altLINE Review

Pros

• Financing is available to qualified startups
• No credit score requirements
• High factoring amounts
• Rates tend to be inexpensive
• Few extra fees

Cons

• Not available to businesses in some industries
• A long-term contract is required

What Is altLINE?

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.

Services Offered By altLINE

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.

altLINE Borrower Qualifications

Here are the borrower qualifications for altLINE’s invoice factoring and A/R financing products:

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:

• Must be a B2B business
• No more than one bankruptcy within the last 12 months; no multiple bankruptcies
• No prior felonies
• No invoices with payment terms longer than 90 days
• Not in the transportation/trucking, construction, or healthcare (excluding healthcare staffing) industries

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 & Fees

Here are the interest rates and fees for altLINE:

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.

altLINE Application Process

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:

• The completed online financing application
• Your driver’s license
• Accounts receivable aging report
• Complete customer list
• Sample of common transaction documents
• Copies of contracts
• Corporate paperwork

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 Transparency

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 except for 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 Service & Technical Support

altLINE does offer a few ways to get in touch, including by phone, email, or online form.

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 Reviews

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.

Negative Reviews & Complaints

Some possible things to watch out for from altLINE include:

• Potential long time to funding
• Difficulties reaching a live customer service rep
• Difficult for smaller businesses to meet $15K/month requirement

Positive Reviews & Testimonials

Here’s what customers most liked about altLINE:

• Competitive rates
• Excellent customer support
• Good reporting system
• Easy application process

Final Verdict: Is altLINE’s Invoice Factoring Worth It?

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.

Business Loan & Funding Products Review Methodology

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	Apply Now

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	Apply Now

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.