Consolidation Loan – Alpine Credits can be confusing and even overwhelming. Juggling payments on multiple loans, unsecured lines of credit, credit cards and overdue balances can make it difficult to keep track of monthly repayments. Debt consolidation can simplify financial management and reduce the stress of paying off balances. It can also save money on interest payments and build up your credit score with each on-time payment.
However, not all lenders offer this type of loan. Some lenders only accept borrowers with good credit while others have more stringent eligibility requirements, such as having a net worth or a co-signer. Some lenders also require a credit check for pre-approval, so you need to shop around to find the best deal.
Unlocking Your Finances: The Benefits of Consolidation Loans for Canadians
One lender that offers a streamlined process for borrowers with poor credit is Lendful. The online lender aims to “help Canadians pay over 20%+ on a credit card control their financial future.” You can apply online without affecting your credit score with Lendful for an unsecured personal loan for debt consolidation.
Another option for Canadians with bad credit to consolidate their debt is to start a Debt Management Program with a non-profit credit counseling organization. The agency will help you manage your finances and negotiate with creditors to lower the rate on your outstanding debt balances. This can also be more cost-effective than obtaining an unsecured debt consolidation loan from a lender, as you’re not borrowing more money. You make one monthly payment to the non-profit, which distributes it to each of your creditors.