How to apply for Reliant Funding Business Loan

Discover a Lender That Can Help You When Options Are Limited

Reliant Funding, a lender established in 2008, has built its reputation on working with over 10,000 businesses and providing more than a billion dollars in funding. If you find yourself running short on options, Reliant Funding may be able to assist you.

What sets Reliant Funding apart from other lenders is its claim to offering the fastest, simplest, and most adaptable business funding solution. The company emphasizes that once approved, you can receive funding in as little as 24 hours. Furthermore, their funding options are unsecured, meaning you won’t need to put up collateral and risk losing it.

However, it’s important to note that Reliant Funding’s merchant cash advance should be approached with caution. While it may offer a quick solution for immediate cash needs, it can come with higher costs and require repayment within a short period of time, similar to payday advance businesses.

Despite the potential risks, Reliant Funding has a high acceptance rate for loans, with over 70% of applicants securing funding. If you’re interested, continue reading to learn more about the loan details and the application process.

Loan Details: What to Expect

Reliant Funding offers merchant cash advances (MCAs) with factor rates ranging from 1.10 to 1.40. You can borrow up to $400,000, and the loan durations range from three to fifteen months. It’s important to compare these rates with those offered by other lending organizations to ensure you’re getting the best deal.

One advantage of applying for a loan with Reliant Funding is that they only perform soft credit checks, which means your credit score won’t be negatively impacted by the application process.

Eligibility Requirements for Reliant Funding Business Loans

While each lender has its own underwriting standards, there are certain common requirements that applicants should fulfill:

• A personal credit score of at least 525: Reliant Funding has more lenient qualification standards compared to traditional bank lenders, making it accessible for individuals with lower credit scores.
• At least six months in business: Businesses must have a track record of at least six months to be eligible for Reliant Funding’s loans.
• Minimum annual revenue of $60,000: To qualify, businesses need to generate a minimum of $60,000 in annual revenue, which is equivalent to $5,000 in monthly revenue.

How to Apply for a Reliant Funding Business Loan

The application process for a Reliant Funding merchant cash advance involves the following steps:

1. Complete an online form providing basic business information, such as annual revenue and funding amount.
2. A loan agent will contact you to gather additional data and guide you through the application process.
3. Once your application is approved, the funds will be disbursed, and you’ll need to set up a repayment plan according to the agreed terms – either daily or weekly.

Is Reliant Funding the Right Choice for You?

Reliant Funding may be a suitable option for entrepreneurs who:

• Require funding quickly, as Reliant Funding can provide financing in as little as 24 hours.
• Are seeking a merchant cash advance (MCA), as Reliant Funding focuses on this type of financing.
• Have less-than-perfect business or credit history, as Reliant Funding has relatively lenient qualification criteria.

Comparing Reliant Funding Business Loans to Rocket Personal Loans

Reliant Funding and Rocket Personal Loans cater to different needs and have different application requirements. Reliant Funding is geared towards businesses with fair credit scores, while Rocket is a personal loan provider for individuals with excellent credit seeking fast funding.

Before making a decision, consider where you intend to use the loan and assess your credit situation to determine which option is the best fit for you.

Benefits of Reliant Funding Business Loans

• Rapid funding: Reliant Funding offers quick approval and funding processes.
• Availability across most U.S. states: Reliant Funding operates in many states, making it accessible to a wide range of business owners.
• Comparatively relaxed requirements: Reliant Funding is known for its lenient qualification criteria, making it more accessible for businesses with lower credit scores and shorter operating histories.

Benefits of Rocket Personal Loans

• Pre-qualification option: Rocket allows for pre-qualification, which involves a soft credit check and helps you determine your eligibility without impacting your credit score.
• Discounted rates for autopay: Rocket offers discounted interest rates for borrowers who set up automatic loan payments.
• Rapid funding: Similar to Reliant Funding, Rocket aims to provide fast funding for approved applicants.
• Flexible loan amounts: Rocket offers various loan amounts, providing options that suit different financing needs.

How to Apply for a Rocket Personal Loan

If you’re interested in a Rocket Personal Loan, refer to our article to learn more about the application process and get started.

Written by

Claire Harrison