Is there any good advice for factoring company/quick pay company (which one you use)

England Logistics 15 day quick pay , no fee
conexus , 48h , no fee

 

Why are you giving away your money a a very high interest rate loan?

 

Please inform yourself about factoring before giving out bad information. Factoring is the purchase of your already completed load for a one time transaction fee. Its not an interest rate, nor a loan.

This thread is 5 years old, but if the OP or anyone is still looking, look at Thunder Funding out of California. Great company and service, always answers the phone.

 

Might want to also. Go look up the term "Recourse Factoring" Sure while it's not a loan in the classic sense, well... If it walks like a duck and quacks like a duck it is a duck.

Recourse factoring is simply a high interest loan. And Non-recourse factoring is expensive and not common in trucking.

 

Thread age does not matter. The math doesn't change. Factoring is for people who have poor math skills. Or are on the verge of financial devastation and can't secure any other means of short term credit, line of credit is probably the most common. Simply saving some cash will eliminate the need for factoring, and if quick pay is needed occasionally, it can be jump on, jump off, no contracts or another general b.s. that comes with factoring.

 

factoring you have your funds within a week in case you have a couple of drivers , i'm sure you wouldn't like to wait 30 days for a payment , they take 10% off initial , and on 30 days , broker pays the factoring , factoring pays full amount , on ApeX Capital 25-30 days is 2.50% fee , most brokers now a day have 2- 15 days 4 and 5 % fee , some dont have a fee and a few % , ( mentioned above )

 

Some of my customers are 30-45, others are cod. If works out for me. I would much rather wait the 30 days than make a simple aspect of the business more complicated than it needs to be. Not to mention, I'm sure when a carrier uses a factor, asks for fuel money up front, etc... are all examples of financial instability.

Here's an idea:
I will lend you $100 and in 30 days you give me $102. It's only 2%, right? Or, call it a one time fee if you prefer. Now let's repeat the process a whole lot of times over and for larger amounts. Sound good?

 

they can lend you the funds for fuel or have your own . I understand there is a fee in order to have your funds within a 1 week , but i'm guessing most people would'n like to wait 30 days or more for payments