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1st PMF Bancorp Review

By Sean Peek, Writer | Updated Jan 14, 2020

1st PMF Bancorp is a nonrecourse factoring service with a 30-year history that works with companies large and small. The company has a quick turnaround time and no termination fee, but the lack of transparency on its website means you'll have to contact the company directly to get a realistic idea of their rates and fees. 

1st PMF Bancorp

1st PMF Bancorp

The Best Factoring Companies of 2020

The Verdict

1st PMF Bancorp is a nonrecourse factoring service with no termination fee and that can get you approved for funds within 24 hours.

View all of our factoring service reviews on our best picks page.

1st PMF Bancorp Rates and Fees

Once you sell this factoring company your invoices, it funds up to 80% of the invoice amount within 24 hours. While this initial funding amount is low compared to most of the other factoring services we evaluated, this keeps the fee rate percentage 1st PMF Bancorp charges low. However, an 80% advance is fairly limiting as most other factoring services offer at least 90% or more. 

Depending on your industry, this factoring service charges between 1-3% of each invoice, which is taken out of the money your customers pay to 1st PMF Bancorp before the funds are transferred to you. 

However, this factoring service has a steep startup fee that will set you back $500. Today, not many factoring services charge a startup fee, so 1st PMF Bancorp's fee is aggressive, to say the least. However, the company provides unique services not found in other factoring companies, such as a supply chain financing program, inspection and quality control services, equipment financing, and more. 

1st PMF Bancorp works with companies that want to factor up to $5 million a month. It works with startups and international clients, so you can use its services regardless of where your customers are located. You can sell invoices to this company as long as they are 90 days delinquent or less. 

Fortunately, 1st PMF Bancorp offers nonrecourse factoring, which means that it insures the invoices it buys from you. If one of your customers doesn't pay 1st PMF Bancorp, you are not required to buy back the invoice. Unlike recourse financing, in which you are required to repay any unpaid invoices, 1st PMF Bancorp ensures that your business's cash flow isn't interrupted.

Minimum Requirements

1st PMF Bancorp doesn't publish its minimum requirements on its website; however, after some research, we found other users who reported that it requires you to factor invoices valued at $15,000 or more. We were unable to confirm this or other minimum requirements with the company.

Ease of Application

You can apply for 1st PMF Bancorp's services online, and the company contacts you within 24 hours to let you know if you're approved. If you work with this service, you must factor at least $15,000 a month and contract with 1st PMF Bancorp for at least 24 months.

Customer Service and Support

Once you are approved with 1st PMF Bancorp, the company offers a dedicated advisor, meaning you'll be assigned an account manager with whom you contact about existing or new invoices to factor, or questions or concerns you have. 

We tested 1st PMF Bancorp's customer service, posing as a potential customer. In addition to phone and email support, this factoring company offers live-chat support. The experiences we had with the customer service associates both as a customer and as journalists were positive. The customer service experts we spoke with were informative, helpful and courteous.


While 1st PMF Bancorp has a long history of providing factoring services to a variety of industries, it has a steep startup fee that most other factoring companies we evaluated don't charge. Additionally, the company's website isn't very transparent, so you'll have to contact the company directly to learn what the minimum requirements are to work with them, as well as their specific rates and fees. 

Editor's note: Looking for the right factoring service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

Image Credit: wutwhanfoto / Getty Images
1st PMF Bancorp

1st PMF Bancorp

The Best Factoring Companies of 2020

The Verdict

1st PMF Bancorp is a nonrecourse factoring service with no termination fee and that can get you approved for funds within 24 hours.

Sean Peek: Contributing Writer
Sean Peek, Writer
Sean Peek is a writer, small business owner and SEO specialist. He began his career in digital marketing as a freelance writer in 2013 and has over five years of experience in the B2B space. You can learn more at