Do you have concerns about your financial situation? Do you want to lower your monthly payments, or pay a lower interest rate on your debts? Perhaps you want to get out of credit card debt or even be debt-free altogether. Living in Toronto is expensive. Read on, and discover how to get debt relief in Toronto.
Debt Consolidation Toronto
Fortunately, help is at hand for Toronto debt consolidation. Learn more about debt consolidation across Canada generally, including consolidation loans and debt management in other parts of Canada, namely in Edmonton, Calgary, and also BC and Alberta. Debt consolidation companies in Toronto can help you handle your debt. No matter what your situation, debt consolidation is an option is for you.
1. LoanConnect
LoanConnect is a search engine for loans. It is one of Canada’s most popular lending platforms. LoanConnect acts as a middleman between you and the loan provider. They offer a variety of loan options, including debt consolidation loans.
You provide them with information on how much you want to borrow and what you need it for. They’ll also need some information about your income. You can choose to conduct a general search of LoanConnect’s debt consolidation loans. Alternatively, you can apply for pre-approval. Your credit profile and loan information will then be matched with potential lenders.
Individuals looking for debt consolidation can choose to apply for a debt consolidation loan. Alternatively, you can choose an unsecured personal loan or an installment loan.
LoanConnect has no minimum credit requirement. Even if you have a low credit score, you can still apply for a debt consolidation loan.
After you have completed a questionnaire, Loan Connect will provide you with a list of potential lenders. You then go to the lender’s Website to apply for a debt consolidation loan. Help for affordable living in Toronto and getting debt relief is at hand!
LoanConnect offers you a quick and easy way to find a loan to suit your needs, no matter what your credit rating. If you have Toronto debt, they can help you. However, you will be looking at a higher interest rate than you would with a traditional bank.
Let’s take a look at some of the pros and cons of searching for loans with LoanConnect.
Pros
- Loan terms range from 6-60 months.
- There is no minimum credit score requirement or annual income requirement.
- The majority of their lenders offer instant approval credit. They will deposit the consolidation debt loan into your Toronto bank account in less than a day.
- You can compare lenders quickly and easily. No more having to do searches separately all over the Internet. The online platform is user-friendly.
- They provide great information on everything you need to know about debt consolidation.
- They offer flexible terms and interest rates.
- Every lender is carefully vetted before they are approved by LoanConnect.
- LoanConnect offers 12 different loan types.
- You can customize your debt consolidation loan to fit your requirements, regardless of your credit score.
- Their APR starts at no lower than 10%. This should not discourage you from consolidating debts. You can check out their various lenders to see which one has a rate that suits you.
- Whether you have excellent credit, good credit, or poor credit, they can find a lender for you.
- The majority of their lenders offer instant approval credit. They will deposit the consolidation debt loan in your Toronto bank account in less than a day.
- You can compare lenders at a glance. No more having to do searches separately all over the Internet.
- If you work or own a home, you should have no issues with a lender approving you for a debt consolidation loan.
- They provide great information on everything you need to know about debt consolidation.
- They offer flexible terms and interest rates.
Cons
- A lower credit score will result in higher interest rates.
- If your total debt is more than 60% of your income, you will not be accepted for a loan with LoanConnect.
2. Loans Canada
Another option to help you with debt consolidation loans in Toronto is Loans Canada. Loans Canada is a Toronto-based company that is a loan comparison platform. If you need a personal loan, debt relief, or a business loan – they can help you.
Loans Canada acts as a search engine, allowing you to search for the perfect debt consolidation loan. To view your loan options, you first need to enter information about what kind of loan you require. You can also provide information about your assets, your income, and your credit score if you know it. Loans Canada will then provide you with a list of debt consolidation loan providers.
Loans Canada is also partnered with loan providers who specialize in bad credit loans. If your current debt is having a negative impact on your credit score, you can still apply for a loan with Loans Canada.
Once you have chosen your perfect loan, Loans Canada will act as a middleman between you and the loan provider.
Loan terms usually range from 6-60 months. Loans Canada offers debt consolidation loans up t0 $300,000.
Below is a list of some of the pros and cons of using Loans Canada for your debt consolidation loan.
Pros
- It is part of the largest lender network in Canada.
- Loans Canada can help you make smarter decisions about your financial situation. They offer free guides, tips and advice to help you. You can learn about dealing with credit card debt and high interest rates. You can also learn how to consolidate your debt.
- You can choose either a secured or an unsecured loan.
- Loans Canada offers you online lending and fast access to cash. You can easily access their services no matter where you are in Toronto.
- Loans Canada offers you a wealth of information at your fingertips – all free of charge.
- There is no minimum credit score requirement or annual income requirement.
- Your loan options will be organized in a useful chart. This makes comparing your loan options much easier.
- The Borrower Community asks borrowers to rate and review lenders. Loans Canada will then remove any lenders from their platform who have consistently bad reviews.
Cons
- If you have bad credit, you are likely to pay a higher interest rate.
- If you pay a loan back early, you may incur a penalty.
- Some of their lenders charge you a fee for processing the loan.
3. Borrowell
Borrowell is another popular option for debt consolidation loans in Canada. They are partnered with more than 50 loan providers across Canada. Some of their loan providers specialize in debt consolidation loans and bad credit loans.
Borrowell aims to match you with the loan provider that best matches your loan requirements. They help you to find a loan that offers a lower interest rate than you are currently paying.
Borrowell is also partnered with Equifax. This gives you free access to your credit score and free weekly credit score updates. This helps you to improve your credit rating and your financial future while you are making your loan repayments.
The free credit score is also used as part of the pre-approval process. Your loan search results will only include loan providers who are likely to accept your application. It will also show you how much interest you can expect to pay and the loan amount you will qualify for.
Below is a list of some of the pros and cons of using Borrowell’s online platform for debt consolidation loans.
Pros
- Funds will be deposited into your account within 48 hours.
- A hard credit check is not performed until you submit a loan application.
- You can choose a secured or unsecured loan.
- You can opt for a traditional debt consolidation loan, a home equity loan or a balance transfer credit card.
- When considering your application for debt consolidation loans, Borrowell will consider several factors. These include your credit score, the likelihood of you making repayments and the value of any collateral, if applicable.
- You can still apply for a loan if you have experienced bankruptcy.
- Flexible repayment options are available.
- Borrowell has an A+ rating with the Better Business Bureau (BBB).
Cons
- Interest rates are higher for those with a low credit score. This could mean your debt consolidation loan has a higher interest rate than your current debts.
- You may have to pay a financial penalty if you pay off your loan early.
4. RBC Royal Bank
RBC has been operating in Canada for more than 150 years. They are one of the largest banks in the country, with more than 17 million customers. They offer traditional debt consolidation loans. Alternatively, you can use a line of credit or an RBC Homeline Plan to help you consolidate your debt and streamline your finances.
RBC has a useful debt consolidation calculator on their website. This allows you to see an estimate of your debt consolidation loan, your repayment amount and how much money you can expect to pay overall.
You can also use RBC’s pre-approval feature. RBC will consider your credit score to give you a more accurate representation of your debt consolidation loan. You will be able to view the proposed rate of interest and monthly repayment amount. You can tailor your search to include your preferred loan term.
RBC also provides an abundance of educational tools and resources on their website. This includes video tutorials on reducing debt and improving your credit score.
Let’s take a look at some of the pros and cons of RBC’s debt consolidation loans.
Pros
- You will have access to a debt reduction plan. Decide on your main debt reduction goal and RBC will help you to create a plan to achieve this goal quickly and efficiently.
- You can choose a loan term between 12-60 months.
- Choose between a fixed-rate loan and a variable loan.
- You can switch to a variable rate loan or pre-pay your loan at any time with no financial penalties.
- Any equity in your house can be leveraged to help you secure a lower rate.
- RBC gives you free access to your credit score.
- There are more than 1,200 branches across Canada. You can visit any branch to help you set up the loan or if you need any help or support.
- With the Skip-a-Payment option, you can skip one monthly payment every year.
- You can choose to make payments weekly, bi-weekly, semi-monthly, or monthly.
Cons
- Bigger banks usually have much stricter eligibility requirements. Anyone who does not have a higher credit score is not likely to have their loan application accepted.
- Longer or shorter loan terms are not available.
5. Fairstone
Fairstone has been providing loans to Canadians for more than 100 years. They are currently the leading non-bank lender in Canada. Their debt consolidation loans range from $500-$50,000, with loan terms from 12-120 months.
Fairstone’s online platform provides a loan calculator. You can use this to see an estimate of your loan payments. Input the details of your current debts, monthly payments, and interest rates and Fairstone will show you how much you can save with a debt consolidation loan.
Their website also offers personalized loan quotes with no financial obligation free of charge. You can enter your personal details and the details of your desired loan to receive your quotes. You can customize your results by inputting your preferred payment frequency and loan term.
Let’s take a look at some of the pros and cons of Fairstone’s debt consolidation loans.
Pros
- Have access to your own 1:1 lending specialist. The lending specialist will help you find the perfect debt consolidation loan for your needs and budget.
- Multiple repayment options are available, including bi-weekly, semi-monthly, and monthly.
- You can choose either a secured or unsecured debt consolidation loan.
- If you are a homeowner, you may have access to lower rates and higher loan amounts.
- Their online platform offers debt management tools and educational resources.
- All loans can be customized and tailored to suit your needs.
- You may still be accepted for a loan if your credit score is rated as ‘fair’.
- You may receive your funds the very same day.
- You can receive a fixed interest rate for your entire loan term.
- Fairstone has a 98.7% customer satisfaction rate overall.
- Competitive interest rates are offered.
Cons
- Non-homeowners may not be approved for larger loans.
- There are fewer branches, compared to traditional banks.
The Bottom Line
You may feel like your busy life in Toronto leaves you no time to learn about debt consolidation. A lot of people in Ontario feel this way. Looking for ways to deal with high interest rates and improve your credit rating can be time-consuming and confusing.
Loans Canada and LoanConnect take the work out of figuring out the best way to consolidate your debt. They can help make sure your monthly payment is affordable and your interest rate is low.
You can use their quick and easy to understand comparison tools to help you find a choice of consolidation loans. Both websites can also show you what steps you can take now to help you with your cash flow issues and loan payments. You can avoid pricey payday loans and improve your bad credit, all from the comfort of your Toronto home or apartment.
There are so many ways to get into debt. You may have put too much on your credit cards or lost your job. The good news is you can find a way to get a debt consolidation loan that works for you. So you can keep enjoying all that Toronto has to offer without worrying about bankruptcy, insolvency, or not being able to pay your bills.
Visit their websites today to use their useful debt consolidation calculators or access your free, no-obligation loan quotes.
