An instant loan at Alter Cash is a $300 to $1,500 online instalment loan. The application is short, the decision comes during business hours, and an approved, signed loan is sent by Interac e-Transfer the same day. "Instant" means a fast answer on a complete file. It does not mean automatic approval, and it does not mean money in your account the second you click submit. Alter Cash does not promise approval: every application is reviewed against the eligibility list below.
What "instant" really means
Search results for "instant loan" and "instant loan Canada" mix payday products (one lump sum on your next paycheque) with online lenders that advertise speed. Alter Cash is the second kind: a small instalment loan repaid over 61 to 120 days, bi-weekly or monthly.
Some steps are fast: the form (about five minutes), bank verification (IBV, a secure read-only connection to your account) and the Interac e-Transfer after you sign. The credit decision is not instant. Files are reviewed during business hours, so an application sent after hours is reviewed at the next opening.
Be wary of any page that promises everyone is approved in seconds. At Alter Cash, a low credit score does not trigger an automatic refusal, because the review looks at your income and account activity rather than a hard credit inquiry. Meeting the criteria still does not approve a file by itself.
Payday ads use "instant" for cash that is due in one payment on your next paycheque. Alter Cash does not sell that product. An approved loan is repaid in instalments over 61 to 120 days, set around your pay dates. How fast you are funded and how you repay are two different questions. This page answers the first. Your contract answers the second, in dollars, before you sign.
Real timelines
| Step | What actually happens |
|---|---|
| Online application | About five minutes on a phone or computer, any day. |
| Bank verification (IBV) | You connect your Canadian bank account. This replaces a hard credit inquiry. See loans with no credit check for how it works. |
| Decision | During business hours, file by file. Same-day funding depends on a complete file arriving early enough to be reviewed that day. |
| Interac e-Transfer | The same day after approval and electronic signature, with no transfer fee. |
The earlier in the day you apply, the earlier a same-day deposit can go out, if an offer is made and you sign. The transfer clock starts when you sign, not when you submit. For the full path from form to last payment, see how it works.
Amounts: $300 to $1,500
You can request from $300 to $1,500. Every amount is the same product, with the same eligibility, the same IBV, the same Interac e-Transfer after approval and the same 61 to 120 day term. Only the size of the request and the payment in your contract change.
- A mid-size bill often fits a $500 loan.
- A larger defined expense is covered on the $1,000 loan page.
Borrow the amount of the expense, not the cap. A smaller loan means smaller instalments and less interest overall.
Before you start, have ready: the exact amount of the expense, online banking access for a Canadian account that receives your direct deposit, and an email address or mobile number you can open today for Interac. Do not guess an amount "just in case": the payment may not fit your next two months. If $500 covers the bill, request $500. If the gap is closer to $1,000, use the $1,000 loan page rather than stretching a smaller request.
Eligibility
To qualify you need to:
- be 18 or older;
- be a Canadian citizen with a Canadian bank account;
- earn at least $1,200 per month paid by direct deposit;
- have been with your current employer for at least 3 months;
- not be in active bankruptcy;
- not have a repeated NSF (non-sufficient funds) pattern.
A low credit score does not close a file on its own. You are not eligible if your only income is self-employment, the child tax credit, retirement savings, student loans or social assistance (including ODSP). KOHO accounts are not accepted. Meeting every criterion does not guarantee an offer: each application is reviewed individually.
IBV does not skip the review. It reads a different source: your recent deposits and any NSF history, instead of a hard credit inquiry at Equifax or TransUnion. Applying this way does not create a hard inquiry. It does not hide a thin file either. If the connected account shows repeated NSF payments, only self-employment deposits or social assistance as your sole income, the exclusions above apply. Connect the account your pay actually goes into.
How to apply
- Open the online application and choose an amount from $300 to $1,500.
- Complete the form (about five minutes) and connect your bank for IBV.
- Wait for the decision during business hours.
- If you receive an offer, read the contract and sign it electronically. The Interac e-Transfer follows the same day, with no transfer fee.
What it costs
The published annual rate is 28% APR, plus a one-time $0.95 transaction fee. You repay over 61 to 120 days, bi-weekly or monthly. You can repay early, in part or in full, without penalty. A $50 NSF fee applies if a payment is returned.
Representative example: you borrow $300 over 16 weeks and repay in 8 bi-weekly payments of $39.34 (the last one $39.33). That is $14.71 in interest at 28% APR. With the $0.95 transaction fee, the total to repay is $315.66. Your own contract shows every date and amount before you sign. There is no Interac transfer fee.
Check the payment dates against your rent, food, transport and other debts. A schedule that only works in a perfect month will not hold. If you expect to miss a payment, contact us before the due date. Do not plan on a second loan to cover the first.
Instant loan or emergency loan
This page explains how fast the response and the deposit really are. If your need is an urgent shortfall rather than speed itself, read the emergency loan page. Both pages describe the same $300 to $1,500 instalment loan, reviewed during business hours and funded by Interac e-Transfer after approval. Neither is a promise that your file will be accepted.
If these timelines suit you and you meet the criteria, open the form. Read the full agreement before you accept anything.