According to Finder, Canadians currently owe more than they make. In fact, it’s reported that Canadians are accumulating debt at an alarming rate. The Finder Consumer Sentiment Tracker Q3 of 2019 reports that Canadians are putting 1.79 dollars of debt on their shoulders for every dollar they earn. This is a sobering statistic, and many Canadians are seeking debt relief options in order to climb their way out of the hole they’re in.
Online debt consolidation loans canada are a common solution for helping individuals get back on their feet financially. These loans are typically offered by traditional lending institutions or online loan brokers. They can be secured or unsecured and can be used to pay off one or more outstanding debts in Canada. In order to qualify for a debt consolidation loan, you’ll need to meet some basic requirements such as being a Canadian citizen, being the age of majority in your province and meeting income eligibility requirements. You’ll also need to meet some basic credit criteria including having a good credit score and sufficient income to pay off your debts on time.
Streamlining Finances: Exploring the Benefits of Online Debt Consolidation Loans in Canada
A popular option for Canadians who need a debt consolidation loan is through an online lenders marketplace such as Loans Canada or Lendful. These lenders can offer borrowers competitive rates on unsecured debt consolidation loans by connecting them with multiple lenders who are open to financing them. The process is simple. Once you’ve entered your basic information into an online application, you can compare offers from multiple lenders and choose the loan that works best for you.