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

Discussion in 'Ask An Owner Operator' started by last load, Apr 10, 2013.

  1. ironpony

    ironpony Road Train Member

    17,502
    12,015
    Sep 23, 2007
    Ask my GPS...
    0
    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.
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. trucknut87

    trucknut87 Light Load Member

    60
    15
    Oct 16, 2013
    Atlanta, GA
    0
    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.
  4. G3Truks

    G3Truks Light Load Member

    214
    446
    Sep 25, 2013
    0
    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.
     
  5. RandomChick

    RandomChick Light Load Member

    150
    15
    Aug 12, 2013
    0
    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?
     
  6. ironpony

    ironpony Road Train Member

    17,502
    12,015
    Sep 23, 2007
    Ask my GPS...
    0
    But you'd whine loudly if you had to pay that to charge that next latte on your Visa, wouldn't you?
     
    trucknut87 Thanks this.
  7. RedForeman

    RedForeman Momentum Conservationist

    4,875
    22,138
    Jan 30, 2011
    0
    The same could be said for that vig the carrier you're leased to is clipping off your gross rate.
     
    G/MAN Thanks this.
  8. G3Truks

    G3Truks Light Load Member

    214
    446
    Sep 25, 2013
    0
    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.
     
    trucknut87 and RandomChick Thank this.
  9. trucknut87

    trucknut87 Light Load Member

    60
    15
    Oct 16, 2013
    Atlanta, GA
    0
    G3 worded it much better than I did...thanks!
     
    G3Truks Thanks this.
  10. RandomChick

    RandomChick Light Load Member

    150
    15
    Aug 12, 2013
    0
    That makes sense. Thanks!
     
    G3Truks Thanks this.
  11. trucknut87

    trucknut87 Light Load Member

    60
    15
    Oct 16, 2013
    Atlanta, GA
    0
    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.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.