Updated September 28, 2026 · BorrowCue Editorial Team
Alterna Bank vs Sofkredit
Where Alterna Bank and Sofkredit differ
| Compare |  Alterna Bank |  Sofkredit |
|---|---|---|
| Initial rate | 3.7%Lower | 8% to 14% |
| APRC | 3.74%Lower | 10.74% to 18.06% |
| Fixed period | 5 years | 0.5 to 20 yearsHigher |
| Purpose | Purchase, Remortgage, Home equityCovers more | Home equity, Remortgage |
| Lender type | Direct lender | Broker |
| Maximum loan to value | Not confirmed | 30% |
| Product fee | Not confirmed | €900 to €1,350 |
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Key differences
- Alterna Bank scores higher overall: 9.4 vs 8.6.
- Sofkredit is licensed in 1 more country.
- Sofkredit is available in 2 more countries.
- Initial rate is lower at Alterna Bank: 3.7% vs 8% to 14%.
- APRC is lower at Alterna Bank: 3.74% vs 10.74% to 18.06%.
- Fixed period is higher at Sofkredit: 0.5 to 20 years vs 5 years.
- Support channels: only Alterna Bank offers Chat.
- Purpose: only Alterna Bank offers Purchase.
Our verdict on each
Alterna Bank
Alterna Bank lends directly to Canadian borrowers outside Quebec across home purchase, remortgage and home equity, with a credit line offered alongside personal loans. Its APRC of 3.74% sits under the site median of 4.9%, which makes it worth weighing for anyone shopping on cost.
Sofkredit
Sofkredit suits Spanish borrowers who want property backed finance and can wait for a notary appointment. The headline cost is an arrangement fee of 6% to 9% of the loan, while Sofkredit's own service adds nothing beyond it.
Score breakdown
| Area | Alterna Bank | Sofkredit |
|---|---|---|
| Cost | 9.5Higher | 8.5 |
| Offer | 9.4Higher | 9.3Ranges cover €12,000 to €300,000, 6 to 240 and 10.74% to 18.06%, with home equity and remortgage and home improvement on the same application. |
| Trust | 9.2Higher | 8.3 |
The bill, worked out
200,000 over 25 years, first year
Alterna Bank
12,273.93
12,273.93
Sofkredit
18,523.59 to 28,890.27
18,523.59 to 28,890.27
Alterna Bank comes out 6,249.66 lower in this example.
Excludes product fee (not stated by Alterna Bank). Worked out from the stated prices and rates; your own total depends on how you use it. Facts checked September 26, 2026.
Choosing between them
Pick Alterna Bank if cost, trust, initial rate, aprc, and purpose matter most.
Pick Sofkredit if fixed period matter most.
Where these facts come from
Alterna Bank
- alternabank.ca: 8 facts, checked September 26, 2026
Sofkredit
- sofkredit.com: 10 facts, checked September 26, 2026
How they place
| Ranking | Alterna Bank | Sofkredit |
|---|---|---|
| Mortgages | 38 of 719 | 1 of 719 |
| Remortgage deals | 22 of 351 | 1 of 351 |
| Home equity loans and HELOCs | 9 of 110 | 1 of 110 |
| Home improvement loans | 71 of 562 | 2 of 562 |
Every fact side by side
| Fact | Alterna Bank | Sofkredit |
|---|---|---|
| Legal entity | Alterna Bank | Kova Finance, S.L. |
| Headquarters | Canada | Spain |
| Support channels | Email, Chat, Phone, Help centreCovers more | Email, Phone, Help centre |
Loans
| Fact | Alterna Bank | Sofkredit |
|---|---|---|
| APR | Not confirmed | 10.74% to 18.06% |
| Loan amount | Not confirmed | €12,000 to €300,000 |
| Term | 12 to 60 months | 6 to 240 monthsHigher |
| Arrangement fee | Not confirmed | 6% to 9% of the loan; on a 15,000 EUR mortgage-guaranteed loan the commission is 900 EUR minimum and 1,350 EUR maximum, charged by the collaborating lender; Sofkredit's own service costs the user nothing |
| Credit check | Not confirmed | Soft prequal |
| Funding time | Not confirmed | 15-20 days after approval; same day as the notary signing, about one week if documentation is sent quickly |
| Representative example | Not confirmed | a 15,000 EUR loan at 9% interest over 5 years returns a total of 21,750 EUR |
| Pricing model | Fixed rate | Not confirmed |
| Features | Credit line | Same day funding |
| Rate type | Fixed | Not confirmed |
| Eligibility | Not currently available in Quebec; Canadian residents outside Quebec | Natural or legal persons of legal age (+18) with Spanish nationality or residence, holder of a bank account; for mortgage-guaranteed loans a property must be owned, free of charges or with at least 70% of the mortgage repaid |
| Origination fee (%) | Not confirmed | 6% to 9% |
| Loan types | Personal, Credit line | Secured, Debt consolidation, Business |
| Credit needed | Not confirmed | Poor |
| Use cases | Home improvement | Home improvement |
Where each stands against the rest
| Fact | Alterna Bank | Sofkredit | Median |
|---|---|---|---|
| Initial rate | 3.7%below the median | 8% to 14%highest quarter | 4.425% |
| APRC | 3.74%lowest quarter | 10.74% to 18.06%highest quarter | 5.04% |
| Fixed period | 5 yearsbelow the median | 0.5 to 20 yearsabove the median | 10 years |
| Maximum loan to value | Not confirmed | 30%lowest quarter | 90% |
| Product fee | Not confirmed | €900 to €1,350highest quarter | €0 |
Median across 238 listed lenders.
Pros and cons
Alterna Bank
Pros
- Its initial rate of 3.7% undercuts the site median of 4.35%, and the APRC of 3.74% is below the site median of 4.9%.
- A credit line sits with the personal loans, a feature carried by 34.4% of lenders on the site, so borrowing can flex as projects change.
- You apply to the lender itself, and support runs on email, chat and phone, which covers phone, chat, email and a help centre.
Cons
- The fixed period of 5 is shorter than the site median of 6.5, so the certainty lasts less time.
- The offer score of 4.6 sits well under the cost score of 7.3, with home improvement the only use named for the credit line.
Sofkredit
Pros
- Sofkredit's own service costs nothing, so the only charge to weigh is the lender's arrangement fee of 6% to 9%.
- The loan range €12,000 to €300,000 and the term range 6 to 240 suit both renovation projects and debt consolidation.
- Eligibility leans towards weaker files, with the credit needed listed as poor, and the credit check is soft prequal.
Cons
- The arrangement fee of 6% to 9% is a large share of the loan, and the product fee on a small mortgage guaranteed loan runs €900 to €1,350.
- Maximum loan to value is 30%, well below the 90% across listed lenders, so equity of your own is required.
- Sofkredit is a broker, so the contract sits with the collaborating lender rather than the site you apply through.
Who each suits
Alterna Bank
Who it suits
- Canadian borrowers outside Quebec buying, remortgaging or taking home equity, which are the purposes it serves.
- People who want a credit line next to the loan, since credit lines sit in its feature list alongside personal loans.
- Applicants who prefer to deal with the lender itself, with support by email, chat and phone rather than a broker.
Who should look elsewhere
- Prestalo, whose initial rate of 2.36% sits below Alterna Bank's 3.7%.
- Sofkredit, whose initial rate of 8% to 14% is a far higher band than Alterna Bank's 3.7%.
- Creditilia ES, whose initial rate of 4% is a shade above Alterna Bank's 3.7%.
Sofkredit
Who it suits
- Spanish residents and nationals who own a property that is free of charges or has most of its mortgage repaid
- Borrowers consolidating several debts into one payment, since debt consolidation is among the secured, debt consolidation and business
- Homeowners funding renovation work, as home improvement is the main listed use case
Who should look elsewhere
- Anyone who needs money the same week without a notary appointment, against the stated funding time
- Borrowers who want to borrow more than a low share of their property's value, given the 30% cap
- Small lenders wanting a quick online application rather than the documentation and notary steps this route involves
Current offers
Alterna Bank
Current offer
Bonus
Mortgage incentives up to $1,000 for eligible borrowers: up to $1,000 CAD toward switching or legal fees
Eligible borrowers; does not include prepayment penalties from a member's current financial institution; 120-day rate guarantee on new mortgages and 30-day on renewals
Source, checked September 26, 2026
Bonus
Qtrade Direct Investing cash back offer: up to 5% cash back
For a limited time, via the Qtrade Direct Investing platform
Source, checked September 26, 2026
Country by country
| Country | Alterna Bank | Sofkredit |
|---|---|---|
| Canada | Yes | No |
| France | No | Yes |
| Italy | No | Yes |
| Spain | No | Yes |
Questions about each
Alterna Bank
What rate does Alterna Bank charge on a mortgage?+
Alterna Bank's published initial rate is 3.7% and its APRC is 3.74%. Both sit under the site medians of 4.35% and 4.9%, which puts its cost position ahead of most of the field on the two numbers that matter for a mortgage.
How long is the rate fixed for?+
The fixed period is 5, against a site median of 6.5. The model is fixed-rate only, so the rate holds for that stretch and no longer, a shorter run of certainty than the median lender in the field.
Sofkredit
What does Sofkredit charge to arrange a loan?+
The arrangement fee runs 6% to 9% of the loan and is charged by the collaborating lender. On a small mortgage guaranteed loan the commission falls within €900 to €1,350. Sofkredit's own service costs the borrower nothing beyond that lender charge.
How much can I borrow and for how long?+
Loan amounts run €12,000 to €300,000 and terms run 6 to 240, so the range is wide enough for a renovation or a debt consolidation. Terms and amounts are set by the collaborating lender rather than by the site you apply through.
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