The best alternative to bank loans
When you see
yourself refused a loan at the bank,
Pret alternatif is there for you!
How does pret alternatif work?
Simple, fast and secure process
Form completed online in minutes
Submit your request online in 5 minutes using our simple and easy form. In a few clicks, fill out our form to complete your personal loan application and thus create a profile with Prêt alternatif.
No document required for your request
Since everything is done online, you do not need to provide or print any paper documents. You only need to provide us electronically with the documents necessary to analyze your request in your profile.
After completing the application form, you will be redirected to the IBV step. Thanks to this secure platform developed by banks, we will be able to see your last 90 days of transactions to assess your ability to repay a loan.
As soon as we receive all the information necessary to assess your request upon receipt of your form, our team of professionals will assess your request within 60 minutes. You will therefore receive a quick response for your loan request.
Get your money the same day
When your loan application has been approved, you will receive an interac transfer to the email provided in your application within 24 hours of your approval.
Do I qualify for a quick loan without documents?
To qualify for a loan, you must:
1. Be over 18 years of age
2. Be a resident of Quebec
3. Be employed for at least three months and/or receive an eligible income
4. Not be in bankruptcy proceedings
5. Have a minimum income of $1500 gross per month
*Eligible income types:
• Employment Insurance
• Quebec Parental Insurance Plan (QPIP)
• Commission de la santé et sécurité au travail (CSST)
• Société d’assurance automobile du Québec (SAAQ)
• Allocation de Solidarité Spécifique (ASS) invalidité**
• Allocation de Solidarité Spécifique (ASS) Salaire**
*We do not accept employees with the status of Self-Employed.
**Excluding last resort assistance, social assistance, social solidarity
I don't have a good credit rating, can I qualify for a loan?
Our loans do not require a credit check! Whether you have been a victim of fraud or bad luck, our fast loans only require an IBV check.
What does IBV stand for?
IBV is an acronym for "Instant bank verification". It is a platform designed by banking institutions that provides a snapshot of your banking transactions over the last 365 days. It is a way for us to quickly evaluate your ability to repay without a credit check and without documents.
What is the difference between a quick personal loan and a traditional bank loan?
The main difference between a quick personal loan and loans from banking institutions is in the qualifications. Banks refuse to take too much risk in lending to individuals with lower credit scores. For a fast loan, we do not rely on your credit history, but rather on your banking history (IBV). Higher risk means higher fees, however, so use undocumented loans with responsibility.
Do I need to provide documents?
The only document required is a scan or photo of your ID.The entire process is done over the internet with IBV's quick no-inquiry loan.
• Driver's License
• Health Insurance Card
How soon will I receive the money?
Your loan should be available within 24 hours of signing and approving the contracts. It will be sent to you via Interac transfer to the email address you provide on the application.
If your application is completed, signed and approved before 1:00 pm, your fast loan may be available the same day.
Can I make changes to my file? (payment schedule, bank account, etc.)
Yes*! Quick loans allow you to adjust your payment amounts and move your payment dates if needed. However, you must make these changes with our associates (by phone, email or text message) 72hours before the scheduled payment time. You can also change the bank account from which the transfers originate.
**All changes will incur a $35 handling fee that will be added to the end of your payment schedule.
I have a payment due tomorrow, but I don't have the amount available; can I have this payment deferred?
No. The fixed date transaction process operated by the banking institutions starts 72 hours before the collection. It is therefore impossible for us to modify or postpone a payment within this time period. If you are not sure if you have enough money for your next payment, please contact us before this time so that we can accommodate you!
Can I replace a scheduled payment with an Interac transfer?
No. Interac e-Transfers can only be used to reduce (or pay off) your balance between withdrawals; however, pre-authorized payments cannot be replaced by a transfer.
I missed a payment, what are my options?
If you missed a payment* because your account balance was insufficient. Contact us and we can make a change to your schedule according to the following two options:
1. Postpone the payment; the missed payment will be added to the end of your schedule.
2. Dividing the payment: we will divide the missed payment in order to add the amount on your next payments.
* A missed payment will incur a mandatory NSF (Non-Sufficient Funds) fee of $50.
What are the different ways I can reach you to discuss a change to my schedule?
Our team can be reached by phone, email and text messages.
What happens to my account when I miss too many consecutive payments?
The limit is three (3) consecutive missed payments. After that, your file will be suspended and transferred to a collection agency. Be aware that transferring your file to a collection agency could have a big impact on your credit rating. Contact us quickly to establish an agreement.
When can I renew my loan?
Generally, you can renew your loan when you have paid off 75% of the original amount and associated fees. If you want to know if you qualify for renewal, contact us by phone, email or text message.
Repayment, What you need to know
With a quick loan, you determine the amount and frequency of payments! When you sign the contract, you can choose the repayment terms that suit you best so that you can repay your loan without stress! Be honest with yourself and respect your ability to repay. Here are some of the consequences associated with irregular payments.
CHANGE OF PAYMENT SCHEDULE
You may have your payment schedule changed during the course of your repayment, depending on your financial ability. The request for a change must be made 72 hours prior to the scheduled payment date. Any change to the payment schedule will result in a $35 fee.
DEFAULT OF PAYMENT
As soon as a default is notified, the file is transferred to the collection department, resulting in a fee that will be automatically charged to your account.
Monthly payments vary depending on the level of risk associated with your loan. In some cases, a company may be required to guarantee your loan
A $50.00 fee will be added to your file for NSF (non-sufficient funds) payments.