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Summar Financial factoring: rates, fees and terms
Non-recourse factoring with a protection program that covers brokers who disappear or pay after 90 days.
What sets it apart
Its "Summar Shield" goes past standard non-recourse, which only covers broker bankruptcy: Summar says it covers unpaid invoices when brokers disappear or delay payment beyond 90 days for reasons outside your control. The published rate is a floor ("as low as 2%"), not a typical rate.
Published terms
| Rate | Factoring fee as low as 2% |
|---|---|
| Advance | Receive up to 98% |
| Recourse | Non-recourse, plus Summar Shield |
| Contract | No long-term contracts |
| Monthly minimum | No monthly minimum requirements |
| Transfer fees | Not stated on the pages we read |
| Other fees | No reserve programs; no hidden fees |
| Funding speed | Not stated on the pages we read |
| Fuel | Up to 50% fuel advances |
Monthly cost at the published rate
$10,000 a month: $200. $25,000 a month: $500. $50,000 a month: $1,000. Based on the published starting rate (best case). The "as low as 2%" floor, the best case. Per-invoice fees counted at a $2,500 invoice.
Carriers worried about brokers who pay late or vanish, not just go bankrupt.
You want a typical rate in writing before applying.
Ask before you sign
- "As low as 2%" is a floor. The rate for your volume is quoted.
Pages we read
Factors change rates and terms. If this is out of date, tell us.