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Alterfina Review

If you are ever in a financial situation where you need money immediately, you should try to get a cash advance loan. These loans are very popular because of their ease of application and fast approval.

Alterfina aims to be the leading provider of cash advance loans in Quebec by offering borrowers a unique way to obtain loans. Instead of offering a one-time solution, Alterfina offers open credit, which allows borrowers to get as many loans as they want for as long as they are within their credit limit.

In this article, we will take a closer look at Alterfina and review all of its features, as well as its pros and cons. We’ll also give you some advice on whether or not you should apply for a cash advance loan from this company.

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Written by: Aunt Piggyy

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      Company Information

       

      Main Office: 7750 Boul. Cousineau, Suite 302, Saint-Hubert, QC J3Z 0C8

       

      Business Hours: 

      Client Care

      Monday to Thursday: 8AM to 5PM

      Friday: 8AM to 4PM

      Saturday: 9AM to 5PM

      Sunday: Closed

       

      Payment Services

      Monday to Thursday: 8AM to 5PM

      Friday: 8AM to 4PM

      Saturday: Closed

      Sunday: Closed

       

      Perception Services

      Monday to Thursday: 8AM to 6PM

      Friday: 8AM to 4PM

      Saturday: Closed

      Sunday: Closed

       

      Email: [email protected] / [email protected]

      Phone: 1-514-313-0106 / 1-888-350-7738

       

      Alterfina aims to fill in the gap between payday lenders and regular banks and other traditional lenders. By offering cash advance loans that work similarly to installment loans but with open credit features, Alterfina provides a unique product that enables borrowers to borrow as much as they need for as long as they are within their credit limit. 

       

      And, because Alterfina uses Instant Bank Verification (IBV) technology, they can offer some of the fastest loan approval times in the market. In fact, most loan applications get approved and funded within the same day you apply. Some of the other notable features that Alterfina offers include fast credit online, microcredit solutions, paperless credit, and bad credit financing. 

       

      These, together with Alterfina’s commitment to providing exceptional customer service and a positive user experience, have made Alterfina one of the leading online lenders in the industry. Since 2013, Alterfina has been providing Quebec residents with affordable financing options to help them tide over financial emergencies. 

       

      Types of Loans

       

      Instead of bombarding consumers with a lot of loan products and services, Alterfina has decided to solely specialize in open credit cash advance loans that give consumers the flexibility they need to meet their short-term financial needs. Below is a quick overview of Alterfina’s cash advance loans.

       

      Open Credit Cash Advance Loans

      An open credit is very similar to a revolving line of credit. It is a short-term loan where the amount that the consumer can borrow is determined by the value of the available line of credit. In the case of Alterfina, you can borrow up to $2,500, which means that you can take out a loan as many times as you want, but the maximum amount you can borrow is only up until your approved credit limit or $2,500 (max).

       

      Here’s what you need to know about Alterfina’s open credit cash advance loans.

      Loan Amount: $500 to $2,500

      Interest Rate: 18.99% APR plus a weekly membership fee of $22.75 if there is an active balance in your Alterfina account.

      Repayment Period: 3 to 6 months

      Repayment Schedule: Weekly, Every 2 Weeks, Monthly

      Credit Check: Not required

      Credit Score: No credit requirement

      Funds Availability: Same day fund transfer (if your application is reviewed and approved before 2:30PM)

       

      To qualify for an Alterfina cash advance loan, you need to meet the following eligibility requirements.

      • You must live in Quebec
      • You must be 18 years old and above
      • You must have a stable job over the last 3 months
      • You must have an active bank account
      • You must not be bankrupt
      • You must have an income of at least $1,200

       

      If you don’t have a job but you receive a steady source of income whether from government assistance or your own business, you can still qualify and get approved for an Alterfina loan. Here are Alterfina’s admissible income types:

      • Self-employed
      • Annuities
      • Specific Solidarity Allocation (ASS) Invalidity
      • Specific Solidarity Allocation (ASS) Salary
      • Quebec’s Parental Insurance Plan (RQAP)
      • Société Assurance Automobile du Québec (SAAQ)
      • Commission de la Santé et de Sécurité au Travail (CNESST)

       

      Why Choose This Provider

       

      In addition to Alterfina’s commitment to providing Canadians with a convenient and easy way to borrow money, here are the top reasons why you should choose Alterfina for your emergency financing needs:

       

      Direct Lender

      Alterfina is a direct lender, which means that there are no other third parties involved. This significantly cuts down your cost of borrowing because you no longer have to pay for commissions and loan brokerage fees. Alterfina will directly fund your account upon approval.

       

      Low APR

      Unlike other alternative financial institutions that charge exorbitant interest rates and Annual Percentage Rates (APRs) on their financial product and services, Alterfina only charges an APR of 18.99%, making it one of the most competitive APRs in the industry.

       

      Flexible Repayment Period

      With Alterfina, you can repay your open credit cash advance loan between 3 months and 6 months, which is significantly more flexible than traditional payday loans. You also have the option to pay back your loan via weekly, bi-weekly, or monthly installments. 

       

      Paperless Financing

      Alterfina offers a 100% paperless financing. All you have to do is visit their website and fill out a short online form to create an account, and you are good to go. Alterfina’s website is accessible on all types of devices including desktop PCs, laptops, tablets, and mobile phones.

       

      No Credit Check

      Alterfina offers no credit check cash advance loans, which means that you can get approved for financing even if you have a less than stellar credit score. Alterfina looks at your capacity to repay back your loan instead of digging on your credit report. For as long as you have a steady source of monthly income, you will most likely get approved for an Alterfina loan. 

       

      No Collateral Needed

      Unsecured loans are the best type of loan because you don’t have to put up any security to take out a loan. At Alterfina, you can get a loan without providing any security or personal guarantees. This means that you won’t have to worry about losing your home or car in the unfortunate event that you fail to repay the loan. 

       

      Secure System

      Alterfina takes pride in using an industry-leading security system to protect your personal information. Their secure network prevents unauthorized access to your account, so your sensitive information is safe and secure. They also make a promise not to share your information to any third party, unless you give them an explicit instruction to do so. 

       

      Socially Responsible

      A proud member of the Canadian Lenders Association (CLA), Alterfina believes that no one should be denied their right to a dignified life because of their financial circumstances. That’s why they treat their customers with the utmost care, compassion, and respect.

       

      Exceptional Customer Service

      Alterfina’s commitment to providing exceptional service is second to none. They are dedicated to ensuring you receive the best experience possible when applying for a cash advance loan. From answering your questions and concerns to ensuring a simple and straightforward application, Alterfina does everything they can to ensure you’re satisfied with your experience. 

       

      How to Avail Alterfina’s Services?

       

      Are you looking for a safe and secure way to get a loan? If so, you should apply for one at Alterfina. Here’s a step-by-step guide on how to avail its services. 

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      Visit Alterfina’s website. On the upper right hand of the screen, click the “Apply Now” button.

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      In the next window, you need to confirm that you are at least 18 years old and you have a monthly income of at least $1,200 by ticking the boxes and clicking the “I Agree” button.

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      The next window will ask you to provide how much credit limit you want.

       

      You can choose from $500 to $2,500 (in $500 increment).

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      The next window will ask you how much cash advance you want to avail.

       

      You can also choose from $500 to $2,500 (in $500 increment).

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      Once you have completed the first two steps, you’ll be required to create an account with Alterfina. You need to provide your name, email address, phone number, and home address. Then, click the “Next” button.

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      Create a password for your account. Click “Next.”

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      Congratulations on creating your account. The next step is to complete the IBV process and then, you are good to go. An IBV or Internet Banking Verification is a real-time verification of your main bank account where Alterfina will deposit the fund. They support major Canadian banks including TD Bank, RBC, BMO, Scotiabank, Desjardins, National Bank, and CIBC. 

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      Follow the prompts as shown on the image.

      Apply now

      Frequently asked questions

      What are the steps to apply for a cash advance from Alterfina?

      To avail of Alterfina’s cash advance loan, you simply need to complete a 4-step process as follows:

      1. Fill out the online application form.
      2. Complete the Internet Banking Verification (IBV).
      3. Once approved, complete the rest of the application.
      4. Get the money in your bank account in as fast as 24 hours.
      Do you need to confirm my employment?

      Only if we have to, you have completed all the fields in the application form, we seldom do employment checks. But, in the event that we do, you can rest assured that your employer will not be aware that we are doing a background check for the purpose of loan application.

      Does Alterfina charge any other fees aside from the APR?

      Alterfina charges a weekly membership fee of $22.75 if there is an active balance in your account.

      How much money can I borrow with Alterfina?

      Alterfina offers cash advance loans ranging from $500 to $2,500 (in $500 increment). Alterfina offers open credit, so you can apply for multiple loans for as long as you are not yet hitting your credit limit.

      Is the IBV process secure?

      Absolutely. The IBV process only captures a read-only version of your bank statement, which means that we cannot and will never touch anything in your bank account.

      Conclusion

       

      The most important thing to remember is that you should always choose a lending company that treats its customers fairly. With a reputation for exceptional customer service, Alterfina aims to become the leading alternative lending company in the greater Quebec area. If you find yourself in a financial bind and you need access to cash quickly, you can rest easy knowing that Alterfina has got your back.

      Aunt Piggyy

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