Personal Loans in Alberta
Homeowners and families across Canada have been feeling the effects of rising costs of living, and Albertans are no different. With several economic factors leading to more spending and less saving, it’s no surprise that education bills and other day-to-day expenses are causing more Canadians to turn to loans and line of credit options to make ends meet.
Thankfully, Alpine Credits is here to help. For over 50 years, we’ve been helping our customers find affordable home equity financing solutions, and we’re one of the best options for personal loans in Alberta. Unlike banks and other financial institutions, we help you tap into one of your largest personal assets—your home equity—which can be used to fund any venture or project with ease.
We work with our clients to understand and address their unique circumstances and offer great flexibility on repayment schedules. So, if you’ve been turned away for personal loans in Alberta, give Alpine Credits a call today!
How Do Personal Loans In Alberta Work?
Personal loans are specifically designed to help the borrower finance a specific need or goal. They’re meant to provide the exact amount of funds you’d need to pay for a specific project, especially if it’s a large expenditure. Examples of this include renovating your home, purchasing a car, paying off student loans, or consolidating higher-interest debt.
Getting personal loans in Alberta through traditional means requires you to meet the strict requirements of banks and other lenders. The conditions set forth can be very different from lender-to-lender and make it difficult for those with less-than-ideal credit scores or income to qualify. These loans might also be rigid and inflexible, making it difficult to adjust to fit your situation.
As a result, you’ll find that home equity financing is a much better option for getting personal loans in Alberta, especially through Alpine Credits. Since we only consider the amount of equity you have saved within your home, you won’t have to worry about other financial factors playing a part in your application assessment.
Whether you’re planning on adding a new wing to your home or getting a second car for your family, personal loans in Alberta through Alpine Credits have never been more accessible.
Apply for a Personal Loan now!
We’ve been helping people obtain home equity loans for 50 years, now. If you’ve been turned away by the bank for a loan in Canada, we can help find the financing you need.
Is It Possible To Get Personal Loans In Alberta Through Home Equity Financing?
Home equity financing is one of the best options to getting personal loans in Alberta, though it’s important to understand the unique conditions that come with getting one. By law, you must own at least 20% of your home’s value, and most lenders will only allow you to take out a loan up to 80% of the maximum value of your home. Put these two factors together and it’s easy to understand that, the more of your home you own, the bigger the amount you’ll be able to access.
Apart from this basic requirement, the remaining conditions for getting personal loans in Alberta are dependent on the lender, and when going through traditional avenues like banks, you’ll encounter strict requirements and criteria that you’ll have to meet to get approved. This will require you to have a relatively spotless financial history, which might not be realistic for some Canadians.
Thankfully, Alpine Credits serves as one of the best alternatives to banks and other financial institutions. Since our home equity loans focus on the equity you have built in your home, instead of credit scores or income amounts, it’s possible to get bad credit personal loans in Alberta by making use of a homeowner’s greatest untapped asset—their home equity.
Signs That You Should Consider Getting Personal Loans In Alberta
If the following conditions seem like they apply to you, it’s a good indicator that you might benefit from getting personal loans in Alberta.
- Paying for tuition for you or your family
- Renovating your home to add to its property value
- Financing or paying off a vehicle
- Adding to your retirement investments
- Paying high interest on several credit lines
Note that most of these situations usually need a large amount of funds to cover properly while saving on interest rates and other charges. It might be difficult to fund these through standard personal loans with banks (especially for those with troubled credit history). That’s why home equity financing through Alpine Credits is both easy to qualify for and usually covers a large enough amount to completely fund your needs.
Benefits Of Using Home Equity Towards Personal Loans In Alberta
Your home equity can be drawn on and directly invested back into increasing the value of your property by using the funds for renovations and general improvements that make it more attractive on the real estate market.
If you make use of your home equity loan for the right investments, you may be able to make a tax claim on the interest amounts during the next filing season.
Because home equity loans usually let you withdraw a considerable amount to be used towards your purposes, you can use it to completely pay off loans with high interest rates (like credit card debt). This lets you bring all your owed amounts under one statement, making them easy to track and pay back monthly.
FAQs About Home Equity Personal Loans In Alberta
While this entirely depends on the institution and lender, the general range for interest rates on personal loans in Alberta can be anywhere between 5.5% to 25%. It’s highly advised not to acquire a loan from short-term, cash-based lenders, as they tend to have exorbitant interest rates that are very difficult to properly pay back, even for those in good financial standing.
Alpine Credits offers extremely competitive rates on our home equity financing; give us a call to speak with one of our lending experts and learn more.
Alpine Credits’ home equity financing loans only factor in your stored home equity amounts when considering applications. We do not place an emphasis on age, credit score, or income history, and we can respond in 24 hours to most applications, so you can get your funds fast.
Easy Application – 3 Simple Steps – 24 Hr Approval
*Disclosure on “Loan Examples” Above
Alpine Credits’ intent is to always have full disclosure on all of our loan offerings. Borrowers are provided with all necessary disclosure prior to entering into any obligation. Our objective is to offer Canadian home owners an alternative to the banks and credit unions (not a replacement). Typically, you will find our rates to be higher than the banks; however, with this in mind, we are usually more efficient than the banks in getting you your money and may lend in situations where the banks (and other traditional lenders) will not. Once we have provided you with all necessary information, the decision will be left with you as to whether or not you wish to proceed with our offer. Thank you for your consideration. We look forward to speaking with you soon.
All of the above examples are for discussion purposes only. It is important the reader is aware that the examples may represent the lower priced range of our product offerings. Rates on our loans are subject to change and may vary (up or down) based on the equity you have in real estate, the state / condition / location of your real estate, your personal financial situation and the Canadian mortgage market. The examples are all based on interest only monthly payments (you may elect to pick a shorter amortization to pay off your loan sooner) in which the rate in year 2 increases to the prime rate plus 3.75% and the prime rate plus 6.00% for the first and second mortgages respectively. The Cash Advance in all of the loans above represents the net amount of money to be received. The “Gross Amount” for the $100,000 / $300,000 / $25,000 / $50,000 loans in the examples above are $110,500 / $327,900 / $29,500 / $58,140 respectively. The difference between the Gross Amount and Net amount represents closing costs which includes items such as legal fees, appraisals, brokerage fees, etc. (“Fees”). The APR will increase / decrease in the event of higher / lower Fees. Once again, thank you for your consideration.