If you’re struggling with multiple debts, paying them off can seem daunting and sometimes impossible. Consolidating these debts into a single loan can make them easier to manage and may save you money in the long run, as you’ll be paying less interest than you would on the individual debts. However, it’s important to choose a lender that offers competitive rates for the best value. In addition to a good credit rating and income, most lenders will also want to ensure that you can afford the monthly payments on your new Consolidation Loan. This means that you should only take out a debt consolidation loan with an affordable payment schedule and a short term that doesn’t leave you overstretching your finances.
The Impact of Debt Consolidation on Your Credit Score in Canada
Whether you have good or bad credit, there are many lenders who offer debt consolidation loans in Canada online. To find the right lender for you, start by entering your desired loan amount and credit score in our search box on the left side of this page. This will show you a list of lenders who have offers for that loan amount and your credit score. The best lenders for you will offer a combination of low interest rates, affordable monthly payments and short loan terms to help you pay off your debt quickly.
Some lenders, like Lendful, specialize in helping Canadians who are struggling to pay their credit card balances control their financial future. They offer competitive, unsecured debt consolidation loans to people who can meet basic eligibility requirements. You’ll need an acceptable credit rating, regular income, and, if applicable, the ability to provide security or proof of income.