If you have multiple debts including unsecured loans, credit cards and utility bills, keeping them organized and paying them off on time can be difficult. A debt consolidation loan can help by rolling all your existing debts into one big debt with a single payment. However, not all lenders offer the same terms and conditions, and some have stricter eligibility requirements than others. Choosing the right lender for your needs is critical to avoid paying more interest in the long run.
We’ve compiled a list of the best Debt Consolidation Loan Canada options to help you find the best option for your circumstances. This guide provides details on each lender including how they operate, their application process and their requirements. It also includes tips for preparing for your application so you’re ready to get started.
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If your credit score isn’t good enough for a debt consolidation loan, you can always try a different solution. Many non-bank companies, like Loans Canada and SkyCap Financial, offer unsecured debt consolidation loans for people with fair or bad credit. However, it’s important to be aware that these types of loans typically have higher interest rates than traditional loans.
You can also try a debt management plan with a credit counseling organization. These organizations will negotiate with your creditors to bring down your debt repayment rates, giving you the benefits of a debt consolidation loan without the risk of borrowing more money.