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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Alterfina's application

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How to apply

The procedure of applying for Alterfina loan in Canada is very easy and made 100% online. You should follow the simple steps:

  1. Choose the credit limit required.

  2. Click on the sum to agree that it will be deposited into the account in Canada.

  3. Create an account by filling in a simple form with your first and last name, email address, phone number and current address in Canada.

  4. Choose a password for the account - the password will be used every time you want to log in.

  5. After that, a fast and simple bank verification procedure will be implemented. The system will analyze the specified information.

  6. If your request is approved, you need to complete and send the application, check and accept the conditions of the agreement within a set period of time.

When all these steps are taken, the credit funds will be transferred to your bank account. After the transaction, you will have to follow the rules or there will be consequences.

Requirements

Before applying for a loan in Alterfina from Canada read those eligibility requirements:

  1. You must be at least 18 years or older;

  2. You need to live in Quebec, Canada;

  3. Have a stable job for at least 3 months;

  4. A paycheck deposit in a Canadian bank account is required.

  5. An application from the client with bankruptcy status will be rejected.

  6. The minimum income must be at least $1,200 per month.

The income types can be different: salaried, self-employed, employment insurance, RQAP, SAAQ, CNESST, Specific solidarity allocation (ASS) Salary, Specific solidarity allocation (ASS) invalidity, various annuities. The requirements are the same for all customers, there will be no exclusions or disputes. Some clients will have to prove that they have an official income in Canada.

FAQ

How long are applications considered?

In most cases, the funds will be sent before midnight if the application form has been filled in according to the rules. Also, the contract must be returned signed before 2:30 pm (Monday-Friday). If you were not able to do that before that time, then you will have to wait for 24 business hours for the transfer. Exceptions are impplied for the applications that have been sent outside of regular business hours. In this case, the money will still be sent in 24 business hours (no transactions during weekends).

In short, it is better to send the application form in the morning if you want to get the credit as fast as it is possible. All you need is to accept the conditions and send the request.

If you have any special needs you can contact the Alterfina customer support service in Canada by phone 1-888-350-7738.

How quickly can funds be received?

The agreed credit amount will be sent the same day (date) in Canada if the application is approved and the contract is signed and sent before 2:30 pm (Mon-Fri).

Once the verification procedure is over you will receive funds almost instantly via a direct deposit. The conditions are unchangeable until other conditions will be implied.

Reasons for rejection

The main reason for rejection is the fact that the client in Canada cannot meet the eligibility requirements like being 18 years or older. You have to be a Canadian resident and have and status of an official employee with a $1,200 minimum salary in Canada.

Before filling an application you should read and check the full requirements list. If you cannot meet all conditions the application for a loan will surely be rejected.

Calculate loan payments in Alterfina

Alterfina calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
500 $
2500 $
Loan term
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Specify the loan term for the calculation

days
months
100
210

What to pay attention to when applying for a loan from Alterfina

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Alterfina from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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