Reliant Funding is one of the most prominent investment brokers helping you gather the right funds. The company claims to provide you several advantages and eventually help you become successful in the market. No matter how genuine the claims sound to be, there is always something fallacy hidden in it. Personally, I suffered some big losses under Reliant Funding, but it did bring me some lesson which I surely will keep in mind.
Before I begin sharing my experience with Reliant Funding, you should get a thorough knowledge about who they are and what they do.
What is Reliant Funding?
Reliant Funding is more of an alternative lending source. If you are running out of cash for your project, you can always extend your hands out to Reliant Funding. They are very much beneficial for getting short-term loans or merchant cash advances. Reliant Funding claims that they are the best for small businesses.
Reliant Funding claims that they will provide you a big turnover within a very short amount of time. They are one of the biggest MCA providing quick funds and loans for your business. For less than 30 seconds, you would get your loan approved. This MCA platform helps all the business owners get approval for a loan within a short period. Reliant Funding does not charge compounding fees or accruing interest.
What types of industries does Reliant Funding serve?
Reliant Funding serves quite several industries helping them to get loans. Some of the prominent industries served by Reliant Funding include
- Restaurant and Bar
Services offered by Reliant funding
Reliant Funding is a prominent investment broker helping the small as well as big businesses. Some of the prominent funding services offered by Reliant Funding include the following
- Short-term loans
- Equipment Financing
- Likes of Credit
- Merchant Cash Advances
Rates and terms of Reliant Funding
Since Reliant Funding is a big organization promising support for investment, there isn’t any fixed rate for their businesses. When I contacted their business representative, they were unable to give me a specific quote. The rates significantly vary, and it entirely depends on your business’ financial history.
The working of Reliant Funding is very much similar to that of credit, Business withdrawing money and then paying back with a certain amount of interest. If you are opting for the long term business loan option, you will be required to pay back on the APR-based rage. Therefore, you need to pay an annual interest loan. However, when it is about short-term loans, there is a fixed amount of money to be paid. Both long-term and short-term financial loans have different terms. Nonetheless, most of the businesses prefer getting the short-term loan for its attractive deals.
The terms and conditions, however, depend on what type of loan you apply for. The short term loans are generally for six to 18 months within a fixed rate of interest. The long term loans require time for more than a year. The long-term loans are secured one. However, to get long-term loans, the businesses will need to meet the different requirements set up by the company. You may not need to pay any extra fees if you pay off your loan in or before time. Moreover, you may also be liable for getting discounts, if you pay the loan in time.
Reliant Funding, as claims, further proves to be beneficial if you take more loans from them. It further saves money for you as you get reduced rates.
Reliant funding features
Reliant funding provides a plethora of options for small businesses. Most of their in-built features can prove to be extremely beneficial for small business owners. However, Reliant takes the financial history of the business into consideration to ensure they have been working fine before providing the loan applications.
- Loan Process
Truly, I have checked the entire the website of Reliant Funding, but I did not find any single mention about the application process. Although they have provided basic information, they do not provide the complete description. Once you fill out the form, the representative will reach to you. Thus, you should make a firm decision only after talking to the representative.
If you are applying for short-loan, you can easily get it if you have been in business for the past six months. Moreover, your overall income should be able to meet the loan amount. If you are bankrupt, you will surely be rejected. Also, your credit score will be checked if you are applying for long-term loans.
Since Reliant Funding comes with both long and short-term loan options, you can always choose it. The short term loans are held to be viable for 6-18 months while the long term loans can extend for more than 12 mongsn.
Reliant Funding takes a maximum of 24 hours to provide approval for your loan. However, you need to agree to the terms, so that you can get the funds.
Collateral has always been a major concern for the businesses. Since the short-term loan is unsecured, you don’t need to offer any personal guarantee. This further prevents you from any personal and business asset risk. In the case of long-term projects, you will need to provide collateral of the business documents.
- Special Documentation
Reliant Funding does not require you to provide any special document. All you need to provide to get approval for your loan are the major basic documents such as photo ID and ownership proof. Apart from that, you should also be providing tax returns. However, a thorough credit inquiry will be carried out if you are applying for long term business loans.
Why shouldn’t you work with Reliant Funding?
Reliant Funding is an affordable funding procedure, but they aren’t just the right one for you. There are several reasons for this, one of the major ones being charging you extra money, when not required. Reliant funding has the option of daily cash payments. Well, this can serve as a major disadvantage and harm your business cash flow.
Most of the times, you won’t be informed on charging extra. This reduces the quality of work. If Reliant Funding is your only lender, you should prefer avoiding them. Reliant funding refrains you from maintaining the business cash flow. Taking small steps can even prove to be dangerous for your business. Reliant Funding fails to maintain the transparency of the business, which is one of the biggest reasons you should avoid it.
Reputation and customer service
Reliant B follows Better Business Bureau (BBB) and is B in that case even if the company is not registered.
My experience with Reliant Funding
Honestly, it is true that we tend to be forgetful sometimes. Since there was going on so much with our business, we forgot about the business. As a result, over a certain amount of time, we received an “account reminder” to activate the account. Since they reminded us, we were really appreciative about it.
However, we preferred checking the account reminder letter before proceeding with it. For the first time after getting the account, we heard about the “Reliant Business Cash Card.” Well, we hadn’t heard about any such cash card. We were about to access the $41,739, but luckily, we didn’t.
Since Reliant prefers to get direct communication via mail, we decided to check out mail a little. Well, we did find a sample, and it was regulating across the internet.
We found a complaint with the BBB letter. According to the letter, I would be getting $41,739.00 as I am pre-qualified for it. They also provided an account number. Since I was not aware, I did not contact the company, neither did I request access to the account. Honestly, I felt like it was a direct scam to claim Reliant and mistakenly activate through the account.
The official website of Reliant Funding claims that it has an A+ rating for the organization in BBB front. However, it does not. Accordingly, Reliant Funding has no rating when it comes to BBB. It is for this reason, several consumers have complained about Reliant Funding and BBB claims. The business and marketing practiced having widely varied.
Reliant Funding claims to have strong and flexible terms and conditions. Well, they truly are for the information they provided does not have any strong claims. In the letter that we received, we did not get any proper information regarding repayment or interest. They provided a small note though that read, “This program is not limited by the same restrictions as well as small business loans from banks. No collateral, equity, upfront fees, or out of pocket expenses will occur.”
Not only these, but Reliant Funding is a well distracted in its website too when it is about the terms and conditions. There is an actual difference from the actual terms. Thus, there’s a vast sea between their claims and the reality. Once you sign up, you will get a lot of pop-up messages, which is further distracting for your business. Honestly, if you actually want to know what Reliant Funding is about, you need to sign up with it. Once you apply for the loan, then only the concerned authority will meet you and give you the exact details. Until then, you are kept in the maze, just wondering.
The website offers you instant loan approval. Well, the letter does so too. But, before accepting, make sure to look for all the red flags. You may come across a lot of negative reviews against them and trust me; they too, have experienced the same as me.
Am I the only one?
You may want to Reliant Funding for it offers such great deals. But it is better to stay away. Most of the users have often complained about the high-interest rates of the website. However, there have been others who complained about the inconsistent marketing approach of the website. They said that the direct approach wasn’t working properly.
When it comes to negative reviews and complaints about Reliant Funding, there have been many. Despite having a B rating for BBB, Reliant Funding doesn’t work the way it should. There are around 26 negative reviews and 86 complaints about Reliant Funding. Some of the prominent problems that these customers had with Reliant Funding were in terms of the following
- Lack of transparency: The company has weird mailing strategy, and thus, no complete information is available.
- Misleading offers: Most of the mails from Reliant Funding have clearly stated that the mail provides a wide range of misleading offers. One of the most common ones is the credit product. A lot of customers have also complained about the huge number of junk mails they have received.
- High cost: As stated above, the high cost has always been a problem for the lenders. Comparatively, alternative lenders usually have a high amount of negative reviews.
One of the Yelp users filed a complaint against the lack of transparency about Reliant Funding stating
“I did borrow a “modest” amount of money from this company for my small business, only $7,500 but after all was said and done the payback is far more than twice that with fees. It was quick relief with long-term pain and actually hurt business in the end.”
Another user registered a complaint about the inconsistent and too many emails from Reliant Funding. He wrote,
“This company repeatedly sends small businesses Pre-qualification letters which are clearly FALSE. Because they don’t even know what your company revenue is, waste your time and hang up the phone abruptly when you don’t meet the criteria.
Clearly I am NOT pre-qualified if I do not meet the minimum qualification of $100K in annual revenue- Therefore, this is FALSE advertising.”
One of the users claimed that they charged an interest of 47% for a loan of only $25,000. This amounted to 75.2% per annum. In his complaint, he talked about the high rates and wrote,
“When I asked what the cost would be if I paid it off in 30 days, I was told that it would be $33,000 or $8000 in interest. That is 32% interest, even higher!! This amounts to 384% per year!!
These are truly predatory lenders. I was able to walk away from their loan, but the public should be aware of this type of so-called lenders who are somehow legitimate.”
The user further proceeds to issue a warning for the public as well. “Public Beware! They come across with how much they want to help your business grow and become a long term partner. If they were sincere, they wouldn’t be gouging these criminal fees.”
Limitations related to Reliant Funding
One of the greatest drawbacks of Reliant Funding is no proper online information. The business owners need to get in touch with the sales representative to get to know what loan amount and how they can qualify for the loan. The business representative will also explain what interest rates the owners can receive.
Reliant Funding promises a wide range of compelling offers. However, there is a lack of transparency in the business. These business owners fail to explain the nominal information, interest rate, and also the additional time required to get the loan. Most of the loan lenders prefer providing thorough information regarding interest rates. However, that is where Reliant Funding fails.
Reliant Funding Pricing
Reliant Funding enables all the businesses, small or big, to get loans. The loan price varies between $5,000 to $500,000. However, it entirely depends on the company how much they can spend. Reliant Funding has a very specific loan plan to meet the requirements of the users. The pricing plans are further divided into different categories: small business loan, Merchant Cash advance, and equipment financing.
Reliant Funding promises no accruing interest or hidden fees. Moreover, there aren’t any extra charges for merchant Cash advance in Reliant Funding.
What do you need to know?
Before you apply for the Reliant Funding, you need to know a list of things. Some of the prominent funding options include the following
- Voided Business Check
- Business Bank Statements
- Copy of your driver’s license
Do I recommend Reliant Funding?
My personal experience with Reliant Funding has been pretty bad. Thus, I wouldn’t be recommending it to anyone. Reliant Funding has a very much complicated procedure. Therefore, if you aren’t familiar with it, you will have a lot of problems working with it. Moreover, if you are new to the business, their lack of transparency is going to hurt your business a lot. As a result, you should prefer avoiding Reliant Funding.
You may consider reaching to a bank if you need a loan. Reliant Funding is nothing less than a cheat. They will charge you unnecessary money and would do it in such a stage that you can’t back out as well. Therefore, you will need to pay unnecessarily. There are much better alternatives for Reliant Funding. Hence, you can check them as well.