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Debt Consolidation Loans in Canada allow customers who struggle with their multiple debts to collect their smaller debts into a single loan.
Debt Consolidation Loans
This loans issued by a single lender to be charged a single and lower interest rate and become debt-free faster.
Advantages of Debt Consolidation Loans
- Customers will be required to make one single monthly payment.
- However, may charge a lower interest rate and save on interest costs.
- Customers can get rid of their debts faster and easier.
- Will not be charge any fees.
Disadvantages of Debt Consolidation Loans
- They may require customers to offer up a collateral.
- Customers must have a very good credit score.
- Customers charge high interest rates if they are risky by the lender.
Secured Debt Consolidation Loans in Canada
Debt consolidation loans have two main subcategories: secured and unsecured.
Secured Debt Consolidation Loans require borrowers to offer up an asset as security (a house, a car, jewelry etc.) while, Unsecured Debt Consolidation Loans do not require loan seker to pledge a collateral.
Unsecured Debt Consolidation Loans have much higher interest rates than Secured Debt Consolidation Loans. Therefore, they can be the only option for those who do not have a property to offer up as security. Debt Consolidations are usually approve faster. However, you need to have a very good credit score. Therefore, a god relationship with the lender to qualify for an unsecured debt consolidation loan.
Unsecured Loans in Canada
Unsecured Debt Consolidation Loan means borrowing a loan to consolidate debt without any collateral. Therefore credit cards, payday loans and personal loans in Canada are several examples of unsecured debt consolidation loans.
Credit Card Balance Transfers: Customers can transfer their balances to balance transfer credit cards. Therefore, charge a lower interest rate or even no interest for a promotional period.
Personal Unsecured Debt Consolidation Loan (Peer to peer Loan). After being charge an initial fee plus interest, customers can borrow the amount they need to consolidate their debts from the lenders.
Best Loan Options
Fair stone: Borrowers can consolidate their debts up to $20,000 to repay within 6 months due to 10 years. The interest rate customers will charge ranges between 19.99% and 39.99% due to the loan type and province.
After loans: Borrowers can receive up to $5000 to repay within 36 months or more.