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Factoring FAQ


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How does factoring work?

Once you deliver your load, simply scan your invoice, rate sheet and bill of lading and send them to us. We then pay you up to 99% within 24 hours.

How much does it cost?

Love’s Financial offers tailor-made solutions for your business, based on number of trucks, monthly volume and your customer base. Give us a call or submit your information and we can get you a quote right away.

Do you work with small businesses & startups?

Small businesses and startups often need quick funding in order to pay for overhead. Love’s Financial is designed to serve trucking companies of any size.

What are the minimum and maximum amounts you will fund?

There is no minimum or maximum amount we will fund. Trucking companies of all sizes and invoices of all sizes are accepted.

Do you offer Recourse or Non-Recourse agreements?

We offer both Recourse and Non-Recourse products.

How will I be paid?

Funds can be deposited by ACH or wire transfer into your bank account, on a fuel card or on your Love's Express card.

Will my credit score affect my approval?

While the Underwriting team will review your credit, it’s not the only factor we look at for approval. Love’s Financial will not turn you away based on credit score alone.

Can I factor shippers or freight brokers?

Yes, we can factor both kinds of customers, as long as they are approved through our credit department.

What is a UCC filing?

The UCC filing is a lien that gives the factoring company the legal right to collect on your receivables.

Do you charge any monthly or annual fees?

No! Our goal is to be as straightforward as possible and we will never surprise our customers with hidden fees.

What initial documents will you require?

Our required documents are: Copy of photo ID, Articles of Incorporation/Organization, W9, voided check and completed application.

Do I have to factor all of my receivables?

It is not required, but the more you factor, the better your rate. In addition, you can exclude specific debtors.

What if the debtor refuses or is unable to pay?

If you are a Recourse customer, any uncollectable invoices will be charged back to you. If you are a Non-Recourse customer and the debtor will not pay (through no fault of your own, i.e. claims or damages on loads) then Love’s Financial will cover the loss.

Will factoring invoices give my customers any concern that my company is having financial difficulties?

Not at all. Factoring is extremely common in the transportation industry due to the high cost of fuel, insurance and all other costs associated with your business.

How do I send my invoice and bill of lading?

We offer TripPak Express® for free. Ask us about our TMS software integrations making submitting your invoices even easier!

What is an 8821 form?

The 8821 form allows us to track tax payments to ensure they are paid up to date. If you fall behind, we will be informed and therefore, let you know before any liens are placed on your business.

Is there a startup fee?

There is a small startup fee to cover the account setup process, but this amount will be deducted from your initial funding, so you won’t incur any out-of-pocket expenses.

Who can I call with questions regarding my invoices and funding once I’m set up?

You will have an Account Specialist who is assigned exclusively to your account who can be reached directly between the hours of 8a-5p CST. After hours, any weekend, you can always reach a representative from Love's Customer Service for assistance or access your account online.