Debt Consolidation Edmonton

November 18, 2020 | Editorial Team

Although Edmonton is a beautiful city, Albertans tend to have more debt than the rest of Canadians. Even those from the expensive province of British Columbia. Once debts from credit cards, loans, mortgages, and more start to pile up, it is easy to be overwhelmed. Once you start missing payments, however, your credit rating will go down. To prevent this from happening, you can make a consumer proposal or take out a debt consolidation loan, Edmonton.

To find one of the best debt consolidation loans, using a loan search engine can be beneficial. Let’s get started by looking at the pros and cons of using Loans Canada and LoanConnect, two great loan search engines.

Loans Canada

One of the best ways to find loans for debt consolidation in NW Edmonton, AB is to use a loan search engine. There are plenty available across Canada, but Loans Canada is one of the best. On the site, Canadians can find the perfect debt consolidation loan as an alternative to a consumer proposal. Loans Canada will take your information, such as your credit rating, into consideration and show you lenders that can help you become debt-free.

If you are looking for the perfect Edmonton debt consolidators, look no further! Here are some of the pros and cons of using Loans Canada.

Pros

  • Canadians with bad credit can still use Loans Canada to find a debt consolidation loan.
  • Your debt consolidation loan term can range from 6 months to 60 months, depending on how big your debts are.
  • Similarly, you can receive a debt consolidation loan of up to $300,000.
  • Applying for a loan with Loans Canada is super easy as everything is done online.
  • Even if you aren’t tech-savvy, the Loans Canada website is very user friendly and easy to navigate.
  • Once you are approved for a debt consolidation loan, you typically receive the money within 48 hours.
  • It is possible to get an interest rate as low as 5.49% if you have good credit.
  • You can easily compare all of your potential lenders as they will be shown to you in an organized chart.

Cons

  • Your interest rate could be as high as 25% if you have bad credit.
  • Only lenders that partner with Loans Canada will be displayed.
  • Loans Canada is not a lender, simply a loan search engine.

LoanConnect

Another great loan search engine available in NW Edmonton, AB, is LoanConnect. LoanConnect can easily help you consolidate debt, Edmonton. You simply need to input some personal and financial information, and LoanConnect will match you with lenders that can help provide you with a debt consolidation loan.

The biggest difference between Loans Canada and LoanConnect is that the maximum loan available with LoanConnect is $50,000. Thus, if you need a bigger loan than $50,000, LoanConnect may not be the site for you. Let’s take a look at some of the other pros and cons of using LoanConnect.

Pros

  • Debt consolidation loan terms range from 6 months to 60 months
  • It is possible to get interest rates as low as 4.6% with LoanConnect if you have a good credit score.
  • LoanConnect is completely free to use, and you are not obligated to choose a lender that the site offers you.
  • LoanConnect’s eligibility requirements are not as strict as other lenders. You simply need to be a Canadian citizen that is of the age of majority in your province or territory. Your debt also must be less than 60% of your income.
  • You can find 12 different types of loans on LoanConnect.
  • It is possible to receive your loan with 12 hours of being approved.
  • The entire application can be done easily online.

Cons

  • You will not get approved for a loan if your debt is more than 60% of your income.
  • Interest rates will be higher for those with bad credit.
  • The maximum loan amount available is $50,000, meaning LoanConnect is not an option for those with a lot of debts.

The Bottom Line

LoanConnect and Loans Canada are two of the best loan search engines available in Edmonton, Alberta. With them, you can find the perfect debt consolidation loan to meet your exact needs.

When searching for the perfect loan, make sure you will be able to make the monthly payment. If the payments are too high, your debts will simply continue to pile up, and your new loan will just be one more thing collecting interest.

LoanConnect and Loans Canada offer a wide range of loans from a variety of lenders. So, there is something for everyone on these search engines, even those with bad credit.

Applying for a loan with either site is completely free, and you are not obligated to choose any lender they show you. Using search engines like these are thus a great way to shop around for the best deal possible. For more information on these search engines, head to their respective websites and look for the ‘contact us today’ section now!