It's Easy for Trucking Companies to Qualify for Factoring
Qualification for factoring is much, much simpler than applying for a traditional bank loan. Since it is based on the creditworthiness of the client’s customers, not on the client’s own personal or company worth, it is far easier and quicker to attain.
Some factors require lots of paperwork and lots of time to complete due diligence. Others have better systems and procedures in place to streamline the process reducing the time to complete.
Look for:a factoring company that requires minimal credentials in the application process and has the infrastructure to process credit searches, UCC filings, and legal documents quickly and easily.
A good factoring company will have a simple online form to get started and be able to process an application and approve funding in just two days once the client provides:
- Copy of Articles of Incorporation
- Two pieces of ID including Driver's License
- Carrier Package
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