We want to address any questions that you may have. If your question isn’t answered below, please call us at 800 805-8380, and we will be happy to help.
GENERAL
1. Who is New Century Financial?
New Century Financial (“NCF”) was founded in 1985 and has grown over the years into an innovative Houston- based private financial-services organization, servicing privately-held businesses through a major factoring company and a private equity firm. The factoring arm provides financing for businesses across the U.S. through the purchase of accounts receivable at a discount. Competitive pricing, individualized client assistance, and innovative financial solutions are combined to accomplish its mission.
ACCOUNTS RECEIVABLES FACTORING
1. Can you explain what Accounts Receivable Factoring is?
The purchase of invoices at a discount for immediate cash for working capital needs.
2. What are the differences between Accounts Receivable Funding and a Bank Loan?
During the application and approval process, we consider the overall strength of your company, including the creditworthiness of your customers and the strength of your relationship with them, your industry, your documentation, etc. On the other hand, banks focus on your company’s financial strength. Accounts receivable factoring is not a loan; therefore no debt is entered on your company’s balance sheet. We can make a quick decision, while banks may take weeks-even months-to approve a loan.
3. What is the difference between Accounts Receivable Funding and Invoice Factoring?
Accounts Receivable Funding and Invoice Factoring are essentially two different terms that refer to the same financial practice. Both concepts involve obtaining capital by leveraging unpaid invoices or accounts receivable.
FACTORING RATES
1. How does NCF compare to other factors?
We differentiate with customer focused features, fees, and terms as highlighted in our Compare Factors Rethink FactoringTM section
2. How much can I access or how much do you lend?
We provide factoring facilities from $25,000 in excess of $10,000,000. We advance to you up to 95% on your unpaid invoices, depending on your industry, customers, and other factors.
APPLICATION PROCESS
1. Will my low FICO score impact my application process?
Your FICO Score is one of many factors that we consider so a low FICO score will never be the sole reason we don’t do business with someone.
2. Is it possible for a new business with no credit history to qualify for invoice factoring?
Since it is your customer who pays us, we concentrate more on their creditworthiness. We have helped many companies in their early stages grow into profitable entities.
3. What is the maximum amount that I can access or borrow?
We provide factoring facilities from $25,000 in excess of $10,000,000. We advance to you up to 95% on your unpaid invoices, depending on your industry, customers, and other factors.
4. Are there any obligations I need to fulfill after getting approved?
There is no obligation. "We earn your business every dayTM". No application fees or long term contracts. No expensive termination fees.
5. Is there an application fee that needs to be paid to initiate the process?
No, there is no application fee or any other fees when working with New Century Financial. Your only cost is the cost of capital.
6. How long does it take to process an application for Accounts Receivable Factoring?
Complete 2 minute application for Instant Pre-Approval. Once Pre-Approved and required documents are received, we can submit a formal proposal in less than 24 hours.
7. What documents are required for formal approval of the application?
Typically a current accounts receivable aging report, most recent tax return, and sample invoice with backup documentation.
8. How do I apply?
Click here or download our one-page PDF Application and receive a Proposal within 24-hours.