Holiday Hours
Please note that our branches will be closed December 25, 26 and January 1.
Our contact centre will be closed December 25, 26 and January 1. Online banking and ATMs are available for your convenience.
Borrowing
Lines of Credit
A flexible, low-cost way to borrow money.
Alterna’s secured and unsecured lines of credit provide you with immediate access to additional funds whenever you need them, at rates that are lower than most credit card rates.
Line of Credit Options
Personal Line of Credit
Think of a personal line of credit as money ready to borrow at any time. You can access funds quickly and conveniently and you'll only pay interest on the amount you access. How you use the money is up to you.
The rates we offer on our personal line of credit products are lower than most credit cards. Plus, you can choose a secured line of credit for an even better interest rate.
For complete peace of mind, creditor insurance is also available.
Features and Benefits:
- Finance a major purchase or just be ready for the unexpected
- Pay down higher-rate debts
- Credit limits from as low as $5,000
- Low variable interest rate
Unsecured vs Secured Line of Credit | |||
---|---|---|---|
Unsecured | Secured | ||
Benefits |
|
| |
Security required | No | Yes | |
Starting minimum limit | $5,000 and up | $5,000 and up |
Secured Line of Credit
Gain access to more funds at a lower interest rate by leveraging the equity you have in your home or other assets like Canada Savings Bonds, Ontario Savings Bonds or term deposits.
As with a regular personal line of credit, you only pay interest when you access your funds and the rates are lower than most credit cards.
For complete peace of mind, payment protection is also available.
Features and Benefits:
- Ideal for financing a major purchase, home renovation or debt consolidation
- Flexible payment options, including interest-only payments
- Credit lines from as low as $5,000
- Lower variable interest rate
Unsecured vs Secured Line of Credit | |||
---|---|---|---|
Unsecured | Secured | ||
Benefits |
|
| |
Security required | No | Yes | |
Starting minimum limit | $5,000 and up | $5,000 and up |
Student Line of Credit
Our student line of credit is a great option for eligible students currently enrolled in full- or part-time post-secondary studies at an accredited Canadian university or college. It provides an easy solution to cover expenses such as tuition, books and living costs.
Features and Benefits:
✓ Access up to $10,000 per year, up to a maximum of $40,000 over four
years of study*
✓ Make interest-only payments while in school and up to one year after
graduation
✓ Competitive interest rates (we have some of the lowest interest rates
in the market)
Investment Line of Credit
Benefit from a pre-approved credit line to purchase investment products through Alterna or our wealth management partner Qtrade.
Features and Benefits:
- Revolving line of credit allows you to draw funds for investment purposes as needed without having to apply for a loan
- Can help maintain recurring deposits to investment accounts
- Flexible repayment options, including interest only payments
- Credit lines from as low as $5,000
Personal Loans
Enjoy the flexibility of using a loan to purchase a new car, install energy efficient upgrades, take a well-deserved vacation, renovate your home or make other major purchases.
Articles

How to improve your credit score
Your credit score determines how much you qualify to borrow and how much you’re charged for a loan. Here are 7 tips to help boost your score.

How to use your line of credit
A line of credit acts as a preset borrowing limit. It provides you with the flexibility to take money out at any time to cover unexpected expenses or to use as a resource to pay for projects such as home renovations.

Get Approved for a Line of Credit or Loan
Loans and lines of credit have lots of similarities but there are some differences. Understanding these differences is the first step towards getting approved.
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Investment Overview
Long Term savings. Short Term. Fixed. There are so many ways to invest and save, it can seem overwhelming. No need to stress, we’re here to help.

Credit Cards
We have a credit card to fit your lifestyle. Whether you’re looking for valuable reward points, unique partner benefits or simply lower fees, you can choose the card that's right for you.

Mortgage
Whether you’re looking to buy a home, searching for a better mortgage rate or renew an existing mortgage, we have the right solution for your particular needs.

Chequing Account
Find a smarter way to make your money work for you. Alterna has a banking package to suit your every need.
Creditor Insurance
Protect your loved ones and gain peace of mind. Our payment protection† benefit ensures your financial obligations will be met if you experience disability, critical illness or job loss, or in the event of your death.
Creditor insurance is available for the following products in the event of death, disability, and critical illness:
- Mortgages
- Personal loans
- Lines of Credit
Furthermore, creditor insurance is also available for the following products in the event of job loss:
- Mortgages
How can we help?
*Approval and credit limit are subject to Alterna’s credit approval criteria.
†Payment Protection Legal Disclaimer:
Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.
Your financial well-being comes first
Welcome to a better way to bank. Our knowledgeable team puts your financial well-being first with good, caring and transparent advice while offering all the products and services you need.
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