Factoring...

If your already locked into a factor company I don’t have any advice except to say good luck getting out. They usually have you locked and chained pretty good.

 

if you have drivers , than yes , a factoring can pay in a % and you can pay the drivers in a week , if it's only you , no need to have factoring , some load boards will tell you how is the average payment in a broker

 

I thought I wanted to set up a factoring company. But I've spent the last six weeks checking them out.
Just like most banks they take advantage of the ones who dont know.
So let me explain my position before I look like. D::h÷×=d.
My goal is to get into. Postion to where I can loan a small amount of money. To some one who needs it. For a small return. Like a gentle mans loan. I'm thinking. If I can be cheaper than a credit card. And more trus tworthy. Than a bank. Then word of mouth will spread.
For example. Some one needs a quick 1k. I get a call. I can pay the bill over the phone, or send the cash via wal mart or that western express..


I already know by sending my sister money. My bank takes four days to do bank to bank.

I get paid 250. Plus 30.00 A month. So the. Interest on a four month 1k loan would be 120.00.
This is just a example. Just wanted to show my intent is not to be predatory.

 

I hear you. I’ve considered the same thing. I decided that the money just wasn’t good enough for the headache of trying to sign up carriers and get the whole ball rolling.

Far as being predatory. Some of that probably is predatory, but also people are generally pretty stupid and also selfish, so some comes from the need to protect your ### and covering losses for people that don’t pay you back.

I don’t know... just seemed like I’d need 15 to 20 owner ops using my service to even begin to be worth it. I’d rather take those funds and that amount of hassle and make money other ways.
Especially when you are competing against corporate stock market type money, us regular people would have to start small and even then it’s a ton of money to put out, hassle and legal issues, and ok returns.

I can’t even get an owner to signup to my company to haul freight, how am I going to get them to signup to factor?

 

You’ll make more money running a factoring company, than you will driving a truck. Factoring is nothing more than a glorified payday loan outfit. People making money off of ignorant truckers that don’t know how to manage their own money.

 

Id be interested in learning more about this factoring company u want to set up. Ive been looking at setting one up as well and how much hassle it would be to get one started

 

Ive done a lot of reading. But have not talked to any actual licsening companies yet. But if its try about having to be bonded I can't do it.
I can however do good faith loans. And if I get paid back like my family pays me back. I might just as well give the money away.

 

What’s a good recommendation for a broker with a new authority? Internet truck stop sounds good, anyone else have a better deal than truck stop?