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. <\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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:<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Reliant Funding is ideal for business owners who:<\/p>\n\n\n\n
Reliable funding may not be appropriate for business owners who:<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Loan lengths range from 6 to 18 months.<\/pre>\n\n\n\n#2. Merchant Cash Advance<\/h3>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
#3. Equipment Financing<\/h3>\n\n\n\n
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.<\/p>\n\n\n\n
Underwriting equipment finance can take up to one month. Some equipment leases even provide members with tax breaks.<\/p>\n\n\n\n
Reliant Funding Reviews: How to Get a Reliant Funding Business Loan<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
Personal Credit Rating<\/h3>\n\n\n\n
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.<\/p>\n\n\n\n
Time in Business<\/h3>\n\n\n\n
To be eligible for Reliant Funding, businesses must have been in existence for at least six months.<\/p>\n\n\n\n
Annual Income<\/h3>\n\n\n\n
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.<\/p>\n\n\n\n
How to Apply for a Business Loan from Reliant Funding<\/h2>\n\n\n\n
If you want to apply for an MCA with Reliant Funding, take the following general steps:<\/p>\n\n\n\n
Send an inquiry<\/h3>\n\n\n\n
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.<\/p>\n\n\n\n
Wait for a loan representative to arrive <\/h3>\n\n\n\n
A loan specialist will contact you to coordinate your application, collect any further information required, and distribute the funds.<\/p>\n\n\n\n
Begin repaying<\/h3>\n\n\n\n
Once the funds are disbursed, you must schedule repayment on a daily or weekly basis, depending on the terms of your agreement.<\/p>\n\n\n\n
The Post-Funding Procedure<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
Repayment Procedure<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
Reliant Funding Reviews: Are you eligible?<\/h2>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Documents Required<\/h3>\n\n\n\n
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.<\/p>\n\n\n\n
You will also need to supply:<\/p>\n\n\n\n
Reliant Funding’s merchant cash advances are quite ordinary if it’s one of your only funding options.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n