About lender
Alterfina, founded in 2013, is an innovative online lending platform based in Canada. Its primary focus is to provide accessible financial services to borrowers who may not meet the requirements of traditional credit bureaus. The company's mission revolves around offering fast credit without the necessity of a credit check, ensuring that individuals with varying credit backgrounds can still access the financial assistance they need. Upon accessing the platform, users are required to create an account, providing basic information and agreeing to the terms of service. Once the account is set up, borrowers can initiate the application process by filling out the necessary forms and submitting the required documentation. Alterfina's streamlined application process ensures that borrowers can quickly receive the funds they need, often within a short period, to address their financial needs.
Features
- Open Credit. Borrowers can access credit ranging from $500 to $2,500, providing flexibility to meet various financial needs.
- Same Day Funding. Upon approval, users can expect to receive funds on the same day, enabling them to address urgent expenses promptly.
- Exclusive to Quebec Residents. The platform caters specifically to residents of Quebec, ensuring targeted service delivery to this demographic.
- No Credit Checks. Alterfina does not require traditional credit checks, making it accessible to individuals with varying credit backgrounds or those who may face challenges with conventional lenders.
Pros and cons
Pros
Cons
Reliability
Alterfina appears to be a reliable lending platform. Established in Quebec in 2013, the company is listed in the Quebec Enterprise Register and holds membership in the Canadian Lenders Association, indicating its commitment to regulatory compliance and industry standards. The presence of a physical office address, contact information, and comprehensive legal documents, such as a privacy policy, further instills confidence in its reliability and transparency. Additionally, the substantial number of customer reviews on Google suggests a sizable user base and potentially positive experiences with the platform, contributing to its reputation for reliability.
How to apply for an Alterfina loan
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Access the Alterfina Website. Open your web browser and navigate to the official Alterfina website.
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Click on the "Apply Now" Link. Once on the homepage, locate and click on the prominent "Apply Now" link or button. This will direct you to the loan application page.
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Agree to Terms. On the application page, carefully review and tick the boxes to indicate that you are at least 18 years old and have a minimum monthly income of $1,500. Agreeing to these terms is necessary to proceed with the application.
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Specify Credit Limit and Deposit Amount. Next, specify the desired credit limit you wish to apply for. Then, indicate how much of that limit you want to have deposited directly into your bank account. This step allows you to customize the loan according to your financial needs.
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Provide Personal Information. Enter your personal details, including your full name, residential address, and contact information such as phone number and email address. Ensure that the information provided is accurate and up to date.
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Create a Password. Choose a secure password to create your Alterfina account. Your password should be unique and not easily guessable to protect the security of your account and personal information.
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Complete Instant Bank Verification. Follow the prompts to complete the Instant Bank Verification process. This typically involves connecting your bank account securely to the Alterfina platform, allowing the system to verify your banking information quickly and accurately.
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Review and Submit Application. Before submitting your application, take a moment to review all the information you have provided, ensuring accuracy and completeness. Once you are satisfied with the details, click on the "Submit" or "Apply" button to send your application for review.
Conditions
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APR. The Annual Percentage Rate (APR) for loans through Alterfina is 18.99%. This rate represents the annualized cost of borrowing, including both interest and any applicable fees.
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Membership Fees. Borrowers may be subject to a membership fee of $24.20 per week if there is an active balance on their account. This fee is charged periodically and contributes to the overall cost of borrowing.
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Loan Amounts. Alterfina offers open credit between $500 and $2,500. Borrowers have the flexibility to choose the amount of credit they require within this range based on their financial needs.
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Loan Repayment. Repayments at Alterfina are tailored to individual financial capacities. The platform determines the minimum payment based on the borrower's financial situation and the chosen repayment period. However, it's important to note that the minimum repayment cannot be less than 5% of the initial loan amount. This ensures that borrowers make progress in paying off their loan balance over time while maintaining affordability.
Requirements
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At Least 18 Years Old. Applicants must be at least 18 years of age to be eligible for a loan.
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Residency in Quebec. Applicants must be residents of Quebec, Canada, to qualify for a loan through Alterfina.
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Minimum Employment Duration. Applicants must have been employed at their current job for at least three months.
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Active Bank Account. Applicants must possess an active bank account in Canada. This account will be used for depositing approved loan funds and managing repayments.
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Not in Bankruptcy. Applicants should not be currently undergoing bankruptcy proceedings to be eligible for a loan.
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Minimum Monthly Income. Applicants must have a minimum monthly income of at least $1,500 to demonstrate their ability to repay the loan.
Ways to receive the money
You will receive the borrowed amount from Alterfina via direct deposit into your bank account. Typically, the funds will be deposited before midnight on the same day your loan is approved. However, in certain situations, such as bank processing delays, it may take between 24 and 48 working hours for the deposit to appear in your bank account. This timeframe accounts for the processing time required by your bank to complete the transaction. Rest assured, Alterfina strives to expedite the funding process to ensure you receive the funds as quickly as possible to address your financial needs.
Products
Alterfina offers cash advances of up to $2,500 as one of its primary products. These cash advances provide borrowers with quick access to funds to address their immediate financial needs.
Reasons you may be denied an Alterfina loan
- Insufficient Income. If your monthly income does not meet the minimum requirement set by Alterfina, your loan application may be denied.
- Credit History. While Alterfina does not perform traditional credit checks, they may still consider factors related to your credit history or financial background when assessing your application.
- Employment History. If you have not been employed at your current job for the minimum required duration, your application may be denied.
- Bankruptcy. If you are currently undergoing bankruptcy proceedings, you may not be eligible for a loan with Alterfina.
- Residency. Since Alterfina is available exclusively to residents of Quebec, individuals residing outside of this province may be denied a loan.
How to repay an Alterfina loan
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Connect to Your Account. Log in to your Alterfina account using your username and passwords.
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Access Loan Details. Navigate to the loan section to view your outstanding balance, payment due date, and repayment options.
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Determine Repayment Amount. Analyze your financial situation to determine the amount you can pay towards your loan, ensuring it meets or exceeds the minimum payment required.
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Choose Payment Method. Decide on the payment method you prefer, whether it's through automatic payments, online transfer, or other accepted methods.
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Make Payment. Pay the agreed-upon amount by clicking on the relevant option and following the prompts to complete the transaction. Ensure timely payments to avoid penalties and maintain your borrowing rights.
Editorial opinion
Important
How to Choose a Lender
- Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
- Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
- Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
- Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).
Methodology
At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
- Alterfina Online Banking
- How to Apply for Alterfina Loan
- How to PayOff Alterfina Debt
- Alterfina Personal Loans for January 2025
- Alterfina Customer Reviews
