Immediate Access to Funding
One of the most significant benefits of fuel advances is immediate access to funding. Factoring companies understand the trucking industry’s challenges and know that you need to cover fuel expenses as soon as they arise. This is why fuel advance programs prioritize 24/7 access to the service and immediate funding.
Fuel advance programs are a highly flexible form of funding, with many factoring companies offering no minimums, no setup fees, and no need for long-term contracts. This flexibility allows you to access financing that suits your specific needs and budget, which is particularly helpful for small or mid-sized trucking companies.
Easy Application and Approval Process
Fuel is an essential and often urgent expense for businesses within the transportation industry. This is why the application and approval processes for fuel advances have been created to be streamlined, easy, and fast. The payout process continues the trend of simplicity with only three easy steps:
Submit your rate sheet and bill of lading to the factoring company to confirm that your load was collected.
The factoring company’s fast team will verify the documentation and advance up to 50% of your fuel cost within a few short hours.
Complete your delivery and receive the remaining balance of your advance.
No Collateral Required
The need for collateral is what prevents many businesses, especially startups and those still growing, from gaining access to the funds they desperately need to operate. Fuel advances, however, typically don’t require collateral, making them a more accessible and convenient financing option.
Choose the Loads You Want
With fuel advances, you no longer need to turn down high-paying loads or settle for smaller ones just because you’re stuck waiting for slow-paying clients. Both factoring and fuel advance programs help give you access to the funding you need to build a profitable business. You can manage your trucking company a lot easier with a steady, stable income and accept as many loads as you want in complete confidence that you’ll be able to cover all the associated costs.
If you’re interested in learning more about the benefits of working with a factoring company (other than fuel advances), read through this Factoring Guide to learn how the right freight factor can get you back on the road fast.
Be sure to contact our team at Invoice Factoring Guide (IFG) for help finding the best partner. We can help you find the right factoring company for your unique business needs and help you easily navigate the financing process. So why wait? Request a quote today and take the first step toward fueling your success!