Loans for Debt Consolidation
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Where Should You Get a Debt Consolidation Loan?
When applying for a personal loan, you have several options. The two most common are traditional financial institutions and private lenders. Which one you choose depends on your current financial situation, your credit score and how much money you’re looking for.
Traditional Lenders: Banks and Credit Unions
When most people think about getting a personal loan, they typically initially consider their daily financial institution. This is because banks and credit unions are known for having lower interest rates. Many financial institutions also offer lower rates for their customers who have multiple products with them. The lender also knows you quite well, so the loan approval may be more likely since they can vouch for you.
However, there are some downsides to getting a bank loan. Most traditional lenders require an in-person visit before approving you for a loan. This can be time-consuming and often results in long wait times before receiving the funds. Even if you’re not required to go into the bank, there’s usually a wait time of at least one week after approval before the loan proceeds are disbursed. Additionally, traditional lenders usually require a higher credit score.
Private Lenders
People choose to go with private online lenders for many reasons. The main one is that they receive the funds they’re looking for faster. Some online lenders like Spring Financial can distribute your loan funds the same day you apply or within 24-48 hours.
Many of these lenders are starting to offer more competitive rates that are the same as or only slightly higher than those of banks. For many people, the pros of getting their funds sooner outweigh the cons, especially if the loan gives them the option to pay it off early with no hidden fees or penalties.
Apply in 3 easy steps
Fill out our secure online application
Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.
Get approved
Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.
3. Receive your funds!
Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!
Can You Consolidate Your Debt Online?
Debt consolidation can feel overwhelming, and you may not know where to start. Luckily, many lenders like Spring Financial now offer loans online without you ever having to step into a branch. You can still speak with an advisor or a representative, but you don’t have to leave your home to take care of your debt.
Why choose Spring?
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Bank Loans
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Credit Cards
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Payday Loans
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Max Amount
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$35,000
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$50,000
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$10,000
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$1,500
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Interest Rates
From |
9.99%
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9.99%
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$19.99%
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200-450%
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Fully Online Application
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Fast Approval
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e-Transfer
Delivery |
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Max Amount
$35,000 |
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interest Rates From
$9.99% |
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Fully Online Application
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Approval within
Hours |
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Same-Day
E-Transfer |
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Bank Loans
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Max Amount
$50,000 |
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interest Rates From
9.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Credit Cards
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Max Amount
$10,000 |
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interest Rates From
$19.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Payday Loans
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|---|
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Max Amount
$1,500 |
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interest Rates From
200-450% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
*Information is based on avarages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.
How Can You Consolidate Your Debt With Bad Credit?
If you’re struggling with your debt load but have a low credit score, know that getting yourself back on track is possible. How you choose to go about it depends on the types of debts you need to consolidate and how much money you want to borrow.
A lender like Spring Financial may be the way to go if you have a mixed compilation of debts such as payday loans, credit cards and multiple lines of credit. Spring can be more lenient with your credit score than traditional lenders and offer a more flexible application process. Once you’re approved for the loan, it’ll be up to you to pay off all your debts in full, and then make your monthly payment on the new loan.
While going with an online lender may result in a higher interest rate, it could still be much cheaper than paying the interest on payday loans and credit cards. An added bonus is that it may also help improve your credit score.
Get a Same-Day Personal Loan for Your Debt Consolidation Today
Living with a mountain of debt can be very stressful. It doesn’t have to be, though. No matter what your credit score is or how much you owe, there are plenty of options for you to take back control of your finances. You could take out a personal loan, a home equity loan (secured debt), a line of credit or even do a balance transfer credit card to save on interest.
Getting a loan in Canada is easier than ever before with online lenders such as Spring Financial. Spring Financial offers same-day personal loans for up to $35,000. Your answer for debt relief may be right here.
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What's a Debt Consolidation Line of Credit?
Another popular debt consolidation option is a line of credit. This loan is similar to a credit card since it’s a revolving credit line, but it typically offers a lower interest rate. Still, when the outstanding balance on a line of credit gets too close to your overall credit limit, a personal line of credit can hurt your credit score.
On the other hand, a personal loan will show as a positive tradeline no matter what your balance is. Plus, the interest rates on a credit line can be much higher than a personal loan, so changing that over could also save money for you, along with improving your credit score.
How does Consolidation Affect your Credit Score?
How debt consolidation impacts your credit score depends on your overall financial situation, whether you have multiple debts and the total amount of your outstanding debts. Keep reading for some examples of how consolidation can impact your credit score, both positively and negatively.
How does Consolidating Debt Work?
If you’re researching how to control your debt and obtain some debt relief, you may have come across the concept of debt consolidation. But do you know how debt consolidation works? You consolidate debt when you take your existing debts and compile them into one loan (such as a Spring Financial personal loan up to $35,000, which only takes minutes to apply).
Debt consolidation makes debt repayment much more manageable by reducing your payments into one payment with a single interest rate. This makes your debt cheaper to pay off, allowing you to become debt free faster. You only have to worry about a single payment rather than keeping track of several payment schedules.
There are a few different debt consolidation options you can consider. The most common is to take out a personal loan. The borrower then uses this loan to pay off all of their other debts, reducing their debt to one monthly payment.
About Spring Financial
Apply From Your Device and Say Goodbye to Financial Stress
Experience the most convenient and hassle-free loan application, specifically designed for Canadians, by Canadians. Apply, get approved, and receive the funds via e-Transfer, all from the comfort of your device. Say goodbye to long queues and tedious paperwork! Our process is intentionally designed to be simple, fast, and straightforward.