Key Takeaways:

  • 📈 Established in 2008: Family-owned lender specializing in small to medium-sized business loans.
  • 💼 Flexible Financing: Offers working capital loans, merchant cash advances, and business lines of credit.
  • Quick Approval: Streamlined application with approvals in as little as 24 hours.
  • 👍 Positive Reviews: Holds an A+ rating with the BBB and high ratings on platforms like Trustpilot.
  • 🌟 Customer Experience: Emphasizes a seamless and transparent customer service experience, contributing to high customer satisfaction.
  • 🔄 Renewal Program: Provides an excellent renewal program for ongoing funding needs.
  • Transparency Concerns: The website lacks detailed information on fees and interest rates.
  • 🔍 Eligibility: Requires at least three months in business; specific credit score requirements not disclosed.
  • UCS Rating: We rate Mulligan Funding as a 3.9 out of 5.
  • 💰 Funding Milestone: Since its inception, Mulligan Funding has provided over $1.7 billion in funding to businesses.

To learn more about Mulligan Funding and decide if it’s right for your needs, please continue reading:

Small business owners have many lending options, from large commercial banks to small alternative lenders. Mulligan Funding is the latter, but the family-owned company provides up to $2 million in business funding.

The online lending company focuses on delivering outstanding customer service and developing lasting relationships through its renewal program. However, it might not be suitable for every small business, especially since it lacks transparency on costs.

We can help you decide if Mulligan Funding is right for your business by covering the benefits, drawbacks, and application process. Specifically, we’ll answer these questions and more:

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    What is Mulligan Funding?

    Mulligan Funding LLC is an online business funding company specializing in providing fast access to easy working capital loans for small and medium-sized businesses (SMBs). It also offers a business term loan that operates like a line of credit. The company seeks to develop lasting and long-term relationships with its customers. Founded in 2008, Mulligan Funding began as a private alternative lender providing business financing solutions.

    It is possible to get same-day approval and receive your funds within 24 hours. The company also offers a robust renewal program for more funding at better terms and rates. The online lending institution doesn’t set a minimum credit score, but you must meet its revenue requirements.

    Most of the company’s loans are issued by FinWise Bank, based out of Utah. Some loans are sourced by its subsidiary, Mulligan Loans, LLC.

    The private family-owned business launched in 2008 to provide business funding when banks stopped financing services due to the Great Recession. It emphasizes the importance of security in its operations to protect clients from online threats and build trust. It uses a team of human underwriters who take a complete picture of your business when approving loans. Mulligan Funding provides financial solutions to small and medium-sized businesses across all 50 states and D.C.

    Co-founder David Leibowitz leads the company as CEO. Mulligan Funding is based in San Diego, CA.

    How do Mulligan Funding small business loans work?

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    Mulligan Funding aims to provide various working capital loans and a business term loan. Both products have the same borrowing ranges, terms, and funding speed but operate differently. Mulligan Funding attempts to provide fast approval.

    Here are the features of both products:

    • Loan amounts: $5,000 – $2 million.
    • Terms: 3-24 months.
    • Funding speed: As soon as 24 hours after approval.

    Depending on your qualifications, you’ll receive funding in the amount of 6%-12% of annual revenue. The company offers unsecured financing, so there are no collateral requirements. Mulligan Funding’s average interest rates range from 6% to 12% of a business’s current revenue.

    Let’s look at how the loan process works.

    Working Capital Loans

    Mulligan Funding’s working capital loans provide funding in a lump sum of money. You can use the funds for virtually any business purpose. The company’s working capital products operate like merchant cash advances in many ways.

    Most businesses need working capital to cover daily expenses like payroll and rent. Other times, you might need working capital to take advantage of a new opportunity.

    The lending company’s working capital financing products provide fast funding to help solve cash flow gaps or make key investments in your business’s future.

    Small Business Term Loans

    The company’s small business term loans operate more like a business line of credit. If approved, you’ll have access to the maximum funds your business qualifies for. However, you don’t have to accept the total amount at once.

    If you don’t need the maximum amount, you can take a smaller draw initially. If something changes or you need more capital, you can take out another increment of the approved amount.

    The business only pays fees for the amount it draws. This structure allows you to only use the funds when needed.

    What are the qualifications for Mulligan Funding?

    Both products require a minimum annual revenue of $120,000. The online funding company doesn’t publish a minimum credit score requirement, but it does state its small business term loans have higher qualifications than working capital loans.

    Small business term loans require a minimum of six months in business. It doesn’t list a time in business requirement for working capital loans.

    You cannot have more than one business debt account with recurring payments. In addition, you cannot have any open bankruptcies.

    For Mulligan Funding, You Need to Know That:

    The company doesn’t publish any rate or fee ranges. The lack of transparency regarding costs makes it difficult to determine if its funding products are worth it. Additionally, the importance of a security service in protecting customer information cannot be overstated. Some reviews suggest that their working capital loans are variations of merchant cash advances, although the company states they’re legitimate loans.

    More reputable companies provide transparency on costs before you apply. Unfortunately, the only way to know how much you’ll be charged is to apply and receive an offer. In some cases, it may be possible to receive funding on the same business day.

    One company review suggests it charges APRs anywhere from 1%-99% and charges an origination fee. Some of the company’s more negative reviews complain about excessive interest rates, sometimes in the 70%+ range.

    However, there’s no way to know if those reviews are accurate. Since the lender doesn’t provide any information, we cannot confirm or refute any of the claims made about its costs.

    There is no application fee or prepayment fee, which is good. The funder performs a soft credit pull, which won’t affect your credit score. In addition, you don’t have to offer any collateral for the loans. The company is a direct lender for some loans, while its partner FinWise Bank issues most loans.

    The lending company offers a business loan affiliate program. ISOs and business loan brokers can sign up with the partner program to refer their small business clients or offer the company’s lending product.

    How to apply for a Mulligan Funding business loan:

    One of the company’s main advantages is its quick and simple application process. Follow these steps to apply.

    Step 1: Apply and Get a Free Quote

    First, fill out the online application and get a free quote on your funding options. You’ll indicate the range of funds your need along with your revenue, credit score, and time in business ranges.

    One of the company’s main advantages is its quick and simple application process. Follow these steps to apply.

    Step 1: Apply and Get a Free Quote

    First, fill out the online application and get a free quote on your funding options. You’ll indicate the range of funds you need along with your revenue, credit score, and time in business ranges. The application process with Mulligan Funding can be completed in a matter of months.

    After receiving your free quote, you’re invited to submit a contact form. A Mulligan Funder advisor will then contact you to finalize your application.

    Step 2: Get Approval

    The company’s team of underwriters works to provide approval within a few hours. Once approved, you’ll have the chance to review your funding options, rates, and fees. The application process involves nuanced details that are not publicly disclosed, ensuring a tailored approach to evaluating your business. Since the company doesn’t publish any cost information, carefully read the offer and consider if your business can afford repayment.

    Step 3: Get Funded

    Once approved, you can receive your funds within one business day.

    Mulligan Funding, Post Funding:

    Borrowers repay working capital and business term loans with small daily or weekly payments, usually via ACH transfer. Ensuring a seamless and transparent experience during this process fosters trust and confidence in the service.

    For term loans, you can pay in excess of your funds to repay the amount early. You can also draw additional funds as needed. The company states there are no prepayment penalties for paying the loans off early, but there are no discounts either.

    It offers a renewal program to gain more funding before paying off your existing loan. It doesn’t state what percentage of the current loan you must repay before being eligible, but most online estimates suggest at least 50%. The lending company does state that the renewal process is quicker and simpler, and you get larger borrowing amounts at lower rates and better terms. Mulligan Funding aims to be a long-term partner.

    What are the advantages of Mulligan Funding?

    The primary benefit of the lending company is quick access to working capital. It provides a simple application process, with possible same-day approval and next-day funding.

    There is also no minimum credit score to apply. While your credit is still considered, it’s only one of the factors the company considers when approving loans.

    Mulligan Funding is a private, family-owned company that delivers excellent customer service. There are no prepayment penalties, and it offers an excellent renewal program for ongoing funding.

    What are the disadvantages of Mulligan Funding?

    The most significant drawback is the website’s lack of transparency. While it doesn’t charge an application fee, it doesn’t provide any information on origination, closing, or other fees.

    There are no listed interest rate ranges. Specific actions can trigger high costs. Online reviews suggest the company charges an APR. However, some customer reviews discuss the interest as a factor rate. There’s no way to estimate any costs before applying.

    While the company states the business term loan is available in all 50 states and Washington, DC, it doesn’t state where its working capital loans are available. We cannot confirm if they are even available outside of California.

    Pros & Cons

    Pros:

    • Quick & easy online application.
    • Same-day approval process.
    • You can receive funds within 24 hours of approval.
    • No prepayment penalties.
    • Private family-owned company with human underwriters.
    • Excellent reputation for customer service.
    • Offers a robust renewal program.

    Cons:

    • Complete lack of transparency on costs.
    • No interest rate or fee ranges are listed.
    • Doesn’t list in what states its working capital loans are available.

    Apply for business funding through United Capital Source today.

    Mulligan Funding

    Is Mulligan Funding legit?

    Yes, Mulligan Funding is a legitimate business lending company. It is accredited by the Better Business Bureau (BBB) and has an A+ rating on the watchdog site. The company places a strong emphasis on security to protect its website from online threats and ensure trust with its clients.

    What do Mulligan Funding reviews typically focus on?

    Mulligan Funding has garnered a mix of reviews from its customers, reflecting both positive experiences and areas of concern. On Trustpilot, the company holds an overall rating of 3.8 out of 5 stars, based on 418 reviews. Many customers commend Mulligan Funding for its swift funding process and the helpfulness of its customer service team. However, some customers have expressed dissatisfaction with the high interest rates and substantial borrowing costs associated with their loans.

    Common Praises:

    • Fast Funding Process: Numerous customers have highlighted the speed at which they receive their funds, often within just a few days of submitting their application. This quick turnaround can be crucial for businesses needing immediate capital.
    • Helpful Customer Service: Mulligan Funding’s customer service team has received accolades for being responsive and supportive. Many customers appreciated the personalized assistance they received throughout the funding process.
    • Flexible Loan Options: The variety of loan products, including working capital loans and term loans, allows businesses to choose a funding solution that best fits their needs. This flexibility is a significant advantage for many small business owners.

    Common Complaints:

    • High Interest Rates: A recurring theme in the negative reviews is the high interest rates charged by Mulligan Funding. Some customers found the cost of borrowing to be prohibitively expensive.
    • Large Borrowing Costs: In addition to high interest rates, some customers have reported substantial fees associated with their loans, which add to the overall cost of borrowing.
    • Lack of Transparency: Several customers have mentioned difficulties in understanding the terms and conditions of their loans, including the interest rates and fees. This lack of clarity can lead to unexpected costs and financial strain.

    What if Mulligan Funding denies my business loan request?

    While the company states it specializes in helping bad credit borrowers get approved, it doesn’t list a minimum credit score cutoff. Some reviews suggest you need a minimum credit score of 550, but there’s no way to confirm that.

    Since it doesn’t list a credit score requirement, it has the leeway to deny an application based on credit. You also must meet their time in business and annual revenue requirements. Other factors impacting approval are open bankruptcies, inconsistent revenue, or having more than one existing loan.

    If you were declined, the denial letter should explain why. If you need more information, you can contact the company directly.

    Fortunately, there are many alternative lenders and funders to consider if Mulligan Funding doesn’t work out. You should have no problem finding another lender or marketplace offering working capital loans or business term loans.

    You might also be interested in one of the following small business loan options:

    Making Your Decision

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    Mulligan Funding is best suited for small business owners who need immediate access to working capital, want ongoing funding, and are not deterred by the lack of information on costs. However, the company’s negative online reviews state that costs can run very high.

    If you prefer to get an estimate of costs before applying, you must find a different lending option. Business owners with excellent credit, established business history, and high annual revenue can qualify for more advantageous options.

    Based on user reviews, its funding products, and the available information on its website, we rate Mulligan Funding at a 3.9 out of 5. It has an excellent reputation for customer service, and the fast funding times are certainly attractive. However, the complete lack of transparency on costs is a significant red flag and holds it back from a higher score. The most reputable and trustworthy lenders and marketplaces are upfront with their costs.

    Disclaimer: The Mulligan Funding trademark is owned by Mulligan Funding, LLC and its use herein is for reference purposes only and it does not indicate sponsorship or endorsement from Mulligan Funding, LLC.

    Apply for business funding through United Capital Source today.

    Why Choose United Capital Source?

    Why businesses choose UCS:

    1
    Quick funding options that won’t affect credit
    2
    Access to 75+ lenders with multiple products to choose from
    3
    Financing up to $5 million in as few as 3 days
    4
    1500+ 5 star reviews from happy clients!

    Ready to grow your business? See how much you qualify for:

      Current monthly sales deposit average to your business bank account?

      How much Working Capital would you like for your business?

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        Current monthly sales deposit average to your business bank account?

        How much Working Capital would you like for your business?

        At UCS, we understand the value of your time and want to ensure that your application has a great chance of approval. Please take note of the following details before applying:
        • To be eligible, it’s necessary to have a business bank account with a well-established U.S. bank such as Chase, Wells Fargo, Bank of America, Citibank, or other major banks. Unfortunately, online-based bank accounts like PayPal, Chime, CashApp, etc., are not permitted.
        • When describing your current average monthly sales deposits to your business bank account, please provide accurate information. Our approval process is based on your current business performance, and it’s essential to provide accurate details about your current sales in the first question on the application form. We cannot approve applications based on projected revenues after receiving funding.
        We appreciate your understanding and cooperation in ensuring a smooth and successful application process.
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        1500+ 5 star reviews
        5/5
        1500+ 5 star reviews

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