Quick answer
Yes, Mulligan Funding is a legitimate direct lender headquartered in San Diego, operating since 2008. It funds term loans (not MCAs) of $5,000-$2,000,000 with 3-24 month terms, fixed daily or weekly payments, and APR-disclosed pricing typically in the 30-80% range. A+ BBB-rated with strong complaint resolution.
Full answer
Mulligan Funding is a legitimate direct small-business lender founded in 2008, headquartered in San Diego, California. It is a registered direct lender (not a broker) and has funded well over $1 billion to small businesses across the US since founding.
Product distinction: Mulligan provides term loans, not merchant cash advances. The difference matters — Mulligan loans accrue interest at a stated APR, payments are fixed daily or weekly, and the obligation appears on your business credit profile. MCAs are technically purchases of future receivables and behave differently under state usury law and accounting.
Trust signals: A+ rating with the Better Business Bureau (accredited). Active in industry trade groups including the Small Business Finance Association. Complaint volume relative to funding volume is low, and resolutions are typically completed within BBB timelines.
Pricing: Mulligan publishes APR rather than factor rate, which is a transparency upgrade vs most MCAs. Reported APR ranges in 2026 run roughly 30% to 80% depending on term, paper grade, and underwriting outcome. Mid-prime borrowers (650+ FICO, 2+ years operating, $20K+/mo revenue) usually land at the cheaper end.
Where to be careful: Mulligan typically requires a personal guarantee and may file a UCC-1 financing statement against business assets. The UCC filing can complicate getting additional financing from other lenders until paid off or subordinated. Ask about UCC terms before signing.
Bottom line: Mulligan is a legitimate, long-tenured direct term-loan lender with above-average transparency for the segment. Better fit than most MCAs for mid-prime borrowers who want APR-stated pricing and a true loan structure. Lower-credit borrowers may not qualify and should compare against B-paper MCA funders.
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Methodology. Fundnode is an independent funding-platform that scores merchants against our 100-funder database. We earn referral fees from funders when merchants apply via Fundnode. Editorial rankings and answers are independent of fee structure. Updated 2026-06-25.