Mulligan Funding Review

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Mulligan Funding

Funding amount

$5,000 to $2 million

Term

3-24 months

Min. credit score

625

Time to funding

As soon as the same business day after approval

Based in San Diego, Mulligan Funding stands out as a reputable provider of business loans, catered towards small businesses looking to jumpstart their growth, manage cash flow, or finance new opportunities. The private, family-owned lender has funded over $450 million and served over 40,000 customers to date.

Mulligan Funding’s straightforward application process, quick decision-making, and flexible repayment options are designed to accommodate today’s businesses’ unique needs and circumstances.

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

Mulligan Funding

Apply through Lendio How it works

Funding amount

$5,000 to $2 million

Term

3-24 months

Min. credit score

625

Time to funding

As soon as the same business day after approval

Based in San Diego, Mulligan Funding stands out as a reputable provider of business loans, catered towards small businesses looking to jumpstart their growth, manage cash flow, or finance new opportunities. The private, family-owned lender has funded over $450 million and served over 40,000 customers to date.

Mulligan Funding’s straightforward application process, quick decision-making, and flexible repayment options are designed to accommodate today’s businesses’ unique needs and circumstances.

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

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.

Mulligan Funding revenue-based financing quick facts
Loan amount range$5,000 to $2 million
Time in business6 months
Minimum credit score600
Minimum annual revenue$600,000
Repayment scheduleDaily or weekly
Fees2% to 4%
Funding speedAs soon as the same business day after approval

See if your business is eligible for financing.

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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:

Where Mulligan Funding might fall short:

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.

Ready to compare Mulligan Funding with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (October 24, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

Fueling the
American Dream

$12,000,000,000+

DOLLARS FUNDED THROUGH LENDIO

74+

LENDERS IN Lendio’s NETWORK

300,000+

LOANS FUNDED

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