Payost vs. Love’s Factoring

Anyone in the storm restoration business knows it’s a perilous job. You’re often working in storm-ravaged areas with downed power lines strewn about. But environmental and work-related hazards aren’t the only perils. Once you get back to base you face another: waiting for payment.

It’s not unheard of for companies to exhaust all their working capital keeping their crews on the road in the aftermath of a big storm. So when they return home, they have little or nothing left to pay the bills, perform maintenance and satisfy impatient subcontractors, until they get paid.

And that can take anywhere from 90 to 120 days. Some storm restoration companies turn to Love’s Factoring for help. But it is that a good idea?

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What is Love’s Factoring and what do they offer?

Love’s Factoring is an offshoot of the company that runs the nationwide chain of Love’s Travel Stops. That parent company has been around since 1964.

But the financial arm that offers freight factoring has only been in business since 2014. They definitely had a leg up on a lot of the competition due to the parent company’s brand recognition. And that helped them establish themselves quickly especially with long-haul truckers.

Love’s Factoring Service states that it offers the following:

  • Funding in less than 24 hours
  • Advances up to 95% of the value of the invoice
  • “Competitive” factoring fees
  • No mandatory long-term contracts
  • Fuel discounts at Love’s Travel Stops
  • Recourse and non-recourse factoring

The fact that they can tie their factoring service into their truck stop service seems like a nifty value-added element. But is it just a marketing smokescreen?

How Does Love’s Factoring Work?

Love’s Factoring works by providing advance payment on your outstanding invoices. This way you have the working capital you need to meet your ongoing financial obligations and prepare for the next job. It’s not a new idea. Factoring has been around in one form or another for centuries. But it’s new for Love’s.

Love’s Factoring Qualification Requirements

Love’s charges a $100 startup fee to take part in their factoring service. And, let’s be clear, they focus almost exclusively on long-haul truckers. But that’s not to say they can’t or won’t help a storm restoration business if they choose to. Their requirements for using their factoring service are somewhat murky but some research reveals they typically look for:

  • Companies in business for at least a year
  • Owners with a credit rating of at least 550
  • Companies with unpaid invoices from credit-worthy businesses
  • A willingness to sign a long-term contract (not mandatory)
  • Invoices with no liens against them

Once they have a better idea of who you are and what your company is about, they’ll ask other questions relevant to your business such as:

  • Annual revenue
  • Number of employees
  • Business address (no home addresses accepted)
  • And more, based on your particulars

If your credit rating or that of your customer isn’t great, they may still work with you but you can expect to be offered 80% on your invoices rather than 95%. And this comes with extremely tough repayment options too with punishing interest rates.

That’s just the way it is which is why you should be looking into Payost invoice financing instead. More on that in a minute.

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Application Process

The application process involves going to the Love’s Financial website and providing your:

  • Full name
  • Company name
  • DOT number
  • Email address
  • Company phone number

Submit the form and someone will get back to you, usually the same business day. They’ll ask you questions related to the requirements we laid out above. If they approve you and you decide to go ahead with using their service, they’ll deduct a $100 startup fee from your first invoice.


Love’s Factoring Pros and Cons

Love’s Factoring has the built in advantage of their well-known country stores. But even so, you need to do a cold light of day assessment of their pros and cons before deciding to give them a whirl.


  • A long established parent company
  • Tie-ins with their travel stops business
  • Multiple access vectors to their service
  • Non-recourse factoring for some customers


  • Recourse factoring for many customers
  • Low payout rates for most customers
  • They perform a hard pull credit check
  • They inform your customers they bought the invoice
  • They do a pretty hard sell of their other products
  • They charge a $100 startup fee




Love’s Factoring Review

A review of Love’s Factoring indicates that, unless you are a long-haul trucker with perfect credit, their service could put you behind the financial 8-ball.

“We are what we repeatedly do. Excellence, then, is not an act, but a habit.” - Will Durant

Loves Factoring vs Payost Comparison

Let’s take a look then at the difference between Love’s financial services and Payost invoice financing:

  • Love’s purchases your invoices, Payost doesn’t
  • Love’s informs your customers you needed help, Payost doesn’t
  • Love’s performs a credit check, Payost doesn’t
  • Love’s charges a startup fee, Payost doesn’t
  • Love’s may force you to buy back non-performing invoices, Payost won’t
  • Love’s tries to sell you other products, Payost doesn’t

Payost isn’t in the business of purchasing invoices. We’re in the business of making sure you get paid for your work in a timely fashion.

If you hold unpaid invoices from a utility or other AAA credit rated company, we can help you. It’s as simple as that. Even if you’re a relatively new business or you, as the owner, have less than stellar credit. We don’t care about that. Our model is based on the creditworthiness of the company holding your invoice.

Bottom Line: Should you try Love’s Factoring?

Love’s Factoring is a trusted business with a long history. But businesses experiencing a cash flow problem that are holding unpaid invoices from AAA credit rated companies should turn and run from invoice factoring. You simply won’t receive the optimal value for those invoices.

Payost is the better, safer, faster, more cost-effective alternative to:

  • Invoice factoring
  • Lines of credit
  • SBA loans
  • Bank loans
  • And other forms of advance payment

Go to the “Apply Now” page of the Payost website and get started. You’ll receive optimal value for your invoices and put your cash flow problems out to pasture in less than 24 hours.

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