Compare Consolidation Loans
In Canada, consolidation loans allow you to move one or more of your existing debt balances into one single account to make it more manageable. Borrowers typically move their unsecured borrowings, such as credit card, store card or other forms of loans into one single consolidation loan. This means the borrower will only need to make one monthly repayment instead of multiple repayments to various lines of credit.
Why Apply Through Us?
- Low, flexible repayment terms
- Choice of top Canadian lenders
- Save money with low-interest rate options
- Fully online - No paperwork required
Top Questions...
How much can I borrow?
Any Canadian can borrow between $300 to $50,000 on an unsecured basis, over a suitable period. Our online lending terms vary from 3 to 84 months.
What are unsecured debt consolidation loans?
Unsecured debt consolidation is not secured against any personal assets, such as your car or home.
Unsecured loans are typically for smaller amounts. Because they are riskier for Canadian lenders, they can be more expensive than secured loans. But at Fat Cat Loans Canada, we’ll search for the best rate across our panel of lenders when you apply online for a quote so you can make an informed decision.
Which types of debt can I consolidate??
This type of loan can be used for consolidation purposes for many forms of online credit in Canada. This includes:
- Personal loans
- Credit cards
- Store cards
- Short-term loans
- Canadian current account overdrafts
- Home improvement loans
What is debt consolidation?
If you owe money to more than one Canadian creditor, consolidation is a great way of grouping those debt balances together and combining them into one easy monthly repayment. When choosing consolidated credit, choose one that has lower interest rates than your existing Canadian debt accounts. This will ensure your new repayment is lower and more affordable.
Will a debt consolidation loan affect my credit score?
Yes, however, not in the way you might expect. While it might take a dip in the short term, steadily paying off your debt is one of the smartest things you can do to improve your credit score. This means that if a debt consolidation loan helps you gain control of your unsecured finances and it is paid on time and in full, you should get a positive boost. And you will work towards becoming debt free.