Reliant Funding Dana McMillin Predatory lenders, 75-300% per year fees. San Diego California
I received numerous solicitations in the mail and decided to go online and see what kind of fees Reliant charged. They said I was "Pre-approved" for up to six figure funding for my new company.
I was contacted by email almost immediately by a "National Accounts Executive," Dana McMillan. I could not get an answer to the question of what interest or costs would be connected with such a loan. I was told to supply bank statements to show cash flow and they would "analyze" this and let me know what they could do.
Even when this process was done, and I received, "Congratulations!" email that they were processing my info, and even when my loan was "approved" for $25,000 ( I was told it would be between $40-80K), I STILL could not get a straight answer to the question of what the loan would cost.
Only after it was approved was I told that the $25,000 would be paid back at $4900 per month for 7.5 months. This is 47% interest on a $25,000 loan, or 75.2% per annum!!
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!! That 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.
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.