So you won't mind it when MasterCard starts charging you 60% APR? That's what 5-cents on the dollar for 30-days works out to on an annual basis.
Factoring companies: which are good? What to look out for?
Discussion in 'Ask An Owner Operator' started by last load, Apr 10, 2013.
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Either way is .05 cents on the dollar regardless of APR?? For a 1000.00 load you loose $50.00...but you also don't have the head ache of hunting down your money and spending that time looking for new work? What's more worth it? An extra 1000.00 load or $50.00 to me it's the load.
Cetane+ Thanks this. -
I think factoring is irresponsible and I've explained why in detail. I also said that IF one has an alternative they should use it rather than factor, if not then get your cash flow the way you need to and try your very best to wean yourself off of predatory lending. -
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trucknut87 Thanks this.
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G/MAN Thanks this.
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If you take quick pay to lessen the risk of some financial event that might cause the broker not to pay you or pay you a lesser amount. You may have a claim that you only find out about 2-3 days after you deliver or the broker might be a crook and short pay you for being "late" or not filling out some paperwork properly. In any case if you already have your money it's less likely that even a dishonest broker will try to get it back from you.trucknut87 and RandomChick Thank this. -
G3 worded it much better than I did...thanks!
G3Truks Thanks this. -
G3Truks Thanks this.
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