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Debt Consolidation

Take back control of your finances. Combine multiple high-interest balances into one simple, clear monthly payment.

Simplify your life with one monthly payment
Save thousands in credit card interest
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Viewing our curated selection of Debt Consolidation.

Draft Financial
Draft Financial Debt Consolidation
Est. APR
Varies
Loan Amount
Up to $500k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan Fast Approval
Min Income: No strict min.
Origination Fee: 0%
Funding: Within 24h
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $0 - $500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval
Spring
Spring Financial Debt Consolidation
Est. APR
9.99%
Loan Amount
$500 - $35k
Loan Terms
6 - 84 Mo
Recommended Score
All Credit Types
Online Application Soft Credit Check for Pre-approval Bad Credit Considered Funds Deposited within 24h
Min Income: No strict min.
Origination Fee: 0%
Funding: Within 24h
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR 9.99%
Loan Amounts $500 - $35,000
Available Terms 6 to 84 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Online Application Soft Credit Check for Pre-approval Bad Credit Considered Funds Deposited within 24h
Highlights & Pros
  • Simplifies multiple payments into a single fixed schedule
  • Applying to check your consolidation rate does not impact your credit score
Things to Consider
  • Maximum APR of 35.00% may be higher than the credit cards you are trying to consolidate

Representative Example: $5,000 loan with a 48 month term at 9.99% APR is a Weekly payment of $29.17, with the total repayment amount of principal and interest being $6,066.48.

Fairstone Bank
Fairstone Debt Consolidation Loan
Est. APR
29.99%
Loan Amount
$500 - $25k
Loan Terms
6 - 60 Mo
Recommended Score
All Credit Types
Fast Approval No Early Repayment Penalty Funds Deposited within 24h
Min Income: No strict min.
Origination Fee: 0%
Funding: Within 24h
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR 29.99%
Loan Amounts $500 - $25,000
Available Terms 6 to 60 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Fast Approval Online Application No Early Repayment Penalty Weekly/Bi-weekly Payments Bad Credit Considered Branch Support Available Funds Deposited within 24h
Highlights & Pros
  • Simplifies multiple bills into one single payment
  • Provides a clear end date to becoming debt-free
Things to Consider
  • Will likely have a higher APR than a prime bank consolidation loan
Fig Financial
Fig Debt Consolidation Loan
Est. APR
8.99% - 29.49%
Loan Amount
$2k - $35k
Loan Terms
24 - 84 Mo
Recommended Score
All Credit Types
No Collateral Required Fast Approval Online Application No Early Repayment Penalty Soft Credit Check for Pre-approval Funds Deposited within 24h
Min Income: No strict min.
Origination Fee: 0%
Funding: Within 24h
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $2,000 - $35,000
Available Terms 24 to 84 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
No Collateral Required Fast Approval Online Application No Early Repayment Penalty Soft Credit Check for Pre-approval Funds Deposited within 24h
Mogo
Mogo Debt Consolidation
Est. APR
Varies
Loan Amount
$500 - $35k
Loan Terms
Varies
Recommended Score
All Credit Types
Online Application No Early Repayment Penalty Soft Credit Check for Pre-approval Funds Deposited within 24h
Min Income: No strict min.
Origination Fee: 0%
Funding: Within 24h
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Variable
Typical APR Varies
Loan Amounts $500 - $35,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Online Application No Early Repayment Penalty Soft Credit Check for Pre-approval Funds Deposited within 24h
LendDirect
LendDirect Debt Consolidation
Est. APR
34.99%
Loan Amount
Up to $10k
Loan Terms
Varies
Recommended Score
All Credit Types
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR 34.99%
Loan Amounts $0 - $10,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Highlights & Pros
  • Accepts non-traditional income sources (EI/Disability) for consolidation
  • Reusable credit limit allows you to pay off new bills without reapplying
Things to Consider
  • 34.99% APR is higher than most traditional bank consolidation loans
goPeer
goPeer Debt Consolidation
Est. APR
8.99% - 34.99%
Loan Amount
$1k - $35k
Loan Terms
36 - 60 Mo
Recommended Score
All Credit Types
No Collateral Required Soft Credit Check for Pre-approval
Min Income: $35k/yr
Origination Fee: 0%
Funding: 2 Days
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR 19.99%
Loan Amounts $1,000 - $35,000
Available Terms 36 to 60 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 2 Days
Eligibility Requirements
Minimum Income $35,000/yr
Credit Score Required No Minimum
Minimum Age 19 years old
Residency Status Canadian Resident
Included Features
No Collateral Required Fast Approval Online Application Soft Credit Check for Pre-approval

Representative Example: For example, the average borrowing cost paid on a $10,000 unsecured personal loan at an APR of 19.99%, with a 3-year term and weekly payments of $85.36 is $3,301.20.

Alpine Credits
Alpine Credits Debt Consolidation
Est. APR
Varies
Loan Amount
Up to $500k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan Fast Approval Online Application Flexible Repayment Options No Early Repayment Penalty Bad Credit Considered
Min Income: No strict min.
Origination Fee: 0%
Funding: 7 Days
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 7 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval Online Application Flexible Repayment Options No Early Repayment Penalty Bad Credit Considered
Debt Consolidation Guide

Debt consolidation in Canada, explained simply

Debt consolidation means combining multiple debts into one payment. For some borrowers, that can make monthly money management simpler and may reduce interest costs if higher-rate debt is moved into a lower-rate product.

But consolidation is not automatically a win. If the new repayment period is stretched too far, the total cost of the debt can still rise over time. The goal is not just one payment. The goal is a cleaner, more manageable payoff path.

What matters most

  • Whether the new rate is truly lower than the debts being replaced
  • Whether the payment is realistic every month
  • Whether the total repayment cost actually improves
  • Whether the borrowing solves the pattern, not just the symptom
How It Works

How debt consolidation usually works

In a typical consolidation setup, you use one product to pay off several existing debts. After that, instead of juggling multiple payments, you focus on one main repayment plan.

List the debts

Start by identifying what you owe, the interest rates, minimum payments, and which debts are actually suitable to combine.

Choose the new product

This could be a personal loan, debt consolidation loan, line of credit, home-equity-based option, or in some cases a balance transfer offer.

Repay on a single path

Once the old balances are paid off, the focus shifts to making the new payment on time and avoiding new debt from building up again.

Cleanest outcome: fewer payments, lower effective cost, and a realistic plan to keep balances from growing again.
Consolidation Options

Loan, line of credit, or balance transfer?

Different consolidation tools behave differently. Some are better for fixed repayment discipline. Others offer more flexibility, but that flexibility can become a trap if it leads to re-borrowing.

Option Usually works best when Main thing to watch
Personal or debt consolidation loan You want structured payments and a clear payoff term Total cost can still rise if the term is stretched too long
Line of credit You want access flexibility and can manage repayment carefully Minimum payments may only cover interest, and continued borrowing can keep debt around longer
Balance transfer card You can repay the balance aggressively during a promotional window Promotional rates are temporary and transfer fees may apply
Strong rule: choose the product that helps you get out of debt, not the one that makes it easiest to keep carrying debt.
Before You Apply

What to do before shopping for debt consolidation

Preparing first usually leads to better decisions. It also makes it easier to tell whether consolidation is truly helping or just reshuffling the same debt in a different format.

Preparation checklist

  • Build a simple budget so you know what payment is realistic
  • List each debt, balance, interest rate, and minimum payment
  • Check your credit report so you understand your starting position
  • Compare the new product’s full terms, not just the headline rate

Questions to answer honestly

  • Will the consolidation lower my cost or just spread it out?
  • Can I stop adding new debt while repaying this one?
  • Does this product fit my discipline and repayment style?
  • Would another solution be safer for my situation?
Better credit can improve the odds of qualifying for a lower-cost consolidation product. Weaker credit may limit options or make consolidation more expensive.
Alternatives & Help

What to compare if consolidation is not the best fit

Consolidation is only one debt solution. For some people, a counselling-based plan or another structured option may be more realistic than taking on a new loan product.

Credit counselling

A credit counsellor may help with budgeting, education, and reviewing debt management options without simply pushing another borrowing product.

Debt management plan

This can combine some unsecured debts into one affordable monthly payment, often through a credit counselling agency, though fees and coverage vary.

Formal debt-relief pathways

If the debt problem is more serious, comparing guidance from reputable professionals such as Licensed Insolvency Trustees may be appropriate before choosing a new loan.

Best mindset: compare the monthly payment, the total cost, the length of the plan, the fees involved, and what happens if your financial situation changes.
Red Flags

Warning signs before you sign

Debt consolidation can help, but the wrong offer can make things worse. The biggest risks usually come from high cost, poor fit, or unrealistic assumptions about future spending.

Cost-related watch-outs

  • The new interest rate is not actually better than your current debts
  • The term is so long that total interest grows meaningfully
  • Balance transfer fees, admin charges, or optional products push cost up
  • You are being offered more than you really need to borrow

Behaviour-related watch-outs

  • Using a line of credit without a clear repayment discipline
  • Keeping old credit accounts active and immediately running balances up again
  • Using consolidation to delay the problem instead of changing the pattern
  • Turning to payday-style borrowing on top of an already stressed debt load
Calm test: if the offer seems easier to get than it is to understand, slow down and compare again before committing.
Mistakes To Avoid

Borrowing mistakes people make all the time

These mistakes are common because they feel harmless at first. In practice, they can lead to higher cost, more stress, or the wrong type of loan altogether.

Choosing by speed only

Fast funding can be helpful, but speed alone does not mean the product is affordable or well matched to your situation.

Focusing only on the rate

Fees, term length, add-ons, and repayment structure matter too. A low-looking rate can still lead to a poor overall deal.

Borrowing the maximum approved amount

Approval is not the same thing as a recommendation. The smarter number is usually the amount you truly need, not the most you qualify for.

Stretching the term too far

A smaller monthly payment can feel easier, but longer repayment often means paying much more total interest.

Better habit: compare loan type, rate, payment, term, and total cost together before deciding.
Popular Questions

Debt consolidation FAQs

Clear answers to the questions many borrowers ask before consolidating debt in Canada.

Debt consolidation means combining multiple debts into one payment, often through a loan, line of credit, or another product designed to simplify repayment.

Not always. A lower rate can save money, but a longer repayment term can still increase the total interest you pay over time.

It can be, but only if you use it carefully. Lines of credit are flexible, and that flexibility can make it harder to get out of debt if you keep borrowing again after paying balances down.

Build a budget, list your debts, review your credit report, and compare the full terms of the new product before applying.

Other options may include credit counselling, a debt management plan, or talking to a Licensed Insolvency Trustee if the debt problem is more serious.

Generally, no. Payday loans are a high-cost form of borrowing and can make an already difficult debt situation worse.

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