altLine's flexible and low-cost factoring services can help qualifying businesses meet some of the financial needs.
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Last updated onUpdated
REVIEWED BY
Managing Editor
| Total Rating | 3.8 |
|---|---|
| Rates & Fees3.8 | |
| Services3.5 | |
| Eligibility Requirements4.5 | |
| Application4.3 | |
| Sales & Advertising Transparency3.4 | |
| Customer Service3.0 | |
| User Reviews4.4 | |
Table of Contents
altLINE is an accounts receivable-based financing platform owned by The Southern Bank. It’s not uncommon for traditional banks to partner with alternative financing institutions, but altLINE is unusual because it’s an alternative financing service directly owned and operated by a bank.
For businesses with unpaid invoices, altLINE offers a solid way to score fast access to cash. With less stringent requirements than other forms of funding, altLINE’s products are suitable for newer businesses or applicants with credit challenges.
However, long-term contracts, potentially long waiting times for funding, and some industry restrictions are all things to look out for before working with altLINE.
| Services3.5 |
|---|
| Lending Services 3.0 |
| Lending Limits 5.0 |
| Payment Portal & Mobile App 2.5 |
altLINE offers invoice factoring, which allows businesses to sell unpaid invoices to a factoring company for a fee. Instead of waiting for customers to pay, this service gives businesses access to cash when they need it.
altLINE also offers accounts receivable financing, which is suitable for businesses with steady borrowing needs. Asset-based lines of credit are also available for more established businesses.
While not for everyone, altLINE does provide solid funding options for B2B companies with unpaid invoices. We give altLINE a rating of 3.5/5 for its services.
| Eligibility Requirements4.5 |
|---|
| Availability 4.5 |
| Borrower Qualifications 5.0 |
| Transparency 3.0 |
Here are the borrower qualifications for altLINE’s invoice factoring and A/R financing products:
| Time In Business | N/A (you need to have contracts in hand at a minimum, however) |
| Business Revenue | $15,000 per month in factored invoices |
| Credit Score | N/A |
Like many factoring companies, altLINE’s borrower qualifications are pretty modest. Startups can qualify for altLINE factoring, provided they have contracts in hand. altLINE doesn’t have a minimum credit score. Instead, the quality of the borrower’s customers is a considering factor. The only exception is with asset-based lines of credit, where lower scores will likely result in higher rates.
If you wish to receive an asset-based line of credit, your business must also be in operation for at least two years to qualify. Similar to its other products, accounts receivables are primarily used as collateral, although inventory or equipment may be used in some cases.
Additional qualifications for all products include:
We like that altLINE’s funding products are easy to qualify for. However, we do wish the borrowing requirements were easier to find on its website. This lowered our rating slightly to 4.5 out of 5 for borrower qualifications.
| Rates & Fees3.8 |
|---|
| Pricing 3.7 |
| Affordability 3.8 |
Here are the interest rates and fees for altLINE:
| Credit Facility Size | $30,000 to $5 million |
| Advance Rate | 75%-90% |
| Discount Rate | 0.5%-5% (upper limit includes late fees) |
| Max Overdue Account | 90 days; 135 days for invoices made to large corporations |
| Additional Fees | Expedited funding adds 1% |
| Contract Length | 12 months |
| Monthly Minimums | $15,000-$20,000 |
| Factor All Invoices | No |
| Recourse Or Non-Recourse | Recourse |
| Notification Or Non-Notification | Notification |
If you opt for invoice factoring, you can qualify for $30,000 to $5 million. You’ll be advanced between 75% and 90% of the value of your invoices, and discount rates are 0.5% to 5%.
A/R financing is extremely similar, boasting the same advance rates. However, loan amounts for this funding are $150,000 to $5 million. Fees plus interest are charged, although altLINE doesn’t specify these rates.
If you want an asset-based line of credit, you can receive lines from $1 million to $5 million. A monthly monitoring fee plus interest on borrowed funds is charged. These rates are not disclosed.
You notice above that altLINE has both contract lengths and monthly minimums, which requires further elaboration. altLINE does not require you to factor anything in any given month of your contract; however, the company won’t enter into a contract with a business that has less than $15,000/month in invoices or accounts receivable.
The contract lasts for 12 months, but this effectively means that you agree to have altLINE be your exclusive factoring company for the length of the term. Additionally, altLINE will usually allow a customer to exit the contract within the first two months if there’s a good reason.
Overall, altLINE has competitive rates and fees. However, we do wish the company was more transparent with some of its rates. For this reason, we’ve given it a 3.8/5 rating in this category.
| Application4.3 |
|---|
| Application Process 5.0 |
| Application Timeline 3.5 |
altLINE’s application process is handled online and, according to the company, takes around 10 minutes to complete. Turnaround time can be as little as 24 hours, assuming you can provide all the required information and all background checks execute smoothly.
The documents you’ll need for your application include the following:
Some customers may be asked to submit additional information.
Overall, the application process is (in many cases) fast and easy, earning it a score of 4.3 out of 5.
| Sales & Advertising Transparency3.4 |
|---|
| Sales Practices 4.0 |
| Web Presence 2.5 |
altLINE’s advertising strategy is frustrating because its website provides quite a bit of information about how invoice factoring and its service works in broad strokes but little in terms of specifics.
However, this comes across as more of an oversight than any concerted effort to hide information, as altLINE’s fee structure is pretty straightforward.
altLINE wears its connection to The Southern Bank with pride, highlighting that a traditional lending institution with deep pockets backs the enterprise.
altLINE does not have social media profiles, with the exception of an outdated Facebook page that hasn’t been updated since 2020. The lack of social media and transparency resulted in a rating of 3.4 out of 5.
| Customer Service3.0 |
|---|
| Personal Support 3.1 |
| Self-Service 3.0 |
altLINE does offer a few ways to get in touch, including by phone, email, or online form.
| altLINE Customer Service | Availability |
|---|---|
| Phone Support | |
| Email Support | |
| Support Tickets | |
| Live Chat | |
| Dedicated Support Representative | |
| Knowledge Base or Help Center | |
| Videos & Tutorials | |
| Company Blog | |
| Social Media |
Unlike some other factors, altLINE does not have a company blog, videos, live chat, or even social media. It does provide a decent amount of information on its website about invoice factoring.
In terms of the quality of service, most customer reviews speak highly of the company’s customer support.
| User Reviews4.4 |
|---|
| User Feedback 4.0 |
| Review Site Aggregate 4.8 |
The altLINE division of The Southern Bank is accredited with the Better Business Bureau and currently has an A+ ranking. There currently are no reviews or complaints on the site.
It does, however, have a rating of 4.8 out of 5 (based on 58+ reviews) on Trustpilot.
Some possible things to watch out for from altLINE include:
Here’s what customers most liked about altLINE:
The Southern Bank seems to have pulled off the impressive feat of developing a branded, alternative lending-style service within the bounds of its own operations.
altLINE can factor high-value invoices, but the flexibility allows you to pick and choose what (if any) invoices you want to factor in any given month. The rates are good to reasonable, with minimal added fees. The qualifications are forgiving, but very small businesses may not meet the monthly minimum qualifications.
Overall, altLINE is a solid service for B2B businesses with unpaid invoices that affect cash flow. Overall, we give the company a rating of 3.8 out of 5.
Looking for more factoring options? Check out our best factoring companies for more funding opportunities.
Merchant Maverick has been researching and reviewing business lenders since 2015. Our writers have tested over a hundred different funding products, including traditional term loans, online loans, lines of credit, start-up loans, merchant cash advances, and equipment financing. In each review, we evaluate rates and fees, services, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.
Read more about how we rate business loans and funding products.
When comparing different lenders and loan products, we consider many data points, including the ease and transparency of the application process, interest rates, repayment structure, sales ethics, time to funding, revenue and time in business qualifications, and credit score requirements. Our lists of the best funding products include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, low rates, flexible requirements, and competitive borrowing amounts.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the loans and funding products included meet our internal standards for quality and reputation.
The Merchant Maverick Seal of Approval 🏆
altLINE |
|---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see altLINE for yourself.
The Merchant Maverick Seal of Approval 🏆
altLINE |
|---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see altLINE for yourself.
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Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
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Our team of experts spends hours on every review so that we can find the best companies to recommend to our readers. altLINE made the cut.
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