We are committed to providing a transparent and ethical matching service. We believe that access to alternative financial solutions must be done responsibly.
This page outlines our standards and what you need to know before taking out a loan with our partners.
Micro-loans (between $300 and $1,200) are designed to address urgent and unexpected needs (mechanical repairs, medical emergencies, unexpected Hydro bills).
Do: Use these funds for a one-time situation.
Don’t: Use this type of credit to repay other debts or for recurring luxury expenses.
All lenders in our network are required by law and by our quality standards to disclose the total cost of your loan before signing.
The maximum Annual Percentage Rate (APR) charged by our partners is 26%.
No loan is granted for a term shorter than 61 days. Typical repayment terms range from 90 to 180 days.
To protect borrowers, our partners use Instant Bank Verification (IBV). This secure process verifies your actual income and current financial obligations. The goal is to ensure that the planned payments fit within your budget without compromising your essential needs (housing, food).
Responsible borrowing means understanding the risks associated with late payments:
Non-Sufficient Funds (NSF) Fees: If a payment is declined by your bank, fees may be applied by both your financial institution AND the lender (generally between $25 and $50).
Impact on Your Credit Record: Although AlterCredit does not perform credit checks, prolonged payment defaults may be reported to credit agencies (Equifax/TransUnion) by the lender, which will negatively affect your credit score.
Collections: Our partners commit to fair and lawful collection practices, in accordance with Quebec laws.
No Automatic Renewal: Unlike abusive payday loans, our partners do not automatically renew your loan to add interest on top of interest. Each new application requires a reassessment.
Flexibility: If you anticipate difficulty making a payment, most of our partners allow you to defer a payment if you notify them 48 to 72 hours in advance (fees may apply).
If you feel that your financial situation is becoming unmanageable, we encourage you not to take on any new loans and to contact free assistance organizations in Canada, such as the Consumers Council of Canada or your local ACEF.