Debt relief
Credit cards and store cards in Canada routinely charge 20% to 30%. A consolidation loan replaces those balances with a single instalment loan at a lower rate, so more of each payment goes to the balance instead of the interest.
Run the numbers
Enter the total balance you'd consolidate, the term you can sustain and the rate you expect. Compare the result against what your cards cost you today.
Estimate your payment before you apply. Move the sliders to see how the amount, term and rate change what the loan actually costs you.
Estimated monthly payment
$535.56
Estimates only, based on equal monthly payments and the rate you enter. Your actual offer depends on the lender, your credit profile and any fees.
Marketplace
High approval rates
The wide amount of credit scores that they service with high approval rates.
Amounts, terms and credit requirements are supplied by each lender and may change without notice. Links to lenders are paid partnerships.
An instalment loan that pays off your existing balances. Best when your credit still qualifies you for a rate meaningfully below what you're paying now, and when you can stop using the cards afterwards.
Homeowners can usually access a much lower rate by securing the loan against the property. The trade-off is real: you're converting unsecured debt into debt your home guarantees.
A non-profit credit counsellor can negotiate a debt management plan with your creditors, often with interest reduced or waived. Look for an accredited non-profit agency and avoid anyone charging large upfront fees.
Only a Licensed Insolvency Trustee can file these in Canada. A consumer proposal settles a portion of what you owe over a fixed period; bankruptcy discharges most unsecured debt. Both have a long credit impact, but they're legitimate and regulated options when the debt genuinely can't be repaid.
BestLendersFor is not a credit counselling agency or an insolvency trustee. We compare lenders; for a formal insolvency filing, speak to a Licensed Insolvency Trustee.
Purchase, renewal and refinance rates from Canadian mortgage lenders.
Borrow $1,000–$50,000 for anything, with offers for every credit tier.
Get pre-approved for auto financing before you set foot in a dealership.
Working capital and expansion financing for Canadian small businesses.
Compare consolidation offers from Canadian lenders. Free, no obligation, no credit impact to look.