Factoring companies: which are good? What to look out for?

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.

 

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.

 

Judge much? Pretentious? Now there's a solvent reply.

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.

 

So because they are paying you less less, you think its less likely that a new or random broker will screw you over? I understand how factoring an invoice from a random or new broker buys you protection, but not how using quickpay does. Does anyone see what Im saying?

 

But you'd whine loudly if you had to pay that to charge that next latte on your Visa, wouldn't you?

 

The same could be said for that vig the carrier you're leased to is clipping off your gross rate.

 

I understand. Let me try.

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.

 

G3 worded it much better than I did...thanks!

 

That makes sense. Thanks!

 

That's funny! But I'd know that my using that visa for my latte I was doing so under the understanding visa was offering me a service and taking financial risk in exchange for that service and my delicious latte.