Reliant Funding Business Loans
Established in 2008, Reliant Funding has reportedly worked with over 10,000 businesses and have provided more than a billion dollars in funding.
Reliant Funding proudly boasts that they offer the “fastest, simplest, and most flexible business funding solution available in the market today”. In this review we’ll take a look at how much they differ from the other providers on the market.
Loan Types Available
Reliant Funding mentions throughout their website that if approved, you can receive funding in as little as 24 hours. Plus, their funding options are unsecured so you do not have to put up and risk losing any collateral. If interested, there are a few loan types available to choose from.
Small Business Loan
Reliant Funding runs a service that connects potential clients with financial partners. Think of them much in the same way as an insurance broker. They are not tied down to any one lending partner so they can provider users with a place to shop around and see who is interested in providing funding for their business.
Merchant Cash Advance
The merchant cash advance that Reliant Funding offers essentially is a way to get some quick money to pay off bills. It can be used for anything, but buyer beware. Just like those cash advance places in your city, you are probably paying a premium for borrowing money quickly. Expect to have to pay the money back in a short time for a good sum more than you originally borrowed.
Regardless of your business, there are always going to be equipment needs. Reliant Funding offers equipment financing, but only for leasing equipment. According to their website, “Reliant Funding financing cannot be used for a disposable or consumable item and it may not be resold.” If your business needs to lease software, computers, vehicles, furniture, a POS system, or things such as this, you may be able to receive funding help through their equipment financing.
Financing Terms for Loan Type
All three funding options have terms that are similar, but there are differences to be aware of. Take a look at the terms below to find out more about each loan type.
Small Business Loan Terms
- Loan amount: $5,000 to $400,000
- Loan terms: they are supposedly flexible though the brand doesn’t present them anywhere on their site
- The business must be operational and owned for at least 6 months
- Annual revenue: at least $60,000 in sales a year
- No open bankruptcies
- Up to date in rent payments
- If there are judgments and/or liens against your business without a payment plan in place, you will be turned down.
Since Reliant Funding works with many lenders, there are no declared interest rates or fees anywhere on their site. They say that 70 percent of applications are approved and funds can be used for anything without restrictions. Reliant Funding says it will take less than 30 seconds to apply and you will know if you are approved within hours.
Merchant Cash Advance Terms
- Reliant Funding does not have any limits listed for a merchant cash advance.
- Does not operate on interest rates or compounding fees. Instead, an agreed-upon amount to pay back is provided before papers are signed
- No bankruptcies
- Must be bringing in more than $60,000 a year in sales
- Business must have been operational and owned by you for at least a year
The qualifications for funding are basically the same from loan to loan. However, repayment is different for the merchant cash advance. Reliant Funding can be paid back through two ways. One way is a fixed percentage of daily sales made via credit card until the cash advance is paid back, and the other option is a bank-to-bank transfer.
Equipment Financing Terms
- Reliant Funding does not have any limits listed for equipment financing.
- No interest rates or fees are listed.
There is not a whole lot of information under equipment financing. As this funding is only to be used for leasing purposes, there are restrictions in place. Reading their website carefully for equipment financing, it almost seems as if you have to work with leasing companies that they are doing business with.
Pros of Reliant Funding
- Fast and simple application process
- Funding in as little as 24 hours
- Credit history will be reviewed but will not be the primary decision-maker
- Unsecured loans that require no collateral
Cons of Reliant Funding
- Longest term is 15 months
- No startups
- Requires business banking information
- Funding limits are not clearly stated
According to Reliant Funding, their application process could not be easier or quicker. It appears there are fairly simple questions about how many years the business has been operational, the amount of money needed, how much money does the business earn in sales every year, etc. Credit history is said to be looked at, but will not be the determining factor if you receive a loan or not. Reliant Funding looks at each business individually.
Privacy and Security
Reliant Funding states on their website that they have an A+ grade with the Better Business Bureau. They also have helped businesses attain more than a billion dollars in funding since 2008.
It should also be noted that they state they can share your information with affiliated companies and even third-party organizations. Reliant Funding states on their website, “The federal Fair Credit Reporting Act permits us to share among our affiliated companies your name, address, and information about your transactions and experiences with us (such as your payment history or other facts about your account).” There is no way to opt-out of them sharing this data if you use Reliant.
Being able to secure a loan or “funding” in a quick manner from Reliant Funding is definitely an advantage over going through a bank where it can take much longer. However, not presenting clear loan terms is a drawback. All in all, if you are in a crunch and need some money for your business in a hurry, the only way to know what Reliant Funding can offer is to start the quick application process.
525 Broadhollow Road
Melville, NY 11747
9540 Towne Centre Drive
San Diego, CA 92121