When it comes to financial advice, one of the first things people in Ontario want to know is how to get out of debt. Credit card debt, student loans, mortgages, and more often pile up until we are overwhelmed.
At this point, it can be hard to think about how to even make a monthly payment, let alone pay off the debt completely.
Thankfully you have options, namely debt consolidation options. Debt consolidation is when a consumer takes out a loan they can then use to pay off all their debts from credit cards or other loans completely.
This leaves them with only one monthly payment to make. A debt consolidation loan should have a lower interest rate than the rest of your debt to ensure you are not incurring more debt in the process. Also, apart from Ontario and Toronto, we took a look at the top debt consolidation loans in Edmonton, Calgary and also BC, and Alberta.
If you are looking for a debt consolidation loan in Ontario, Loans Canada and LoanConnect are a great place to start. Debts, consolidation, and helping Canadians is their speciality. They can help pair Canadians with the perfect lender that offers debt consolidation loans. Here’s a deeper look into both platforms and your debt consolidation options.
The first way you can find the perfect debt consolidation loan is through Loans Canada. Loans Canada is a lending platform that partners with lenders across Ontario (including Toronto and Brampton) and the rest of Canada. These lenders offer various types of debt relief as well as car, personal, and business loans.
One of the best things about Loans Canada is they can even help Canadians with bad credit find a loan to consolidate their debt. These are some pros and cons of using Loans Canada.
- If you have good credit, interest rates could start as low as 5.49%. They can go up to 25%, though.
- Consolidating your debt has never been easier as the entire process can be done completely online with Loans Canada.
- You could receive payment of your loan within 48 hours of being approved.
- If you have a lot of debt that needs consolidating, Loans Canada offers loans up to $300,000.
- Their website is easy to use and navigate, even if you’re not tech-savvy.
- Similarly, your available lenders will be organized in a chart. This will help you to compare your options easily.
- Loan terms range from 6 months to 60 months, depending on your needs.
- Regardless of your credit score, Loans Canada can help you find a lender to help consolidate your debt.
- Lender options are limited to those who partner with Loans Canada.
- Loans Canada does not have one set of terms and conditions for consolidation loans. This is because each lender determines their conditions with you.
- If you have a bad credit score, your interest rate will be higher.
Another lending platform that can help you with debt relief regardless of your credit score is LoanConnect. LoanConnect is similar to Loans Canada as it can also help Canadians search for the perfect lender. Both lending platforms partner with different lenders, so you can easily explore all your options.
No matter what type of loan you need, LoanConnect probably has you covered as they offer a wide range of loans. Let’s look at more of the pros and cons of this lending platform.
- You can choose your loan term from 6 months to 60 months.
- Borrowers can have bad credit, as long as your debt is not more than 60% of your income.
- It is easy to find a lender that will approve you. The eligibility requirements are that you be a Canadian citizen and of the age of majority in your province or territory.
- Depending on your credit score, interest rates can start as low as 4.6%.
- Searching for a loan on LoanConnect to consolidate your debt is completely free.
- There is no obligation to go with any lender that LoanConnect suggests.
- LoanConnect offers 12 different types of loans.
- If your credit score is bad, your interest rate will be higher.
- If your debt is more than 60% of your income, your application will be rejected.
The Bottom Line
Being in debt from your credit cards or other loans is nothing to be ashamed of. In fact, almost 75% of Canadians are in debt. Once you incur debt, it can be hard to get out of it. Talking to a non-profit credit counsellor about your financial situation is a good place to start. They should be able to give you debt management advice.
If they suggest debt consolidation and you want to go ahead with it, Loans Canada and LoanConnect are great lending platforms. You can ensure you are getting the best debt consolidation loan possible that fits your needs.
Stop relying on your credit card and start your debt management journey today, Ontario. Complete a free search on Loans Canada or LoanConnect now.