I am the owner of a small trucking company that Love's Factoring signed up under false pretenses. Here are several but not all of the ways that they have misled me and harmed my business:
1, The contract that they put me on has a really high price after they promised me that 5% is standard for the industry when it is actually about 3%
2. They refuse to factor any invoices under $750, which is a huge problem for me because I own a small truck so most of my invoices are under $750
3. The contract has no way out, which means that no matter how unhappy I am in the contract I can't even pay my way out
4. I need the cashflow to survive, but they are stopping me from using their service with #2 and I can't leave because of #3
5. Too many times they refuse to answer the phone or refuse to fund a load without giving me a reason
Despite the good discounts on the fuel card, the factoring is NOT WORTH IT. I'm not normally one to leave negative reviews, but since they are holding my company hostage, I've been left with no option but to tell as many people what happened to me as possible.
DO NOT FACTOR WITH LOVES!
Volodymyr Rukin
Owner
SC Wolf Express LLP