In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
Finder makes money from featured partners, but editorial opinions are our own.

Alpha Loans review

  • Carmen Chai's headshot
Alpha Loans Personal Loan
APR Range
14.99% - 29.00%
Loan Amount
$250 - $1,250
All information about Alpha Loans Personal Loan has been collected independently by Finder. Finder is not connected with Alpha Loans products, and this page is not sponsored, endorsed or administered by, or associated with, Alpha Loans. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Alpha Loans says it offers mini loans, but we're not signing off on its legitimacy.

If you're searching 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.

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

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. We always advise consumers to check that their potential lender has an office address and phone number. Alpha only lists a phone number and email address on its website, but no office address.
  • 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 limited reviews on Facebook, most of which are negative. 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 annual interest rate. The company mentions 2 different flat annual rates on its website – 23.99% and 14.99% - 29.00%.
  • 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, 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.

Alternatives to Alpha Loans

1 - 7 of 7
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Installment Loan
Finder Score:
Customer Survey:
10.80% - 46.99%
$500 - $35,000
9 - 78 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Installment Loan
Finder Score:
Customer Survey:
8.00% - 46.96%
$500 - $50,000
4 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Installment Loan
Finder Score:
Customer Survey:
8.99% - 46.96%
$500 - $2,500
3 - 6 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
easyfinancial Personal Loan
Finder Score:
Customer Survey:
9.99% - 46.96%
$500 - $100,000
9 - 120 months
Requirements: min. income $1,200/month
MDG Financial Installment Loan
Not yet rated
29.78% - 44.80%
Up to $1,600
Up to 36 months
Requirements: no min. income, min. credit score 560 Installment Loan
Finder Score:
28.00% - 32.00% + broker fee
$500 - $1,000
3 months
Requirements: min. income $1,200, 2+ months employed. No credit check required.

Note: You may be charged a broker fee up to $300.
Fat Cat Loans Personal Loan
Finder Score:
4.84% - 35.99%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300

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 claims to charge a flat APR of 14.99% - 29.00%. 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 the example of a $750 loan on its website. The loan can be paid off with 10 payments of $120 each, resulting in a total loan cost of $1,200.

What do Alpha Loans reviews say?

We’ve received several negative reviews for Alpha Loans, with the lender earning an average score of 1.2 out of 5 stars from 13 reviews. Customers complain about poor customer service, the high cost of borrowing and aggressive collection practices.

You can read these reviews in full further down the page.

Am I eligible for a loan from Alpha Loans?

To qualify for a loan from 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 a job.
  • Receive pay via direct deposit.
  • 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 Application” 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 (up 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 quickly, you can move ahead to instant bank verification.

Frequently asked questions

Go to site