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About Reliant Funding
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Reliant Funding is an alternative lender specializing in customized funding options for small and mid-sized businesses. It takes a holistic look at business performance instead of focusing solely on credit score, which is beneficial for business owners with bad credit. The company has a fairly low annual revenue requirement, which can help more businesses qualify. In addition, it doesn’t have compounding fees or accruing interest.
Pros & Cons
- Dedicated account managers to help with the process
- Allows renewal funding
- $0 origination fees for Veteran-Owned Businesses
- Approves over 70% of applications
- No information about rates online
- Website is limited
- May have daily payments
Our editor’s take
Business owners who might not be able to secure traditional bank loans may benefit from Reliant Funding. As long you meet the loan requirements, including a low minimum credit score for its merchant cash advances, chances are good that you’ll get approved. The company promises quick approval and funding times, and veteran-owned businesses pay no origination fees, making it a good option for those who need fast funding.
However, if you prefer clearer cost and loan requirement transparency before completing your application, a different lender might be a better fit.
Reliant Funding loan products
Reliant Funding offers alternative funding options for small business owners:
- Merchant cash advances - This is a lump-sum payment based on future sales.
- Line of credit - A set amount of money you can draw from, paying interest only on what you use.
- Bridge loans - Another name for gap funding, it’s designed to provide coverage for expenses when your business isn’t generating the capital it needs to pay its bills.
- Small Business Association loans - These are bank loans backed by the Small Business Association.
Business owners can also get funding through equipment leasing, startup funding and e-commerce funding.
Reliant Funding loan requirements
Reliant Funding is not transparent about the requirements for most of its loans, so you’ll need to contact the company directly. However, for merchant cash advances, you’ll need:
- A personal credit score of 525 or more
- At least $60,000 in annual revenue
- A business that’s been opened for at least six months
For SBA loans, requirements such as other debt obligations and business performance will vary by lender, but generally you’ll need a minimum credit score of 640.
The funding lines that Reliant Funding offers are unsecured, and not linked to your personal finances. You won’t need to sign a personal guarantee for most the company’s products, and there are no restrictions on how you can use the money.
Reliant Funding rates and fees
Reliant Funding doesn’t offer transparent information about its rates and fees online. You must complete the application and get your funding offer to see the specifics.
If you run a veteran-owned business, you qualify for a discount and won’t have to pay the origination fee.
How to apply for a Reliant Funding loan?
The online application doesn’t appear to work on the Reliant Funding website. To get connected to an account manager to begin the process, you’ll need to call the company. Your account manager can help you plan a personalized funding request.
Then, you’ll complete the application and submit your most recent bank statements. Once the funding is finalized, it’ll get deposited into your account.
How does Reliant Funding compare?
Compared to other alternative funders, Reliant Funding has fewer requirements for approval. However, the repayment terms might be better if you use a different company such as National Funding.
Let’s look at a few more data points to see how Reliant Funding stacks up.
| Reliant Funding | National Funding | |
|---|---|---|
| Year Established | 2008 | 1999 |
| Credit Score | At least 525 | Fair to excellent credit |
| Repayment Terms | Daily or weekly payments |
4-24 months for loan 24-60 months for equipment financing |
| Maximum Loan Amount | $400,000 | $500,000 |
| Collateral Free Loans | Yes | Yes |
| Annual Gross Sales Requirement | $60,000 | $250,000 |
| Length in Business Requirements | 6 months | 6 months |
| Length of Time for Approval | Often within a few business hours | Often within 24 hours |
Reliant Funding FAQ
What is Reliant Funding?
Founded in 2008, Reliant Funding is a financial services company headquartered in San Diego that provides alternative funding solutions for small business owners. Its products include Merchant Cash Advances and Lines of Credit.
Can I get a Reliant Funding loan if I have bad credit?
Reliant Funding looks at multiple indicators of your company’s financial position, including your credit score. However, for its merchant cash advances, you only need a credit score of 525, so it is willing to work with business owners who have poor credit.
Does Reliant Funding offer loans to start-up companies?
Reliant Funding doesn’t offer start-up funding to brand-new businesses. However, if your company has been in business for at least six months, you can apply for funds.
Where is Reliant Funding available?
The company works with businesses nationwide.
Are there any regulatory issues related to getting a loan from Reliant Funding?
No, there are no regulatory issues related to getting a loan from Reliant Funding. A class action lawsuit was filed against the company in 2017 regarding its use of robocalls, but this does not impact its loan products.
Is Reliant Funding legit?
Reliant Funding is a legitimate financial services company. It has accessible loan products, including merchant cash advances and lines of credit, and it works with borrowers who have bad credit.
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Reliant Funding Company Information
- Company Name:
- Reliant Funding
- Website:
- www.reliantfunding.com
