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Reliant Funding small business loans review

While it provides fast funding, Reliant isn’t up front about rates and fees.

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Our verdict

Reliant Funding offers fast financing with lenient eligibility requirements to business owners who struggle to qualify for traditional business loans. But it's not up front about its rates and fees.

Best for: Established small businesses with fair credit in need of fast funding.

  • Accepts credit scores starting at 525
  • Typically funds within 24 hours
  • Low annual revenue requirement
  • Doesn't disclose rates and fees for all loan programs
  • Previous legal action against it
  • Must have 6 months of revenue to qualify for startup loans
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What makes Reliant Funding shine

Reliant Funding sets itself apart from the competition by how fast it’s able to provide funding. Businesses can see approval in just a few hours and receive their funds the next business day. It also offers a wide array of funding options, and its account managers can help you decide which is best suited for your business.

This lender prides itself on dedicated service, and customers tend to agree. Many reviews highlight Reliant’s account managers, usually thanking them by name and stating how quickly and often they communicated throughout the funding process.

Reliant also has relatively lenient eligibility. Your business only needs to be around for six months and have an annual revenue of $60,000, while other lenders may require a year in business and a minimum of $100K in revenue. And while some lenders only work with good or excellent credit scores, Reliant considers scores as low as 525.

Where Reliant Funding falls short

Reliant lacks transparency. Interest rates and fees aren’t listed on Reliant Funding’s website — you must submit an application before you can review the full terms. Plus, it has a low maximum loan amount. Businesses looking to borrow more than $400,000 must look elsewhere.

While Reliant has a startup financing program, companies must have at least six months in business to qualify. Brand new businesses in need of startup capital won’t find what they need with this lender.

In the past, Reliant Funding attempted to connect with new customers by sending unsolicited credit cards with no value and without confirmation the business qualified for funding. Also, the government took legal action against Reliant in 2021 for failing to submit mandatory paperwork for review.

Types of business financing Reliant Funding offers

Reliant stands out for its wide array of loan options for businesses of all sizes and revenues. However, you’ll only discover its rates and fees once you apply for funding using your business’s specific financials.

Here’s what you can expect — along with more information on how each option works.

Type of financingLoan amountsTurnaround
Merchant cash advanceUp to $400,000As soon as 24 hours
Line of creditTied to company financialsAs soon as 24 hours
Bridge loanUp to $400,000As soon as 24 hours
Equipment leasing loanUp to $400,000As soon as 24 hours
Startup financingUp to $400,000As soon as 24 hours
E-commerce fundingUp to $250,000As soon as 24 hours

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Reliant’s business loans in detail

Reliant offers businesses alternative lending through six types of business loans. Here’s a breakdown of how each works.

Merchant cash advance

Reliant offers merchant cash advances of up to $400,000, and this money can be used whenever your business needs it most. Once you have repaid more than 50% of your initial advance, Reliant can typically provide additional funds if requested.

This lender says it needs to evaluate your business before offering rates and terms, so you’ll need to apply first to see any associated costs. But it states that its merchant cash advance doesn’t include any compounding fees or accruing interest and that payments are made daily or weekly, depending on your terms.

Rates, fees and terms

  • Loan amount: Up to $400,000
  • Funding time: As soon as 24 hours
  • Repayment schedule: daily or weekly
  • Must apply to access rates and terms

Line of credit

Reliant’s line of credit is one of the more difficult funding options to qualify for. Most businesses need a good credit score of 700 or higher and several active years in business with strong revenue to qualify.

Unlike some traditional lenders, you’ll only have to pay interest on the amount you’ve actually withdrawn, not the total sum. So if you’re approved for $20,000 and borrow $5,000, you’ll only pay interest on $5,000.

Beyond that, there isn’t much information available about Reliant’s line of credit unless you submit an application. Loan amounts, terms, repayment schedule and more are only provided once you supply information about your business’s finances.

Rates, fees and terms

  • Funding time: As soon as 24 hours
  • Must apply to access loan amounts, repayment schedule, rates and terms

Bridge loan

A bridge loan provides short-term gap financing when your business experiences a slow period or while waiting for longer-term financing solutions, like an SBA loan. Reliant offers bridge loans with turnarounds as fast as 24 hours after your application is approved.

While Reliant doesn’t state its loan terms or rates online — you need to apply with your company’s specific financials to access this information — most bridge loans are short-term and must be repaid in a few months or 1-2 years. Plus, they tend to have higher interest rates than other forms of financing.

Reliant states that once you pay down some of your initial balance, it can typically provide additional funds if you’re in good standing with your repayments. However, it doesn’t disclose how much of the loan you need to repay before this option is available.

Rates, fees and terms

  • Loan amount: Up to $400,000
  • Funding time: As soon as 24 hours
  • Must apply to access repayment schedule, rates and terms

Equipment leasing

Buying new equipment can be a big drain on your business’s finances. That’s where equipment leasing comes in. Instead of paying a big sum up front, leasing equipment allows you to make smaller payments over time. Once the lease is up, you can often upgrade to a newer model.

However, with equipment leasing, you can’t use the equipment as collateral since you’re not actually buying it. So, qualifying for equipment leasing can be harder than other financing options. Reliant states that you typically need a credit score of 650 or higher, at least 12 months in business and strong cash flow and revenue to qualify.

Rates, fees and terms

  • Loan amount: Up to $400,000
  • Funding time: As soon as 24 hours
  • Must apply to access repayment schedule, rates and terms

Startup loans

Reliant doesn’t offer startup loans to brand-new businesses looking to raise capital to get off the ground. However, it does accept companies with at least six months of revenue and banking history. Unlike some traditional banks, Reliant considers more than just your credit score and other typical requirements to qualify for lending.

Once approved, most businesses use startup funding to cover marketing, legal fees or general business growth like more employees, equipment or space. However, Reliant states that it places no limits on its startup funding as long as it’s used for your business.

Rates, fees and terms

  • Loan amount: Up to $400,000
  • Funding time: As soon as 24 hours
  • Must apply to access repayment schedule, rates and terms

E-commerce funding

E-commerce funding is specifically designed to help web-based businesses stabilize cash flow and expand their online company. Generally, online lenders like Reliant tend to be more lenient in funding e-commerce businesses than traditional banks since most fintech lenders are also online only.

Reliant doesn’t disclose a specific credit score or other requirements to qualify for this kind of funding. However, it states that it takes a holistic approach when evaluating your web-based business and considers other factors like your time in business and overall performance.

Rates, fees and terms

  • Loan amount: Up to $250K
  • Funding time: As soon as 24 hours
  • Must apply to access repayment schedule, rates and terms

How to qualify for a Reliant Funding business loan

Your company generally needs to meet the following criteria to qualify for business financing from Reliant Funding.

  1. Be in business for at least 6 months
  2. Have at least $60,000 in annual revenue
  3. Have a FICO credit score of 525 or more as the primary business owner

Reliant also states businesses open less than six months or with an active bankruptcy may not qualify.

Keep in mind that some loan types have stricter requirements. For example, Reliant recommends those looking for a line of credit have several active years in business and a good credit score of 700 or higher.

How to apply for a Reliant Funding loan

Reliant suggests contacting an account manager before applying to understand which types of financing best suit your business needs.

To apply, verify that you meet Reliant Funding’s eligibility requirements. Then, begin the application online in four steps:

  1. Visit the Reliant Funding website and select Apply Now.
  2. Answer questions about your company, like how many years you’ve been in business and your gross annual sales.
  3. Enter your name, business name and contact details.
  4. Select Submit.

If you haven’t already spoken with an account manager, one should get back to you within a few hours to discuss your loan options and complete the application. If approved, you could receive funds within 24 hours.

How Reliant Funding compares to other lenders

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ROK Financial business loans
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OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★
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29.9% to 65.9%
625+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
Receive flexible financing at competitive fixed rates from this A+ rated business lender.
Finder Rating: 4.6 / 5: ★★★★★
Starting at 1%
600+ personal credit score, 1+ years time in business, $140,000+ minimum annual revenue, active business checking account required
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Bluevine business lines of credit
Finder Rating: 4.3 / 5: ★★★★★
Bluevine business lines of credit
Estimated 8% to 86%
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Get approved for a revolving credit line in as fast as 5 minutes.

Reliant Funding reviews and complaints

BBB accredited Yes
BBB rating NR
BBB customer reviews 1.68 out of 5 stars, based on 34 customer reviews
BBB customer complaints 7 customer complaints
Trustpilot Score 4.7 out of 5 stars, based on 1,429 customer reviews
Customer reviews verified as of 08 May 2023

Reliant Funding gets mostly positive reviews. Many say they are happy with the professional staff and efficient application process, often thanking their customer service rep by name. The majority of complaints claim slow or missing funding.

Is Reliant Funding legit?

Yes, Reliant is a legit online lender and registered CDFI. Its website is encrypted to help protect your data, and its privacy policy explains what personal and business information is collected and how that information is used. Since 2008, it has funded more than $3 billion in loans to small businesses.

However, the government filed legal action against Reliant in May 2021. Reliant settled allegations that it failed to submit a mandatory annual report with the Department of Financial Protection and Innovation and paid a fine.

Visit our guide to the best business loans to see how Reliant Funding compares to other online options.

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