If you want to take out a home equity loan, Cannect and Alpine Credits both offer flexible borrowing solutions for Canadian homeowners. But which one is better for you? The answer depends on your financial situation and what you’re looking for in a loan, so keep reading to compare Cannect vs Alpine Credits side by side.
Cannect vs Alpine Credits loans
Cannect
Alpine Credits
Types of loans
Home equity loans.
Home equity lines of credit.
New mortgages and mortgage refinancing.
Home equity loans.
APR
4.99% – 9.99% for home equity loans.
3.85% – 7% for home equity lines of credit.
10.00% - 22.99%.
Loan terms
Up to 12 months.
Up to 60 months.
Loan amounts
$25,000 – $1 million for home equity loans, $5,000 – $500,000 for home equity lines of credit, $25,000 – $1 million or more for mortgage refinancing.
$10,000– $500,000.
Fees
Minimum fees of $750 to cover legal costs and a broker fee of 3-4% of the loan.
Potential legal fee, appraisal fee and brokerage fee.
Repayments
Monthly repayments.
Monthly repayments automatically debited from your bank account on the same day each month.
Availability online and in-person
Apply online or over the phone.
Apply online or over the phone.
Eligibility requirements
Must be a homeowner and be the age of majority in your province or territory.
Available in AB, BC, ON, QC.
Must be the age of majority in your province and a Canadian citizen or resident.
Must own a home in Canada with a market value that exceeds your mortgage.
Must not be bankrupt or have other unmanageable debt.
Accepts bad credit
Yes
Yes
Customer reviews and reputation
Cannect has an average score of 4.8/5 from 218 Google reviews.
Positive reviews mention helpful customer service and personalized advice.
Some complaints about interest rates and fees.
Cannect does not have a Better Business Bureau rating or accreditation.
Alpine Credits has an average score of 3.4/5 from 116 Google reviews.
Positive reviews mention a fast and easy application process and helpful customer support.
Negative reviews mention poor customer service and loan fees.
Alpine Credits is BBB-accredited and has an A+ rating.
It has a rating of 1.75/5 from 12 BBB reviews and the BBB has closed four complaints against Alpine Credits in the last three years.
Application process
Apply over the phone or online by filling out an application form.
Enter your home address to verify its current market value.
Provide the details of your current mortgage.
Set your credit score and income range.
Provide your personal details and proof of ID.
Apply over the phone or online by filling out an application form.
You’ll need to provide your name, contact details, loan amount and purpose.
If you apply within business hours, an Alpine Credits representative will contact you within two business hours.
You’ll need to provide proof of ID, proof of home ownership and proof of your home’s market value.
Approval takes less than 24 hours, and the loan funds are deposited into your account within a week.
Competitive rates. Interest rates start at 4.99% for a CannectFlex loan.
Fast approvals and funding. You can get approved and funded for a home equity loan from Cannect within 24 hours.
Bad credit accepted. Bad credit or being self-employed won’t stop you getting a loan. Cannect home equity loans have no minimum credit score or income requirements.
Lines of credit available. If you’re looking for a line of credit rather than a standard loan, these are also available.
Cons
High fees. Be aware that you can expect minimum fees of $750 to cover legal costs and a broker fee of 3-4% with a CannectFlex loan.
Relatively new provider. Cannect was founded in 2017, so it hasn’t been around as long as Alpine Credits.
Strict eligibility requirements for a HELOC. Home equity lines of credit have stricter eligibility requirements than home equity loans, so check the terms and conditions before you apply.
Is Cannect legitimate?
It is. Cannect is a registered corporation in Ontario with an office in Toronto. It’s been registered since 2010, and over the years the team has been featured on Financial Post, BNN Bloomberg, CBC and more.
Pros and cons of Alpine Credits
Pros
Easy application process. You can apply for a home equity loan online with Alpine Credits in just a few minutes.
Fast approvals. Loan applications are approved within 24 hours, and the funds will be deposited into your bank account within a week.
Bad credit and self-employment OK. Bad credit won’t stop you from qualifying for a home equity loan from Alpine Credits, while self-employment income is also OK.
Established in 1969. With a history that dates back more than 50 years, Alpine Credits has a long-term presence in the Canadian private lending market.
Cons
High interest rates. Alpine Credits offers interest rates of up to 22.99%, so borrowers with good credit may be able to find lower rates elsewhere.
High fees. Between 5% and 8% of your loan’s annual percentage rate will be made up of closing costs and administrative fees.
Not available in all provinces. If you don’t live in AB, BC, ON, QC, you’ll need to consider other lenders.
No home equity lines of credit. Alpine Credits doesn’t offer HELOCs, so interest applies to the full loan amount.
Is Alpine Credits legitimate?
It is. Alpine Credits is a decades-old brand and is registered in the provinces it serves. Its head office is in Surrey, BC.
Both of these home equity lenders have their strengths and weaknesses. Cannect is a solid option if you’re searching for a competitive interest rate and large loan amount on a home equity loan, or if you want to open a line of credit. But if you’re searching for a long loan term and lenient eligibility criteria, and from a lender that’s been around for decades, Alpine Credits could fit the bill.
Ultimately, make sure you consider your borrowing needs and compare Cannect and Alpine credits with a range of other home equity lenders before deciding where to apply for a loan.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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