Debt Consolidation Loan Canada – What Are My Options?

Whether you have multiple debts or just one, the incessant monthly payments can feel overwhelming and hard to manage. Debt consolidation can simplify your payments, reduce interest rates and help you keep track of your payments. Check this out:

It’s important to know your options before deciding if this is the right solution for you. If your credit is good, it may be easier to qualify for a traditional loan, especially if you aren’t looking to combine secured debts (like mortgages). For those who do not meet the requirements of a traditional lender, it’s possible to consolidate your debts through a second chance loan that can be paid off in a maximum of 5 years. These loans are unsecured and report your repayment history to the credit bureau, allowing you to rebuild your credit over time.

Simplify Your Finances: The Benefits of Consolidation Loans in Canada

If you are considering a debt consolidation loan, there are several online lenders that offer this product in Canada. The top-rated options include Symple, Loanz and SkyCap Financial. These lenders offer competitive interest rates and take a holistic approach to approving applicants by considering credit history, employment and income. They also offer a variety of repayment terms including weekly, bi-weekly and monthly deductions from your bank account and lump sum payments. It is also worth exploring your options with a peer-to-peer lending lender like Peerform. These lenders match those seeking a debt consolidation loan with investors who are willing to lend them money. The funds can then be used to pay off your existing debts, often with lower interest rates than those on your credit cards.

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