Factoring for felons.. new O/O

Discussion in 'Ask An Owner Operator' started by Amber0911, May 17, 2021.

  1. Amber0911

    Amber0911 Bobtail Member

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    May 17, 2021
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    Can anyone help me find a factoring Company that will allow felons? It's over 20yrs old and that's the only thing that could be stopping the factoring.. or what are some other options to getting quicker pay? Waiting 30+ days for pay is going to hurt business just starting.. thanks in advance.
     
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  3. staceydude

    staceydude Medium Load Member

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    Apr 3, 2020
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    Can I give a bit of advice?

    Don’t worry about finding factoring. If your felony is going to hinder that for some reason then don’t waste energy on that and start filling out carrier packs as the opportunity presents itself.

    What you will find are many brokers will have their own form of Quickpay and often it is much less than a factoring company. My goal was to never give any broker more than 2%of my money. Some of them will offer Quickpay for 1.5 to 3%. Get those one at quick pay. The ones who want some crazy fee of 5% or 7% then decline it and wait for a check.

    Many places pay sooner than 30 days. When searching loads often there will be a broker rating with a days to pay, at least Truckstop does this.

    This way you will have some brokers on Quickpay and others on regular pay and your not paying someone a lot of money to factor every single load. I mean it literally takes 1 minute to send a follow up email if it takes longer than 30 to get a check.

    Also, have some money saved for other stuff that may arise.

     
  4. Amber0911

    Amber0911 Bobtail Member

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    May 17, 2021
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    Thank you. That makes sense. Definitely like to keep as much money from the business in the business and not giving it to another company.
     
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