Do you need quick, easily repayable funding for your business?
Reliant Funding might be just what you need, so let’s check out what kind of services this company offers.
In this Reliant Funding Review, I am going to provide information about:
For starters, let’s see some of the basic things you need to know about Reliant Funding:
Who are they? What do they do?
Reliant Funding is an online lender that offers merchant cash advances.
It is a San Diego-based company founded in 2008 and it quickly offers customers short-term working capital.
Reliant Funding provides 3 types of loans:
They can review and process your online application in just a few minutes, and underwriting and funding often happen the very next business day.
To qualify for a loan at Reliant Funding, you need the following qualifications:
Let’s not wait any longer and dive into some even more detailed information about Reliant Funding and the services they provide.
As mentioned above, Reliant Funding offers 3 types of funding. Let’s see how you can qualify for a Reliant Funding loan:
|Minimum time in business||7 months minimum|
|Credit score required||Not very important when qualifying|
|Annual revenue required||$100.000|
|Borrowing amounts range||$2.500-$250.000|
|Origination fee||It is charged without a known amount|
|Funding time||1-5 days|
|Bankruptcies||No active bankruptcies allowed|
|Eligible industries||7 eligible industries: retail, auto repair, transportation, franchise, health care, restaurant & bars, and construction|
|Personal loan guarantee required||Yes|
Reliant Funding’s application process is fast, and the company is lenient in choosing who to approve.
Let’s check out the following steps and see the application process:
You may also need documentation to provide further details, such as recent bank statements or tax returns. You may also receive a credit card-like advertisement in the mail that pre-qualifies you for business financing. If you decide to pursue this option, all you need to do is enter the 16-digit number on the Reliant Funding website to get the application process started.
One of Reliant Funding’s top competitors is BlueVine, OnDeck, and Fundbox.
Let’s see why:
1) Reliant Funding vs. BlueVine
While Reliant Funding offers short-term loans, Merchant cash advances, and equipment leasing, BlueVine offers Invoice Factoring and Lines of Credit. Both Reliant and BlueVine’s interest rates start at 0.25% per week, starting at 4.8%. While Reliant Funding does not require a credit score, BlueVine requires a credit score of 530 and 650.
2) Reliant Funding vs. OnDeck
While Reliant Funding offers short-term loans, Merchant cash advances, and equipment leasing, OnDeck offers term loans and lines of credit. OnDeck’s interest rates start at 35.1% or 31%, while Reliant Funding’s interest rates start at 0.25% or 4.8%. OnDeck requires a minimum credit score of 600.
3) Reliant Funding vs. Fundbox
While Reliant Funding offers short-term loans, Merchant cash advances, and equipment leasing, Fundbox offers Invoice Factoring and Lines of Credit. Fundbox’s interest rates start at 4.66%, while Reliant’s interest rates start at 0.25% or 4.8%. The minimum credit score Fundbox requires is 500.
Customers have mixed opinions about their interactions with Reliant. Most of the negative comments seem to revolve around soliciting tactics.
How can you reach the company? Let’s see:
Reliant Funding pulled its rating with the BBB up to an A+. The company is good at resolving issues, thus the good rating. There are still 90 customer complaints on record over the last three years (2017-2020).
Let’s check out the reviews divided into two categories:
Now that we have mentioned some user reviews, let’s check out some of the general pros and cons of Reliant Funding:
Reliant Funding can provide you quick and easy funding, but it comes at a cost. Merchant cash advances carry a bit higher fees than those of traditional lenders (like banks).
Despite that, Reliant Funding is one of the best options for companies that need relatively small loans quickly but can also repay them quickly.
The application process is simple and quick. Furthermore, the requirements are looser than other lending companies or banks.
We hope that in this Reliant Funding Review, you have found all the useful information that you might need if you want quick access to funding for you and your business.