Reliant Funding Business Loan full review
Reliant Business Loan could be the solution if you require immediate funds for your business.
Looking for Fast Business Loan Solutions? Consider This Option
If you’re seeking alternative business finance in San Diego, Reliant Funding is worth considering. As of now, they exclusively provide merchant cash advances (MCAs).
Since its establishment in 2008, Reliant Funding has faced criticism for its subpar customer service record.
However, the company has made efforts to address this issue and has managed to improve its Better Business Bureau rating.
Reliant Funding specializes in assisting small to medium-sized businesses with a minimum of six months of operating experience.
While the company does consider the business’s turnover more important than the customer’s credit history, credit checks are still conducted.
If your business is in need of a merchant cash advance, Reliant Funding is an option worth exploring.
The application process is quick, and once approved, funds can be transferred within 24 hours.
Continue reading to gain a better understanding of how this company operates and whether it aligns with your needs.
How Does Reliant Funding Business Loan Work?
Merchant cash advances offered by Reliant Funding are typically more expensive compared to traditional term business loans.
However, if you have urgent financial needs such as payroll or inventory, they can provide funding quickly.
When you obtain a merchant cash advance from Reliant Funding, you borrow money to meet immediate necessities.
Instead of an APR, you will be charged a factor rate by Reliant Funding, and your loan will be repaid through daily or weekly installments.
Reliant Funding charges factor rates ranging from 1.10 to 1.40, resulting in interest payments between $1,000 and $4,000 for a $10,000 merchant cash loan.
The lender does not provide specific information on origination fees, so you should consider this factor as well. Same-day funding is possible, and loan amounts range from $5,000 to $400,000.
To be eligible for a merchant cash advance from Reliant Funding, your business must have been operating for at least six months and have an annual income of $60,000 or more.
There is no collateral requirement, and while there is no minimum credit score specified, a credit score of 525 may increase your chances of approval, according to some sources.
Reliant Funding offers funding to companies across various sectors, with the exception of North Dakota, South Dakota, and Vermont, where merchant cash advances are not available.
Is Reliant Business Loans a Good Choice?
Reliant Funding has mixed reviews, with ratings varying depending on the platform. On Trustpilot, the company has an impressive overall rating of 4.8 out of 5, based on over 1,200 reviews. Customers often commend specific agents who assisted them in obtaining their loans.
However, reviews on the Better Business Bureau (BBB) present a different perspective. With a rating of 1.33 out of 5 stars based on 66 customer reviews, customers express concerns about deceptive advertisements from Reliant Funding.
Despite this, Reliant Funding is actively working on improving their BBB rating to align with their positive Trustpilot reviews.
If merchant cash advances are your only available source of funding, Reliant Funding’s offers are competitive, with factor rates and the absence of origination costs for larger advances being appealing to major borrowers.
The low entry barrier in terms of time in business and annual income requirements, as well as the potential for same-day funding, make Reliant Funding an attractive option.
When visiting the Reliant Funding website, you can find information on other financial solutions like business loans or equipment financing.
Lastly, keep in mind that Reliant Funding exclusively offers merchant cash advances and not other types of loans.
Main Benefits of Reliant Business Loans:
- 70% acceptance rate for applications
- Quick access to funds
- Simple and efficient application process
- More accessible than traditional banks
- No personal guarantee required
How to Apply for Reliant Business Loan
If you’re still interested in applying for a Reliant Business Loan, refer to our article on how to do so.
