Minimum and maximum factoring amounts may apply. The application process, however, is fast and does not require an application fee. It may take a couple of days to get your money, however, your experience may be more or less.
The main drawback altLINE has compared to its competitors is the possibly slower funding timeline. After completing the request, an altLINE specialist will work with you to determine if factoring is the right service. You can request a quote on altLINE’s website. To work with altLINE, you may need to meet certain requirements around the amount of annual sales you have and the number of invoices you need to factor. However, the specific rate will be determined partly by the customer’s credit and capacity to pay their invoices. The company does not use credit score as a primary consideration. Other fees that may apply are for origination, wire transfers, and to speed up funding. Its factoring rate can be as low as 0.50%. While its upper limit on invoice value may be a bit lower than a few of its competitors, we still selected it as best for large invoices because it keeps its fees transparent and charges fewer of them, which lowers the cost for the business customer with a large invoice. As a direct lending company, altLINE doesn’t carry additional borrowing costs that can become expensive on large invoices. Unlike most factoring companies, it is backed by an established, reputable bank, making it our preferred choice for large invoice factoring because. Backed by The Southern Bank Company, altLINE has provided more than $1 billion in funded invoices since 1936.
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