Reliant Funding
Reliant Funding: Reliant Funding offers both secured and unsecured options for small businesses of varying sizes and qualifications. There is two main loan one for quick cash and another for long-term funding. In both instances, Reliant provides funding in the form of a line of credit. You get approved for a certain amount and only pay interest based on how much you draw from that amount.
Reliant is not accredited with the Better Business Bureau and only has a B score with the company. Several lenders we reviewed have worse scores, but it’s important to be aware of Reliant’s grade with the BBB if you’re considering working with the company.
Reliant Funding Reviews/Reliant Funding Review
Reliant Funding is a San Diego-based alternative business funder whose recent acquisitions include Merchants Capital Access. It’s part of a growing industry that provides short-term loans and merchant cash advances (MCAs) rather than traditional lending products like bank loans. MCAs superficially resemble loans but differ in some important ways, which we’ll discuss below.
While Reliant has an attractive spread of products, it isn’t the most forthcoming company. Be prepared to have to do some additional due diligence if you decide to do business with this company.
Read Also: EBITDA formula
Reliant offers a breadth of short-term funding products that make the company a bit more flexible than the average alternative lender. In practice, these products are fairly similar from the customer’s point of view.
Unfortunately, Reliant prefers not to disclose its rates in advance, which means you’ll have to submit your information before you receive an initial quote. Like most short-term funders, Reliant doesn’t use traditional interest rates. Instead, it charges a fixed fee based on the amount of money you receive. This fee is typically calculated using a multiplier (for example, 1.12), but might be calculated using a percentage of the borrowing amount (for example, 12% of the borrowing amount). In either case, you’ll have to pay back the amount you borrowed plus the fixed fee. So if you borrow $10,000 at 12% of the borrowing amount, you’ll owe $11,200.
What is reliant funding?
Reliant Funding is a San Diego-based alternative business funder whose recent acquisitions include Merchants Capital Access. It’s part of a growing industry that provides short-term loans and merchant cash advances (MCAs) rather than traditional lending products like bank loans.
Is cabbage safe?
Is Kabbage legit? Yes, Kabbage is a legit online business lender that is a member of several safe lending practices organizations, including the Innovate Lending Platform Association. A+ BBB rating. BBB accredited since 2014, Kabbage has an A+ rating.
Read Also: profit formula
What is the monthly fee for a kabbage loan?
Kabbage offers lines of credit up to $250,000, which is payable via a 6-month or 12-month repayment term. However, a 6-month term requires a $2,000 minimum loan. Fee rates range from 1.5% to 10% based on several business performance factors.
Reliant Funding Premier Line
Reliant provides various loan options for small businesses, and there are some built-in features that make it a compelling option for small business owners. However, Reliant considers cash flow more heavily versus a company’s credit score when reviewing its loan applications.
Loan Process
There isn’t a lot of information on Reliant’s website about its offering or the overall application process. Instead, you’ll need to fill out the Apply Now form on the company’s website. This form asks you for basic information, like your first and last name, phone number, email address, business name, time as an established business, and gross annual sales. From here, you’ll be contacted by a sales representative and complete an application either over the phone or online. Keep in mind that the official loan application process will proceed after you get an idea of what you qualify for.
Terms
Reliant provides short- and long-term funding options. Short-term, unsecured options range from six to 18 months. Long-term options will likely last for more than 12 months.
Qualifications
For its unsecured, short-term loan option, Reliant has relaxed qualifications. Your business needs to be in operation for at least six months, and you need to have a gross monthly income that covers the loan you’re requesting. You can’t have any bankruptcies. For the longer-term loans, Reliant will assess your credit score.
Collateral
This makes it a good option for business owners who don’t want to risk personal or business assets early in their business ventures. The long-term loan requires collateral, which you can work out based on what your business requires.
Time Until Deposit
Initial approval should take only 24 hours.
Special Documentation
Reliant doesn’t require a lot of special documentation. Besides basic business documentation – like a photo ID and proof that you’re an owner or operator of your business – you have to provide six months’ worth of bank statements. The long-term, secure loan requires a hard credit inquiry. It’s not clear if the company will request additional financial information for the long-term loans.
Reliant Funding Interest Rates/Reliant Funding Interest Rate
The only drawback with Reliant is the lack of online information. Interested business owners must contact a sales representative to find out not only if they qualify, but what loan amounts and interest rates they could receive. The overall offering is compelling, but the lack of online transparency adds additional time for busy business owners who don’t have time to talk with a sales agent to obtain nominal information, such as the interest rate. Many of the lenders we reviewed provide extensive information online, even breaking down the interest rate and amount scenarios for prospective businesses.
Maddie Shepherd is a former Fundera senior staff writer and current freelance writer. Maddie has extensive knowledge of business credit cards, accounting tools, and merchant services, but specializes in small business financing advice. Maddie has a bachelor’s degree in Spanish and Latin American cultures from Barnard College.
Reliant Funding Complaints
The only drawback with Reliant is the lack of online information. Interested business owners must contact a sales representative to find out not only if they qualify, but what loan amounts and interest rates they could receive. The overall offering is compelling, but the lack of online transparency adds additional time for busy business owners who don’t have time to talk with a sales agent to obtain nominal information, such as the interest rate. Many of the lenders we reviewed provide extensive information online, even breaking down the interest rate and amount scenarios for prospective businesses.