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Iceberg Finance's application


How to apply


What do you need to apply for a loan from Iceberg Finance? Unfortunately, this lender’s website doesn’t provide detailed information on the required documents for obtaining a loan under existing programs. What is known for sure is that you should be at least 18 years old.

By going to the application form under the IF Xpress program, you can get an idea of what you need to apply for a loan. When applying for a personal loan online, you will need to specify your source of income and the amount earned. To verify your income, Iceberg Finance representatives will ask you to provide a bank statement most likely. Also, be ready to confirm the duration of your employment or self-employment.

Application details

Iceberg Finance claims that you can get approval on your personal loan in just a few minutes with the IF Xpress program. Upon application submission, a lender’s representative will contact you to complete it. Then, after you electronically sign a financing contract, you can receive your funds in 24 hours.

As for the other financing solutions, Iceberg Finance doesn’t provide any details about the timeframes for processing loan applications.

Based on the loan conditions we’ve identified earlier, we can outline the possible reasons for refusing a loan:

  • Failure to confirm a minimum income of $21,000 required for a personal loan

  • Failure to confirm the duration of your employment or self-employment

  • Receiving income that is not eligible for getting loans with Iceberg Finance

You can apply for a personal loan online with the IF Xpress program. However, for automotive financing and insurance products financing, requesting a loan online through the website is not available at this time.

To apply for a personal loan from Iceberg Finance online, click the “Apply for a loan” button under the IF Xpress program section on the home page. You will see the page with a brief description of how the program works, loan conditions outlined, and a loan calculator.

Click the “Apply for a loan” button once again to proceed with requesting a loan. You will see a disclaimer saying that you are about to apply for a personal loan. There will also be a brief outline of loan conditions on this page. You will need to enter your email into the form to get started.

Next, you will need to specify if any of the following applies to you:

  • Your gross annual income is less than $ 21,000 per year (including employment income, workers' compensation, maternity and parental benefits, self-employment, family allowances, old age security income, and provincial or federal pension plan)

  • You have two or more insolvencies with a bankruptcy trustee

  • You have over $ 1,500 in judgments and/or lawsuits and/or collections on your credit bureau

  • You have two or more accounts written off on your credit bureau

  • You have a temporary social insurance number (starting with 9)

If any of these characteristics apply to you, then, unfortunately, you won’t qualify for a personal loan.

After that, you should fill in your personal information:

  • Gender

  • Name

  • Date of birth

  • Phone number

  • Address

Then, specify your sources of income. First, fill in your annual salary, your employer name, and phone number. Next, specify other sources of income by selecting the appropriate one from the dropdown menu. Then, put in the amount earned as well. Finally, the system will ask you to specify your SIN.

Finally, you will see the overview of the information you’ve provided so that you can check everything once again. Then, click the box to confirm the provided information and agree to validate your credit history and verification of your data.


How long does it take to get approved by Iceberg Finance?

When you start requesting a loan under the IF Xpress program online, the website states that you can get approval in just a few minutes. Once you finish filling out the form, a representative of Iceberg finance will reach out to you shortly to complete the application.

There is no information regarding the application approval timeframes under the other programs.

How trustworthy is Iceberg Finance?

Iceberg Finance has been providing financial solutions for ten years already. The company has an established network of partners, particularly car dealers and merchants. 

The recent acquisition of iFinance Canada by Iceberg Finance will most likely expand the range of services provided soon.

Does Iceberg Finance verify income?

Iceberg Finance doesn’t provide detailed information on the documents required to verify your income. Given that their representative gets in touch with borrowers upon application submission, be ready to provide the necessary documents. Most likely, you will need to provide a bank statement.

Does Iceberg Finance hurt your credit score?

Iceberg Finance will report your payments to Equifax every month. Failure to make payments on time will certainly hurt your credit score. But, on the contrary, timely repayment of the loan makes it possible to rebuild your credit history.

Calculate loan payments in Iceberg Finance

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

Loan amount

Enter the desired loan amount

1000 $
35000 $
Loan term

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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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