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Lender
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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.

Iceberg Finance

Finanso.Multilogin™

About lender

Iceberg Finance is a Canadian FinTech company offering alternative financial solutions, such as:

  • Auto financing

  • Personal loans (IF Xpress program)

  • Insurance products and extended warranties financing

According to the company’s mission, they strive to provide financial solutions tailored to specific customer needs. Founded in 2012 in Québec, Iceberg finance has gained the reputation of a trusted provider within the specialty finance sector. The company claims to understand that life can surprise with emergency situations and promises to help you out despite your bad credit file.

Pros and cons

Let’s look through the pros of Iceberg Finance.

Pros

  • Programs tailored to specific needs — auto financing, personal loans, and insurance financing;

  • Wide range of eligible incomes — not only employment income but also governmental benefits qualify (child, maternity, and parental benefits, old age security income, etc.);

  • No down payment for a car financing — no need to invest massive amounts right away;

  • Relatively high maximum financial amount — up to $35,000 with auto financing and up to $7,500 with personal loans;

  • Loan accessibility — bad credit history and filing for bankruptcy or proposal aren’t the obstacles to getting the financing;

  • Rebuilding credit history — timely loan repayment reported to Equifax can improve your reputation;

  • Favorable early payoff conditions — make prepayments anytime at no extra cost;

  • The possibility of getting a vehicle with bankruptcy or proposal currently pending or in progress;

  • The Iceberg Finance Recognition Program — rewarding dealers and merchants with free payments given to future customers.

As for the cons, they may vary for different categories of borrowers. However, here are the specifics that some borrowers may consider as potential drawbacks.

Cons

  • Reporting payment habits — Iceberg Finance reports about auto and IF Xpress payments to Equifax every month;

  • Available not in all Canadian provinces — Iceberg Finance operates in Quebec, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador;

  • Specific requirements for self-employed — you must work for at least six months to qualify for a loan;

  • Specific requirements for seasonal workers — you must work for at least nine months per year.

Financial solutions tailored to specific customer needs, accessibility of loans, and high maximum financial amounts are advantages of Iceberg Finance. The disadvantages mainly include the requirements for certain categories of borrowers — self-employed and seasonal workers. In addition, Iceberg Finance loans are available not in all provinces.

Loan conditions

All the loans offered by Iceberg Finance are open loans. You can repay your loan at any time, without additional costs. As for the repayment schedule, you can make payments either on a monthly or bi-monthly basis. Loan payments are actually withdrawals from your bank account on the due dates. So, make sure you have sufficient funds by the payment dates there.

Iceberg Finance is available in New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Quebec. But, the company doesn’t limit its audience to Canadian clients only. For those who are not Canadian citizens or don’t have any credit history, it’s also possible to get a loan from Iceberg Finance.

Iceberg Finance reports all auto loan and personal loan payments to Equifax every month. So, successful repayment of your loan from this lender is a great chance to rebuild your credit history if needed.

Apart from these general requirements, there are specific loan conditions for each of the three programs that Iceberg Finance provides. Let’s look through them.

Automotive loans

With automotive financing, you can receive up to $35,000 taxes included. Depending on your credit risk rate, the interest rate will vary from‌ 12.99% to 29.99%. The financing terms range from 12 to 84 months. Iceberg Finance promises a quick and easy approval process (without mentioning the exact time frames). They also mention the competitive dealer reserves. Together with a car loan, you can apply for financing of insurance products or extended warranties from several providers.

Besides, there is no down payment with automotive financing to get a car fast without a substantial initial investment. A credit analyst may require a small amount of cash in the transaction based on your credit record.

Those who had a car repossession in the past can also be eligible for automotive financing.

Have you filed for bankruptcy or a proposal? Is your bankruptcy or proposal currently pending? You can still apply for car financing. In case of a pending bankruptcy or proposal, make sure your payments with the trustee are up-to-date. If a proposal is in progress, make sure the creditors have accepted it.

Personal loans (IF Xpress program)

With the IF Xpress program, you can apply for a loan ranging from $1,000 to $7,500. The lender will set up the interest rate based on your credit risk rate from 12.99% to 29.99%. The financing terms of personal loans range from 24 to 60 months.

According to Iceberg Finance, there is no responsibility for the dealer or merchant and no need to provide proof of purchase.

As all loans are open loans, you are free to repay your debt at any time, at no extra cost.

Insurance financing

With insurance products financing, you can finance:

  • A life insurance

  • Critical illness and disability insurance

  • Replacement insurance

  • Extended warranties on a separate loan

Iceberg Finance doesn’t specify the interest rates on insurance financing on their website. The financing terms are between 18 and 72 months. Like with other programs from this lender, early repayment is available at any time.

Methods of loan funding

There are no methods of loan funding specified on the website by Iceberg Finance. However, their FAQ states that you need a bank account to pay for your loan. Therefore, we can assume that borrowers of Iceberg Finance receive the requested funds into their bank accounts.

According to the website, Iceberg Finance will approve your application for a personal loan in just a few minutes. To make this happen, you must fill out the application form on the website first. Once you get approval and sign a financing contract, you will receive the requested amount within 24 hours.

As for other programs by Iceberg Finance, the lender doesn’t indicate the terms for approving the application and receiving money.

FAQ

What is Iceberg Finance?

Iceberg Finance is a specialty financing provider offering alternative financial solutions. Having operated in the financial market for ten years, the company has established partnerships with large car dealers and merchants.

Iceberg Finance offers solutions tailored to specific needs:

  • Car loans

  • Personal loans

  • Insurance products and extended warranties financing

You can apply for a personal loan online with the IF Xpress program. Once approved, you can receive an amount ranging from $1,000 to $7,500 within 24 hours.

Iceberg Finance is available in the following provinces of Canada:

  • New Brunswick

  • Newfoundland and Labrador

  • Nova Scotia

  • Ontario

  • Prince Edward Island

  • Quebec

Who owns Iceberg Finance?

The company’s legal name is Iceberg Finance Inc. Its headquarters address is 2470 avenue Dalton, Québec, Quebec G1P3X1. In April 2022, Iceberg Finance acquired iFinance Canada. This acquisition should allow the company to provide various financial solutions. As a result, Iceberg Finance is now among Canada's top specialty financing providers.

How do you qualify for Iceberg Finance?

To qualify for a loan from Iceberg Finance, you must meet specific criteria. In particular, you must:

  • Be at least 18 years old

  • Have a minimum income of $21,000

  • Receive any of these income forms — employment income, child benefits, maternity and parental benefits, self-employed income, old age security income, provincial or federal pension plan, or worker’s compensation

As for your employment background, you must:

  • Have been receiving an employment income for at least three months 

  • Have been working for at least six months as a self-employed 

  • Or work for at least nine months per year as a seasonal worker

How much can you borrow from Iceberg Finance?

Iceberg Finance offers relatively high amounts to borrow: 

  • With an automotive financing program, you can receive up to $35,000 tax included

  • When applying for a personal loan, you can get from $1,000 to $7,500

  • As for insurance products financing, the lender doesn’t specify the maximum amount to borrow

Is Iceberg Finance a legitimate company?

Founded in 2012, Iceberg Finance has been around for ten years already. Its business address is 2470 avenue Dalton, Québec, G1P3X1. It has been mentioned in the news and pages dedicated to it on various review sites.

Company documents

Flinks consent policy

Offer innovative and flexible financing solutions tailored to the changing and specific needs of our customers and business partners.

© Iceberg Finance

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What to pay attention to when applying for a loan from Iceberg Finance

  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 Iceberg Finance 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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