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Case Study: Successful use of a debt consolidation loan in Alberta 

Bennett was a working professional in the engineering industry with a modern condominium in Calgary. He had it renovated through a personal loan a few years prior while paying off the rest of his vehicle financing and other credit card bills. Due to his frequent travels, he also had a growing credit card bill with high interest rates. Wanting control over his finances, he looked into a debt consolidation loan in Alberta. 

Many major financial institutions could not approve him because of his debt-to-income ratio. If his financial history didn’t play a significant role in the application, the lender would sometimes not offer more than $50,000. However, Bennett didn’t give up and found an alternate solution with Alpine Credits 

Alpine Credits offered Bennett a home equity loan, which fit his financial situation perfectly. He had already paid more than 25% of his mortgage, and the appraisal value of his place was also high, with his condominium in the heart of downtown Calgary. This opened new financial doors for Bennett. 

Seeing that home equity loans had a lower interest rate than his credit cards and loans combined, Bennett contacted Alpine Credits and moved on with the application shortly after. Within a few days, he received the loan, which was enough to fully repay his renovation loan and his larger credit card bills. 

Bennett got satisfaction from seeing his bills repaid and had an easier time managing one monthly payment towards Alpine Credits. Bennett’s financial standing had improved within the next couple of years. His credit score increased, he could save more of his income for more valuable investments, and his debt-to-income ratio was more favorable.

Conclusion: How to get a debt consolidation loan at Alpine Credits 

Homeowners who have paid at least 25% of their mortgage have an opportunity, like Bennett, to access their home equity as a lump sum to repay some of their outstanding financial obligations. With Alpine Credits, getting a home equity loan follows three simple steps. 

  1. Apply online—provide information such as your identification and the equity you have in your home. Filling it out will only take a few minutes, and you may contact a Financial Solutions Specialist to help. 
  2. Receive application results—since Alpine Credits is an alternative lender, the processing time is shorter than that of traditional lenders. You’ll hear back within a few days and not more than a week. 
  3. Use the funds—the money will be deposited into your bank account not long after you receive approval. After you use it towards your financial demands, you are left with just the home equity loan to repay, which has a comparatively lower interest rate than a credit card.  

As long as you have 25% of your home equity, you are eligible for a home equity loan from Alpine Credits. You could get a loan as much as 75% of the value of your home equity. For properties in Alberta, that amount can get significantly high, allowing you to repay most, if not all, of your credit card bills and loans. 

You don’t need a good credit score to get approved for a home equity loan from Alpine Credits. The only factor that matters in a home equity loan application is how much equity you have. The more you have, the more you can obtain.

A client applying for a loan

Frequently asked questions

The process can be broken into three phases: the application, the implementation, and the reimbursement. After you apply and get approved for the loan, you use the money towards your debt streams and focus on repaying the consolidation loan.

Alpine Credits is one place to get a home equity loan that you can use towards loan consolidation. If you have sufficient equity in your property, you can borrow up to 75% of that value. The amount will likely cover your outstanding balances.

With traditional banks, the amount you’re eligible for depends on your credit score and income. While helpful, you may need more than what the bank offers. Since Alpine Credits is an alternative lender specializing in home equity financing, you may receive up to 75% of your equity in cash.