- Interest Rate
- 10.00% - 22.99%
- Loan Amount
- $10,000 - $500,000
- Loan Term
- Up to 60 months
- Min. Credit Score
Alpine Credits offers home equity loans to borrowers that may not be eligible for a secured loan through their bank or credit union. Your home is used as collateral to secure your loan. Although you must be a homeowner to be eligible, Alpine Credits has fairly lenient income and credit score requirements. Get a no-obligation quote without affecting your credit score.
Best for: Homeowners looking to secure a more competitive rate by using their home as collateral.
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
High rates for bad credit
Alpine Credits was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Overall customer satisfaction score: 73.48%
What is Alpine Credits?Alpine Credits is an alternative online lender with headquarters in Surrey, BC. It offers home equity loans to people who don’t qualify with typical financial institutions like banks and credit unions. Since its founding in 1969, Alpine Credits has funded over $3 billion in loans to Canadians (in AB, BC, ON, QC). You can apply for a loan completely online.
Alpine Credits Home Equity Loan features
|Loan amount||$10,000 – $500,000|
|Loan term||Up to 60 months|
|Interest rate||10.00% - 22.99%|
|Fees||Between 5% - 8% of your APR will cover closing and admin fees.|
|Serviced provinces||AB, BC, ON, QC|
|Basic eligibility criteria||Must be a homeowner, min. credit score 300|
Is Alpine Credits legitimate?
Yes, Alpine Credits is a legitimate lender in Canada. It is a registered business and has been accredited with the Better Business Bureau since 1994 with an A+ rating. Alpine Credits has been in business for over 50 years.
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 AB, BC, ON, QC.
- 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’ll 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 within 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.
|BBB customer reviews||1.9 out of 5 stars, based on 10 Alpine Credits reviews|
|Trustpilot score||3.2 out of 5 stars, based on 7 Alpine Credits reviews|
|Google rating||1.3 out of 5 stars, based on 16 Alpine Credits reviews|
|Customer reviews verified as of||August 30, 2023|
Compare the Alpine Credits Home Equity Loan to other loans
Am I eligible for an Alpine Credits Home Equity Loan?
To apply for a home equity loan with Alpine Credits, you’ll likely need to meet the following basic 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.
Required documents and information
While Alpine Credits doesn’t list specific documents you’ll need to apply, we can assume you may need to provide the following:
- Government-issued ID. Documents to prove your ID and address (such as your driver’s licence or passport and a utility bill).
- Proof of homeownership. Prove that you own your home or are in the process of paying down your mortgage.
- Proof of market value. Demonstrate the true market value of your home through an appraisal or other documentation.
- 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.
- 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.
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- 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.
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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.
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.