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Alpha Loans review

Read this review before applying to Alpha Loans.

This review is on and not other companies sharing the same name. Alpha Loans claims to offer “mini loans” between up to $1,250 to Canadian borrowers. It says it does not conduct credit checks during its approval process, and you can get your funds on the same day.

1.2 ★★★★★ (13 reviews) Write a review


Max. Loan Amount

Is Alpha Loans legitimate?

We can’t sign off on this website’s legitimacy because we didn’t find the following key information at the time of writing:

  • Office address or phone number. We always advise consumers to check that their potential lender has an office address and phone number. Alpha only lists an email address on its website, with office hours of 8am to 5pm.
  • An active name registration in Quebec’s business database. The business that owns Alpha Loans is registered in Quebec’s business database, but the “Alpha Loans” name is inactive as of April 28, 2021.
  • A thorough privacy policy. Typically, a lender has a legal statement that discloses some or all of the ways it gathers, uses, discloses and manages customers’ data. Alpha doesn’t on its website. It does, however, include a few sentences about its confidentiality policy that says “only the personnel involved in the process of your file are authorized to consult the data provided.”
  • Terms of use on the website. Typically, lenders outline their terms of service as a provider prominently. In Alpha’s case, it asks borrowers to agree to the terms of use on a separate website with a different brand name during the application process.
  • Reviews. Alpha has been on Facebook since November 2020 and has only 9 reviews, garnering 1.9 stars out 5. Reviews Alpha Loans customers left on our site have only gotten as high as 1.2 stars out of 5 based on 13 reviews (as of the time of writing).

Features of Alpha Loans

If you’re thinking about signing up for a loan with Alpha Loans, here are the key features it promotes on its website:

  • Micro loans. Apply for up to $1,250 in funding.
  • Apply completely online via instant bank verification. There’s no need to upload documents because Alpha relies on instant bank verification (IBV) instead. With IBV, you’ll simply log onto your online banking so Alpha can receive a read-only copy of your bank statement to confirm your information. Bear in mind that it will also accept the traditional method of document verification via a recent bank statement, pay stub, proof of identity and address.
  • No credit checks. Alpha says it does not pull your credit during the application process, so borrowers with bad credit or no credit are eligible.
  • Flat interest rate of 23.99%. All borrowers receive an interest rate of 23.99%.
  • Quick processing of funds. Upon approval, Alpha says it will issue funding on the same day via direct deposit to your bank account.

What to watch out for

Before signing up, make sure you’re aware of these red flags:

  • May not be legit. Without a listed office address, phone number, active status on social media and website requirements like a privacy policy or terms of use, we can’t sign off on Alpha’s legitimacy. As always, you should vet potential lenders carefully before handing over your personal information and signing up for a loan.
  • Weekly fee. You could be charged a weekly membership fee of $20 as long as there is a balance owing on your account. That could mean an extra $80 every month!
  • Fixed interest rate. Even if you have perfect credit, you’ll receive the same interest rate as a borrower with bad credit or no credit at all. With excellent credit in tow, you’ll be able to qualify for better interest rates with other lenders.
  • Caps on loan amounts. You can only borrow up to $1,250, which may not be enough for some borrowers.
  • Potential for more fees. If you’re late or miss a payment because of non-sufficient funds, you’ll pay a penalty of $60. Alpha Loans also notes that you may incur administration fees, deferral fees, reborrowing fees, maintenance fees and potentially even “membership” fees, which will drive up the true cost of your loan. Make sure you’re aware of the charges you may face and how much they are before signing off on your loan.
  • No reference to the option to repay your loan early. While some lenders allow borrowers to pay off some or all of their loan early, and without penalty, Alpha doesn’t suggest this is an option on its website.

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Read our guide to personal loans and compare lenders

How much will it cost me to borrow with Alpha Loans?

That depends on how much you’re borrowing and how long it’ll take for you to repay the loan.

To start, Alpha says its flat interest rate is 23.99%. It also refers to a weekly membership fee of $20. After that, you may face additional charges, such as administrative fees, deferral fees, reborrowing fees, maintenance fees and prepayment penalties.

Alpha provides a few examples on its website, including the following:

  • $750 loan. With a $750 loan, a borrower may make fortnightly payments of $120 over the course of 140 days, or roughly 4.5 months. All in, the total amount you’d pay is $1,080.
  • $1,250 loan. With a $1,250 loan, a borrower may make monthly payments of $304 over the course of 183 days, or 6 months. All in, the total amount you’d pay is $1,824.

Am I eligible for a loan from Alpha Loans?

To qualify for an Alpha Loans, you’ll need to meet the following requirements:

  • Be the age of majority in your province.
  • Be a permanent resident in Canada.
  • Have an online banking account you can sign into for instant bank verification. If not, you’ll need a recent bank statement (within the last 31 days) or a pay stub. You’ll also need to verify your identity and address.

What is the application process like?

Alpha says the online application can be done in less than 10 minutes. Here’s how to apply:

  1. Head to and click on “Loan Request” in the top right corner.
  2. Begin the application process by filling out your personal details, including your full name, date of birth, phone and email address. You’ll also need to follow the prompt to identify how much money you’d like to borrow (from to $1,250).
  3. On the next page, fill in your contact details, including your mailing address, town, postal code and years in residence.
  4. On the next page, fill in your references. You must include 2 references, their full names, telephone numbers and their relationship to you.
  5. On the next page, provide your income information. Identify whether you work or receive EI, pension, disability or parental benefits. After that, provide your occupation, employer name, supervisor’s name and contact information, frequency of pay and your hire date.
  6. Confirm your details and submit your application.
  7. Once you’re approved, which should be pretty quick, you can move ahead to instant bank verification.

Bottom line

If you’re shopping for a small loan, Alpha Loans may be on your short list. It has a quick and easy online application, no credit checks and instant bank verification, so you don’t have the hassle of uploading documents. But in this case, it may be worth checking with other lenders that can fulfill your loan request. We’ve scanned Alpha’s webpage, and it’s missing key features such as a company address, phone number, terms of service and privacy policy. Keep in mind that there are other more prominent lenders that check all the boxes for legitimate lending.

Frequently asked questions about Alpha Loans

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