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Mulligan Funding business loans review

Funding up to $500,000 for small and midsize businesses.

A business term loan from Mulligan Funding can get you funding you need for new equipment or expand your business. But startups should look elsewhere — your business needs to be at least two years old and have good credit. It offers unsecured loans, meaning you don’t have to put up collateral, but you could see high APRs.

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Min. Amount$5,000
Max. Amount$500,000
Loan Term6 to 18 months
Min. Credit Score630
RequirementsThe business must be at least two years old, have an annual revenue of at least $350,000 and personal credit of 630.

First, do I qualify?

To qualify for a business term loan with Mulligan Funding, your business must be profitable at least two years old with at least $500,000 in revenue over the past 12 months. Business owners must also have a personal credit score of 630 or higher.

What is Mulligan Funding?

Based in San Diego, California, Mulligan Funding provides business term loans, working capital loans and business lines of credit to small and midsize businesses across the US.

It’s offers an entirely online application process with approval in as quick as a few hours, and funding within one business day.

What makes Mulligan Funding business term loans unique?

With its variety of lending options, Mulligan Funding seeks to provide speacialized funding for the area of your business you want to expand. With few restrictions on how you use its business term loans, you’re free to apply your funds where they’re needed most.

What are the benefits of a Mulligan Funding business term loan?

  • Rapid access to funds. Once you’re approved, expect to receive fast access to your loan funds as soon as the next business day.
  • No prepayment fees. You can repay your business loan early with no prepayment fee or penalty.
  • No loan restrictions. Mulligan Funding believes you know your business best, so use your loan funds how you want.

What to watch out for

While Mulligan Funding’s online application process is an appealing perk, be on the lookout for some potential drawbacks:

  • High annual business revenue. To qualify for a business term loan with Mulligan Funding, your business needs an annual revenue of at least $500,000.
  • Fair creditworthiness required. While some providers accept borrowers with less-than-stellar credit scores, you’ll need a personal credit score of at least 630 to qualify with Mulligan Funding.
  • Not for startups. Your business needs to be at least 24 months old to be eligible for a Mulligan Funding business term loan, so startups need to seek funding elsewhere.
  • Not transparent about rates. Mulligan Funding doesn’t give a range of interest rates or other costs, making it difficult to quickly compare against other lenders.

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Mulligan Funding reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.29 out of 5 stars, based on 21 customer reviews
BBB customer complaints 1 customer complaints
Trustpilot Score 4.9 out of 5 stars, based on 367 customer reviews
Customer reviews verified as of 13 October 2019

Mulligan Funding gets mostly favorable online reviews. Borrowers compliment Mulligan’s courteous and knowledgeable customer service and its number of repeat clients suggests its borrowers are pleased with its service.

However, some online reviews complain that Mulligan’s interest rates are unmanageably high, with one review citing a 33.3% interest rate on her $10,000 loan. Mulligan Funding doesn’t offer any information on its site about potential APRs, requiring borrowers to prequalify first.

How do I apply?

Before you send off your application to Mulligan Funding, check that your business meets the following eligibility criteria:

  • At least two years old.
  • Annual revenue of at least $350,000.
  • Personal credit of 630.

While Mulligan Funding advertises a one-page application on its site, the application process isn’t exactly that straightforward.

  1. To begin the application, go to Mulligan Funding’s site and click Request Quote. Enter your full name, the name of your company, your email address and your phone number. Click Submit.
  2. Mulligan Funding then sends an email with a link to the application page. On the first page of the application, provide the name of your business, its address and business tax identification number. Hit Submit.
  3. Next, enter your date of birth, your Social Security number, your address and any information on outstanding loans or bankruptcy claims on your business. Hit Submit.
  4. Upload your most recent three months of business bank statements. Click Submit.

What documents do I need to apply?

  • Social Security number.
  • Business tax ID.
  • Bank statements for the previous three months.

What other business loan options does Mulligan Funding offer?

In addition to its business term loans, Mulligan Funding also offers working capital loans and business lines of credit. Both funding options offer capital of up to $500,000 with terms of up to 18 months.

These options are slightly easier to qualify for. To be eligible for a working capital loan or business line of credit with Mulligan, your business must be at least nine months old and have a minimum revenue of $100,000 over the past 12 months.

I got a Mulligan Funding business loan. Now what?

  • Make use of your funds. Use your business capital to expand your inventory, hire new talent or streamline your storefront. Mulligan Funding doesn’t impose any restrictions on the use of its loans, so you’re free to use your funds where you see fit.
  • Pay off your loan early.With no prepayment fees, you’re free to repay your loan in full at any time. The earlier you pay off your loan, the more you save in interest in the long run.

Bottom line

Mulligan Funding boasts high marks for customer service and no prepayment fees. But it’s not for every small business. Be on the lookout for strict eligibility criteria and potentially high APRs.

Before you make a decision, explore your options and compare your business loan options with other providers.

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