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Porter Capital invoice factoring review

Nonrecourse factoring and advances as high as $15 million help set this factoring company apart.

Bottom line: Porter Capital offers recourse and nonrecourse factoring with advances as high as $15 million — including past-due invoices. But it doesn’t disclose key information like minimum requirements and maximum fees. Read our full review or get our 30-second take.

Details

Min. Amount$5,000
Max. Amount$15,000,000
Loan TermNot stated
APRNot applicable
Financing feeStarting at 0.75%
RequirementsNot stated

Pros

  • Funds past-due invoices
  • Recourse and nonrecourse factoring available
  • Advances up to $15 million
  • Funding in as little as 24 hours

Cons

  • Doesn’t state minimum requirements or maximum fees
  • Unclear if it requires long-term contract
  • Can take weeks to fund, in some cases

Our take on Porter Capital

Porter Capital invoice factoring could be a good option for businesses looking for a large advance on unpaid invoices. Where most factoring companies stop at $10 million, Porter Capital's advances reach $15 million. It's one of the few factoring companies I've reviewed that offers recourse and nonrecourse factoring — meaning you may not be responsible for invoices that your clients don't fill. And it also accepts invoices that are already past due.

But Porter Capital's starting fee of 0.75%, while competitive, isn't the lowest available. It also doesn't advertise the maximum factor fee. But nonrecourse factoring often comes with higher fees, as does factoring on past-due invoices. To avoid a high fee, consider signing up for recourse factoring or only factoring invoices from clients that have a history of paying on time.

Porter Capital factoring fees and terms

Porter Capital charges a financing fee starting at 0.75%. It doesn't state how often you have to pay this fee, but factoring companies typically charge a fee each month a customer takes to fill an invoice.

It also doesn't disclose the maximum fee on its website. But it may be high if you go for nonrecourse factoring or factor past-due invoices. These types of factoring tend to come with higher fees because they have a higher risk for the factoring company.

Porter Capital also doesn't state any maximum term for factoring — but factoring companies will usually work within invoices due within 90 days.

How Porter Capital compares to other factoring companies

Here's how Porter Capital compares to two factoring companies: FundThrough and Lendio.

FundTrough is an online invoice financing and factoring company that offers advance rates as high as 100% on invoices up to $10 million. You can receive the funds within 24 hours and its application is fully online. But its starting fee is a little higher than Porter Capital — ranging from 2.5% to 5%.

Lendio is an online marketplace that partners with over 75 business lenders. Its partner factoring companies offer advance rates as high as 90% with factor rates starting at 2%. Its partners can also fund your advance within 24 hours.

Not yet rated

Find out more

Loan amount

$5,000 to $15,000,000

APR

Not applicable

Loan term

Not stated

Requirements

Not stated

★★★★★


Finder Rating: 4.75 / 5

Check eligibility

Loan amount

$500 to $5,000,000

APR

Starting at 6%

Loan term

12 to 300 months

Requirements

Operate business in US or Canada, have a business bank account, 560+ personal credit score

Customers praise Porter Capital customer service

BBB accredited No
BBB rating A+
Trustpilot Score 4.6 out of 5 stars, based on 25 customer reviews
Customer reviews verified as of 29 July 2021

Porter Capital only has a few online reviews. But what's there is almost entirely positive. The majority of reviewers cite excellent customer service and a simple application process as the reason for their five star rating on Trustpilot. The one mediocre review came from a business owner who says they wish Porter had an online portal — which it now has.

How to qualify

Other than running a business-facing company with unpaid invoices, Porter Capital doesn't have any specific eligibility requirements.

There are no concentration limits, so all of your invoices can theoretically come from one customer. And while Porter Capital doesn't state any specific invoice volume minimum, factoring companies typically prefer to work with businesses with at least $20,000 or even $50,000 in unpaid invoices.

Apply online or by phone

Get started on the application by filling out a quick form on the Porter Capital website or over the phone at 205-322-5442. Once the company receives your request, a representative will reach out to ask for more information and help you complete the application.

Porter Capital advertises minimal document requirements, though it doesn't state what you'll need to supply. Generally, factoring companies ask to see copies of your current invoices at a minimum.

You can get funded within 24 hours after approval in the best cases. But larger advances may take longer — as long as two weeks in some cases.

High advances and nonrecourse factoring set it apart

Nonrecourse factoring, advances as high as $15 million and the option to factor past-due invoices set it apart from other factoring companies I've reviewed. While these features exist elsewhere, they're uncommon. It's also one of the few providers I've reviewed with almost no negative reviews or complaints.

But you'll need to reach out to get more details. Fortunately, it's also one of the few factoring companies with a live chat feature on its website — you might not even have to pick up the phone to get in touch.

Is Porter Capital legit?

Porter Capital is a legitimate factoring company. Founded in 1991 in Birmingham, Alabama, Porter Capital has financed more than $6 billion in business advances. In May 2021 alone, it took on 80 new clients. It uses SSL encryption to protect the information you submit online — though you can also get started over the phone to keep your information more secure.

Compare more factoring companies or read about our picks for the best business loans before you decide on a provider.

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