In this guide

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  • Frequently asked questions
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Alterfina review

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Alterfina Personal Loans
APR Range
Loan Amount
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Our verdict

Get a no credit check loan of up to $2,500 and get funded the same day, but watch out for a weekly membership fee.

Alterfina offers online personal loans of up to $2,500. There are no credit checks needed to apply, approval is fast and you can get your loan deposited into your bank account the same day.

Alterfina says most borrowers pay off what they borrow within 3 to 6 months. However, along with the 18.99% APR, you'll also need to factor in the cost of Alterfina's $23.50 weekly membership fee, which applies for as long as there is an outstanding balance on your loan. Because of this hefty recurring fee, it's important to pay off this loan as fast as possible.


  • No credit checks
  • Instant bank verification
  • Easy application process
  • Same-day funding available


  • High cost of borrowing
  • Weekly membership fee
  • Quebec only

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Alterfina?

Alterfina is an online lender that offers no credit check loans in Quebec. You can apply online for a variable credit facility in a matter of minutes, and bad credit won’t stop you from qualifying for financing. Instant approval and same-day funding are available if you need cash fast, and loan amounts range from $500 to $2,500.

You’ll need to be an Alterfina member to take out a loan, and a weekly membership fee applies until your loan is paid off. Alterfina says most people pay off their variable credit facility over a period of 3 to 6 months.

Is Alterfina legit?

Alterfina is based in Quebec and was founded in 2013. It is listed in the Quebec Enterprise Register and is a member of the Canadian Lenders Association.

The Alterfina website lists an office address, phone contact details, and legal documents including a privacy policy. The lender has also garnered almost 2,000 customer reviews on Google.

What we like about Alterfina

  • No credit checks. You don’t need to complete a credit check to apply for an Alterfina loan, so bad credit won’t stop you from qualifying for financing. Learn more about no credit check loans.
  • Easy online application. You can complete an online application for an Alterfina loan in just a couple of minutes.
  • Wide range of incomes accepted. Alterfina accepts several forms of non-employment income, such as Quebec’s Parental Insurance Plan (RQAP), commission de la santé et de sécurité au travail (CNESST), société d’assurance automobile du Québec (SAAQ), self-employment income and more.
  • Instant Bank Verification. Alterfina partners with Flinks to confirm your bank details and income online, so you don’t need to upload any bank statements.
  • Same-day funding. If you complete your application and sign your loan contract before 2:30 PM on a weekday, you can get your loan amount the same day. If you miss this cut-off time, you’ll need to allow 24 business hours for the funds to arrive.
  • Positive customer reviews. There are plenty of positive Alterfina reviews from customers — we’ll go into them in more detail a little further down the page.

What to watch out for

  • Interest rate. The APR on Alterfina loans is 18.99%. This is competitive compared to other lenders that offer no credit check loans, but keep in mind that you also have to pay ongoing membership fees.
  • Weekly membership fee. Alterfina charges a weekly membership fee of $23.50 until you pay off your loan. So if you take 12 months to pay back your loan, you’ll pay $282 in fees alone.
  • Quebec only. Alterfina loans are only available to Quebec residents.

Alternatives to Alterfina

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Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Spring Financial Personal Loan
Finder Score:
Customer Survey:
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 550
Loans Canada Personal Loan
Finder Score:
Customer Survey:
6.99% - 46.96%
$300 - $50,000
3 - 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 Personal Loan
Finder Score:
Customer Survey:
8.99% - 46.96%
$500 - $50,000
3 - 120 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
Fig Personal Loans
Finder Score:
12.99% - 31.99%
$2,000 - $30,000
24 - 60 months
Requirements: min. income $5,000/month, 6+ months employed, min. credit score 700
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
goPeer Personal Loan
Finder Score:
8.99% - 34.99%
$1,000 - $35,000
36 or 60 months
Requirements: recommended income $35,000/year, min. credit score 600, min. 5-year credit history. 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.

What are Alterfina’s interest rates?

The APR on Alterfina loans is 18.99%. It’s worth comparing this rate to interest rates offered by other no credit check loan lenders to see how it stacks up.

However, as mentioned above, you’ll also need to factor the $23.50 weekly membership fee into your calculations when working out how much your loan will cost to repay.

What do Alterfina reviews say?

Alterfina reviews from customers are generally positive, with the lender scoring an average of 4.6 out of 5 from close to 2,000 Google reviews. Customers who left positive reviews mentioned factors such as a quick response time, fast access to funds and friendly customer service. Negative reviews complained about the high cost of borrowing.

Summary of Alterfina reviews

TrustpilotNo Alterfina reviews available
Google4.6 out of 5 stars, based on 1,993 Google reviews
BBB accreditationNo
BBB ratingN/A
Reviews as of26 October 2023

Am I eligible for an Alterfina loan?

To qualify for an Alterfina loan you will need to:

  • Be 18 years or older
  • Live in Quebec
  • Have a stable job that you have held for at least three months
  • Have your paycheque deposited to a Canadian bank account
  • Not be in bankruptcy
  • Have an income of at least $1,500 per month

How to apply

If you’d like to apply for an Alterfina loan, here’s what you need to do:

  1. Navigate to the Alterfina website and click on the “Apply now” link.
  2. Tick the boxes to agree that you are at least 18 years of age and you have monthly income of at least $1,500.
  3. Specify the credit limit you want, then how much of that limit you want to have deposited into your bank account.
  4. Enter your name, address and contact details.
  5. Create a password for your account.
  6. Complete the Instant Bank Verification process.

What to expect once you’ve received your Alterfina loan

The loan amount will be sent to your bank account by direct deposit. Alterfina will determine the repayment term and schedule based on your financial situation, but most people take between 3 and 6 months to pay back what they borrow.

You have the option to pay off your loan early without penalty if you wish. You can also check your loan balance and your payments calendar by logging in to Alterfina’s client portal. And if you think you won’t be able to make a payment on time, you can contact the lender at least 72 hours prior to the payment due date to request a deferral.

Bottom line

Alterfina is worth considering if you’re a Quebec resident, have a less than perfect credit history and need a fast loan. It’s easy to apply and you can get funded the same day. Just make sure you’re fully aware how much it’ll cost to repay what you borrow — with an 18.99% APR and the ongoing weekly membership fee, the total cost will add up.

Compare no credit check loans to find the right borrowing solution for your needs.

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