Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Alpine Credits Home Equity Loan review

Take out a second mortgage and get the financing you need with a home equity loan from Alpine Credits.

Alpine Credits offers a home equity loan, which allows you to borrow against the appraised value of your home minus the amount you still owe on your mortgage. The company tries to live up to its motto – “home owners get approved” – by having very lenient credit score and income eligibility requirements.

No reviews yet. Write a review

10.00% - 22.99%

Interest Rate

$500,000

Max. Loan Amount

300

Min. Credit Score

Alpine Credits Home Equity Loans at a glance

  • Get an approval decision within 24 hours
  • Large maximum loan amounts
  • Can qualify with bad credit, regardless of income
  • Only available in AB, BC, ON, QC
  • You have to use your home as collateral

What is Alpine Credits?

Alpine Credits is an alternative online lender with headquarters in Surrey, BC. Since its founding in 1969, Alpine Credits has funded over $1 billion in loans to Canadians (in AB, BC, ON, QC). You can easily apply for a loan completely online. Alpine Credits offers home equity loans designed for people who don’t qualify with typical financial institutions like banks and credit unions.

Alpine Credits Home Equity Loan features

FeatureDetails
Loan amount$10,000 – $500,000
Loan typeSecured
Loan termUp to 60 months
Interest rate10.00% - 22.99%
Fees5.00% - 8.00% of the APR covers closing & admin fees
Serviced provincesAB, BC, ON, QC
Basic eligibility criteriaMust be a homeowner, min. credit score 300

Is Alpine Credits legitimate?

Yes, Alpine Credits is a legitimate lender in Canada. It has been accredited with the Better Business Bureau since 1994 and has an A+ rating. Alpine Credits‘ Financial Services Commission of Ontario (FSCO) license number is 12616.

What we like about Alpine Credits Home Equity Loans

  • Easy application. It’s possible to apply in a matter of minutes with one simple and straightforward online application.
  • Quick approval. You may be approved for financing in as little as 24 hours as long as all of your documentation is in order.
  • Fast deposits. Once approved, your money will typically be deposited into your bank account in as little as one week.
  • Financing for self-employed. You may be able to get financing if you’re self-employed as long as you own your own home.
  • Bad credit doesn’t matter. You’ll typically still be able to qualify for a loan if you have bad credit as long as you own your own home. Alpine Credit’s official minimum credit score cutoff for its home equity loan is 300.

What to watch out for

  • High interest rates. You’ll pay anywhere from 10% to 22.99% in interest with Alpine Credits, which is likely more than a good credit borrower could get from banks or other private lenders. Alternatively, if you have bad credit, these rates are comparable to competitors.
  • High fees. Between 5% - 8% of your APR will cover closing and admin fees.
  • Uses your house as collateral. You may have to foreclose on your house if you can’t make your payments.
  • Not available in some provinces. You’ll only be able to access home equity loans with Alpine Credits if you live in British Columbia, Alberta, Ontario and Quebec.
  • No home equity lines of credit. Alpine Credits doesn’t offer home equity lines of credit, so you’ll have to pay full interest on your loan amount as soon as you get it.
  • No in-person service. You’ll have to fill out your application and manage your loan online, which will require you to be a little bit tech-savvy.

How does an Alpine Credits Home Equity Loan work?

Alpine Credits lets you borrow against the market value of your home minus the amount you still owe on your mortgage. For example, if your home is worth $600,000 and you have $400,000 left to pay on your mortgage, you may be able to get as much as $200,000 in home equity financing.

You might need to have your home appraised to prove its worth. Once you’ve submitted your application with all the required documentation, you can get approved for financing in as little as 24 hours, with at least a portion of your funds delivered in less than a week.

Summary of Alpine Credits reviews

Many customers praised the fast turnaround on their applications, that they were approved to borrow in situations where other lenders didn’t provide financing, and that they were pleased with the high level of customer service provided by the company.

Other customers voiced their concerns about the high fees and interest rates they were required to pay. A few customers also complained that the agents they were dealing with at the company were rude or difficult to get in touch with.

FeatureDetails
BBB accreditedYes
BBB ratingA+
BBB customer reviews2 out of 5 stars, based on 9 reviews
Trustpilot score3.2 out of 5 stars, based on 4 reviews
Google reviews1.4 out of 5 stars, based on 11 reviews
Customer reviews verified as ofJune 17, 2022

Alternatives to an Alpine Credits Home Equity Loan

Go to site

APR

Secured from 2.00%, Unsecured from 8.00% to 46.96%

Loan term

3 - 60 months

Loan amount

$300 – $50,000

Min. credit score

300

Provinces Serviced

All of Canada

Eligibility Requirements

No min. income or employment requirements

Go to site

APR

Secured from 1.90%, Unsecured 6.99%-46.96%

Loan term

3 - 120 months

Loan amount

$500 – $50,000

Min. credit score

300

Provinces Serviced

All provinces.

Eligibility Requirements

Currents debts must total less than 60% of income

Am I eligible for an Alpine Credits Home Equity Loan?

To apply for a home equity loan with Alpine Credits, you need to meet the following criteria:

  • Be at least 18 years old (or 19 in some provinces)
  • Be a citizen or resident of Canada
  • Own a home in Canada with a market value that’s worth more than your mortgage.
  • Be free from bankruptcy or other forms of unmanageable debt.

Required documents and information

  • Government-issued ID. You’ll have to show documents to prove your ID and address (such as your driver’s licence or passport and a utility bill).
  • Proof of homeownership. You’ll need to prove that you own your home or are in the process of paying down your mortgage.
  • Proof of market value. You’ll have to be able to demonstrate the true market value of your home through an appraisal or other documentation.
  • Credit report. You’ll need to authorize Alpine Credits to pull your credit report so that the company can assess your creditworthiness.
  • Statements of income. You may be required to submit documents like pay stubs and letters of employment to verify how much money you make.
  • Other financial information. You could be asked to provide a list of your debts and assets, along with proof that you can pay for your closing costs.

How to apply for an Alpine Credits Home Equity Loan

If you’re ready to apply for a home equity loan with Alpine Credits, you’ll just need to follow these simple steps.

  1. Navigate to the application by clicking the green “Go to site” button on this page. Please note that you will be redirected to the LoanConnect website to complete the application to check if you qualify for an offer from Alpine Credits.
  2. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
  3. Review and submit your application.
  4. Get verified and work with Alpine Credits to negotiate the terms of your loan if you meet the eligibility requirements.

How much does Alpine Credits Home Equity Loan cost?

The interest rates that you’ll pay on your Alpine Credits Home Equity Loan will fall between 10% and 22.99%. Those APR rates can be as much as 7% to 10% higher than the bank. Any associated costs and fees will be built into your annual percentage rate (APR) – between 5.00% - 8.00% of the APR covers closing & admin fees.

Let’s say you get a $30,000 home equity loan from Alpine Credits, and you’re approved for a 15% rate on a 5 year loan term. In that example, your monthly payment would be $713.70. You would end up paying back $42,821.87 in total, which includes $12,821.87 paid towards interest alone.

Calculate your Alpine Credits Home Equity Loan monthly payment

Calculate how much you could expect to pay each month on a home equity loan from Alpine Credits
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare personal loans
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

What if I can’t make my home equity loan payments?

When the unexpected happens, it’s a very real possibility to fall behind on payments. It’s even more likely that you could fall behind on home equity loan payments if you take out a second or third mortgage. This is because you’ll still have to pay off your first mortgage at the same time that you’re making payments on your subsequent loans.

If you can’t make your payments, you’ll likely have to foreclose on your property to make ends meet. This means that your home will be sold off to pay your lenders and you’ll typically get whatever’s left over.

Bottom line

Alpine Credits offers quick and easy access to home equity secured financing. That said, it comes with high interest rates and fees compared to other lenders, which is why it’s best suited to bad credit or low income borrowers who have difficulty qualifying elsewhere. If you have good to excellent credit and a stable income, you may be able to score better rates and terms on a secured loan through a bank or credit union.

Compare secured personal loans

1 - 5 of 5
Name Product Interest Rate Loan Amount Loan Term Requirements Link
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Go to site
More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
LoanConnect Personal Loan
Secured from 1.90%, Unsecured 6.99%-46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
More Info
Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
SECURED
Fairstone Secured Personal Loan
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
More Info
Use your home equity to get a secured loan with flexible repayment options. Get a free quote without impacting your credit score.
Alpine Credits Home Equity Loan
10.00% - 22.99%
$10,000 - $500,000
Up to 60 months
Requirements: must be a homeowner, min. credit score 300
Check eligibility
More Info
Must be a homeowner to qualify. Check eligibility for this loan through LoanConnect.
Loans Canada Vehicle Title Loan
Loans Canada Vehicle Title Loan
0% to 29.99%
$500 - $35,000
3 - 96 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 300
Go to site
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders. Bad credit, CERB and EI borrowers are considered.
loading

Compare up to 4 providers

Frequently asked questions about Alpine Credits Home Equity Loans

Go to site