermont home: These states do not have access to Reliant Funding.
Reliant Funding Reviews: Business Loan Plans
Reliant Funding offers three alternatives to its customers, according to its website: small company loans, merchant cash advances, and equipment finance. See the descriptions of each below.
#1. Loans for Small Businesses
This program is ideal for small business owners in need of short-term commercial financing. Reliant Funding will be able to assist you with financing a new project or business expansion.
The size of a short-term working capital loan is between $5,000 to $500,000. To qualify for a loan, you must have a monthly income of at least $10,000 and your business must be at least 7 months old. Your loan amount will be determined by the success rate of your firm. Reliant Funding examines your FICO score, but it is not a deciding factor in a loan acceptance.
Loan lengths range from 6 to 18 months.
#2. Merchant Cash Advance
This program has an extremely speedy funding process and often deposits funds right into your bank account the next day. A loan sum ranging from $2,500 to $250,000 is possible. To qualify for this loan, you must have at least 6 months in operation, $10,000 in monthly sales, and no open bankruptcies.
You can request additional funding after repaying 50% of your initial cash loan. According to 2022 Reliant Funding reviews, 70% of businesses that applied for a merchant cash advance were approved. It is entirely up to you how you spend this loan, whether you want to invest it in a project or pay off debt. According to Reliant Funding user reviews, the account’s flexibility is a significant advantage.
#3. Equipment Financing
You can lease a variety of new or used equipment to help your business expand. Leasable equipment includes items such as software, computers, fixtures, automobiles, POS systems, and office furniture. This plan allows you to purchase all of the equipment for your business upfront from several vendors while just paying a predetermined price.
Underwriting equipment finance can take up to one month. Some equipment leases even provide members with tax breaks.
Reliant Funding Reviews: How to Get a Reliant Funding Business Loan
A variety of criteria influence whether or not a business loan application is granted or denied. Each lender has its own set of underwriting standards, but they often include information from an applicant’s credit history as well as other elements that reflect the applicant’s potential to repay the loan, such as business income. Meeting the standards listed below does not guarantee approval, but it can help you determine if a business loan is right for you.
Personal Credit Rating
To qualify for an MCA from Reliant Funding, you must have a personal credit score of at least 525. This implies that even if your credit score is low, you may still be qualified. While getting a loan from a typical bank lender with bad credit may be more challenging, most alternative lenders, such as Reliant Funding, have more flexible qualification standards.
Time in Business
To be eligible for Reliant Funding, businesses must have been in existence for at least six months.
Annual Income
The annual income threshold for Reliant Funding is relatively modest at $60,000. This equates to $5,000 in monthly revenue, which many small business owners may find easy to attain.
How to Apply for a Business Loan from Reliant Funding
If you want to apply for an MCA with Reliant Funding, take the following general steps:
Send an inquiry
You’ll begin by completing an online form that requests basic business information, such as how much your company earns each year and how much money you’re asking for.
Wait for a loan representative to arrive
A loan specialist will contact you to coordinate your application, collect any further information required, and distribute the funds.
Begin repaying
Once the funds are disbursed, you must schedule repayment on a daily or weekly basis, depending on the terms of your agreement.
The Post-Funding Procedure
You can usually renew your funding with Reliant Funding once you have paid off 50% of your original amount. This renewal level, however, is not fixed and is solely applicable to debtors in good standing.
Repayment Procedure
Reliant Funding offers merchant cash advances with daily or weekly repayment arrangements. Reliant Funding gives you the option of repaying your merchant cash advance through ACH debits from your bank account or a fixed percentage of your credit card income. Because a merchant cash advance is based on shifting daily or weekly payments, there is no predetermined term length.
Reliant Funding Reviews: Are you eligible?
To be eligible for a Reliant Funding merchant cash loan, you must have been in business for at least six months and have at least $60,000 in annual revenue. There is no need for collateral with Reliant, and there is no minimum credit score needed.
While Reliant Money can provide funding to enterprises in any industry, there are some geographical constraints. Except in North Dakota, South Dakota, and Vermont, merchant cash advances are available to businesses throughout the United States.
Documents Required
When you apply for a merchant cash advance with Reliant Funding, you must supply your bank account details as well as three months’ worth of statements. To process payments, access to your bank account will be automated.
You will also need to supply:
- Data from your driver’s license
- Years of experience in business
- Annual gross sales
Reliant Funding Reviews: Should You Apply for Reliant Funding?
Reliant Funding’s merchant cash advances are quite ordinary if it’s one of your only funding options.
Its factor rates are competitive, and the lack of origination costs on advances over $50,000 might be appealing to large customers. Funding can be obtained as soon as the next day, and the rules for minimum time in business and annual revenue make the barrier to entry low.
When you visit the website of Reliant Funding, you may come across information about financing products such as company loans or equipment finance. Customers should be aware that Reliant Funding only provides merchant cash advances.
Customer Feedback
Reliant Funding reviews, like those of many other alternative small business loans, offer a different picture of the organization depending on where you look. Reliant Funding, for example, has over 1,200 Trustpilot evaluations and an average of 4.8 out of 5 stars. Customers on this website frequently rave about a particular agent who helped them with their loan.
The Better Business Bureau (BBB) reviews for the company reflect a different narrative. Based on 66 user evaluations, the company has a rating of 1.33 out of 5 stars. Many of the evaluations are from consumers who were concerned about fraud after receiving Reliant Funding’s purportedly deceptive advertisements.
Pricing and Payment
Reliant Funding does not disclose any upfront cost estimates for its projects. Instead, they examine each application separately to determine the cost and payment schedule.
There is no fee to apply for company funding, therefore the application process functions as a free quotation service.
The company’s website does not publish the interest rates for their plans. When you call, they’ll be able to estimate a fixed fee to give you an indication of how much you’ll have to pay back. There are no hidden fees or interest rates that will be imposed afterward.
A merchant cash advance can be repaid in two simple ways: by credit card or through a scheduled automated clearing house (ACH).
Reliant Funding Reviews: Pros & Cons
Pros
- The online application process is really quick and simple.
- Reliant Funding offers a variety of programs to meet your needs.
- Costs are computed based on your specific requirements.
- Your credit score will not be considered.
- Large loan amounts
- Various techniques of restitution
Cons
- Not all industries have access to services.
- Financing for equipment can take up to one month.
- There is no online price list that is transparent.
Reliant Funding Reviews: Business Financing Alternatives to Reliant Funding
While Reliant Funding’s costs and factor rates for merchant cash advances are competitive, you should search around for loans. Competitors to Reliant Funding also provide less expensive kinds of funding, such as typical term company loans.
CAN Capital vs. Reliant Funding
CAN Capital requires greater borrower criteria and charges more costs than Reliant Funding. Administration fees are $595, and eligibility requirements include at least three years in business, $150,000 in annual income, and a FICO score of 600. However, CAN Capital does offer merchant cash advances as low as $2,500 if you qualify. Terms of up to 18 months are available, which is longer than Reliant Funding. You may have to wait a little longer for money: Reliant Funding provides same-day funding, whereas CAN Capital requires two business days. CAN Capital provides term loans, whereas Reliant Funding does not.
Funding Circle vs. Reliant Funding
Funding Circle’s factor rates are 1.15, which is slightly higher than Reliant Funding’s. The payback time can also be extended: up to 18 months against 15 months with Reliant. Funding Circle provides a wider range of products than Reliant Funding, including SBA 7(a) loans.
Rapid Finance vs. Reliant Funding
If you require additional cash, you should consider contacting Rapid Finance. Rapid Finance will make merchant cash advances up to $500,000, and repayment terms will typically be 18 months rather than Reliant’s 15 months. Rapid Finance, unlike Reliant Funding, offers typical term business loans and lines of credit, which are less expensive ways to borrow.
Reliant Funding Reviews FAQs
Who owns Reliant funding?
Angelo Gordon owns Reliant Funding, a major global alternative investment organization that delivers research-driven investment solutions based on their 30+ years of experience.
Is reliant funding legit?
There are numerous positive Reliant Funding reviews available online. It has a 4.7-star rating on Trustpilot and an A+ rating from the Better Business Bureau. Customers can breathe easy knowing that they won’t need to put up any collateral to get approved for a loan.
Related Articles
- Merchant Account: Best UK Practices, How to Apply Guide & All You Need
- REVIEW MANAGEMENT TOOLS: Meaning, Uses & Best Tools
- BUSINESS LOANS BAD CREDIT: Definition and How to Get It
- SELF-RELIANT: Definition, Examples, and Quotes
- Easy Working Capital Loans What You Should Know
- Merchant Cash Advance: Best Business Financing Options in The UK
References
