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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Bobtail

Finanso.Multilogin™

About lender

Bobtail is a factoring service for truck drivers. The company was established in order to provide financing options for truckers who may not have access to traditional forms of credit. Bobtail Capital LLC offers loans to drivers in need of quick cash, and the terms of the loan are based on the driver's upcoming loads. This supply chain of financing can be useful for truckers who cannot get a funded loan or who need access to quick-funded cash. Bobtail is a convenient and easy way for truckers to get the financing they need.

The company was established in order to provide financing for truck drivers who may not have access to traditional forms of credit. Bobtail offers loans at competitive rates and terms and has a wide range of options available to meet the needs of its customers.

Bobtail offers factoring services. Factoring is a type of financing that allows businesses to sell their invoices at a discount in order to receive immediate funding. This can be a helpful option for truck drivers who are waiting on payments from their customers.

Pros and cons

Bobtail service for drivers can be a great way to get the loan you need to start your business. There are a few key benefits:

1. You can get started with a little capital.

2. You don't have to put up your personal assets as collateral.

3. The interest rates on bobtail loans are usually lower than traditional business loans.

It is important to research different companies before choosing one, as not all companies offer the same services or have the same rates. Drivers should also be sure to read the terms and conditions of their loan before signing any paperwork.

Cons:

  1. Bobtail loans tend to be more expensive than traditional business loans, so it's important to do your research and compare rates before making any decisions.

  2. Another con is that you may need to put up collateral, such as your home or car, to secure the loan.

  3. And finally, if you default on the loan, you could lose your collateral. So while bobtail loans can be a great way to finance your business, make sure you get the terms and conditions.

Terms and conditions

Here are some terms and conditions:

  1. The minimum loan amount is $2,500, and the maximum loan amount is $35,000.

  2. The interest rate for bobtail loans is a variable rate, currently ranging from 7.99% to 35.99%.

  3. The repayment period for bobtail loans is 3 to 36 months.

  4. There is no prepayment penalty for bobtail loans.

  5. Bobtail charges a service fee of 5% of the loan amount, which is deducted from the loan proceeds.

If Bobtail approves your request, you will be matched with one or more accredited investors who have agreed to lend you the amount of money you have requested. The terms of your loan will be determined by the investor, and you will be required to execute a loan agreement with the investor. Bobtail is not a party to the loan agreement and is not responsible for any terms of the agreement.

You are solely responsible for repaying your loan in accordance with the terms of your loan agreement. Bobtail will not be liable for any delays or failures in repayment.

Funding

There are a few Bobtail Capital LLC methods of funding, but one of the most popular is to take out a loan. Bobtail offers some of the best rates and terms.

When you take out a Bobtail loan, you'll get access to competitive interest rates and flexible repayment terms. You can use the cash advance for a variety of purposes, including starting or expanding your business. Bobtail loan transfers take about 24 hours.

FAQ

What is Bobtail?

A bobtail loan is a type of financing that is typically used by trucking companies to purchase new trucks. The loan is named after the Bobtail insurance coverage that is required for most commercial trucking operations. Bobtail loans are usually structured as leasing arrangements, with the truck being leased to the trucking company and the loan being paid back.

Does Bobtail check my personal credit?

No, Bobtail does not check your personal credit. Bobtail only checks the credit of the business.

Do I have to factor in all my invoices?

No, you don't have to factor in all your invoices. You can choose which invoices you want to factor in and which ones you don't.

Company documents

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Our mission is to make you happy by eliminating inefficiencies in the supply chain.

© Bobtail

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What to focus on before applying for a loan with Bobtail

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Bobtail and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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