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Loves offering factoring

Discussion in 'Ask An Owner Operator' started by 77fib77, Jun 23, 2014.

  1. Jun 23, 2014 #1
    77fib77

    77fib77 Road Train Member

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    Just got an email from "Loves Financial".
     
    77fib77, Jun 23, 2014
    77fib77, Jun 23, 2014
    #1
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  3. Jun 23, 2014 #2
    Stile

    Stile Heavy Load Member

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    Not quite news. There are signs all over the place whenever you pull into Love's.
     
    Stile, Jun 23, 2014
    Stile, Jun 23, 2014
    #2
  4. Jun 23, 2014 #3
    blairandgretchen

    blairandgretchen Road Train Member

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    I noticed that too - they've figured out how to suck money out of their patrons rather than serve them.

    More financial instrumentation that doesn't contribute a lot to society.

    IMO . . .
     
    blairandgretchen, Jun 23, 2014
    blairandgretchen, Jun 23, 2014
    #3
    Puppage and Wooly Rhino Thank this.
  5. Jun 23, 2014 #4
    Wooly Rhino

    Wooly Rhino Road Train Member

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    Factoring is a service for those who can't wait for a check. You are paying interest rates that would give a pawn shop owner a heart attack.
     
    Wooly Rhino, Jun 23, 2014
    Wooly Rhino, Jun 23, 2014
    #4
    blairandgretchen Thanks this.
  7. Jun 24, 2014 #5
    77fib77

    77fib77 Road Train Member

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    Paying interest? They take a 5% cut, right? But what if the factoring company says they got stiffed then what? A 15% cut?


    Loves doing factoring, I would think they are farming it out so they are a middle man.
     
    77fib77, Jun 24, 2014
    77fib77, Jun 24, 2014
    #5
  8. Jun 24, 2014 #6
    double yellow

    double yellow Road Train Member

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    They are essentially lending you money for 1 month at a cost of 5%. That translates into ~60% apr. For it to be a 5% apr the "cut" would need to be more like 0.42%.
     
    double yellow, Jun 24, 2014
    double yellow, Jun 24, 2014
    #6
    shanbone and bergy Thank this.
  9. Jun 27, 2014 #7
    west_coaster

    west_coaster Bobtail Member

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    Can anyone recommend a decent factoring company? I've been searching around and there are a lot, but not a lot of talk that I can find on here about them or reviews.
     
    west_coaster, Jun 27, 2014
    west_coaster, Jun 27, 2014
    #7
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