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Moving to a new country can be exciting and challenging at the same time. A newcomer loan can make starting your financial journey in Canada easier. 

Various loan options are available even if you have lived in Canada for less than five years. As a newcomer to Canada, you are eligible for a secured personal loan and other types of loans. Familiarizing yourself with the application process for these loan options could be an important step in your financial journey toward achieving your financial goals in Canada.

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Owning your home is all you need to qualify

Newcomer to Canada

Getting a traditional loan can be difficult for newcomers to Canada. Alpine Credits approvals are based on owning your home rather than your age, income, and credit history.

We can approve loans for newcomers to Canada in less than 24 hours.

We try our best to get the money transferred to your account within a week, upon application approval.

Apply now

Why are loans for newcomers important? 

In Canada, loans can be used to make the most significant purchases. Cars and property are the most common examples, but people may also use loans to consolidate outstanding balances or to renovate a house.   

Most importantly, loans give people the opportunity to build a credit profile. While newcomers should start small, every contribution counts. Expanding your credit profile opens more advantages and financial possibilities. 

Homeowners get approved in less than 24 hours

Home Equity Loans

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Apply online in minutes

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Get approved in less than 24 hours

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Funds are deposited directly into your account within a week.

Apply now

Types of loans for newcomers to Canada  

Figuring out your finances is one of the first steps to settling in a new country. When it comes to loans, newcomers have several options from which they can choose.  

Government-provided loans 

One of the most common sources of funding is from the Canadian government. They provide a few programs to help people start their financial journey.  

  • Windmill Microlending—skilled newcomers looking to further their careers and get certifications can contact Windmill Microlending for affordable loans. They provide up to $15,000 in loans without requiring a collateral or credit history. 
  • Transportation loans—in some cases, the Government of Canada can assist with the travel costs of transferring from your home country. The loan can cover accommodation and food, but other expenses like baggage fees and animals are not eligible for the loan.  
  • Assistance loans—resettling takes financial resources, which the Canadian Government understands. The loan can assist with employment expenses, certification and licensing costs, or childcare services.  

The downside to government financing is that it often comes with strict criteria on who can apply, what you can use it for and limits on the amount you can obtain.  

Alternative lending options for immigrants 

If you’re looking for more flexible financing, alternative lenders provide loans that are more accessible. 

  • Secured personal loans—a secured personal loan is a lump sum where one of your assets acts as collateral. They can be versatile and have limits of up to $500,000, with interest rates often lower than credit cards.  
  • Mortgage loans—some mortgages specifically accommodate newcomers. These are long-term loans that borrowers use to acquire property. 
  • Home equity loans—another multifunctional loan with higher values is a home equity loan, which can also act as a secured personal loan. If you already own property in Canada, you can access the equity as cash. Regardless of your status, home equity loans can be the solution to your financial goals. 

How to qualify for loans as an immigrant 

Being new to the country might mean having a blank slate, even in your financial history. Many newcomers may face challenges qualifying for a loan right away.   

In one instance, Reed was a newcomer from Australia who needed financial support, but getting approved at traditional banks was not enough. Even though he had tried building his credit through other methods, Reed needed a loan to start his business in Toronto. 

As Reed was searching for financial solutions, he ran into some challenges. Personal loans were insufficient to launch a business, and regular business loans required credit score checks. However, he found that he could contact Alpine Credits to help him access his home equity as a form of a loan. 

Reed acquired the property from some relatives who had already lived in the area and passed ownership to him. With the help of his family, he had built sufficient equity and was eligible for a home equity loan from Alpine Credits. Because Alpine Credits did not require a lot of credit history or a business proposal, Reed was approved for the loan within a few days.  

Newcomers can qualify with Alpine Credits 

Compared to traditional financial institutions, Alpine Credits is an alternative lender with criteria newcomers could meet.  

  • Sufficient equity—some newcomers already own property in Canada, and those houses could work for you. With Alpine Credits, you can access 75% of that amount in cash, which can help you as you’re settling in Canada.  
  • Valid identification—the main qualifying factor for a home equity loan from Alpine Credits is enough equity, so other financial details are not required. However, there will be a request to see identification to ensure the right person receives the money.  

Home equity loans can help you maintain your financial health while supporting you to achieve some financial goals in Canada. Additionally, home equity loans have comparatively lower interest than personal lines of credit and more flexible criteria than banks.  

Own your home? You’re approved.

Savings

Keeping your money in savings and investments can earn you more money in the long run and outweigh the cost of a low-interest rate loan.

traditional

Traditional banks

Banks have stringent loan approval criteria. They are also less flexible about reasons for borrowing money.

Line of

A personal line of credit

Lines of credit have variable interest rates that fluctuate, and may have additional annual or monthly maintenance fees.

loan chart monthly payments
Apply now

Government-provided Loans 

One of the most common sources of funding is from the Canadian government. They provide a few programs to help people start their financial journey.  

  • Windmill Microlending—skilled newcomers looking to further their careers and get certifications can contact Windmill Microlending for affordable loans. They provide up to $15,000 in loans without requiring a collateral or credit history. 
  • Transportation loans—in some cases, the Government of Canada can assist with the travel costs of transferring from your home country. The loan can cover accommodation and food, but other expenses like baggage fees and animals are not eligible for the loan.  
  • Assistance loans—resettling takes financial resources, which the Canadian Government understands. The loan can assist with employment expenses, certification and licensing costs, or childcare services.  

The downside to government financing is that it often comes with strict criteria on who can apply, what you can use it for and limits on the amount you can obtain.  

Alternative lending options for immigrants 

If you’re looking for more flexible financing, alternative lenders provide loans that are more accessible. 

  • Secured personal loans—a secured personal loan is a lump sum where one of your assets acts as collateral. They can be versatile and have limits of up to $500,000, with interest rates often lower than credit cards.  
  • Mortgage loans—some mortgages specifically accommodate newcomers. These are long-term loans that borrowers use to acquire property. 
  • Home equity loans—another multifunctional loan with higher values is a home equity loan, which can also act as a secured personal loan. If you already own property in Canada, you can access the equity as cash. Regardless of your status, home equity loans can be the solution to your financial goals. 

How to qualify for loans as an immigrant 

Being new to the country might mean having a blank slate, even in your financial history. Many newcomers may face challenges qualifying for a loan right away.   

In one instance, Reed was a newcomer from Australia who needed financial support, but getting approved at traditional banks was not enough. Even though he had tried building his credit through other methods, Reed needed a loan to start his business in Toronto. 

As Reed was searching for financial solutions, he ran into some challenges. Personal loans were insufficient to launch a business, and regular business loans required credit score checks. However, he found that he could contact Alpine Credits to help him access his home equity as a form of a loan. 

Reed acquired the property from some relatives who had already lived in the area and passed ownership to him. With the help of his family, he had built sufficient equity and was eligible for a home equity loan from Alpine Credits. Because Alpine Credits did not require a lot of credit history or a business proposal, Reed was approved for the loan within a few days.  

Newcomers can qualify with Alpine Credits 

Compared to traditional financial institutions, Alpine Credits is an alternative lender with criteria newcomers could meet.  

  • Sufficient equity—some newcomers already own property in Canada, and those houses could work for you. With Alpine Credits, you can access 75% of that amount in cash, which can help you as you’re settling in Canada.  
  • Valid identification—the main qualifying factor for a home equity loan from Alpine Credits is enough equity, so other financial details are not required. However, there will be a request to see identification to ensure the right person receives the money.  

Home equity loans can help you maintain your financial health while supporting you to achieve some financial goals in Canada. Additionally, home equity loans have comparatively lower interest than personal lines of credit and more flexible criteria than banks.  

Own your home? You’re approved.

Savings

Keeping your money in savings and investments can earn you more money in the long run and outweigh the cost of a low-interest rate loan.

traditional

Traditional banks

Banks have stringent loan approval criteria. They are also less flexible about reasons for borrowing money.

Line of

A personal line of credit

Lines of credit have variable interest rates that fluctuate, and may have additional annual or monthly maintenance fees.

loan chart monthly payments
Apply now
Approved stamp

Own your home? You’re approved.

All you need to qualify for a loan is to own your home (or other real estate). Traditional banks look at factors such as your age, income, and credit history to approve you for a loan. At Alpine Credits, we focus on the amount of equity you have in your home or other real estate properties. We make the process as quick and easy as possible.

Apply now

Frequently asked questions

Alpine Credits: Securing loans for newcomers to Canada 

In addition to reasonable eligibility requirements, Alpine Credits also offers a straightforward application process. It is designed so that anyone can finish an application within minutes.  

  1. Apply online—Alpine Credits makes the application process easy for anyone, regardless of their limited Canadian credit history. You only need to provide your home’s appraisal value and how much you’ve paid.  
  1. Get approved—you’ll hear your application results within a week.  
  1. Receive funding—you’ll receive the money in your bank account a few days to a week after approval. The money is yours to use freely.  

Regardless of your employment history, permanent resident status, or payment history, Alpine Credits has an opportunity for eligible homeowners. As long as you have paid for 25% of your property, you are eligible for a loan from Alpine Credits. We provide loans worth up to 75% of your property’s equity value. 

Home equity loans could be the solution to your financial goals since they can have high value. You can use the money for any purpose, including home renovations, business investments, or consolidation.   

Frequently asked questions

Most lenders understand that immigrants need an opportunity to build credit, so they’ll provide solutions. In other cases, some loans do not require your credit history when you apply. One of those loans is a home equity loan, which only requires enough equity to qualify you for one.  

If you don’t live in Canada, getting a mortgage or a loan is possible but challenging. Most mortgage lenders, alternative or otherwise, tend to focus on lending to Canadian residents

Once in Canada, you can approach traditional and alternative lenders for a loan. Major financial institutions may require you to build your credit profile before they lend to you, while alternative lenders focus on other aspects, like your assets. If you have already paid 25% of your property value, you can get a home equity loan from Alpine Credits.  

Getting approved for a loan depends on your status and the purpose of the loan. Immigrants who own property in Canada can take advantage of their assets by getting a home equity loan The process is more straightforward and doesn’t require an extensive credit history 

**The above chart entitled “Monthly Loan Payments on $35,000” is for discussion purposes only. The graph is intended to illustrate various monthly payments associated with different product offerings to the reader. Please see below for the unique terms and conditions related to each offering. Final rates and payments for all loans in question are subject to change and vary based on each individual’s situation.
Bank Loans: $35,000 interest-only loan with fixed rate prime (2.95%) + 3% / monthly payment. Two-year term in which 100% of principal is owed at the end of the term. Other fees (appraisal/legal) may apply.
Alpine Credits 1st Mortgage: $40,500 (net $35,000) interest-only loan with 5.75% interest rate in year one and prime + 4.00% in year two. Two-year term in which 100% of principal is owed at the end of the term. Monthly payment and APR associated closing costs (legal fees, appraisal, brokerage fees).
Alpine Credits 2nd Mortgage: $40,500 (net $35,000) interest-only loan with 8.75% interest rate in year one and prime + 6.05% in year two. Two-year term in which 100% of principal is owed at the end of the term. Monthly payment and APR associated closing costs (legal fees, appraisal, brokerage fees).
Credit Cards: $35,000 loan paid off in 5 year & monthly PMT. 19.99% interest rate & fee of primary and secondary user ($99 + 30$ = $129 Yearly).
Online Loan 1: $35,000 loan paid off in 46 Months/Bi-weekly PMT with a 26.90% interest rate. Loan details have been taken directly from the online lending company’s website. Other fees may apply.
Online Loan 2: $35,000 loan paid off in 4 Years/Bi-weekly PMT. Loan details have been taken directly from the online lending company’s website. Other fees may apply.