Mulligan Funding business loans review October 2018 | finder.com

Mulligan Funding business loans review

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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.
Product NameMulligan Funding Business Loans
Min Loan Amount$5,000
Max. Loan Amount$500,000
APRVaries
Interest Rate TypeFixed
Minimum Loan Term.5 year
Maximum Loan Term1.5 years
RequirementsThe business must be at least two years old, have an annual revenue of at least $350,000 and personal credit of 630.
  • At least two years in business
  • Annual revenue of at least $350,000
  • Personal credit score 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 specialized 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.

Compare more business loan providers

Rates last updated October 22nd, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
At least 6 months in business, average $10,000 in monthly deposits.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly revenue.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What does the Internet say about Mulligan Funding?

Mulligan Funding mostly favorable online reviews as of September 2018. It’s accredited by the Better Business Bureau and gets an A+ rating based on factors like time in business and transparency. Trustpilot users gave it a high average score of 9.5 out of 10.

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.

Frequently asked questions

Shannon Terrell

Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

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