In Canada, consolidation loans are a way to combine several smaller loans into one single monthly payment. The concept is simple; getting the loan is the hard part. Here’s an example:
For example, let’s say you owe $15,000 on three different credits, and you owe $500 to a payday loan, and $1,500 to the government for taxes from last year. You get an $18,000 debt consolidation loan from your bank, and you use the money to pay off your credit cards, payday loan, and back taxes. Now instead of having five different debt payments each month, you only have one payment.
Before deciding if debt consolidation is a good option to help you reduce your debts you need to determine if you qualify for a debt consolidation loan and are there enough benefits.
Consolidation loans in Canada are available at banks, credit unions and finance companies. You can apply for an unsecured or secured consolidation loan (for example obtain a second mortgage to pay off credit card debt). To qualify for a debt consolidation loan:
Talk to a mortgage agent who is experienced to schedule a consultation to discuss a consolidated loan before you sign anything.
A debt consolidation loan may seem like a great way to deal with your debts however not all consolidation loan companies are created equal and not everyone qualifies. What should you do:
A qualified team of mortgage agent can answer your questions and provide advice and services that suit the needs of your personal financial situation.
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