To learn more about Altbanq (formerly SOS Capital) and decide if it’s right for your needs, please continue reading:
Small businesses often need financing help at some point. But most traditional lenders like banks and credit unions have stringent qualifications and rigid repayment structures.
Some alternative lenders, like Altbanq (SOS Capital), provide quick funding, flexible terms, and accessible qualifications. However, the online lender might not be the right choice for every small business.
We can help you decide if Altbanq suits your business funding needs by covering the benefits, drawbacks, and application process. Specifically, we’ll answer these questions and more:
Altban (formerly SOS Capital) is an alternative online business lender utilizing industry-leading technology to solve small business financial demand through tailored financial solutions. It’s comprised of industry veterans with the stated goal of funding small businesses faster and more reliably than traditional financial sources, such as banks or credit unions. It was named after the founder’s father. Altbanq was born out of the core values of ‘help’ and ‘enable’ originally established by SOS Capital.
The company is a direct lender/funder with ranges between $25,000 – $10 million. It provides flexible term loans customized to each business’s needs. The efficient process involves a quick and easy application and consultative approach to funding. These financial solutions include payment processing solutions that facilitate efficient transactions, enhancing business operations. SOS Capital focuses on helping small businesses build long-lasting partnerships through transparent practices.
Altbanq aims to provide same-day approvals with next-day funding. The company states it has a 95% approval rate. It launched in 2014 and is based in New York, NY. The rebranding from SOS Capital to Altbanq reflects a commitment to customer-centric business terms and practices. Additionally, Altbanq’s domain has been registered for 8 years, suggesting stability. SOS Capital’s process allows for same-day approvals and funding within 24 hours, ensuring businesses can access capital quickly.
Small business owners apply for funding through the Altbanq site. Once you apply, the company’s customer service and underwriting team will work with you to develop a flexible, customized plan for the right funding and repayment structure. The transparent process ensures that clients can track their deals from submission to funding, keeping them informed at every stage. Upon applying, an Underwriter will evaluate the business to achieve maximum approval. It may be possible to get early access to funding.
Unfortunately, Altbanq (SOS Capital) doesn’t provide information on rates or fees for its funding products. The lender appears to offer two main products: term loans and business cash advances. Qualification for these products is determined by multiple factors, including business cash flow, industry experience, and credit scores.
Term loans are traditional business loans where you receive a large lump sum disbursement and repay it plus interest in fixed intervals. Tailored term loans offer personalized financial solutions designed to meet the unique needs of your business. These loans provide strategic funding aimed at enhancing business operations and promoting efficiency and growth.
Altbanq business loans have the following minimum:
Its underwriting team considers multiple factors, including your business’s cash flow and time in business. You must also have a business checking account to apply. The funder states it looks past an applicant’s present to the financial goal it can achieve in the near future.
In addition to providing capital, the company aims to build a lasting relationship with its customers. This is reflected in some user reviews where customers mentioned getting multiple financing rounds with the company.
Its website doesn’t provide much clarity on how its products function. This may be in part because it takes a unique approach to funding.
The company may use a hybrid model combining features of a traditional term loan with that of a business cash advance. However, we can’t confirm this as the company’s business loan details can be vague.
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.
The application process is quick and simple. Follow these steps to apply.
The simple application asks for information about your business and the company’s ownership. Part of the application is providing business bank account information to verify income. You can connect your account using the read-only Plaid app or upload business bank statements from the previous three months. SOS Capital requires the three most recent months of business bank statements to apply for funding. SOS Capital generates contracts electronically for e-signature after approval.
The funder aims to complete the underwriting process within six hours. It will reach out if additional information is required. After approval, the funds are sent to your business bank account electronically. There are no restrictions on how you can use the funds. The approval process for funding with Altbanq lasts up to 6 hours, making it one of the fastest in the industry. The approval process for SOS Capital lasts up to 6 hours after submission.
You’ll repay the business loan with weekly or daily payments via ACH pulls. You won’t have to worry about scheduling and manually processing payments because Altbanq sets it up automatically.
The company states there are no pre-payment penalties. It doesn’t publish information on renewals, so you’ll have to ask about when you can renew and how that process works.
The primary advantage of Altbanq is that it offers fast access to capital with a simple application process. Applicants can receive same-day approval with next-day funding, ensuring greater efficiency in securing the necessary funds. The lender aims to approve and fund companies faster than traditional lenders. The company boasts a 95% approval rate. Customers report fast funding times, often receiving funds within 24 hours.
SOS Capital also provides a large borrowing range, with options between $25,000 and $10 million. It also doesn’t restrict how you can use the funds.
The two most significant drawbacks are the lack of information and the costs. It doesn’t publish interest rates or fees, which is concerning. Both positive and negative customer reviews state that the costs were very high.
Most alternative business lenders charge a higher rate than traditional financing companies. That’s the tradeoff for simple applications with minimal documentation, quick and easy approvals, and fast funding times.
The financing options are short-term, meaning they must be repaid in the near future. They also carry frequent repayments.
Business owners must have a personal credit score of 600. While that’s much lower than traditional lenders, it also means the company doesn’t offer bad credit business funding options.
Aside from a minimum credit score, Altbanq doesn’t provide transparency on other qualifying factors like minimum revenue or time in business. Applying is the only way to know if you have the required cash flow and business history.
Yes, Altbanq (formerly SOS Capital) is a legitimate alternative business lender. It is a verified company on Trustpilot.
The direct funder has primarily positive reviews, with a 4.9 out of 5 rating on 176 Trustpilot reviews. The positive reviews discuss the ease of the process, the knowledge and professionalism of the Altbanq team, and fast funding times. The majority of reviews for Altbanq are positive, indicating customer satisfaction.
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 being responsive and professional.
Of the few negative reviews, one of the complaints was about the cost. Another customer stated the company didn’t work well with their current factoring company. One customer complained 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 600 or above. Other factors like your time in business and cash flow play a role in approval decisions, but the lender doesn’t provide detail on those minimums.
If you were declined, the denial letter should explain why. If you need more information, you can call the company directly.
Fortunately, there are many online lenders and marketplaces to consider if SOS Capital 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 (formerly SOS Capital) is best suited for small business owners with a credit score over 600 looking for flexible funding options. The lender’s consultative approach to term loans and business advances allows you to develop a funding and repayment structure that aligns with your unique business needs and revenue cycles.
Established businesses with excellent credit and high revenue can likely qualify for lower-cost financing options. You might also have fast funding options with more competitive rates.
Based on user reviews, the lender’s website, and the available information, we rate Altbanq (SOS Capital) at 3.9 out of 5. It’s worth considering, but the lack of transparency on costs and qualifications is a concern.
Disclaimer: The SOS Capital trademark is owned by SOS Capital Inc., and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from SOS Capital Inc.
Fraud Disclosure:
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