Alterfina – Personal Loan
Alterfina offers installment loans up to $5,000 that help Canadians with poor credit build their credit history.
Installment loan capped at the 35% federal criminal interest rate.
Alterfina is a Canadian fintech lender offering installment loans from $300 to $5,000 with a focus on helping borrowers improve their credit. It uses alternative data alongside traditional credit information to approve applicants with fair or poor credit, and reports payments to the credit bureaus so on-time payments build credit history over time.
The application is online with fast decisions, typically within one to two business days, and funds are deposited directly to your bank account. Repayment is in fixed monthly installments over 6 to 36 months at rates within the federal 35% APR cap. Alterfina is a middle-ground option for borrowers who want a structured, credit-building loan rather than a one-time payday advance.
✓ Pros
- Helps build credit
- Accessible to poor credit
- Predictable installments
- Within the 35% APR cap
✗ Cons
- Higher APR than a bank
- Maximum $5,000
- Funding takes 1-2 days
- Income verification required
Loan Example
Borrow $2,000 over 24 months at ~29.9% APR ≈ $112/month, total ≈ $2,690.
Eligibility Requirements
- ✓ Canadian resident, age 18+
- ✓ Regular verifiable income
- ✓ Active bank account
- ✓ Minimum income threshold
Loan Features
- Credit-building installment loans
- Reports to credit bureaus
- Alternative-data approval
- Fixed monthly payments
Frequently Asked Questions
24-48 hours after submitting your application.
The minimum amount at Alterfina is $300 CAD.