What are debt consolidation loans?
Debt consolidation loans are financial products designed to combine multiple debts into a single loan with one monthly payment. The goal is to simplify debt management, often with the added benefit of a lower interest rate compared to the rates on the individual debts being consolidated.
Is a line of credit a good instrument for debt consolidation?
A line of credit (LOC) is a flexible loan from a financial institution that allows you to borrow up to a certain limit. You can withdraw funds as needed, repay the borrowed amount, and borrow again up to the credit limit.
A line of credit can be a valuable tool for debt consolidation if you manage it responsibly. It offers flexibility and potentially lower interest rates but requires discipline to avoid further debt accumulation. If used wisely, it can help streamline your finances and reduce overall interest costs.
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 7.40% | 802 |
| 20,000 | 10.40% | 1,127 |
| 20,000 | 13.40% | 1,452 |
| 50,000 | 7.60% | 2,058 |
| 50,000 | 10.60% | 2,871 |
| 50,000 | 13.60% | 3,683 |
| 100,000 | 7.80% | 4,225 |
| 100,000 | 10.80% | 5,850 |
| 100,000 | 13.80% | 7,475 |
| 200,000 | 8.00% | 8,667 |
| 200,000 | 11.00% | 11,917 |
| 200,000 | 14.00% | 15,167 |
Who offers instant loans for bad credit history to consolidate debt?
There are several lenders and financial institutions that offer options tailored to individuals with less-than-perfect credit. These loans are often higher interest rates, but they can provide a way to manage and consolidate debt. Here are some options:
- Bad Credit Lenders: Mogo, Money Mart
- Credit Unions: Vancity, Alterna Savings
- Online Lenders: Borrowell, LendingMate
- Payday Loan Providers: Check 'N Go
Can a student get a debt consolidation loan?
Yes, students in Canada can get a debt consolidation loan. Students with limited credit history or a low credit score may face challenges in qualifying for traditional debt consolidation loans. Lenders often consider credit history when approving loans.
A steady source of income can improve eligibility. Students may need to demonstrate they have a part-time job or other income sources.
You can see the similar FAQ at the link:
- B2B Bank SMART Loan
- B2B Bank investment loan
- B2B bank RRSP loan
- CIBC collections contact
- CIBC loan and financial calculators
Details of companies offering the financial services:
SkyCap Financial
Head office’s address: 1020 Bayridge Dr. #104, Kingston
Contact center: (877) 924-4557
Web-site: https://skycapfinancial.ca
Envision Financial - First West CU
Head office’s address: #200 - 19933 88th Avenue Langley, BC
Contact center: 888-597-6083
Web-site: https://www.envisionfinancial.ca/Personal/
Canada West Mortgage
Head office’s address: 103-535 10 Ave SW Calgary, AB, T2R 0A8
Phone: 403 907 0845
Web-site: https://canadawestmortgage.ca/
Alpine Credits
Head office’s address: #310-10524 King George Boulevard, Surrey, BC V3T 2X2
Contact center: 1-800-587-2161
Web-site: https://alpinecredits.ca/
BHM Financial Group
Head office’s address: 1090 Avenue Pratt 1090 Avenue Pratt, Outremont, Montreal, QC
Contact center: 877-787-1682
Web-site: https://www.bhmfinancial.com
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
Fairstone
Contact center: 800-995-2274
Web-site: https://www.fairstone.ca/
LendforAll
Web-site: https://lendforall.ca
LoanConnect
Head office’s address: 379 Dundas St #217, London
Contact center: (855) 936-5626
Web-site: https://loanconnect.ca
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004
Vancity Savings Credit Union
Head office’s address: 183 Terminal Avenue, Vancouver, British Columbia
Contact center: 868-225-4828
Phone: 604-877-7000
Web-site: https://www.vancity.com/