| Takeaway | Summary |
|---|---|
| 🚀 Fast Funding | Altbanq emphasizes speed, with approvals that can occur within hours and funding that may be received the same day. |
| 💰 High Loan Amounts | The lender offers term loans ranging from $100,000 to $10 million, targeting established businesses with larger capital needs. |
| 📈 Flexible Repayment Options | Repayment schedules can include weekly, bi-weekly, or monthly payments, with terms of up to 24 months. |
| 📝 Easy Application Process | The application is described as quick and easy, does not require tax returns or a business plan, and starts with a soft credit pull. |
| 🤝 Customer Experience Focus | Reviews frequently highlight professional, responsive representatives and clear communication throughout the process. |
| 🔍 Limited Cost Transparency | Altbanq does not publish rates or fees upfront, making it harder for borrowers to compare total costs before applying. |
| ⚠️ Alternative Lender Risks | As a non-bank lender, Altbanq is not subject to traditional banking regulations, and payment processing funds may not be FDIC-insured. |
| ⭐ UCS Rating | United Capital Source rates Altbanq 3.9 out of 5, citing fast funding and service quality, but noting limited transparency into costs and qualifications. |
The business lending landscape has evolved significantly over the past decade, with alternative lenders emerging to fill gaps left by traditional banks. Many modern alternative business lending companies focus on speed, flexibility, and streamlined approvals, helping companies access funds without the rigid requirements often associated with conventional financing.
Altbanq is one such lender, aiming to provide fast funding and flexible business loans designed to support business growth, expansion, and day-to-day business operations. While alternative funding can be a valuable tool, it’s essential for business owners to carefully evaluate any lender before moving forward. Understanding how a company operates, what it offers, and where potential drawbacks lie can help ensure the financing aligns with your business needs.
In this review, we’ll explore how Altbanq works, including the available options, pros and cons, and the application process, to help you decide if it’s right for your needs. Specifically, we’ll answer these questions and more:
Altbanq, formerly known as SOS Capital, is an online alternative business lender that provides financing solutions to help companies access capital quickly. The company was founded in 2014 and is headquartered in New York, New York. The rebrand to Altbanq reflects the company’s continued focus on customer-centric lending and modern financial services to fuel success.
Altbanq positions itself as a direct lender serving small and medium-sized businesses across a wide range of industries. Its stated mission is to provide fast, flexible business loans that support business growth and expansion, particularly for companies that may not qualify for traditional bank financing. Altbanq delivers financing solutions for companies seeking to scale operations, invest in equipment, or improve cash flow.
Altbanq operates through a streamlined online process that makes small business loan applications easier and faster than with many traditional lenders. Business owners begin by applying to the company’s site. Once submitted, Altbanq’s underwriting team reviews the business’s financial history, cash flow, and overall profile to determine approval and structure loan terms.
The Altbanq loan application process is described as quick and easy, and many users find it less stressful than those of other lenders. Altbanq uses a soft credit pull for initial applications, meaning there is no impact on the applicant’s credit score. The application process at Altbanq does not require a business plan or tax returns, reducing documentation requirements and speeding up approvals.
Altbanq customizes its loan terms based on the borrower’s financial history and cash flows, aiming to create repayment structures that align with the business’s operating model. In some cases, funding from Altbanq can be received on the same day as the application, and customers have expressed satisfaction with Altbanq’s same-day business funding.
Altbanq offers business term loans ranging from $100,000 to $10 million. Altbanq’s loans range from $100,000 to $10 million, making them suitable for established businesses with significant financing needs. Terms can extend up to 24 months, and Altbanq offers term loans with repayment options including weekly, bi-weekly, and monthly schedules.
These term loans provide businesses with a lump sum of upfront capital that they repay over time. With a loan, business owners do not give up any ownership in the company, which can be an essential consideration for those focused on maintaining control. Business expansion loans help existing companies scale their operations, and a significant benefit is fast access to funds.
In addition to lending, the company offers Altbanq Payments, a payment processing solution designed to support efficient transactions. This service can help streamline how businesses accept and manage payments, supporting smoother business operations. It also allows Altbanq to take a more holistic view of a company’s cash flow when structuring financing options.
Altbanq reports payment history to credit bureaus through its partnership with Hansa, helping businesses build their credit profiles. This can be beneficial for companies looking to build business credit over time while managing financing responsibly.
Altbanq business loans have the following minimum:
The underwriting team considers multiple factors, including cash flow, time in business, and overall financial performance. While Altbanq is not a traditional bank, it still evaluates risk carefully to ensure the business can meet repayment obligations.
Altbanq emphasizes building long-term relationships with its customers, and some users report working with the lender for multiple rounds of financing. Customers report that Altbanq’s representatives are professional and responsive, and many found Altbanq’s communication throughout the lending process to be detailed and informative.
That said, Altbanq is not a traditional bank and is not subject to the same regulations, so funds held for payment processing may not be FDIC-insured. The company also provides limited upfront details on rates and fees, so borrowers should review all documentation carefully before accepting an offer.
Altbanq provides a business loan affiliate program. ISOs and business loan brokers can sign up to offer the lender’s products to their small and medium-sized enterprise (SME) clients.
Altbanq offers a straightforward process designed to reduce friction and save business owners time. Altbanq offers same-day funding and a straightforward application process, making it appealing for companies that need fast business funding.
The application collects basic information about the business, ownership, and revenue. Applicants typically connect their business bank account or upload recent bank statements. Customers report that the loan process with Altbanq is quick and easy, and many describe the experience as easier than applying with traditional lenders.
Once submitted, the underwriting team reviews the application and documents, often within hours. Altbanq provides clear communication and transparency throughout the loan process, helping applicants understand approval decisions and next steps.
After approval and acceptance of the terms, funds are sent electronically to the business bank account. Customers have reported receiving funds the same day, highlighting Altbanq’s fast funding capabilities.
After funding, borrowers repay their loans through scheduled ACH payments. Altbanq offers repayment options, including weekly, bi-weekly, and monthly payments. The company states that there are no prepayment penalties, though borrowers should confirm this in their specific agreement.
Renewal options may be available depending on payment history and business performance. As with any loan, it’s essential to carefully review all agreements to understand obligations, potential fees, and your rights as a borrower.
Altbanq’s primary advantages include fast access to funds, a simple application process, and flexible repayment structures. Many customers appreciate the company’s responsiveness and professional service.
The lender’s ability to customize cash flow financing options can make repayment more manageable for certain businesses. The lack of restrictions on how funds can be used also gives business owners greater flexibility to address their most pressing needs.
The most common concerns relate to transparency and cost. Altbanq does not publish detailed information on business loan interest rates or fees, which can make it difficult to compare options upfront.
As with many alternative lenders, costs may be higher than traditional financing. Shorter-term repayment structures can also create cash flow pressure for some businesses. The company also has a high credit score requirement for an alternative lender.
Pros:
Cons:
Altbanq is a legitimate business lender with a track record dating back to its founding as SOS Capital. The company maintains an online presence, works directly with borrowers, and has accumulated a substantial number of customer reviews. It’s generally considered a trustworthy company.
Altbanq has a high customer rating of 4.8 out of 5 stars based on over 200 reviews. Reviews frequently highlight fast funding, responsive communication, and professional service. Customers often comment that the process feels easy and transparent compared to those of other lenders.
Several customers mentioned their service reps by name, stating the process was a team effort when praising the company. A few customers noted the online application, and the Altbanq team made the process smooth. Customers appreciate Altbanq for its responsiveness and professionalism.
Negative feedback tends to focus on pricing or limited upfront disclosure of costs. One complaint was about the cost. Another customer stated the company didn’t work well with their current factoring company. One customer complained that the company took too long to respond.
Altbanq aims to make funding available for small business owners, but you must have a credit score of 650 or above. Other factors, such as your time in business and cash flow, play a role in approval decisions, but the lender doesn’t provide details on those minimums.
If you were declined, the denial letter should explain why. If you need more information, you can contact the company directly by phone or email.
Fortunately, there are many online lenders and marketplaces to consider if Altbanq doesn’t work for you. Most funding options can provide business term loans and merchant cash advances.
You might also be interested in one of the following small business funding options:
Altbanq may be a good fit for established businesses that need fast funding and flexible repayment options and can meet the credit requirements. Companies focused on rapid expansion or short-term opportunities may benefit from the lender’s speed and consultative approach.
Businesses with strong credit and time to pursue traditional financing may find lower-cost options elsewhere. As with any funding decision, it’s important to compare lenders, understand total costs, and ensure the loan aligns with your long-term goals.
Based on user reviews, the lender’s website, and the available information, we rate Altbanq at 3.9 out of 5. It’s worth considering, but the lack of transparency on costs and qualifications is a concern.
Disclaimer: The Altbanq trademark is owned by Altbanq, Inc., and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Altbanq, Inc.
