Debt Consolidation Loans in Edmonton
Live in Edmonton and need a debt consolidation loan? Use Borrowell to quickly compare debt consolidation loan offers and find the best rates. Check your credit score for free to find the best loan options, see your likelihood of approval, and easily apply for a debt consolidation loan.
Getting a Debt Consolidation Loan in Edmonton
A debt consolidation loan can help you combine many debt payments into one manageable payment plan so that you can take the next steps towards becoming debt-free. That’s where Borrowell can help. Over 45,000 Edmontonians have signed up for Borrowell to get their free credit score and find the right loan based on their score. Sign up to speed up the loan search process and find the best debt consolidation loan options available to you.
Debt Consolidation Edmonton:
What You Should Know
In Edmonton, there are debt consolidation options accessible both in person and online. You can apply for a regular debt consolidation loan, which is essentially a larger loan used to pay off smaller debts. You could also apply for a debt consolidation program, which involves collaborating with a professional who will work directly with you and your creditors to create a personalized debt repayment plan.
If you’re looking for the right lender to work with, Borrowell can help. Sign up to get your free credit score and see what debt consolidation loans are available to you with your score. Once you’ve found the right lender, you can complete an online loan application through the platform.
You can apply for a debt consolidation loan in Edmonton both in person and online, depending on the lender you choose. Make sure you meet the lender’s requirements and you can get quotes from different lenders and see what available options work best for you.
If you’re not sure where to start, you can compare lenders online with a platform like Borrowell. Sign up for free and easily compare debt consolidation loan options from trusted lenders in Edmonton. You can compare interest rates, term lengths, and more while seeing your likelihood of approval based on your free credit score. This will help you find the best lender and debt consolidation loan option that matches your credit profile.
To qualify for a debt consolidation loan in Edmonton, you must meet the following general requirements:
- Proof of employment
- Annual income of at least $20,000
- At least one year of credit history
- A credit score of at least 660
While each lender may have specific requirements, these are the most common factors that affect your ability to qualify for a debt consolidation loan.
Borrowers with a credit score over 660 have the best chance of getting approved. If your credit score is below 660, there may still be debt consolidation loan options available. Sign up for Borrowell to see what loan options are available based on your credit score.
When considering what debt consolidation loan option is right for you, you want to keep a few important things about your finances in mind:
- The sum of your debts
- Whether you have secure or unsecured debt
- Your income and monthly expenses
Knowing the ins and outs of your financial situation will help you as you get quotes from various lenders and see what kind of loans, payment terms, and debt programs they offer. You should choose the option that best suits your ability to make timely payments in full.
Not sure where to start looking? Sign up for Borrowell to compare loan options and rates available to you with your credit score.
Remember that other debt relief options are available if you do not qualify for a debt consolidation loan. A credit counselling organization can help you evaluate your situation and determine a plan to help you become debt-free. Contacting a credit counselling agency won't affect your credit score.
Yes, debt consolidation loans can help improve your credit score! Here are a few ways how:
- You make your monthly loan payments on time
- You lower your credit utilization to under 30%
- You improve your spending habits
Keep in mind that it’s up to you to ensure your debt consolidation loan improves rather than hurts your credit score. If you’re behind on payments and continue to accumulate debt, your loan will not have a chance to help improve your credit score.
Why You Should Check Your Credit Score First
Lenders look at your credit score
Your credit score is one of the main criteria for qualifying for debt consolidation loans. To make the application process easier, you should know what your actual credit score is before applying for a loan. With Borrowell, you can quickly check your credit score for free to speed up the process.
Applying for loans impacts your credit score
When lenders check your credit score, it is recorded on your credit report as a “hard inquiry.” Hard credit inquiries temporarily lower your credit score, and applying for many loans at once results in multiple hits to your credit score. To protect your credit score, you should only apply for loans that you’re confident you’ll qualify for.
Borrowell shows you loans you qualify for
To minimize impacts to your credit score, you want to make sure you apply for a loan that you'll likely get approved for. Borrowell helps protect your credit score by showing you your likelihood of approval for recommended loan offers, based on your credit score.
Borrowell's Quick & Easy Loan Process
Sign Up & Get Your Score For Free
When you sign up to Borrowell, you’ll get your free Equifax credit score free in just three minutes. Checking your score won't impact it, and you can see which loans you will be eligible for.
Check Rates & Choose Your Offer
Borrowell automatically matches your credit profile with the best loan products available based on your credit score. Select your offer and complete the online application.
Get Your Loan
Once your personal loan is approved by a Borrowell loan partner, you can usually access your funds in just a few days.
Is Signing Up for Borrowell Free?
Yes, it's really free. Borrowell provides you with your Equifax credit score, free of charge. Based on your credit score, we provide you recommendations on the best loans, credit cards, and financial products that you are likely to qualify for. Knowing your credit score speeds up the loan application process and helps you get your money as quickly as possible.
Still Have Questions?
Get More Answers
Debt consolidation loans in Edmonton offer great benefits when it comes to debt repayment methods. They allow you to pay off your debt at a lower interest rate and offer payment schedules that work right for you! This ultimately leads to paying off your debt faster with less likelihood of being late for your payments.
You can consolidate a variety of debts in Edmonton. Here are a few examples:
- Credit card debt - If you have a large credit card balance, the high interest rate can make it challenging to pay off this debt; a debt consolidation loan can help you move your credit card debt to a more manageable payment plan
- Personal loan debt - Multiple personal loans can be difficult to manage, and making payments towards each loan can be a logistical nightmare; you can consolidate multiple loans into a single debt consolidation loan to simplify the repayment process
- Utility bills - Missing utility bill payments can impact your credit score; you can use a consolidation loan to bring your bills up to date and avoid future penalties
While debt consolidation can be extremely helpful, not all forms of debt can be consolidated. Forms of debt you can not consolidate include:
- Government student loans
- Car loans or RV loans
- Back taxes owed to the Canada Revenue Agency
It may sound odd, but some debt can actually be considered good! Essentially, good debt is debt that positively builds your credit health by helping you make more money in the long run and increasing your net worth. Examples of good debt include a mortgage towards purchasing a home, or a student loan towards a college or university education. Some forms of debt can be treated like an investment and help increase your net worth over time. Likewise, if debt has a reliable future value, it would also be considered good debt.
Bad debt, on the other hand, is debt that doesn’t have a significant positive impact on your finances, but instead does not generate income. This includes things like credit card debt, consumer debt, and even car loans. If you accumulate debt for items that lose significant value over time and don’t build up your net worth, that would be considered bad debt.
The average amount of money you can borrow with a debt consolidation loan in Edmonton ranges from $1,000-$40,000. The amount that you can borrow will depend on a number of factors, including your credit score and your specific debts you’re trying to consolidate.
Find a Debt Consolidation Loan in Edmonton with Borrowell
Ready to find the right debt consolidation loan for you? Sign up for Borrowell to get your free credit score, receive personalized loan recommendations based on your score, and quickly apply for a loan today!