Frequently Asked Questions

altbanq

Who is altbanq?

altbanq is an alternative finance provider that was launched to supply funding for businesses faster and more reliably than traditional financing sources. Since then, Altbanq has expanded toward offering payment processing services and continues to grow it’s financial servicing capabilities. Composed of industry veterans, our goal is to provide businesses with the financial resources they need to grow.

 

What are altbanq’s application processes?

For altbanq Lending, our application process takes less than 5 minutes, with successful applicants receiving funds within 24 hours. For altbanq payments, our application procedure is even quicker, with businesses enjoying secure payment services as soon as they agree to our offer.

 

What documents do I need to submit an application?

We require applicants to hold a minimum of 51% company ownership and provide us with the necessary documentation.

For altbanq Lending, 3 most recent months of business bank statements.*
For altbanq payments, either 1 month of merchant credit card statement or your most recent bank statement.*
* Please note that in cases where qualification cannot be determined, additional documentation may be required.

 

How is qualification determined?

Our underwriting team will provide maximum approvals using our proprietary scoring model. Qualifications are determined using many factors, including business cash flow, length of time in business, industry, and your business & personal credit scores.

 

altbanq Lending

What are your funding terms?

Funding ranges from $25,000 to $10,000,000. Our terms are up to 24 months, with daily, weekly, and monthly repayment structures.

 

What do you need from me to apply?

Applying for financing with Altbanq is a simple two-step process:
Step One: Fill out our single-page online application that requests basic business and ownership information.
Step Two: Connect to your bank via Plaid, a read-only bank verification tool, or provide the three most recent months of business bank statements.
Applying is easy, free, and won’t impact your credit score.

 

What is your funding process?

At altbanq, we’ve streamlined the process to allow for same-day funding. After you submit your application, our scoring system will approve a maximum figure, and, upon acceptance, all you need to do is e-sign the contracts. We allow you to track every step of the process, keeping things clear and simple for you.

 

How soon will I know if I was approved?

An altbanq team member will provide you with a decision within 24 hours of submission.

 

What is your minimum credit score requirement?

altbanq works with customers who have a personal credit score of 650 or higher.

 

altbanq Payments

What are your payment processing terms?

Personalized to your business’s needs, our payment processing terms are unique to each business. All of our payment processing terms are transparent, with no hidden charges or fees.

 

Are there minimum requirements to qualify for altbanq payments?

No minimum requirements.

 

What documents are required to apply?

We require applicants to hold a minimum of 51% company ownership and provide us with either 1 month of merchant credit card statement or your most recent bank statement.
*Please note that in cases where qualification cannot be determined, additional documentation may be required.


How soon will I know if I was approved?

An altbanq team member will provide you with a decision within 24 hours of submission.

 

How is qualification determined?

Qualification is determined based on business cash flow, length of time in business, industry, your business and personal credit score, etc. Our underwriting team will provide maximum approvals using our proprietary scoring model.

 

Referral Partners

What are the advantages of partnering with altbanq?

altbanq partners gain a variety of benefits, from dedicated relationship managers to competitive rates. Our partners have access to the altbanq Partner Portal where they can submit deals, track progress, and manage renewals. With funding up to $10 million, terms up to 24 months, and impressive prepay discounts, our financing opportunities are an ideal solution.

 

How do I apply to become a partner?

Apply through the submission form, or call us at (212) 235-5455 and speak to one of our business development representatives.

 

Have more questions?

Call an advisor at (212) 235-5455 Or email us, at info@altbanq.com for further queries.

Altbanq is an Alternative Finance provider that was launched to fund businesses faster and more reliably than traditional financing sources. Altbanq is comprised of industry veterans with the shared goal of providing small business owners with the resources needed to build a solid financial foundation to grow their business.

Our process is seamless and tailored with a business owner’s need for capital in mind. The process is simple and allows for same-day approvals and funding within 24 hours. Upon applying, an Underwriter will evaluate the business to achieve maximum approval.

Our funding range is $25,000 – $10,000,000.

Applying for financing with Altbanq is quick and easy.

Simply fill out an application that requests basic business and ownership information.

Connect to your bank via Plaid, which is a read-only bank verification tool, or provide the three most recent months of business bank statements.

Applying is easy and free.

Qualifying for a Term Loan is determined by multiple factors:

Business cash flow, length of time in business, industry, your business, and personal credit score. Our Underwriting Team will provide maximum approvals using our proprietary scoring model.

Altbanq works with customers who have a personal credit score of 600 or above.

Our team will inform you of our underwriting decision within 6 hours of submission.

Brokers/ISOs:

Partnering with Altbanq offers many benefits. Our Sales Partners have direct communication with their dedicated relationship managers, in addition to having their own ISO Portal access to track their portfolio and submissions. Altbanq offers funding up to $10 million with terms up to 24 months, while extending aggressive prepay discounts on all approvals. Syndication and White Label opportunities are available.

Partner with Altbanq by applying through our website “here” or calling 212-235-5455; Business Development representatives are standing by to discuss our funding programs and how you can offer the Altbanq advantage to your clients.

Our process is seamless and tailored to your client’s need for capital. The process is simple and allows for same-day approvals and funding within 24 hours. Upon submission, an Underwriter will evaluate the business to achieve maximum approval. The approval process lasts up to 6 hours. With the approval, we may request additional documents required to fund. When the business owner decides to proceed with funding, Altbanq will generate contracts and send them via an e-sign link. Once the agreements are signed, the Underwriter will call the business owner to finalize funding and to confirm wire instructions. Our transparent process allows you to track the progress of your deal from submission to funding.

Altbanq can have funds wired to your clients’ accounts within 24 hours of file submission.

Submitting a file for financing with Altbanq is quick and easy – underwriting requires an application with a minimum of 51% ownership accompanied by the three most recent months of business bank statements. For optimal processing, please ensure applications include the business Federal Tax ID and have been signed within the last 30 days.

Call an advisor at (212) 235-5455. . Or at info@altbanq.com in case of any further queries.

SOS Capital is now altbanq!

After 10 years as SOS Capital, we’re thrilled to announce we are now altbanq! Offering upgraded lending solutions, with the addition of our new payment processing services.