Emergency loans in Canada

Emergency loans in Canada can provide financial support during unexpected events, with home equity being one potential source of financing in addition to savings and insurance.

Pay in monthly installments

Large loan amount

Quick approval

Flexible terms

How to get a emergency loan at Alpine Credits

Complete an online application

Fill out the form with the right information: no obligation or impact on your credit score.

Speak with a Financial Solutions Specialist

A specialist will contact you to provide support, answer your questions and provide more information.

Get approved and receive funds

With at least 25% equity ownership in your home, you can get approved and receive funds within a few days.

What are emergency loans?

Emergency loans can be the solution when you need a substantial amount of money within a short time frame. They are like regular loans where you obtain a lump sum for the unplanned expense. Afterwards, you repay the loan with interest, usually in monthly instalments.

They are not a type of loan but are known for having more flexible criteria and quicker processing times. They come in different types and knowing them can help determine what kind of emergency loan you need.

Use cases for emergency loans

Auto maintenance

Parts to keep your car running steadily may need replacement once in a while. Home equity loans can help cover these costs.

Housing repairs

Sometimes damage from natural disasters must be patched up, or something within the house breaks suddenly and needs a replacement.

Medical bills

While you have insurance, you may require additional financial support. Emergency loans are one way to cover unseen costs.

Urgent Expenses

You may have to leave the country on an unplanned trip or need financial support during a season of unemployment. Along with your own savings, equity loans can help you during those times.

Benefits of emergency loans

Emergency loans can apply to your situation when you need prompt help while offering a few advantages.

Accessible funding

They are more available to people of different financial backgrounds and have less stringent requirements.

Flexibility

An emergency loan can be applicable to any situation. Whether you need it for repairs or medical bills, you do not need to demonstrate your reason for getting an urgent loan.

Minimal credit score effects

In certain cases, your credit score will not be used to determine your approval. For example, home equity loans from alternative lenders primarily require that you own your home.

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How does an emergency loan work?

Using an emergency loan is straightforward, and the process can be broken down into a few simple steps.

In the application step, you’ll find a lender offering a loan that accommodates your financial situation and needs. You’ll get to discuss the interest rate and loan term with the lender, and you can ask them any questions.

These lenders understand the need for urgent financial support, so you may not need to provide your financial history or credit score. Depending on the lender, getting a loan for a financial emergency may require collateral.

After getting approved and acquiring the loan, you can apply it to your urgent needs.

Why choose Alpine Credits

Simple qualifying criteria

Alpine Credits focuses primarily on home equity value, and less on credit score or income status.

Quick approval and funding

Alpine Credits reviews your application significantly faster than traditional banks and lenders. Get your funds deposited in less than a week.

Personalized support

Alpine Credits has a team of Financial Solutions Specialists to help you and answer any of your questions.

Eligibility requirements

Getting a home equity loan is different from getting a regular loan from the bank. Credit history, employment, and debt-to-income ratio are all factors that traditional lenders want to verify before lending. For a home equity loan from Alpine Credits, you only need to provide the following.

Proof of homeownership—the home deed is one of the most common documents you can provide that demonstrates your ownership.
Valid identification—you can bring any government-issued identification. Just be sure that the name matches the one on the property deed and home insurance.
Home appraisal—an appraiser can visit your home and determine the overall value of your property.
Sufficient equity—you can estimate how much equity you have by subtracting your outstanding mortgage balance from the appraised value of your home. If you own at least 25%, you are eligible for a loan of up to 75% of your equity from Alpine Credits.

Traditional financial institutions will conduct background checks and, in doing so, may take some time before they give you the results of your application. Instead of banks, homeowners prefer alternative lenders for a quicker application process and fewer financial assessments. Alternative lenders like Alpine Credits only consider the equity in your home.

Types of emergency loans

You can get an emergency loan from different sources, each lender with different approval criteria.

Credit cards

Using your credit card is the most immediate option and can be used for smaller, sudden expenses. However, credit cards have limits, so it’s important to be mindful of how much you can charge on your card. Even if the expense falls under your credit card limit, the best practice is to keep your outstanding balance under 30% of your limit.

Credit cards also have relatively high interest rates, usually up to 28%. Be sure to consider how much you’ll pay towards interest when using your credit card for emergency expenses.

Credit card cash advance

Cash advances are similar to withdrawing money from your bank account, but instead, you’d be withdrawing cash from a portion of your credit limit. While it appears the same as using your credit card to pay for something, cash advances are services from your bank.

Because you’re using your credit card, you don’t need to apply for extra credit. However, the interest may be higher than your credit card’s, and you may also have to pay additional fees. Before getting a cash advance, contact your credit card provider or your bank to determine the details.

Secured Personal loans

You can find emergency personal loans from traditional and alternative lenders if you need a considerable amount of financing. You can spend the money as soon as you receive it and repay the lender in installments. The amount you’re approved for depends on the value of your collateral.

Using home equity loans

A home equity loan is one of the best alternatives to unsecured personal loans and credit card loans. If you are a homeowner and have been paying your mortgage for a significant amount of time, you’d have built a substantial amount of equity. That value can be accessed as a loan.

As a type of secured loan, your credit score, income, and employment status have less influence on the outcome of your application. Only the amount of equity you have matters, determining your eligibility and how much you can borrow.

Find loan options in your area

Click on the links below to get started, and see the mortgage options available to you, in the provinces we serve across Canada!

All of Canada

Consolidation loans in Canada

Business capital in Canada

Personal loans in Canada

Home equity loans in Canada

Investment loans in Canada

Third mortgages in Canada

Mortgage refinancing in Canada

Frequently asked questions about home equity loans in Canada

Find answers to frequently asked questions about Alpine Credits, home equity loans, second mortgages and more.

How do I borrow money for an emergency?

Alternative lenders are the better choice for a loan because they can provide funding more readily than traditional financial institutions. If you are a homeowner, consider applying for a loan from Alpine Credits. The criteria are not as strict, and you could receive the funds within a week of applying.

How do I get emergency cash in Canada?

Home equity loans, credit card cash advances, and personal loans are all options that Canadians have when they need money more promptly.

What is an urgent loan?

Urgent loans are another term to refer to emergency loans. They are sources of funding that you may need on short notice, and usually, they are found with alternative or private lenders.

Where can I get a loan with bad credit?

Those with credit scores that don’t meet lending criteria still have an opportunity to receive a loan in more urgent situations. Homeowners can access a loan from Alpine Credits based on the value of their equity. Regardless of your credit score, you’re approved as long as you have sufficient home equity.

Homeowners get approved.

Unlike traditional banks, all you need to qualify for a loan at Alpine Credits is to own your home. We make the process as quick and easy as possible. Applying won’t affect your credit score.