Debt Consolidation Loans
Roll multiple debts into one payment. Lower interest rates, simpler finances, faster payoff.
Simplify Payments
One bill instead of many
Lower Rates
Often cheaper than credit cards
Pay Off Faster
Fixed payoff date
Reduce Stress
Predictable monthly budgeting
Debt consolidation rolls multiple debts — credit cards, lines of credit, payday loans — into a single new loan with one monthly payment. The new loan ideally has a lower rate and a clear payoff schedule.
Consolidation works best when the new rate is meaningfully lower than the average of your current debts and when you stop accumulating new debt on the cleared accounts.
Debt Consolidation Requirements
- Canadian resident, age of majority
- Steady income to support new payment
- Total debt suitable for consolidation
- Active Canadian bank account
- Credit profile meeting lender criteria
Does consolidation hurt my credit?
Short-term, a hard inquiry can dip your score slightly. Long-term, consistent on-time payments and lower credit utilization usually improve it.
Will I save money?
Yes if the new loan's rate is lower than the weighted average of your old debts and you don't add new debt.
Is consolidation the same as a consumer proposal?
No. Consolidation is a new loan that pays off existing debts in full. A consumer proposal is a legal settlement for less than owed.
Can I consolidate with bad credit?
Yes, though rates will be higher. Some lenders specialize in bad-credit consolidation.
How long does it take?
Approval and funding are typically within a few business days.
Use:
Pay off existing debts
Interest Rates:
Often lower than cards
Payment:
One fixed monthly amount
Term:
Customized to budget
Approval Time:
Days, not weeks
Apply for Debt Consolidation
One payment. Lower rate. Clearer path to debt-free.