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Bad Credit Debt Consolidation Loans Canada - Evil-Wire

Bad Credit Debt Consolidation Loans Canada

bad credit debt consolidation loans canada

If you’re searching online for “bad credit debt consolidation loans canada,” you’re not alone. Excessive household debt is a growing problem in Canada, with the average Canadian owing more than $167,000 as of Q3 2023, according to the latest Finder Consumer Sentiment Tracker (CSTQ3) survey by Pollfish. And while there’s such a thing as good debt — like smart student loans that help you get an education or affordable mortgages to work towards homeownership — bad debt can hold you back from the goals you have for your life and career.

Overcoming Financial Hurdles: A Guide to Bad Credit Debt Consolidation Loans in Canada

A debt consolidation loan is a type of personal loan that’s used to pay off multiple debts and combine them into a single, monthly payment. Typically, unsecured debts such as credit card debt and payday debt are eligible for debt consolidation. However, a debt consolidation loan can also be used to pay off secured debt such as a vehicle or home mortgage.

It’s possible to find a bad credit debt consolidation loan with a credit score below 700, though you may need to pay a higher interest rate. One option is to use an online loan broker, such as LoanConnect, which matches you with lenders based on your unique profile. Another is to apply for a personal loan from an established alternative lender, such as Spring Financial or Upstart. Alternatively, you could seek a cosigner or offer collateral, which can increase your chances of approval, and help you qualify for a lower interest rate.

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