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Find A LenderAlterfina: Overview
If you’ve got bad credit, you won’t have to worry about having your credit report pulled with Alterfina. Alterfina provides loans without the need for a credit check.
Here’s why Alterfina could be a great alternative to traditional credit products and payday loans, especially if your credit score isn’t the strongest.
Alterfina: When You Have Bad Credit But Need Money Now
Alterfina is an online lending platform founded in 2013 to help borrowers get their hands on fast cash without a credit check. The company’s mission is to make loan products as accessible as possible, particularly for those who can’t meet the stringent credit score criteria that conventional lenders demand.
Normally, traditional lenders conduct a hard credit check to review your credit report and assess your creditworthiness. And if you’re like one of the countless Canadian borrowers with low credit, a credit check will often be the nail in the coffin of your loan application. Thanks to Alterfina’s streamlined loan process, there’s no need to worry about bad credit standing in the way of accessing funds.
Alterfina strives to be the top alternative personal financing lender in Canada by providing the tools needed for consumers to develop good financial habits.
What Kind Of Loan Can I Get From Alterfina?
Alterfina offers short-term cash advances to help cover any pressing expense you have that your bank account isn’t adequate enough to handle.
- Loan amounts: You can get an open credit between $500 – $2,500
- Annual interest rate (APR): 18.99%
- Loan Repayment: Repayments at Alterfina are based on your financial capacity. Alterfina will determine your minimum payment based on your finances and the period you want to pay back the loan. However, do note, the minimum repayment cannot be less than 5% of the initial loan amount.
Most borrowers generally pay off their balances within 3 to 6 months. It’s important to note that you can choose to make partial payments or pay off the loan at any time.
How Fast Can I Get Money From Alterfina?
You can get approved for a cash advance from Alterfina the same day you apply, and your funds can be deposited into your account by midnight if you complete your loan application before 2:30 p.m. on weekdays. Otherwise, you can expect a deposit of funds the next business day.
So if you apply on a weekday morning, you’ll be able to get access to your cash advance that same day. This is a huge plus, especially with such minimal criteria to meet!
Am I Eligible For An Advance With Alterfina?
Alterfina has minimal requirements for obtaining a cash advance.
- At least 18 years old
- Live in Quebec
- Have worked at your current job for at least three months
- Have an active bank account in Canada
- Not in bankruptcy
- Earn at least $1,500 per month
How Do You Apply For A Cash Advance With Alterfina?
You can easily apply for a cash advance from Alterfina in just a few minutes. Just follow these steps:
Step 1: Meet Qualifications
Before proceeding with your online loan application, you must check off all eligibility criteria. By checking the boxes, you agree that all information you provide is accurate.
Step 2: Choose Your Funding Needs
Choose your credit limit and how much you’d like deposited into your bank account. You can choose a credit limit between $500 and $2,500. The amount you have deposited into your account doesn’t have to be the same as your credit limit, you can opt to have a lower amount deposited, but not higher than the credit limit.
Step 3: Create An Account
Enter your full name, address, phone number, and e-mail address, then choose a password to create your account.
Step 4: Have Your Bank Account Verified
The next step involves verifying your income and identity through instant bank verification (IBV). Alterfina uses Flinks; a well-known and reputable IBV service that’s used by many other companies such as Wealthsimple and Paybright.
You’ll need to enter your banking credentials, but don’t worry, Alterfina will not be able to see your information or password. They will simply get a read-only bank statement which they will use to verify your income, identity and whether your bank account is active and capable of deposits and withdrawals.
Step 5: Get Funded
Once you fill out the application and complete the instant bank verification process, an Alterfina agent will go over your application. They will determine the amount of open credit you qualify for.
When your application is approved, you’ll get a response and money will be deposited into your bank account.
Do I Need Good Credit To Get An Advance With Alterfina?
The beauty of Alterfina is that they won’t pull your credit report. If your score is on the lower end, you won’t have to worry about being turned down for a cash advance, as long as you meet the eligibility requirements mentioned above.
Good credit is not a necessity for an Alterfina cash advance. Bad credit is accepted!
How Much Will It Cost Me To Borrow Money From Alterfina?
There are two main costs associated with an Alterfina cash advance:
- APR: 18.99%
- Membership fees: $23.50 per week if there is an outstanding balance
Is Alterfina A Good Option For Bad Credit Borrowers?
If you’ve got bad credit, you’ll likely be met with roadblocks if you apply with a traditional lender. Instead, make things easier for yourself and consider a cash advance with Alterfina. There’s no need to try and hide your bad credit score from your lender since Alterfina won’t conduct a credit check.
Here are some of the perks to applying for an Alterfina cash advance for bad credit borrowers:
- No credit checks. One of the biggest benefits of Alterfina is that no credit check is required. Alterfina will use other information to help determine their lending decision.
- Fast funding. You can get your money the same day as long as you apply and are approved before 2:30 p.m. Monday to Friday.
- Paperless application. Everything is done online thanks to Alterfina’s innovative digital technology and instant bank verification process.
- High credit limit. Borrow as much as $2,500 without having to wait days to get your hands on that much-needed money.
Final Thoughts
Overall, I found the Alterfina cash advance application, approval, and funding process to be super simple and fast. Everything is done online, and the funds are available within a few hours of approval. Plus, there’s no need to worry about the lender seeing your credit score, since no credit check is done: good and bad credit is accepted.
