Bad credit can get you in big trouble, especially if you need cash fast. Banks are cautious when it comes to granting a loan to a borrower whose credit rating does not meet the requirements. Happily, Alterfina looks beyond the numbers on your credit report and can help you when you need it most.

What is bad credit?

The quality of your credit is represented by your credit rating. This takes the form of a number between 300 and 900 and is determined by one of two credit reporting agencies in Canada: Equifax and TransUnion. In short, your credit rating reflects your ability to manage and repay your debt and creditworthiness. The higher your rating, the more it shows that you are a trustworthy borrower. The lower your rating, the less willing banks and lenders are to lend to you. A bad credit score is generally considered to be between 300 and 579.

Several factors affect your score. Your payment history is most important. Any missed or late payment will negatively impact your credit rating. Loan utilization is also a factor that has a major impact on the balance sheet. The higher your balance on your cards or line of credit, the greater the risk to lenders. The age of your credit accounts, the number of inquiries made or the files with debt collection agencies also influence your rating.

What are the effects of bad credit?

Bad credit can make life difficult for you. In fact, banks and other lenders may refuse to allow you to open a new card or line of credit or arrange a loan, whether it’s a personal loan, mortgage, or even an auto loan. Even if they agree to a loan, the terms can be bad: lower amounts, exorbitant interest rates, and rigid loan terms.

That’s not all. Bad credit can affect your chances of getting an apartment or a job. Landlords and employers can check your credit history and decide that you’re not the right candidate if they determine that your credit history is bad.

What if I need money now?

The only way to improve your credit rating is to make your payments regularly and over the long term. That’s all well and good, but what if you need the money now? This is where Alterfina comes to your rescue. This lender offers you access to credit facilities ranging from $500 to $2,500 regardless of your credit situation. Instead of relying on your creditworthiness, Alterfina assesses your creditworthiness using realistic criteria. Its purpose is to help you move forward in an urgent financial emergency. This can be, for example, a rent payment or the settlement of overdue bills.

The process is very simple. You simply fill out an online form that takes a few minutes to complete. Alterfina will then do an instant bank verification and if approved, you will receive your money within a day!

There are only a few admission criteria. You must be at least 18 years old and a resident of Quebec. You must also have a stable income of at least $1,500 gross per month.

Does this affect my credit rating?

This is a big advantage of Alterfina: Loans and their repayments have no impact on your creditworthiness, since the company does not communicate with credit bureaus. On the other hand, the repayment process can help you pay off your debts in a disciplined manner!

How exactly does the repayment of an Alterfina loan work?

Alterfina’s credit facilities carry an annual interest rate of 18.99%. It works with you to determine the amount and frequency of your minimum payments, based on your ability to pay and the length of the repayment period. Alterfina’s credit facilities are typically repayable within 3 to 6 months. The refund policy is also very flexible, so you can always give a full or partial refund of the balance! And if you can’t make a payment, you can request a deferred payment at least 72 hours before the scheduled appointment.

Alterfina will help you quickly and easily.