Frequently Asked Questions
Below are some of the most frequently asked questions regarding our services to small business owners.
Q. What are the costs of Factoring?
A. You will be surprised to learn how affordable Factoring has become. In fact, a 30 day fee rate for Factoring is about the same as if your customer paid you with a credit card. So if you can afford to accept credit cards, you can also afford Factoring.
Q. Do you work with companies that can finance my inventory?
A. Yes we do, we work with many Asset-Based Lenders that provide financing for accounts, inventory and equipment through revolving lines of credit and we work with lenders that only finance inventory.
Q. What if I have a brand new business and banks will not lend to me?
A. It is true you will have a hard time obtaining a bank loan if you have little or no credit history. For brand new startups, we can provide microloans and for those providing goods or services on a B2B basis, Factoring is a very viable option.
Q. Can you provide Construction Factoring for sub-contractors?
A. Yes and we are experts in this area of commercial finance and we can provide sub-contractors with needed working capital and advances on their invoices when the general contractor working on the job is creditworthy.
Q. Do you purchase Seller Financed Mortgage Notes?
A. Yes we do, so does our private network of investors. We purchase both Seller Financed Notes and Seller “carried back” Business Notes though we only buy Performing Notes.
Q. What do I need to do before you can purchase my invoices?
A. The work/goods/services you provided must have been completed, delivered and accepted; and your customer must be creditworthy.
Q. Can my business qualify for medical receivables factoring if I have a history of credit problems such as bankruptcy, IRS liens or judgments?
A. Absolutely! We focus on your customers that you’ll be invoicing, not you as an individual.
Q. What happens if my customer/client does not pay?
A. As non-recourse factors, SECA Funding Company’s private network investors assume the risk of your customer not being financially able to pay for the services provided. However, they do not assume the risk of non-payment due to disputes regarding quality or timeliness of goods or services.
Q. What happens if I lose my lawsuit?
A. If you lose your case, you owe nothing. All of our settlement funding products are non-recourse, meaning that our investors do not collect any repayment on losses.
Q. How long is the Legal Funding process?
A. Typically, you should receive your Lawsuit Cash Advance within 24 to 48 business hours after your application has been approved.
Q. How do I repay my Lawsuit Cash Advance?
A. We are paid when the case reaches a conclusion. Your attorney will distribute to our investors and us what we are due.
Q. What if I have bad credit, can I still receive Lawsuit Funding?
A. Not a problem! Legal Funding is not a loan and is not dependent on your credit score – so if you have bad credit, you may still be eligible for a fast Lawsuit Cash Advance.
Q. Do you offer any other commercial financing options other than factoring services?
A. Yes, SECA Funding Company offers a range of other commercial financing options including Standard Term Loans to Asset-Based Lending, Credit Card Factoring, Purchase Order Financing, Inventory Financing, Working Capital Loans and much more…
Q. When Did Factoring Start?
A. Factoring is one of the world’s oldest forms of commercial financing going back thousands of years, used even in ancient biblical times.
Q. How can I benefit from an Inheritance Advance?
A. The Inheritance Cash Advance is an exchange between the heir and SECA Funding Company and our investors where they buy your inheritance in exchange for cash.
You should consider a Inheritance Cash Advance if you have become frustrated by the probate process and want your inheritance money now.
With an Inheritance Cash Advance you wont have to wait the usual probate process of 9 months to 3 or more years. You will have access to your future cash now. Its your money to use anyway you may decide!
Q. If the Executor Is an heir also can they apply for an Inheritance Cash Advance?
A. Yes, any heir can apply for a Inheritance Cash Advance.
Q. Why were Structured Settlements created?
A. Structured Settlements came about in 1982 A.D. when the United States Congress passed The Periodic Payment Settlement Act of 1982 A.D. (Public Law 97-473). The act enables injury victims to obtain customized Structured Cash Payments Plans through insurance annuities that assure them guaranteed, tax-free income over time.
Q. Can Structured Settlement Annuities be sold?
A. Yes! Factoring companies, which also buy lottery winnings, casino jackpots and other annuity-based payouts make offers to buy Settlement Annuities at deeply discounted rates while paying individuals a lump sum, these lump sums are fully taxable. Settlement cash-outs require court approval. If the cash-out is in the “best interest” of the injured party, the court usually approves the sale.