Reliant Funding Business Loans Review 2024

Reliant Funding is best for business owners who:

• Need quick cash. You may be able to receive funding in less than 24 hours.
• Want an MCA. Although Reliant Funding still advertises a wide range of financial products on its website, it currently only offers MCAs.
• Don’t have a strong business or credit profile. As long as you’ve been in business for at least six months, earn more than $60,000 per year and have a personal credit score of at least 525, you may qualify for funding.

Featured Partner Offers

1

OnDeck

Loan amounts

$5,000 to $250,000

APR

Not disclosed

Minimum credit score

625

1

OnDeck

Learn More

Via Ondeck's Website

2

American Express Business Blueprint™

Loan amounts

$2,000 to $250,000

Monthly fees

Varies by loan term

Minimum credit score

All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.

of at least 660 FICO at the time of application

2

American Express Business Blueprint™

Learn More

Via American Express's Website

3

National Funding

Loan amounts

$10,000 to $500,000

APR

Buy rates start at 1.11%

Minimum credit score

600

3

National Funding

Learn More

On National Funding's Website

Reliant Funding may not be best for business owners who:

• Want to quickly compare rates online. Reliant Funding won’t give you a rate online. Instead, you’ll need to fill out a form and physically talk to someone at the company to see how much it might cost you.
• Prefer working with reputable lenders. Reliant Funding got into legal concerns in California over claims of deceptive advertising and brokering loans it didn’t have the license to broker, which the state regulator said in the legal filing that Reliant self-identified and addressed the issues.
• Live in North Dakota, South Dakota or Vermont. Reliant Funding isn’t available in these states.

Reliant Funding currently only offers merchant cash advances (MCAs). An MCA allows you to get a lump sum of cash up-front for a set price, which you pay back as a percentage of sales each day or each week. Thus, your payment amount and the length of time you pay varies according to your sales flow.

Reliant Funding’s MCAs offer loan amounts up to $400,000, terms between three and 15 months, and factor rates starting at 1.10. Once you apply and receive your rate quote you can compare it with other lending companies. Reliant Funding only performs soft credit checks, so applying has no negative impact on your credit.

Business loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as business revenue. Meeting the requirements below won’t guarantee approval, but they can help you decide if a business loan is the right fit for you.

Personal Credit Score

You’ll need a personal credit score of at least 525 in order to qualify for an MCA from Reliant Funding. This means that if you have a poor credit score, you may still be eligible. While it may be more difficult to get a loan from a traditional bank lender with damaged credit, most alternative lenders like Reliant Funding have more flexible qualification requirements.

Time in Business

Reliant Funding requires businesses to have been in operation for at least six months to be eligible.

Annual Revenue

Reliant Funding has a relatively low annual revenue requirement of $60,000. That translates into a monthly revenue of $5,000, something that many small business owners may find easy to achieve.

If you’re interested in applying for an MCA with Reliant Funding, follow these general steps:

1. Submit an inquiry. You’ll start by filling out an online form that asks for basic business information, including how much your business earns each year and how much money you’re looking for.
2. Wait for a loan representative. A loan representative will reach out to you to coordinate your application, collect any other needed information and disburse the funds.
3. Start repayment. Once the money is disbursed, you’ll need to set up repayment either on a daily or weekly basis, depending on the terms of your agreement.

Related: Best Small Business Loans

Like many alternative small business lenders, the reviews for Reliant Funding paint a different picture of the company depending on where you look. For example, Reliant Funding has excellent Trustpilot reviews, with over 1,200 ratings and an average of 4.8 out of 5 stars. Customers on this website tend to gush about a specific agent who assisted them with their loan.

Company reviews on the Better Business Bureau (BBB) tell a different story. Here, the company maintains a 1.33 out of 5 stars, based on 66 customer reviews. Many of the reviews are given by people who received Reliant Funding’s allegedly deceptive ads and were concerned about fraud.

We reviewed Reliant Funding based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Reliant Funding based on the weighting assigned to each category:

• Loan cost: 35%
• Loan details: 25%
• Customer experience: 20%
• Eligibility and accessibility: 10%
• Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated Reliant Funding’s customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.