About Alt Lending
What is Alt Lending?
Alt Lending lets you borrow cash against your cards rather than having to sell them. Using your cards as collateral gives us the ability to offer loans at much more competitive rates than you might find with traditional loan products.
Why would I want a loan against my cards?
If it isn’t the right time to sell your cards, you can allow them to appreciate while getting money to spend on other parts of your life. You can use the cash to fix up your house, pay for a wedding, baby proof your apartment, or simply buy more cards.
Alt Lending Qualification Process
How much can I expect?
Alt Lending may offer up to 40% of your portfolio value. The final amount offered will depend on the diversity of your card portfolio. For example, a portfolio with 100 cards will get a higher advance rate than a portfolio with one card.
What is the minimum and maximum loan size?
There is a minimum loan size of $10,000. For loans larger than $2 million, please reach out to your Account Manager or firstname.lastname@example.org for more information.
What if I disagree with the value of the cards?
All cards used as collateral for a loan are priced by our card experts, and larger value cards are priced by multiple experts. If you disagree with the value, you can have it removed from the cards being used as collateral.
Am I eligible where I'm based?
Please inquire to see if we are currently originating loans in your state. At this time, we do not originate loans outside of the United States.
What is needed in order to begin the loan process?
All customers must provide their US Social Security Number and home address.
What cards do you accept for loans?
We can only consider cards if they have the following features:
- Graded by PSA or BGS. We can also accept SGC graded cards if they are pre-1980 and valued over $10,000.
- Minimum of $500 based on ALT Value.
- Card cannot be damaged in anyway.
What happens to my cards if I use them for a loan?
All cards must be secured in the ALT Vault prior to finalizing a loan. You will not be allowed to transact on these cards until your loan is repaid.
Will I be allowed to choose which cards I want to include in my loan?
Yes, you will be allowed to select which cards you want to include in your loan prior to closing. You are not required to use all vaulted assets if you do not wish.
Will this impact my credit score?
ALT may perform a soft credit check prior to completing your loan. This will not impact your credit score.
How long does it take to complete the process and receive my money?
We can close in under a week if your cards are already in the ALT Vault. It may take several weeks should you need to ship your cards to the vault.
What are ALT’s financing options?
Alt Lending offers two rate options:
- Adjustable - an annual interest rate minimum of 9-10% plus an adjustable component that moves up and down with the one month Secured Overnight Financing Rate (SOFR)
- Fixed - an annual fixed interest rate. Please reach out to email@example.com for current fixed rates.
What is Secured Overnight Financing Rate (SOFR)
SOFR is a global benchmark interest rate that is used to determine the “cost of borrowing.”
Are there any other costs associated with my loan?
ALT charges a 1% origination fee based on the loan amount extended.
Are there any costs if I repay my loan early?
No fees are imposed if you partially or fully repay your loan early. We will adjust future interest payments to be in line with your current outstanding loan balance if you choose to partially repay early.
How does my repayment schedule work?
All loans will have a 12 month term from the date funded. Each month, you will make an interest only payment. Your final payment will be interest plus your full principal outstanding. You are welcome to repay principal early should you so choose.
How do I pay my interest and principal amount?
Each month, you will receive an email confirming your payment amount and due date. You will need to fund your Alt Wallet with this amount prior to the due date. ALT will debit your account on the due date to complete your payment.
What is the referral program?
Alt Lending offers a referral program for current borrowers. For each successful referral, both the referrer and the referee will receive a dollar decrease on their loans, equivalent to 1% of the lower loan amount between the two parties.
How will the discount be applied?
The discount will be evenly spread across the remaining payments of the referrer and the referee’s loans.
How can I get started?
Please reach out to firstname.lastname@example.org.
Bridge Loan Program
What is a bridge loan?
A bridge loan is a short term loan that can be used by customers until they are in a position to qualify for longer term financing.
How can I use an Alt bridge loan?
A bridge loan is a great option to provide liquidity to customers looking to secure the release of collateral with another lender and refinance with Alt.
How does the bridge loan program work?
Alt will extend a 30 day bridge loan that can be used to pay down your loan with another lender. The collateral will then be sent to Alt and a new 12 month loan will be underwritten. 12 month loans are eligible to receive proceeds up to 40% of the total value of the trading cards in the Alt Vault.
What do I need to get started?
If you would like to see if you qualify, please reach out to our team at email@example.com. Please be sure to have the following information available:
- Your current outstanding loan amount
- Your home address
- Trading cards pledged against your current loan
- Trading cards currently available to use for a potential bridge loan
What are the terms of the bridge loan?
You will be charged an interest rate in line with our current 12 month loan product as well as a 1% origination fee. If you qualify and accept additional funds once all your cards are sent to Alt, you will only be charged a 1% origination fee on any new money that is extended.
Alt bridge loans are 30 day secured loans. If additional cards are not provided within 30 days, your cards can be liquidated and you may be charged late fees.
What is the competitor matching program?
For any new loans you’re considering with another lender, Alt will match the annualized interest rate on the offer you’ve been given. The 1% origination fee will still apply.
What will Alt match?
- Alt will match the annualized interest rate on the competing offer
- Alt will match loans with shorter durations but match will be based on the annualized rate
- Alt will NOT match origination fee *structure* but will reduce interest rate to account for upfront origination fee
- Alt will NOT match Advance Rates
- Alt will NOT match loan offers with consignment clauses
Are there any specific requirements?
Your offer with another lender must have been received in the last 60 days, and we will need proof of the terms and costs you’ve been given.
My terms look great - now what?
Once you are ready and your cards have been vaulted, you will be emailed the loan agreement for you to review and e-sign.
How will I receive my funds?
Funds will be disbursed to your Alt Wallet within 24 business hours after your contract is signed. You can withdraw these funds to your bank account whenever you like.
What if I want my card back?
Alt will evaluate each loan at the time of the request. Customers may be able to pay down a portion of their loan amount or substitute card(s). Please reach out to us if you wish to start this process.
What happens if my card portfolio value drops significantly?
If your outstanding loan amount exceeds 60% of the value of cards, Alt is within its right to sell your cards to pay down the loan. Alt will provide notice should your loan begin to approach this threshold. You will be given the opportunity to pay down your loan or pledge additional cards to avoid any liquidation.
What happens if I can’t make my payment?
Should you have trouble making your next monthly payment, please reach out to us so we can determine the best path forward. In these instances, we may need to sell some of your cards to bring your loan current.
What happens if my cards are liquidated?
While we do not ever want to sell your cards, this may happen if you are unable to repay your loan. In these instances, we will work with you and our internal teams to determine the best avenue to sell your assets. Once the cards are sold, we will pay off the remaining liability on your loan and deposit all excess proceeds into your Alt Wallet. We will not keep any profit from the sale of your cards.
My loan is due next month. What are my options?
Alt will reach out to you within a month of your loan maturity to present your options. We will provide details surrounding your options which may include:
- Pay off the loan in full.
- Renew your loan. This will require us to re-evaluate your assets to determine the present-day max loan amount.
- Sell your vaulted assets on Alt to pay off the loan.
Learn more → Alt Lending
For any questions, please contact support through the messenger located in the corner of your browser or reach out to firstname.lastname@example.org.