Mulligan Funding Review

Pros and cons.

Pros

• Online loan checkout process
• Easy renewals
• Quick approvals and funding
• No prepayment penalties
• Positive reviews

Cons

• Potentially costly factor rates
• Daily or weekly repayments, unlike traditional loan products
• High annual revenue requirement

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Loan offerings through Mulligan Funding.

Mulligan Funding offers two primary types of financial products for businesses looking for liquidity or capital infusion: working capital loans (revenue-based financing) and term loans. Both products are designed to provide quick, accessible financing solutions that support your business’s growth and adapt to its changing needs. This review will mainly focus on Mulligan Funding’s revenue-based financing offering.

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Things to consider.

Quick approvals and funding.

One of the standout features of Mulligan Funding is its ability to provide approvals and funding at an impressive speed. A quick turnaround is a game-changer for businesses caught in a pinch or those looking to seize a timely opportunity. After submitting a simple online application, you could receive a decision within a few hours. Upon approval, the funds may be available in your business account as soon as the same business day. This efficiency reduces the waiting period and uncertainty often associated with traditional financing methods, allowing you to focus on what you do best—running your business.

High annual revenue requirement.

Despite the enticing benefits of quick funding and straightforward application processes, it’s important to note that Mulligan Funding does set a minimum annual revenue requirement of $600,000, which is significantly higher than other lenders.

This requirement ensures that only businesses with a certain level of stability and income potential are considered, potentially excluding newer or smaller businesses that have yet to reach this financial milestone. While this criterion helps Mulligan Funding mitigate risk and tailor their offerings to more established businesses, it’s an aspect worth considering if your business is in its early stages or has lower revenue figures.

Easy renewals

Mulligan Funding also simplifies the renewal process for businesses that need additional financing. If you’ve managed your initial loan responsibly and need further funds, Mulligan makes it easy to apply for a subsequent loan. This streamlined renewal process, unlike some more cumbersome experiences with traditional banks, means you can get back to focusing on your business’s needs with minimal disruption.

Prepayment incentive

Mulligan Funding will reward you if you pay off your loan early. You’ll get 6% off your balance, including principal and interest. Depending on your loan amount, this can equate to substantial savings. In contrast, many other lenders would penalize you with prepayment fees, making your loan more expensive.

Daily or weekly repayments.

One aspect of Mulligan Funding’s loan terms that requires careful consideration is their repayment structure, which consists of daily or weekly repayments. This type of repayment schedule is designed to align with the cash flow of your business, ensuring that payments are manageable and do not strain your finances. However, it’s important for businesses to closely evaluate their cash flow patterns to ensure that these frequent payments are feasible. For some, this setup may prove beneficial, as it allows smaller, more frequent payments rather than larger, monthly sums. But for others, particularly those with irregular income streams, it could present a challenge. Be sure to assess whether this repayment method aligns with your business’s financial habits and capabilities before committing to a loan with Mulligan Funding.

Excellent customer reviews.

Mulligan Funding earned 4.6 out of 5 stars on Trustpilot. There are over 400 reviews and most of them are very positive. Reviewers emphasize the easy process, as well as clear, honest communication. Mulligan Funding also has an A+ rating from the Better Business Bureau.

Evaluation

Mulligan Funding is best for:

• Businesses in need of quick cash. If your business faces an immediate cash flow challenge or an unexpected opportunity that requires quick action, Mulligan Funding’s fast approval and funding process is a perfect fit.
• Businesses looking for no prepayment penalties. For companies able to pay off their loans early, instead of penalties Mulligan Funding offers prepayment incentives.
• Repeat borrowers. Those needing subsequent financing will appreciate Mulligan Funding’s easy renewal process, making it simple to secure additional funds as your business grows or needs evolve.
• Businesses looking for both low and high loan amounts. Mulligan Funding caters to those needing a large range of financing amounts, offering loans ranging from $5,000 to $2 million. This makes it an ideal choice for businesses planning large-scale projects, expansions, or needing to bridge substantial cash flow gaps.

Where Mulligan Funding might fall short:

• Frequent repayment schedule. The daily or weekly repayment structure could be challenging for businesses with fluctuating cash flows, necessitating careful planning and budgeting.
• High cost for some loan products. Depending on your business’s situation and the loan terms, the factor rates might result in higher overall costs than other financing options.
• Focus on specific types of loans. While offering working capital and term loans, businesses seeking other specialized financial products like lines of credit or SBA loans will need to look elsewhere.

How to apply for financing from Mulligan Funding through Lendio.

Applying for financing through Mulligan Funding via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

1. Complete Lendio’s online application form: You will complete a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, length of operation, monthly revenue, and the amount you want to borrow.
2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Mulligan Funding meets your financing requirements, you will receive an offer outlining the loan terms. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
4. Finalize the deal: If you decide to proceed with Mulligan Funding, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

Mulligan Funding is a robust option for small and medium-sized businesses searching for a practical and efficient way to finance their operations, whether for growth, managing cash flow, or capitalizing on new opportunities. The distinct mix of advantages, including rapid approvals, easy renewals, and incentives for early repayment, makes it an attractive choice for business owners looking for flexibility and understanding from their lender.

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