Debt Consolidation Loans
Big Loans Word helps eligible Canadian consumers explore debt-consolidation loan options from $5,000 to $50,000 CAD.
What is Debt Consolidation Loan?
A debt consolidation loan is a type of personal loan used to combine multiple existing debts into a single loan. Instead of making separate payments to different creditors, you make one regular payment to the new lender.
Representative Example
Illustrative example only — not an offer or guarantee:
Loan amount: $20,000 CAD
Term: 36 months
Representative APR: 19.99%
Estimated monthly payment: Approximately $743
Estimated total payments: Approximately $26,748
Estimated total cost of borrowing: [CALCULATE FROM ACTUAL PRODUCT]
The example must be recalculated using the actual financing product, applicable fees and legally required APR methodology before publication.
However, consolidation does not automatically reduce the total amount owed. A longer repayment period may increase the total interest paid. Canada.ca specifically recommends comparing the interest rate, fees and repayment period before choosing a consolidation product.