Alterna Savings and Credit Union Limited was founded in 1908 and is the third-largest credit union in Ontario. It also ranks as one of the top 10 credit unions in Canada.
As a member-owned financial institution, Alterna Savings reinvests profits to benefit members. The credit union promises some of the best rates on the market as well as personalised, transparent advice.
How much will a loan from Alterna Savings cost? Use the Alterna Savings loan calculator below to discover a suitable repayment estimate for your budget. Input your desired loan amount and term, or run other numbers to check out different payment scenarios.
| Terms from 1 to 5 years. Representative example: 5 year $10,000 loan with comparison rates from 7.99% to 46.96% APR would cost between $12,163 and $26,087, including fees. The interest can vary between $2,163 and $16,087. |
Alterna Savings loan calculator
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Alterna Savings loans review
Alterna Savings currently offers three types of loans: Personal loans, investment loans, and recreational vehicles loans. So whether you’re looking to renovate your home, go for vacation, buy a leisure vehicle, or maximise your RRSP contributions – Alterna Savings has you covered.
Alterna Savings loan features
If you’re interested in taking out an Alterna Savings loan, but would first like to know more about the financial products on offer, here’s the information you need.
Alterna Savings personal loan
This all-purpose loan allows you to finance any specific goal or purchase, such as a new car or installation of energy-efficient upgrades. It comes with the following features:
- Choose a fixed or variable interest rate
- Choose a weekly, biweekly, semi-monthly, or monthly payment option
- Repayment periods range from 1 to 5 years
- Convenient repayment methods, such as in-branch or direct deposits, automatic transfers, as well as telephone and online banking
- Creditor insurance that covers your loan balance in unforeseen circumstances
Alterna Savings investment loan
This loan is designed to help you maximize your RRSP contributions. By borrowing to invest, you can capitalize on tax savings and still come out on top after interest. In a nutshell, here are the features and benefits of this product:
- Maximize your RRSP contributions
- Make up for RRSP contributions missed in previous years
- Enjoy tax benefits as you save for retirement
- Choose a fixed or variable term
Alterna Savings recreational vehicles loan
This loan is perfect if you’re looking to purchase an RV, mobile home, or any recreational vehicle that helps you explore Canada’s terrain. You can look forward to the following features and benefits:
- Pay off your debt via regular payments over a maximum of 15 years
- Flexible repayments – weekly, bi-weekly, semi-monthly, or monthly
- Choose a fixed or variable interest rate
- Make repayments in-branch or via direct deposit, automatic transfer, or through online and telephone banking
How to apply for an Alterna Savings loan?
You can apply for an Alterna Savings loan by booking an appointment online, calling 18775600100, or visiting a branch near you.
Check that you’re eligible
Here are the qualification requirements:
- Be at least 18 years old
- Be a resident of Ontario
- Pay the $15 membership fee
- Have access to any other Canadian financial institution for identity verification purposes
What you’ll need:
- Address and contact details
- Proof of identity
- Proof of income
- Financial information, such as monthly expenses, assets, etc.
- Social Insurance number
- Details about the loan you want
Alterna Savings FAQs
What other financing products does Alterna Savings offer?
Alterna Savings also offers lines of credit and credit cards. A line of credit is similar to a personal loan since it can finance a wide range of goals, including debt consolidation and home renovations. However, it also differs from a personal loan because you only need to be approved once. You can then borrow any amount any time up to a set limit, which is handy for emergencies.
What’s the difference between a fixed and variable rate when applying for an Alterna Savings loan?
A fixed interest rate offers the security of a rate that never changes and repayments that are easy to budget for. On the other hand, you can save on interest with a variable interest rate if rates fall.
How do I become a member of Alterna Savings?
To become a member, you can apply online, book an appointment online, or visit your nearest branch. You must be 18 years or above and an Ontario resident with access to another Canadian financial institution.