Aerofund Financial is a direct lender that provides invoice factoring services to small and midsize companies nationwide. It has been in business since 1987 and caters to various industries, including transportation, aerospace, government, and freight. It lends up to $5 million and is best for those in need of instant cash while waiting for their customers’ payments.
Aerofund Financial Pros and Cons
Can fund loans within the day
Not much information on its website
High loan amount
Charges a wire transfer fee
Can advance up to 98% of the invoice value
Who Aerofund Financial Is Best For
- Businesses in the transportation industry: Its freight factoring solution offers same-day funding, which helps you meet fuel costs, pay drivers, and cover other expenses.
- Business owners and entrepreneurs with poor credit scores but have good paying customers: It does not perform personal credit checks and instead focuses on your customers’ capability to pay. So, it would be wise that you discount the invoices of your best-paying clients.
- Those who want to avoid waiting 30, 60, or 90 days for customers’ payments: Its accounts receivable factoring service allows companies to stabilize cash flows, meet payroll needs, and keep operations running while waiting to collect payments.
Aerofund Financial Costs and Terms
$5,000 to $5,000,000
Up to 98%
10% to 65% based on industry standards
Repaid as invoices are paid
24 to 72 hours
Aerofund Financial’s costs are not published on its website but are said to vary depending on the borrower’s invoice volume and receivables turnover. It may also charge a start-up fee of $450 and wire transfer fees, which are usually not imposed by similar providers.
On the other hand, the main highlight of Aerofund Financial’s pricing is its very high advance rate of 98%. This is much higher than what other lenders offer, which is usually only up to 90%.
Do You Qualify for Aerofund Financial Financing?
Minimum Credit Score
Minimum Time in Business
Aerofund Financial offers relaxed qualifications and requires a short business tenure of only three months. Additional requirements and documents may be requested prior to your loan approval.
Aerofund Financial Application Process
To get your application started, submit your information through its website inquiry form. One of its representatives will then get in touch to discuss your options and how to proceed with the rest of the application. Once approved, funding can be released within the same day or in up to 72 hours.
Aerofund Financial Alternatives 2020
What Business Owners Should Know About Aerofund Financial
- It provides nationwide coverage: Aerofund Financial has a team of professionals who can give support to borrowers nationwide. It also has five physical offices that are located in California (Los Angeles, San Jose, and San Diego), Georgia (Atlanta), and Illinois (Chicago).
- Its financing comes with other helpful features and services: The lender provides free credit checks on your customers, collection services, freight bills processing, QuickBooks integration, and 24/7 online reporting.
Most Helpful Aerofund Financial Reviews
As of the date that this article was written (March 10, 2020), there aren’t any up-to-date Aerofund Financial reviews available online. If you are a past or current Aerofund Financial client, then leave a review to help others who are deciding whether or not to use the service.
Aerofund Financial Frequently Asked Questions (FAQs)
Which industries does Aerofund Financial cater to?
It specializes in supporting transportation, temporary staffing, wholesale distribution, government, manufacturing, printing, aerospace, information technology (IT) consulting, advertising, pharmaceuticals, food processing, and nursing industries.
What other services does it provide?
It offers purchase order (PO) financing, inventory funding, payday advance loans, and freight factoring.
How long does it take Aerofund Financial to qualify borrowers for funding?
It only takes hours for the lender to qualify new clients, and it can even fund loans the very next day.
Aerofund Financial offers up to 98% advance rates, which is considered to be one of the highest in the market. It also provides its borrowers with free customer credit checks, collection services, online reporting, and bookkeeping support with QuickBooks integration. Unfortunately, there is neither much information on its website nor any recent online reviews about its services.
If you aren’t sure if Aerofund Financial is right for you, then this article on the 5 Best Invoice Factoring Companies is a review of our top choices. In this guide, we compared the top providers according to their maximum funding amount, expected APR, and funding speed.