Altbanq Business Loans Review 2025
Altbanq offers fast access to large amounts of funding — but short loan terms may make repayment challenging.
Overview
The bottom line:
Altbanq offers short-term loans up to $10 million — more than most competitors. These loans can be a good option for businesses with strong credit and at least 12 months of operating history. Keep in mind, though, that repayment terms are capped at 24 months.
Loan details
Min. Loan Amount
$100,000
Min. APR
0%
Max Loan Amount
$10,000,000
Max Term Length
24 months
Max APR
44%
Qualifications
Min. credit score
650
Min. Time in Business
12 months
Min. Annual Revenue
$100,000
Pros & Cons
Pros
Same-day funding available.
Prepayment discounts available.
Large maximum funding amounts.
Accessible to startups.
Cons
Higher credit score requirement than some online lenders.
Repayment terms max out at 24 months.
Charges an origination fee.
Altbanq is an online lender that offers business term loans. These small-business loans
Known for its large loan amounts (up to $10 million) and streamlined underwriting process, Altbanq allows you to apply in minutes and, in some cases, receive financing as soon as the same day.
Editor’s note: Altbanq also offers a payment processing solution, but this review will focus on its business loan offering.
Consider Altbanq if you:
✔️ Want financing faster than banks can offer.
✔️ Need a large amount of capital.
✔️ Can afford repayment over a shorter term.
...
IN THIS REVIEW
Altbanq business loan features
Here’s what you can expect from Altbanq’s business term loan:
| Loan amount | $100000 to $10 million. |
| Estimated interest rate | Up to 44% |
| Fees | Origination fee: 2% of the loan amount. |
| Terms | Up to 24 months. |
| Repayment schedule | Weekly, bi-weekly or monthly. |
| Funding speed | Approval and funding as fast as the same day. |
Altbanq business loan requirements
To qualify for a business term loan
- Time in business: 12 months.
- Annual revenue: $100000.
- Credit score: 650.
You’ll also need a business checking account and to be located in the U.S.
Where Altbanq stands out
Large maximum funding amount
Altbanq offers term loans up to $10 million — making it a good option for entrepreneurs who need to make large investments in their businesses. Altbanq’s funding maximum is much higher than similar competitors. National Funding and iBusiness Funding, for example, each offer business term loans of up to $500,000. However, you’ll likely need strong credentials to qualify for larger loan amounts.
» MORE: Compare the best large business loans
Quick funding
You might consider Altbanq if you need a same-day business loan
The lender offers a simple, streamlined application process that took NerdWallet only minutes to complete. To apply, you’ll provide basic information about yourself and your business and then upload three months of business bank statements. You also have the option to connect to your bank via Plaid.
Altbanq uses artificial intelligence to help underwrite your application and can approve and fund loans as soon as the same day.
Startup-friendly
Altbanq only requires that your business has been operating for at least 12 months to qualify for funding, putting it on par with or lower than many competitors. Additionally, Altbanq’s term loan doesn’t require physical collateral, making it a good option for startups that don’t have substantial assets. (The lender does, however, file a UCC lien
Taking out a loan from Altbanq can also help your startup build business credit
Where Altbanq falls short
Not a good option for bad-credit borrowers
Altbanq requires a minimum personal credit score of 650 to qualify for financing. This threshold is higher than some online competitors, such as National Funding and Fora Financial. National Funding requires a minimum credit score of 600, while Fora Financial’s requirement is just 570. If your credit score is lower than 650, you’ll need to consider other lenders.
Short repayment terms
Altbanq’s repayment terms are capped at 24 months, while competitors like Fundation and iBusiness Funding offer terms up to 48 and 60 months, respectively.
With shorter repayment terms, your monthly payments will be higher than they would be with a longer loan term. For example, a $500,000 loan with a 10% interest rate repaid monthly over 24 months results in a sizable monthly payment of $23,072.46.
By contrast, repaying the same loan over 60 months would lower the monthly payment to $10,623.52. While a longer-term loan results in more interest paid over time, the lower monthly payments may be more manageable for some businesses.
» Want to estimate payment amounts and loan costs? Use our business loan calculator
Rates and fees information not available online
Altbanq does not provide any information about its interest rates or fees on its website. You’ll have to submit an application or reach out to a sales representative to find out more about loan costs. Providing these details up front can save borrowers time and make it easier for them to compare offers.
NerdWallet gathered interest rate and origination fee information directly from the lender.
Altbanq customer service
Altbanq offers customer support by phone and email.
Although its online presence is limited, the lender has overwhelmingly positive reviews on Trustpilot, as of this writing. Reviewers highlight the speed and ease of the process, as well as the professionalism of its representatives. Many borrowers even mention staff by name, noting that they are responsive and knowledgeable.
When NerdWallet called Altbanq’s customer service line, we were given two options: speak to an operator or access the company directory. We chose to speak to an operator, who answered within 30 seconds. The representative was polite and professional. When we asked about typical interest rates, we were told they are qualification-based and depend on each applicant’s financial situation.
Overall, the representative was responsive and likely would be helpful for borrowers applying for a loan. However, the menu options could be more useful, especially since Altbanq offers two different products.
Alternatives to Altbanq
SBA 7(a) loan
If you want lower interest rates and longer repayment terms than Altbanq offers, consider an SBA 7(a) loan
Like Altbanq, SBA 7(a) loans offer large loan amounts — up to $5 million — but you may need to meet stricter requirements to qualify. To get an SBA 7(a) loan, you’ll likely need good credit, strong revenue and at least two years in business. Plus, SBA 7(a) loans can be slow to fund, taking anywhere from 30 to 90 days.
Accion
Accion can provide longer repayment terms
Accion can also be a good option for borrowers with lower credit scores or businesses that are still building their revenue. The lender only requires a minimum credit score of 600 and $50000 in annual revenue, compared with Altbanq’s 650 and $100000 requirements.