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Invoice Factoring Loan

Invoice Factoring is a type of financing that allows companies to obtain cash quickly by selling their outstanding invoices to a factoring company that gives them the possibility of covering their monthly expenses. The factoring company then assumes the responsibility of collecting payment from the client.

What are the two main types of factoring?

Complete Factoring
With Full Factoring, the factoring company takes care of all aspects of collections, including sending invoices, tracking late payments, and taking legal action if necessary. The business owner receives an upfront payment of typically 80% of the invoice amount and the factoring company collects the remaining 20% plus late payment fees.

Maturity Factoring
With Maturity Factoring, the business owner is still responsible for collections. The factoring company simply advances a percentage of the invoice amount, usually between 50% and 70%, and the business owner is responsible for returning the advance plus interest when the invoice is paid.

Who should apply for an Invoice Factoring loan?

Invoice Factoring can be a good option for businesses that need cash quickly to cover expenses, pay payroll, or invest in new equipment. It can also be useful for businesses that have difficulty obtaining traditional bank loans.

However, Invoice Factoring can be expensive and it is important to compare the costs of factoring with the costs of other types of financing before deciding if it is right for your business

What are the benefits of Invoice Factoring?

  • Quick access to cash
    No personal guarantee required
  • You can improve your credit score
  • Can help you avoid late payments
  • Can help you manage cash flow

What are the disadvantages of invoice factoring?

  • Expensive
  • You may lose control of your accounts receivable
  • It can damage your customer relationship
  • Can be difficult to qualify

Are you ready to apply for a fixed-term business loan?

If you are considering Invoice Factoring, it is important to speak with a financing specialist to understand the different programs. We can then take a look at your invoices, bank statements and profit and loss statements to help you make a good decision for the right solution. We help you understand the terms of the agreement before you sign anything.