Reliant Funding Review

Pros and cons.

Pros

• Accessible to newer businesses
• Quick funding
• No personal guarantee
• Less strict qualification requirements

Cons

• Daily payments, unlike traditional loan products
• Potentially costly factor rates
• Only offers revenue-based financing

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Loan offerings through Reliant Funding.

Reliant Funding provides specialized financial solutions to small businesses, focusing primarily on revenue-based financing. This unique approach allows for flexible repayment terms that align with the business’s cash flow.

Reliant Funding’s only product offering is merchant cash advances, a type of revenue-based financing. With Reliant, your repayments will be different from a traditional bank loans’ typical large upfront lump sum of cash. Instead, your repayments will be a small, fixed deduction each day from your business bank account. This structure is particularly beneficial for businesses that need quick access to capital without the long approval times or strict collateral requirements of traditional bank loans.

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Things to consider.

An option for newer businesses.

Reliant Funding is accessible to businesses with a minimum credit score of just 525, making it a viable option for owners with less-than-perfect credit histories. Many small businesses find it easy to reach Reliant Funding’s minimum annual revenue requirement of $60,000 (or $5,000 monthly revenue), which is much lower than other lenders’ requirements. Additionally, businesses must have been in operation for at least six months, a relatively short time frame that accommodates newer businesses seeking growth or emergency funding.

Fast funding

Reliant Funding offers fast funding approval, with businesses receiving funding in as little as 24 hours. The streamlined application process minimizes paperwork and is ideal for small businesses seeking quick access to capital.

Daily and weekly repayments.

One of the unique aspects of Reliant Funding’s revenue-based financing is the repayment structure, which involves daily or weekly repayments.  While this can be beneficial for businesses with consistent sales, it might pose a challenge during slower periods. Therefore, business owners must consider their ability to manage these regular payments before committing to this financing option.

No personal guarantee.

Unlike many traditional financing options that require personal assets as collateral, Reliant Funding offers revenue-based financing without a personal guarantee. This means that business owners can secure funding without the risk of personal financial loss beyond the business itself. It’s a significant advantage for entrepreneurs who want to protect their personal assets while still obtaining the necessary capital to grow their business.

Excellent customer reviews.

Reliant Funding has an A+ rating with the Better Business Bureau. The lender also has a 4.6 out of 5-star rating on Trustpilot, based on more than 1,300 customer reviews. Reviewers mention a fast, easy process with great customer service.

Evaluation

Reliant Funding is best for:

• Businesses in need of quick cash. With funding as soon as 24 hours after approval, Reliant Funding is an ideal choice for businesses requiring immediate financial assistance.
• Newer businesses and startups. Due to its lenient qualification criteria, including the minimum credit score of 525 and the requirement for only six months in business, Reliant Funding presents a valuable funding source for newer businesses.
• Owners wary of personal guarantees. For business owners worried about risking personal assets, Reliant Funding’s revenue-based financing doesn’t require a personal guarantee.

Where Reliant Funding might fall short:

• Higher cost of capital. One potential drawback of using revenue-based financing is the potentially higher cost compared to traditional financing options. 
• Frequent repayments. The requirement for daily or weekly repayments could be a significant challenge for businesses with uneven cash flow. 
• Limited product options. Reliant Funding’s primary focus on revenue-based financing may not meet the needs of all businesses, especially those looking for longer-term financing options or those with different financial structures.

How to apply for financing from Reliant Funding through Lendio.

Applying for financing through Reliant 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, how long it’s been in operation, your 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 Reliant Funding is a good fit for 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 Reliant Funding, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

Reliant Funding is a great option for small businesses needing quick financial support, especially if they don’t qualify for traditional bank loans. They offer revenue-based financing without a personal guarantee, making it attractive for business owners looking to protect personal assets. However, borrowers should carefully consider the higher cost of capital and frequent repayment schedules.

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