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Reliant Funding Review

By
Matt D'Angelo
,
business.com writer
|
Apr 17, 2019
Home
> Finance
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Reliant Funding offers both secured and unsecured options for small businesses of varying sizes and qualifications. There are two main loan products: one for quick cash and another for long-term funding. In both instances, Reliant provides funding in the form of a line of credit. You get approved for a certain amount and only pay interest based on how much you draw from that amount. Reliant is not accredited with the Better Business Bureau and only has a B score with the company. Several lenders we reviewed have worse scores, but it's important to be aware of Reliant's grade with the BBB if you're considering working with the company.

Reliant Funding

Reliant Funding

The Best Business Loan and Financing Options of 2019

The Verdict

Reliant provides various loans for small business owners, including both secure and unsecure options. This variety makes it a good option for small businesses looking for funding.

To view all our recommendations for small business financing, visit our best picks page.

Rates and Terms

Reliant didn't provide specific rates when we talked with its sales representatives. These rates depend heavily on your business's financial history. It does, however, function in the same way a line of credit does: Businesses draw money and then pay back a defined interest. For the longer-term loan option, representatives said, businesses pay an APR-based rate, which means you'll pay annualized interest on the average loan amount per month. For the unsecured, short-term loan option, businesses have to pay a fixed rate. This may be a more attractive deal, but it comes with different terms.

The terms depend on which type of loan you opt for. Short-term loans are six to 18 months, while long-term loans are usually over a year. The long-term loans are secured loans, and businesses must meet various requirements to qualify for this loan option. If you pay off your loan early, you will not incur any fees. In fact, as Reliant representatives told us, you may qualify for a discount if you repay at a certain time. If you take more loans out with Reliant, you could also qualify for reduced rates in the future.

Company Features

Reliant provides various loan options for small businesses, and there are some built-in features that make it a compelling option for small business owners. However, Reliant considers cash flow more heavily versus a company's credit score when reviewing its loan applications.

Loan Process

There isn't a lot of information on Reliant's website about its offering or the overall application process. Instead, you'll need to fill out the Apply Now form on the company's website. This form ask you for basic information, like your first and last name, phone number, email address, business name, time as an established business, and gross annual sales. From here, you'll be contacted by a sales representative and complete an application either over the phone or online. Keep in mind that the official loan application process will proceed after you get an idea of what you qualify for.

Terms

Reliant provides short- and long-term funding options. Short-term, unsecured options range from six to 18 months. Long-term options will likely last for more than 12 months.

Qualifications

For its unsecured, short-term loan option, Reliant has relaxed qualifications. Your business needs to be in operation for at least six months, and you need to have gross monthly income that covers the loan you're requesting. You can't have any bankruptcies. For the longer-term loans, Reliant will assess your credit score.

Collateral

The short-term loan is unsecured – Reliant doesn't even require a personal guarantee. This makes it a good option for business owners who don't want to risk personal or business assets early in their business ventures. The long-term loan requires collateral, which you can work out based on what your business requires.

Time Until Deposit

Initial approval should take only 24 hours. Once you've been approved and reached an agreement, you can access your funds in as little as one or two days.

Special Documentation

Reliant doesn't require a lot of special documentation. Besides basic business documentation – like a photo ID and proof that you're an owner or operator of your business – you have to provide six months' worth of bank statements. Reliant is one of the only companies we reviewed that doesn't require advanced forms of business documentation, like tax returns. The long-term, secure loan requires a hard credit inquiry. It's not clear if the company will request additional financial information for the long-term loans.

When to Use This Type of Loan

Reliant's unsecured, short-term business loan is ideal for businesses looking for quick cash. The line-of-credit-style loan means businesses can draw on their loan and pay off what they use. This type of loan is great for businesses looking to expand operations, invest in marketing or advertising, cover expenses, or manage cash flow. The unsecured nature of the loan also means it's ideal for business owners looking to get funding without risking personal or business assets. This level of flexibility provides startups with the opportunity to expand their operations while keeping their risk low.

Reputation and Customer Service

Reliant has a B with the Better Business Bureau (BBB), although the company is not accredited. It has one out of five stars on BBB as of March 2019.

We posed as a small business owner and contacted Reliant's sales team. The sales representatives provided us with clear, concise answers, and, overall, our sales experience with Reliant was very positive.

Limitations

The only drawback with Reliant is the lack of online information. Interested business owners must contact a sales representative to find out not only if they qualify, but what loan amounts and interest rates they could receive. The overall offering is compelling, but the lack of online transparency adds additional time for busy business owners who don't have time to talk with a sales agent to obtain nominal information, such as the interest rate. Many of the lenders we reviewed provide extensive information online, even breaking down the interest rate and amount scenarios for prospective businesses.

Editor's note: Need a business loan? Click the Compare Quotes button below to have our sister site Buyer Zone connect you with vendors that can help.

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Reliant Funding

Reliant Funding

The Best Business Loan and Financing Options of 2019

The Verdict

Reliant provides various loans for small business owners, including both secure and unsecure options. This variety makes it a good option for small businesses looking for funding.

Matt D'Angelo
Matt D'Angelo
Matt D'Angelo is a staff writer covering small business for Business.com and Business News Daily. After graduating from James Madison University with a degree in journalism, Matt gained experience as a copy editor and writer for newspapers and various online publications. In addition to his writing and reporting, Matt edits articles. He reviews small business services, including PEOs, small business loans and GPS fleet tracking services. He's been with Business.com and Business News Daily since 2017.