One application. 11 lenders from our 50+ network. Funded in 24 to 48 hours.
Apply Now One application routed to where you qualify.
Every Apply button starts the same single application. Your chosen lender is prioritized first.
| Approach | Monthly | Total interest | Paid off in |
|---|---|---|---|
| Minimum payments only | Starts at $450, declining | $26,120 | Over 33 years |
| Card, fixed $500 per month | $500 | $7,529 | 46 months |
| Consolidation at 19.99% | $456 | $6,906 | 4 years |
| Consolidation at 34.99% | $584 | $13,055 | 4 years |
The same stated purpose behaves completely differently depending on size.
| Consolidation requests | Average request |
|---|---|
| Everyday borrowing, under $1,500 | $633 |
| Instalment borrowing, $1,500 and above | $8,346 |
The same stated purpose carries a thirteenfold difference in size depending on which market it sits in. At small scale the amounts are too small to clear card balances. At instalment scale they genuinely retire debt, and consolidation carries the largest average request of any purpose. [CLAIM: DC-01, DC-02]
If you need under $1,500, consolidation is the wrong frame. You are covering a shortfall, not restructuring debt, and different products serve that.
Consolidation saves money on one condition: the new rate is materially below your blended rate, over a term you will keep.
Find your blended rate first. Not your worst card. A $6,000 balance at 19.99% and a $4,000 store card at 29.99% blend to roughly 23.99% across $10,000.
Compare against a real offer, not an advertised floor. The rate at the top of any lender page is the best case. With fair or poor credit the offer lands higher. If it lands near the 35% cap while your cards blend to 23%, consolidation costs you money.
Hold the term honest. A lower payment over a longer term can mean more total interest at a lower rate. Compare total cost across the full term. This is the most common way consolidation looks like a win and is not.
Rate gets the attention. Amount decides the outcome.
A loan covering 60 percent of your balances leaves you with the loan and the remaining cards. That is more accounts, not fewer, and it is usually worse than where you started.
| Amount range | Lenders approving | What it clears |
|---|---|---|
| Under $2,500 | 16 | One card |
| $2,500 to $10,000 | 12 | The typical consolidation |
| $10,000 to $35,000 | 10 | Several cards plus a loan |
| Above $35,000 | Limited | Usually needs security |
Total the balances you intend to retire before applying. If that number is above what lenders in your credit band approve, consolidation is not available at that size. The honest alternatives are a secured option, a consumer proposal, or attacking the highest-rate balance first.
Debt-to-income is assessed before consolidation, not after. The relief the loan would create does not count in your favour. Most lenders want total monthly debt payments under roughly 40 percent of gross income at the time you apply.
Current accounts consolidate. Collections generally do not. Once a balance sits with a collection agency, a personal loan is rarely what resolves it.
Amount against income carries more weight here. Consolidation requests are larger by nature, so the income check does more work than it would on a small loan.
Income type still gates. 8 lenders accept any income type. The list approving at $8,346 is materially shorter than the list approving at $1,000.
A hard inquiry causes a small short-term dip. Over the medium term it usually helps, because clearing card balances cuts utilisation, the second largest component of a Canadian score.
An average of $8,346 at instalment scale, against $4,838 for paying off bills.
Yes, but the rate will sit near the cap and the arithmetic needs checking. If the offer is close to what your cards already charge, consolidation saves nothing.
For a balance you can clear inside a promotional window, a transfer usually wins. For a larger balance over a longer horizon, a fixed instalment loan gives a definite payoff date. A revolving balance does not.
Direct payment removes the risk of the money going elsewhere, which is a real failure mode. Not every lender offers it. Confirm before accepting.
