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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1709683200		Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800		Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
18	1695254400		$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
7	1692748800		Up to $350	0%	Up to 65 days	Up to $350
100	1688083200		$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
22	1683676800		$15,000	6.7%	Up to 60	$15,000
2	1670889600		$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
8	1666051200		$250	0%	–	$250
100	1643932800		$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1623369600		Varies	0%	6 or 8 weeks	Varies
1	1620777600		Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400		Up to $15,000	–	–	Up to $15,000
100	1598832000		$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
19	1582243200		–	–	Up to 60	–
100	1580860800		$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400		$1,000 – $25,000	8.99% – 34.99%	36 or 60	$1,000 – $25,000
100	1579478400		$100 – $1,500	–	–	$100 – $1,500
14	1579478400		$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
100	1576713600		$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1562198400		$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
10	1552262400		$500 – $18,000	29.9% or 34.28%	6 – 60	$500 – $18,000
100	1551830400		$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1551398400		$100 – $1,500	$14 per $100 borrowed	14 – 31 days	$100 – $1,500
100	1551398400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1546128000		Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
23	1551139200		Up to $15,000	34.99%	Open-end	Up to $15,000
100	1550534400		$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
11	1569974400		Up to $1,500	$14 per $100 borrowed	Up to 62 days	Up to $1,500
100	1550534400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1550534400		$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400		$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1567555200		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400		$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000		$500 – $1,000,000	7.9%	12	$500 – $1,000,000
100	1548720000		Up to $5,000	–	12 - 60	Up to $5,000
100	1548720000		$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545264000		$500 – $10,000	Starting at 9.90%	12 – 36	$500 – $10,000
4	1543622400		Up to $60,000	19.99% – 34.99%	6 – 120 months	Up to $60,000
100	1545350400		$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
12	1545350400		Up to $7,000	35%	6 – 60	Up to $7,000
15	1545350400		$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400		$500 – $750	23%	3 – 4	$500 – $750
100	1545350400		$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400		$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000		$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
3	1545264000		Up to $5,000	34.37%	–	Up to $5,000
21	1545177600		Up to $35,000	Starting at 12.99%	Up to 60	Up to $35,000
13	1545177600		$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000
100	1569974400		$200 – $1,500	$14 per $100 borrowed	Next payday	$200 – $1,500

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600		Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
8	1714089600		$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600		$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	1669852800		$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000		$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600		–	–	12 – 60	–
100	1611878400		–	–	–	–
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400		–	–	–	–
100	1592438400		–	–	–	–
100	1585612800		–	–	6 – 60	–
100	1580947200		$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
100	1580256000		$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400		$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
100	1579478400		$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400		–	–	24 – 60	–
100	1579478400		–	–	–	–
100	1579478400		Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600		Up to $250,000	–	–	Up to $250,000
100	1575590400		–	–	–	–
100	1575590400		–	–	–	–
1	1545955200		$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
100	1552262400		$500,000 - $10,000,000	–	–	$500,000 - $10,000,000
100	1548720000		Up to $5,000	–	36 – 60	Up to $5,000
100	1552262400		Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400		Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400		$10,000+	–	Up to 15 years	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1551830400		Up to $500,000	–	Up to 15 years	Up to $500,000
100	1551830400		Starting at $5,000	–	Up to 84	Starting at $5,000
100	1551398400		$3,500+	–	–	$3,500+
100	1551398400		$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200		Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400		$500 – $50,000	2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400		$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400		Up to $5,000,000	–	24 – 72	Up to $5,000,000
100	1550534400		–	–	–	–
100	1550534400		$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200		$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000		Up to $100,000	–	–	Up to $100,000
100	1548720000		$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000		Up to $250,000	–	3 – 24	Up to $250,000
6	1545350400		$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600		$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600		$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1632960000		Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600		$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1582761600		–	–	36 – 96	–
6	1582761600		–	–	–	–
100	1581033600		–	–	–	–
100	1580688000		–	Starting at 12.9%	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1578873600		–	Starting at 10.99%	–	–
100	1578873600		–	–	–	–
100	1551830400		Starting at $5,000	–	–	Starting at $5,000
100	1552262400		Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400		–	–	6 – 96	–
100	1551830400		$10,000+	–	12 – 96	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		–	–	–	–
100	1575849600		$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600		–	–	–	–
100	1575590400		–	–	–	–
6	1569974400		–	Up to 29.99%	12 – 96	–
100	1561507200		–	–	–	–
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400		–	–	–	–
100	1548633600		–	Starting at 4.2%	–	–
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545177600		–	–	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600		Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000		Up to $50,000	–	–	Up to $50,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
3	1726531200		$5,000 +	6% – 16%	12 – 60	$5,000 +
7	1708473600		–	–	–	–
5	1700524800		–	-	-	–
100	1695945600		–	–	–	–
4	1690934400		–	–	–	–
2	1688601600		Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000		$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
100	1627344000		–	4.50% – 5.97%	12 – 60	–
100	1581033600		–	4.19% – 6.04%	12 – 120	–
100	1580860800		–	–	–	–
100	1580860800		–	2.99% – 5.49%	6 – 60	–
100	1580860800		$50,000+	–	12 – 120	$50,000+
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		–	–	6 – 60	–
100	1579478400		–	4.54% – 7.49%	6 – 120	–
100	1578873600		–	–	–	–
100	1577059200		–	Varies	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	4.49% – 6.63%	1 – 10 years	–
100	1574985600		$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200		–	–	12 – 60	–
100	1574899200		–	4.24% – 6.30%	–	–
100	1560124800		–	4.64% – 5.80%	1 – 10 years	–
100	1548806400		$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
100	1548720000		–	–	12 – 60	–
1	1517097600		$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		Provider	Services	Rating
0	0		Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1732233600		Credit Counselling, Orderly Payment of Debts (OPD) Program
100	1576540800		Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800		Credit Counselling, Debt Management Program
100	1576368000		Credit Counselling, Debt Management Program
100	1576454400		Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

The closer you get to the urban West Coast, the higher homebuying prices will get. Alberta is no exception. While it remains one of our country’s three prairie provinces, Alberta does have a few major cities, such as Edmonton and Calgary, where general living costs, let alone mortgages are certainly more pricey than other Canadian areas. If you’re planning to buy a home in Alberta, those high prices might make you nervous. Then again, one great element about any mortgage is that you’ll be building “home equity” with every dollar you pay toward the outstanding balance.

Click here if you’d like to learn more about loans in Alberta.

Using Your Home Equity in Alberta

Home equity refers to how much value your home collects over time as you continually pay down your mortgage. You may also build some extra equity if the area where your home is located ever increases in real estate value. Once you have enough equity built up, there are certain ways you can put it to good use, such as:

• Taking out a home equity loan
• Consolidating high-interest debt
• Making repairs to your home, vehicle, or other property
• Adding renovations to your home to boost its value
• Covering other kinds of expenses
• Refinancing your mortgage
• Applying for a home equity line of credit (HELOC)

Curious about accessing your home equity? Take a look at this.

Comparing Home Equity Loans and HELOC

Two of the most popular uses of home equity in Alberta include taking out a home equity loan and applying for a revolving home equity line of credit. Since both options are sometimes referred to as “second mortgages” and feature the word “equity”, it can be easy to confuse them. However, if you’ve ever learned about credit products, the explanation is much more simple. Here are some of the key differences between both products:

Home Equity Loans

Ever taken out an installment loan or a personal loan in Alberta? A home equity loan is similar because it comes in one lump sum of cash which is linked to how much equity you’ve built up by that point. Once approved, the funds will be deposited directly into your bank account. You’ll then be given a specific payment schedule and fixed interest rate (the rates don’t change over your payment term), during which you’ll pay back the loan in divided increments. From that point, until the end of your payment term, you’ll be able to use your equity loan money however you’d like.

For a better explanation of the difference between revolving credit and loans, read this.

Home Equity Lines of Credit

While you can also use a HELOC to cover many different expenses, it differs slightly from a home equity loan. Remember, HELOC is revolving credit, rather than a lump sum of loan money. Think of it as a credit card, instead of a handful of cash. And, just like a credit card (or regular line of credit), you would have a certain credit limit that you must stick to, again based on the amount of equity available. You use up that credit however you need, then repay it as you go, all while paying an adjustable interest rate (the rate fluctuates with the Bank of Canada’s prime rate). You’ll also be given a minimum monthly payment that you can make to avoid late penalties or if you can’t afford the full outstanding balance right away.

Important note: HELOCs are secured against your home itself, so you must be very prudent by making all your payments on time and in full. If you default on too many payments (ask your lender in Alberta), you will run the risk of foreclosure, which means your home will be taken away and sold at auction to compensate your lender for their loss. You do not truly own your Alberta home until you’ve paid the mortgage entirely!

Check out this infographic to learn how much it costs to buy a house in Canada.

The Meaning of a “Second Mortgage”

As we discussed above, a HELOC is often referred to as a second mortgage, which can also be a bit confusing when you’re already in the middle of paying for your original mortgage. However, in this case, taking out a second mortgage doesn’t literally mean what it sounds like. It simply means that your HELOC holds second claim position under your current mortgage, which fits into the first claim position on the property. You can actually hold your first mortgage with one lending institution, like your bank, while operating a HELOC through a second source, like a credit union.

What’s the difference between a bank and a credit union in Canada? Find out here.

If you are planning to have one mortgage active while borrowing your home equity through a secondary lender in Alberta, be aware that you may end up paying a slightly higher interest rate. This is because, since you’re likely already paying a lot for your first mortgage, the secondary lender in Alberta is taking a larger risk by allowing you to open a HELOC with them. That being said, it is possible to place a HELOC in the first position once you’ve paid off the full original mortgage balance.

Click here to learn more about the mortgage process in Alberta.

When HELOCs Are More Beneficial Than Home Equity Loans

Despite the obvious similarities between these two home equity credit products, there are a few scenarios where a HELOC will be more beneficial than a home equity loan in Alberta(and vice versa). Here are a few examples:

Your Home Equity Loan is a Better Option When:

• You would prefer to know ahead of time precisely how much your loan will cost you and the date you’ll have to pay it by.
• You’d rather not worry about your interest rate changing over the course of your payment term.
• An emergency situation (car accident, loss of job, etc.) occurs, which you might not have the money on-hand to deal with and would be more comfortable paying back through scheduled installments.
• You are trying to eliminate a bundle of different debts all at once so that you can avoid mounting interest and late penalties.

Your HELOC is a Better Option When:

• You have recurring expenses to cover, such as car costs, educational costs, lengthy renovations, or maintenance to your home/property, etc.
• You’d prefer not to have a specific payment deadline and would rather the option of making minimum payments if necessary.
• A variable interest rate, which could drop lower when the prime rate does, sounds more appealing than a fixed rate.
• You’re trying to improve your credit score by making timely bill payments over several months or years.

Looking for more ways to improve or fix your overall credit this year? Try reading this.

Frequently Asked Questions

Need an Alberta HELOC? You’ve Come to the Right Source!

Finding the right home equity line of credit in Alberta can be stressful. However, it looks like you’ve discovered Loans Canada! Apply today to be quickly connected with the best second mortgage products in Alberta.