Mulligan Funding Small Business Financing: 2022 Review

Mulligan Funding was founded in 2008 to provide small to midsize business financing options to companies who need working capital loans or other forms of flexible funding. The lender is privately owned, and most of its business loans are issued by FinWise Bank, Member FDIC. Businesses with lower personal credit scores or a shorter business history may find Mulligan a good fit, as long as you’re able to complete daily or weekly automatic payments.

Overview: Amounts, rates and fees

Mulligan Funding offers a range of short-term funding options, including working capital loans, small business term loans and bridge loans for Small Business Association (SBA) loan applicants.

Mulligan Funding At a Glance

Financing productAmountTermsStarting rateFee
Working capital loan$5,000 to $2,000,0006 to 18 monthsFactor rate starting at 1.112.00% origination fee
SBA bridge loan$5,000 to $2,000,00012 monthsFactor rate starting at 1.112.00% origination fee
Small business term loan$50,000 to $2,000,00012 to 36 monthsFactor rate starting at 1.112.00% origination fee

A note about factor rates

Instead of interest, you’ll be charged a factor rate that’s paid in daily or weekly installments. A factor rate is an alternative to an interest rate number (like an APR). To determine how much you’ll pay for financing, the principal amount is multiplied by the factor rate to indicate the total repayment value of the loan.

Working capital loans

Mulligan Funding offers flexible working capital loans that can be used for any business purpose. Terms range from 6 to 18 months and amounts can be as low as $5,000 or as high as $2,000,000. In addition to its flexibility, another attractive aspect of this loan is its fast funding: You can apply for a loan online and receive approval within a few hours — plus, your funding could arrive as soon as the business day after the loan is approved. There are renewal options as well.

Mulligan Funding works with businesses with lower credit scores (these loans typically require a personal credit score of 600 or higher) and has a lower minimum time in business than other lenders at just nine months.

Loans through Mulligan require daily or weekly payments through ACH transfers, but there aren’t any penalties for paying off the balance of the loan early. Mulligan Funding charges a factor rate to determine the total payment terms of the loan, starting at 1.11 for working capital loans and its other products. A 2.00% origination fee is also applied.

  • Minimum and maximum loan amount: $5,000 to $2,000,000
  • Terms: 6 to 18 months
  • Repayment schedule: Daily or weekly debit charges for payment
  • Starting rate: Factor rate starting at 1.11
  • Fees: 2.00% origination fee
  • Time to funding: Funding could be as soon the next business day after approval

SBA bridge loans

Unlike some other lenders, Mulligan Funding doesn’t make loans backed by the Small Business Administration (SBA), but they do offer bridge loans to provide financing for businesses with pending SBA loans. The bridge loan can be discounted up to 50% if it’s paid off within six months.

The eligibility requirements for the SBA bridge loans are stricter than some of Mulligan’s other loans. The minimum credit score is 700, as opposed to the lower threshold of 600 for working capital loans, and the minimum time in business is two years — closer to the industry standard for small business loans than the shorter requirements for other Mulligan loans. The $500,000 revenue requirement over the last 12 months is higher too.

Beyond that, the loan terms are fairly similar. The starting factor rate for the SBA bridge loan is 1.11 and there’s a 2.00% origination fee.

  • Minimum and maximum loan amount: $5,000 to $2,000,000
  • Terms: 12 months
  • Repayment schedule: Daily or weekly debit charges for payment
  • Starting rate: Factor rate starting at 1.11
  • Fees: 2.00% origination fee
  • Timeline to funding: Funding could be as soon as the business day after approval

Small business term loans

An alternative to Mulligan Funding’s working capital loans, small business term loans have longer durations — ranging from 12 to 36 months, instead of 6 to 18 months. The minimum time in business (two years) and minimum annual revenue ($350,000) are also higher.

Small business term loans range from $50,000 up to $2,000,000. Businesses can access as much money as needed and can request additional draws if they need extra funding, though additional approvals are needed for each draw. The 2.00% origination fee only applies to money that’s been accessed.

Approval and funding timelines may also come quickly, though not as quickly as some of Mulligan’s loans: Approval may happen as soon as 24 hours after applying online, and funding may arrive as soon as two business days after approval.

  • Minimum and maximum loan amount: $50,000 to $2,000,000
  • Terms: 12 to 36 months
  • Repayment schedule: Daily or weekly debit charges for payment
  • Starting rate: Factor rate starting at 1.11
  • Fees: 2.00% origination fee
  • Timeline to funding: Funding could be as soon as two business days after approval

Requirements: Are you eligible?

Here’s a rundown of the requirements you need to apply for each of Mulligan Funding’s financing products.

Minimum credit scoreMinimum time in businessMinimum annual revenue
Working capital loan6009 months$120,000
SBA bridge loan7002 years$500,000
Small business term loan6002 years$350,000

Mulligan Funding considers your personal credit score as one of several factors in your loan application, but states that it isn’t the primary factor in determining eligibility. Mulligan will do a “soft inquiry” on your credit, which means that it doesn’t affect your credit score or appear on your credit report. Minimum time in business starts at just nine months, though some loan products from Mulligan have longer requirements. .

In order to qualify for a loan from Mulligan Funding, you’ll also need at least three months of business banking statements, a consumer credit history and no open bankruptcies.

In addition, there are some industries that Mulligan does not work with, including drug paraphernalia retailers and dispensaries, firearm and weapons manufacturers and gaming and other gambling enterprises.

Required documents

Mulligan Funding may require different documentation depending on various factors, but they always need at least three months of business banking statements as part of loan applications. No collateral is required for any of Mulligan Funding’s financing products.

Pros and cons of Mulligan Funding


 Quick approval process

 Doesn’t offer lines of credit

  Unique loan offerings, such as the SBA bridge loan

  Payments debited through ACH transfers

  Easy to qualify with lower credit score and time-in-business requirements

  Higher interest amounts with factor rates

Review: Should you apply?

Mulligan Funding’s more lenient requirements on credit score, time in business and minimum revenues are lower, making their financing options easier to qualify for, especially their working capital loans. The approval and funding process is fast too — an advantage for businesses who need funding quickly.

However, the repayment terms for those loans can be downsides. Businesses are required to make daily or weekly loan payments through ACH transfers, which can be expensive. A $25 nonsufficient funds fee can apply if there’s a late payment or insufficient funds in the account Mulligan debits. Loan payments are also calculated with factor rates instead of the standard APR. For example, a six month, $100,000 loan with the minimum factor rate of 1.11 would translate to a 22.3% APR, and that’s the lowest possible rate for a loan with those terms.

But if your business needs financing options fast and you can’t find more affordable rates, Mulligan Funding is an option that sends out funds quickly.

Alternatives to Mulligan Funding

When searching for business loans, it’s important to research what kinds of lenders might provide the best terms. Here’s how Mulligan Funding stacks up against other lenders.

Mulligan Funding vs. Credibly

Credibly is another online lender that also offers fast funding with lenient eligibility requirements. Like Mulligan, Credibly offers working capital loans, — however, its starting factor rate is higher (starting at 1.15), and the maximum working capital loan amount significantly lower (capped at $400,000). Credibly also offers merchant cash advances, which Mulligan Funding doesn’t.

Mulligan Funding vs. OnDeck

Unlike Mulligan Funding, OnDeck offers business lines of credit — which is a revolving credit line that allows businesses to borrow money for short-term needs — but those lines of credit come with high interest rates starting at 35.90% APR. OnDeck also offers a term loan, but its repayment term of 24 months is shorter than Mulligan’s, at 36 months. Still, both lenders work with businesses with credit issues and fund loans quickly.

Mulligan Funding vs. Funding Circle

Funding Circle is a small business lender that offers SBA 7(a) loans, often considered the gold standard of small business loans — but also a product that Mulligan doesn’t offer. Term loans and business lines of credit are offered through Funding Circle at lower rates as well, but the minimum required credit score is higher — especially for term loans, which range from 660 to 700 depending on the lender. In short, Funding Circle tends to offer more competitive rates than Mulligan Funding, but it’s more selective about borrower eligibility.