Terms & Services – Alternative Loans
These Terms & Services (“Terms”) govern your access to and use of Alternative Loans’ website, applications, and related services (collectively, the “Services”). By accessing or using the Services, you agree to these Terms.
If you do not agree, do not use the Services.
1. Who We Are and What We Provide
Alternative Loans provides access to loan-related Services in Alberta, Ontario, and British Columbia, including:
- Payday loans (where legally eligible)
- Short-term installment loans (up to 4 months)
All lending is subject to eligibility, underwriting, and applicable laws.
2. Eligibility
- Must be at least 18 years old
- Resident of AB, ON, or BC
- Provide accurate and complete information
- Authorized to use the provided bank account
3. Application Responsibilities
- No false or misleading information
- No fraudulent or abusive use
- Information must remain current
We may decline or cancel applications if concerns arise.
4. Identity & Bank Verification (IBV)
You authorize identity and bank verification via Instant Bank Verification (IBV), including PAD setup and validation.
- Used for underwriting and repayment processing
- May involve third-party providers
- Requires lawful access to submitted banking details
5. No Credit Bureau Reporting
- No credit score–impacting credit checks
- No reporting to credit bureaus
6. Loan Agreement Controls
Your individual Loan Agreement governs:
- Loan amount and term
- APR and cost of borrowing
- Fees and repayment method
- Default and cancellation rules
The Loan Agreement prevails if conflicts exist.
7. Cost of Borrowing & Legal Limits
Payday Loans
For loans of $1,500 or less and 62 days or less, the maximum cost of borrowing is $14 per $100 borrowed, as permitted by law.
Installment Loans
Installment loans comply with Canada’s criminal interest rate cap of 35% APR.
Fees
- Late payment fees
- NSF / returned payment fees
- Administrative or processing fees
- Extension-related fees (where lawful)
No early repayment penalty applies.
8. Repayments
Repayment methods may include PAD, e-transfer, debit card, credit card, or other approved options.
9. Cancellation
You may cancel your loan within 5 days of signing, subject to repayment of advanced funds where applicable.
10. Extensions
Extensions may be permitted only after at least 75% of the total prior balance (including fees/NSF) has been paid.
11. Default & Collections
- Internal collections only
- Contact via email and phone
- Fees applied only if disclosed and lawful
12. Electronic Consent
You consent to electronic delivery of all documents and legally binding electronic signatures.
13. Privacy
Personal information is collected for loan processing, verification, fraud prevention, and legal compliance.
14. Prohibited Use
- No fraud or impersonation
- No system interference or abuse
- No unlawful activity
15. Disclaimers
Services are provided “as is.” Approval, rates, and availability are not guaranteed.
16. Limitation of Liability
Liability is limited to the maximum extent permitted by law.
17. Changes
Terms may be updated at any time. Continued use constitutes acceptance.
18. Governing Law
Disputes are governed by the laws of the borrower’s province of residence.
19. Contact
Alternative Loans
10403008 Canada Inc.
Still Creek Drive, Burnaby, BC V5C 6C6
Info@alternativeloans.ca
