Reliant Funding Review
There are many situations in which your business might find itself in need of a little extra capital, and that’s where business lenders come in. Unlike banks, business lenders can be quite relaxed in their application processes, making it easier for small businesses and start-ups to get approved and obtain the funds they need to buy equipment or cover other costs. In this review, we’ll take a closer look at one of those providers: Reliant Funding.
Reliant Funding Overview
Based in San Diego, California and founded in 2007, Reliant Funding is an alternative business funder offering a range of different business loans aimed at small and mid-sized businesses. Reliant Funding stands out for its good range of products, with a strong public reputation and an easy application process.
With many other lenders, you still need to have a decent credit score in order to get approved for most products. In the case of Reliant Funding, however, there are no credit rating requirements whatsoever, so even brand-new businesses without any credit history can still get approved.Back to top ↑
Business Loans Offered by Reliant Funding
Here are some of the business loans you can potentially obtain when choosing Reliant Funding as your business lender:
- Merchant Cash Advance – With this type of loan, you actually borrow an amount based on the total amount of your credit card transactions per month. Then, you pay the lender back with your credit card sales.
- Short Term Working Capital Loans – Reliant Funding also offers classic, short-term, working capital loans for small businesses. These kinds of loans usually need to be paid off within a matter of months, but can help to cover short-term financial needs.
- Lines of Credit – Like a working capital loan in function, a line of credit gives a business its own credit account to draw from. You only pay back what you actually use, and you can use the credit gradually to suit your needs for as long as it’s available.
- Equipment Loans – If you need to buy any equipment for your business, whether it’s vehicles, appliances, computers, or office supplies, an equipment loan can help to cover the costs.
Reliant Funding Details
Here’s all you need to know about how Reliant Funding business loans work:
- Applications – In order to qualify for a short-term loan or MCA with Reliant Funding, you need to have been in business for at least a year and be generating a minimum of $10,000 per month. There are no credit score requirements, and the company claims to approve 7 in 10 applicants.
- Loans – You can borrow anywhere from $5,000 to $500,000 from Reliant Funding for terms ranging from 6 to 18 months. Unlike other companies, Reliant is quite secretive about its rates. It doesn’t use regular interest rates, instead adding a fixed fee onto your loan
Reliant Funding Verdict
Reliant Funding Verdict is a decent choice for any lenders with low credit scores in need of various types of business loans. The variety of products from this lender is a big plus, along with its no credit score application process. However, the rates can add up and you’ll need to get a full quote to see all the fees you need to pay before deciding if Reliant is right for you.Back to top ↑