November, 2023

Debt Consolidation Loan Canada – 8 Debt Consolidation Options in Canada

Consolidation Loan Canada

If you’re struggling with debt and need help getting back on track, a consolidation loan could be a good option. However, not all lenders offer this type of loan, and it’s important to choose one that has your best interests at

We’ve rounded up the best 8 debt consolidation options in Canada to help you find the right solution for your unique situation. Learn more about each of these loans and how they work, then explore our top tips for securing the best debt consolidation loan for you.

Debt Consolidation Loan Canada

A debt consolidation loan is a loan that pays off your existing loans and combines them into a single payment, typically with a lower interest rate than the original debts. This can help reduce your monthly payments and interest costs, making it easier to manage your money.

To qualify for a debt consolidation loan, you need to meet some basic requirements. You’ll need to be a Canadian citizen or permanent resident, have an excellent credit score and credit history (650+), earn at least $50,000 per year, and prove you can afford the loan payments.

If you’re worried about your credit score, consider using an online loan marketplace like Lendful or LoanConnect to find lenders who offer unsecured debt consolidation loans for people with bad credit. Lenders will still take your credit into consideration, but they’re more likely to approve you if you have stable employment and a steady income. You should also avoid obtaining a mortgage or other secured loans if you’re struggling to make your debt repayments.