Debt Consolidation Loans

Debt consolidation loans provide a straightforward way to tackle multiple debts. By gathering all your debts into one place, consolidation loans give you one manageable monthly payment to deal with instead of many. Even better, your interest may be reduced or frozen. Many providers of consolidation loans will offer expert advice and may even negotiate with your creditors on your behalf. Use the chart below to compare the main features of each lender and their debt consolidation loans. What is the minimum debt requirement? How long is the loan term? What are the benefits? Once you have decided which one of the consolidations loans you want to go for you can apply directly by clicking the More Info button.

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Mogo
Mogo

Broker5.9% - 47.88%$100 - $35,0007 Days5 YearsTerms

Terms

See website for details

Suitable

Suitable

Full spectrum lender for 500+ credit score

Restrictions

Restrictions

Age of majority in ON, BC, Alta, only eligibility rules to sign up for a Mogo Account

NoYesMogo
MogoMoney is a unique line of loans designed to help Canadians get out of high interest debt. With a range of rates starting at 5.9%, Canadians with both good and not-so-great credit can apply. In three minutes, you could be pre-approved for a loan amount/interest rate and receive a FREE credit score. Unlike other lenders, Mogo has an innovative Level Up program that rewards your on-time payments with lower rates over time. Because the terms are fixed, you’d be paying drastically less interest overall compared to credit cards—even if you’re approved for a higher rate with Mogo. If for whatever reason you’re not satisfied with the loan, the 100-day money-back guarantee has you covered. To qualify you must have a credit score of at 500, earn $20,000 gross per annum, and be employed for 30 days. Saves customers up 93% compared to other credit products. DETAIL INFORMATION >>Services

Services

Online sign up/check your rate


Advantages

Advantages

1. Sign up a free Mogo account in 3 minutes, see your rate/loan offer with no impact to your credit
2. Free credit score
3. Full spectrum lender
4. $100 - $35,000
5. Terms up to 5 years


Disadvantages

Disadvantages

Only available in BC, AB, ON

Refresh Financial
Refresh Financial

Lender15.99%$1,200, $2,300, $3,200 and $5,5003 years5 yearsTerms

Terms

Weekly Payments Starting at Just $12

Suitable

Suitable

Individuals exiting insolvency needing to rebuild credit (Lendit can fund its loan prior to an individual being discharged from bankruptcy or consumer proposal). New immigrants. Students looking to build up credit. Individuals affected with identity theft.

Restrictions

Restrictions

Not available in Quebec & Saskatchewan

YesNoRefresh Financial
Refresh Secured Savings Loans are specifically designed for those with bad credit. Whatever your credit past, a Refresh loan can help you rebuild credit allowing you to obtain future financing more easily and at competitive interest rates. A Secured Savings Loan from Refresh will not only help you rebuild your credit, but also help to build your financial savings as you progress through the loan term. Refresh services those individuals with no or little credit history, typically from financial distress such as bankruptcy or consumer proposal. Fill out a free and secure application today and experience the Refresh difference! DETAIL INFORMATION >>Services

Services

Loan / Credit Rebuilding Services


Advantages

Advantages

1.Affordable payments starting at as little as $12 per week.
2. Almost all applicants are approved.
3. No up-front out of pocket expense. Rebuild your credit after insolvency, or financial hardship.
4. Reports to the credit bureau (versus a payday loan that doesn’t report and therefore rebuild credit history).
5. Build up automatic savings to reach your financial goals as you progress through the loan.
6. Access cash during the loan term (without affecting your interest rate or payment amount) for emergency expenses, paying off debts, or going on a vacation.


Disadvantages

Disadvantages

1. Not an upfront cash loan.

Grouplend
Grouplend

Lender6.3%$1000 - $3000036 Month (Open Loan with no pre-payment penalties)36 MonthsTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Grouplend loans are primarily used to consolidate credit card debt, make a major purchase, or complete a home improvement project. Anyone who is looking to receive faster, more convenient, and cheaper service than the banks is a suitable borrower for Grouplend!

Restrictions

Restrictions

In order to receive a quote, you must be 19 years of age, a citizen or permanent resident of Canada, live in one of the eligible provinces, have 12 months of credit history within Canada, a minimum gross annual employment income of $30,000, and a minimum 690 FICO score.

NoYesGrouplend
Grouplend is Canadas first peer-to-peer lending company, and offers Canadians a better way to borrow; faster, more convenient, and cheaper than the banks, or any other Canadian financing providers. We offer refreshingly simple loans; no origination fees, no early payment penalties, rates starting from 6.3% and the most convenient application process available in Canada. Our applications take only a few minutes, and funding will be in your bank account within 24 hours of acceptance. None! We don't charge you a fee for originating your loan. We also don't charge fees for paying off your loan early. However, we do charge a $50 fee if we ever attempt to process a monthly payment and we are unable to because the funds aren’t available in your account. DETAIL INFORMATION >>Services

Services

1. Obtaining a quote from Grouplend takes only a few minutes (and will not affect your credit score).
2. Loans range from $1,000 - $30,000


Advantages

Advantages

1. Our application does not affect your credit score
2. Instant Personalized Quotes
3. Funding in 24 Hours from acceptance
4. No Origination Fees
5. No Early Payment Penalties
6. Rates starting from 6.3%
7. Borrow up to $30,000


Disadvantages

Disadvantages

1. This product is only available to people making an employment income of $30,000
2. Not available in SK or QC.

Borrowell
Borrowell

Lender5.6%$1000 - $3500036 Month (Open Loan with no pre-payment penalties)60 MonthsTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Borrowell personal loans can be used to pay off credit card debt, make a major purchase, home improvement, pay for a wedding, or fund other projects.

Restrictions

Restrictions

In order to qualify for a loan, you must:
1. Be a Canadian citizen or resident
2. Have reached the age of majority in the province where you reside
3. Have a valid account with a Canadian bank or other financial institution
4. Have a valid email address
5. Have a minimum credit history of 12 months
6. minimum credit score of 660

NoYesBorrowell
Borrowell is an innovative Canadian online lender that offers fast, fair, and friendly personal loans. We help responsible Canadians with good credit eliminate their credit card debt today and sleep better tonight. We offer 3 or 5 year loans for up to $35,000. Our online form takes only a minute. If you qualify, you’ll instantly get an obligation-free quote. You also get an interest rate tailed just for you, starting from 5.6% APR. Borrowell has no hidden fees and offers fixed rates. Your scheduled payments are the same every month and won’t go up. Repay in full with no prepayment penalties. DETAIL INFORMATION >>Services

Services

1. Checking your rate with Borrowell takes a minute and will not affect your credit score
2. Money in your bank account in under 48 hours
3. Loans range from $1,000 - $35,000, rates from 5.6% APR, 3 of 5 year term options


Advantages

Advantages

1. Checking your rate does not affect your credit score
2. Instant loan offer
3. Funding within 48 Hours from acceptance
4. 3 or 5 year term options – choose how long you would like to pay back!
5. No Early Payment Penalties 6. Rates starting from 5.6 APR% 7. Borrow up to $35,000


Disadvantages

Disadvantages

1. This product is only available to people with a credit score above 660
2. Not available in SK or QC.

CitiFinancial
CitiFinancial

Lender26.99%-36.99%$300 - $20,00012 Months60 MonthsTerms

Terms

You have some established credit history.

Suitable

Suitable

If you are looking for a loan amount of $300-$20,000

Restrictions

Restrictions

You are a resident of Canada, but do not reside in Nunavut

YesYesCitiFinancial
With 200,000 customers in Canada and two million in North America, CitiFinancial is the world's leading financial services provider. The application process for a personal loan is fast and secure. If you are approved, you could get up to $20,000 by tomorrow! Apply today and get the money needed to achieve your goals! Citi Financial is part of one of the largest banking groups in the world so if you decide that Citi is company for you you can feel safe in the knowledge that you are dealing with a bank with a great reputation. DETAIL INFORMATION >>Services

Services

Fixed interest rates for entire loan term


Advantages

Advantages


Get the money you need, when you need it. With CitiFinancial, you can rely on:
1. One-on-one, local service from a knowledgeable loan specialist at your local branch.
2. Fixed rates and manageable, fixed payments for the life of your loan
3. Loan options that suit your needs and budget
4. Flexible payment options: choose your due date and pay online or in person
5. Secure, 24/7 Online Account Management to make online payments, update account information and view payment history
6. Pay off your personal loan any time with no prepayment penalty or fees.
7. Change your mind and cancel your personal loan within 14 days with no charges and no questions.
8. CitiFinancial is a community-focused lender. We take pride in making a different in the communities where we live and work.


Disadvantages

Disadvantages

1. Collateral may be required depending on borrower's credit profile
2. Interest rates are based on various factors, which include your income, credit score and payment history.

If you wish to speak to someone: Contact Us

Compare Debt Consolidation Loans

If you are balancing multiple debts, interest rates and payment schedules a consolidation loan can help you get back on track.

Are you in debt?

There are thousands of people across Canada currently experiencing a debt problem so don’t worry you are not alone. The first step is taking action as soon as possible. Simply ignoring your situation will only make it worse. If you want to get back to living a debt free life, start looking at your options today.

There are a wide range of debt solutions available to you and you need to make sure you choose the right one for you and your finances. By consolidating your debt you can save on interest cost and you will only have to make one payment each month making it easier for you to manage your expenses.

What is a Consolidation Loan?

An effective way of getting on top of your debt and making it more manageable is with a consolidation loan. The way they work is to consolidation your existing debt, from loans and credit card bills, into a single loan with a set repayment schedule.

Consolidation loans are suited to those who are struggling with multiple debts because a consolidation loan brings together all your expensive debts into a single more affordable and manageable monthly payment.

Is a Consolidation Loan the best debt solution?

When you consolidate your debt you can obtain a lower overall interest rates than the combined rates on all your debt. You can also extend your repayment term to reduce your monthly payments. If you are looking for a way to reduce your monthly payments and help you manage your expenses more effectively then a consolidation loan may be the right debt solution for you.

Some people may be put off by a consolidation loan because they will not reduce what you actually owe. It could be argued that you should not take out another loan on top of what you already owe because there is more of a risk of ending up in more debt. Also bear in mind the longer you take to repay the loan, the more interest you will pay overall and so a consolidation loan could end up costing you more overall.

how to find the right Consolidation Loan for you?

As with any financial product it is important that you take the time to research the market. You can compare different consolidation loans in the table above. Before you take out a loan make sure you read the terms and conditions fully and that you understand what happens if you miss payments because the consequences can be severe.

Things to remember when applying for a consolidation loan

Remember to compare the features and advantages offered by each loan provider in addition to the fees, charges and terms and conditions. You should also compare the interest rates that are offered to you, rather than the headline rates. If you are in any doubt then you should seek independent financial advice.

Debt Consolidation Loans - Latest News News and Charts

When all those debts are getting on top of you , there always seems like there is no way out . A consolidation loan is the answer.

16 July 2015
Which Way To Pay

When you finally make the decision to consolidate all those debts looming over you into one easy monthly payment that is set up between yourself and the consolidation loan providers.

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All You Need To Know About Consolidation Loans

02 August 2012 13:00
Lucy Williams

Thousands of people in Canada struggle with debt and managing their finances. If you are under financial strain and facing mountains of debt you will know that it’s not a great situation to be in. When you are struggling to pay urgent bills or even make repayments on other loans a consolidation loan can help you.

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Debt Consolidation Loans Explained

12 April 2012 14:00
Victoria Wedderburn

If you are struggling to deal with multiple debts each month, a consolidation loan can help.The main advantage is that you can stay on top of your monthly outgoings and know exactly how much you debt is costing you and when you will pay.

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Consolidation Loan Explained

21 December 2011
Which Way to Pay

There are various things you can do if you are struggling with debt. One of the most common remedies is a consolidation loan. This is a loan which enables you to pay off all of your existing creditors, thus leaving you with one lower monthly repayment.

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Debts Piling Up? Get a Consolidation Loan!

14 October 2011
Which Way to Pay

We all have debts at one point or another, but sometimes they can really mount up. If you’re struggling with debt and are really feeling the financial pressure then it might be time to do something about it.

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