Debt consolidation loans
Pay off several high-interest balances with one loan, one fixed payment and a clear end date.
$1,000 to $15,000 · 6 to 60 months · 9.99% to 34.99% APR on approved credit. Representative example
Debt consolidation loans at a glance
| Amounts | $1,000 to $15,000 |
|---|---|
| Terms | 6 to 60 months |
| APR | 9.99% to 34.99% on approved credit. Never above 35%. |
| Fees | [List every fee, or state “No application or origination fees”] |
| Prepayment | Pay early any time, no penalty |
| How funds are sent | Interac e-Transfer or direct deposit |
| Licence | Ontario [ON-000000] |
Typical uses
- Combining credit card balances
- Paying off a high-interest store card or instalment plan
- Replacing several due dates with one
When this isn’t the right choice
Consolidation only saves money if your new APR is lower than what you pay now, and if you don’t run the paid-off cards back up. Compare the total cost of borrowing before you decide. If your debts feel unmanageable, a non-profit credit counsellor can explain options like a debt management plan.
Estimate your debt consolidation loans payment
- Number of payments
- 36 monthly payments
- Cost of borrowing
- $5,280.56
- Total repaid
- $15,280.56
- APR used
- 29.99% (representative)
Estimate only, at our representative APR, not our lowest. Your rate depends on approval.
Representative example: borrowing $10,000 over 36 months at 29.99% APR gives monthly payments of $424.46. The total cost of borrowing is $5,280.56 and the total repaid is $15,280.56. Rates range from 9.99% to 34.99% APR on approved credit. No rate exceeds 35% APR. Rates & fees
Who can apply
- You have reached the age of majority in your province
- You live in a province we serve
- You have regular income you can show
- You have a Canadian bank account in your name
- You have valid government-issued photo ID
From rate check to funds
- Check your rate online in about 5 minutes.
- Verify your income and bank account.
- Review your offer and sign online.
- Receive funds by e-Transfer or direct deposit.
Debt consolidation loans questions
Will consolidation lower my payments?
It can, if your new APR is lower or your term is longer. A longer term can also mean paying more interest overall, so compare the total cost.
Do you pay my creditors directly?
[Confirm: funds are sent to you, or paid to creditors directly.]
Should I close my credit cards afterwards?
That’s your choice. Keeping old accounts open can help your credit history, but only if you don’t build the balances back up.
Can I pay it off early?
Yes, at any time, with no prepayment penalty.
Does applying affect my credit?
Checking your rate uses a soft check. A full credit check happens only if you accept an offer.
Related reading
- Debt consolidation loans: when they save money and when they don’t (coming soon)
- How to read a cost-of-borrowing disclosure (coming soon)
- Ways to improve your credit score in 6 to 12 months (coming soon)