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.

Who Can Apply?

1.Credit-card balances
2. Personal loans
3. High-interest unsecured debt
4.Store-card balances
5.Eligible lines of credit

Personal Loan

Loan amount: $5,000 – $50,000
Repayment term: 6 – 60 months
Maximum APR: Up to 34.99% APR
Representative APR: 9.99% to 19.99%

Financing Uses

1.Combine several payments into one
2.Simplify debt management
3. Potentially reduce interest costs
4.Create a defined repayment period

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.

Get Your Questions Answered

Who Can Apply for a Debt Consolidation Loan in Canada?

What Types of Debt Can Be Consolidated?

Depending on the lender, eligible debts may include credit card balances, personal loans, lines of credit, and other unsecured debts. Not all debts qualify for consolidation.