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Debt Consolidation Loans in Halifax

Need to get a debt consolidation loan in Halifax? Use Borrowell to quickly find which loans and rates are available to you. Get your credit score for free to compare the best options, quickly see your likelihood of approval, and apply online for a debt consolidation loan.

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How to Get a Debt Consolidation Loan in Halifax

Personal Loans Halifax

Getting a debt consolidation loan can help you improve your financial situation. To find the best loan available, you should know your credit score. That’s where Borrowell can help. Sign up to get your free credit score and compare debt consolidation loan options that you qualify for based on your credit profile. Use Borrowell to make sure you find a debt consolidation option that helps you, not hinders you.

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Debt Consolidation Halifax:

What You Should Know

Overall, loan providers in Halifax tend to loan as little as $300 and as much as $50,000, which means you could possibly consolidate as much as $50,000 worth of debt.

In Halifax, each individual loan provider will have a different range of amounts of debt they will let you consolidate. Generally speaking, the amount you can borrow will depend on things like your credit score, your assets (if any), and your income.

In Halifax, there are a lot of forms of debt you can consolidate. Eligible forms of debt will depend on your creditors and will generally include things like:

  • Credit card debt

  • Unsecured personal loans

  • Student loans not administered by the provincial or federal government 

  • Car loans 

  • Medical bills

Unfortunately, in Halifax there are some kinds of consumer debt you can’t consolidate. Debt that you can’t consolidate includes:

  • Mortgages

  • Government student loans

  • Back taxes owed to the Canada Revenue Agency

The amount you could save depends on the interest rate specific creditors are charging you and the new interest rate you get with a consolidation loan provider.

In general, you can expect significant savings amounting to hundreds, if not thousands of dollars a year. That’s because the purpose of getting a debt consolidation loan is to combine all your outstanding debt from creditors into one bundle with a manageable interest rate rather than having multiple sources of debts that are each charging high interest on your amounts owing.

For example, let’s say you have $15,000 in credit card debt at an APR of 19.99% (a very common rate of interest for credit cards in Canada) and your monthly payments are $500. If you continue to make this monthly payment, it would take you 42 months to pay off the debt and you would end up paying $5,962 just in interest (that’s on top of the original $15,000 you already owe your creditor!).

That amount is greatly reduced when you get a debt relief loan. For example, if you get a debt consolidation loan with an APR of 10.49% and a payment schedule of about three years with the same monthly payment of $500, you would end up owing only $2,472 in interest over the course of the loan. That’s less than half of what you would pay in interest without a consolidation loan!

Every financial lender in Halifax has their own specific requirements when applying for a debt consolidation loan. Generally, you should meet the following qualifications: 

  • Have a yearly income of at least $20,000 

  • Have a credit score of 660 or higher

  • Have a credit history that goes back for at least 12 months

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. 

Some debt relief loan providers may also require that you’ve never declared bankruptcy. There are other debt relief options (e.g., credit counselling) if you do not qualify for a debt consolidation loan based on your financial situation.

Searching online is one of the best ways to apply for a debt consolidation loan. Going online to search for lenders is a smart approach because you can compare the rates and terms from dozens of different lenders at the same time.

With Borrowell, you can sign up for free and easily compare debt consolidation loan options from many reputable Canadian lenders. You can compare interest rates and get an idea of how likely you are to get approved based on your credit score.

Why You Should Check Your Credit Score First

What is a Credit Score?

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.

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Credit Improvement Education

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.

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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.

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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.

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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.

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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.

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Still Have Questions?

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If you manage your loan payments responsibly, a debt consolidation loan can improve your credit score. Payment history makes up 35% of your score, and by managing your loan responsibly, you can improve your payment history over time. Improving your payment history will in turn improve your credit score. Just make sure that your loan provider reports your payments to a credit bureau.

You may be able to get a debt consolidation loan with bad credit. Each debt consolidation lender in Halifax has different qualification guidelines but there are usually some lenders that will provide loans to those with bad credit—though you’ll likely have to pay a higher interest rate. 

Not sure what you qualify for? Sign up for Borrowell to see what loan options are available based on your credit score.

In general, loan terms for debt consolidation loans in Halifax range from three months to five years. Each lender has different terms that often depend on the amount of debt you have and who your creditors are.

Other debt relief options in Halifax could be to get help from a professional debt counsellor, to arrange a consumer proposal, or consider declaring bankruptcy. 

A credit counsellor will make a repayment proposal to your creditors and negotiate with them directly on your behalf for debt relief. You’ll make payments to the credit counsellor, which will include the fees for their service. Credit counselling appears on your credit history and will remain for up to two years.

There are lenders in Halifax who specialize in offering consolidation loans to people who have issues, such as low income or bad credit histories. It’s always worth doing some investigating to see what providers have more flexible application guidelines. There are other steps you can take to pay off debt on a low income

Another option would be to consider transferring your credit card debt to a low-interest credit card. You may also want to look into moving your debt to a credit card that has a good balance transfer offer, which usually includes a period of reduced interest.

Find a Debt Consolidation Loan in Halifax 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!

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