Debt consolidation rolls several higher-interest balances into one simpler monthly payment — often at a lower rate. Compare licensed Canadian lenders in one 60-second application, with no impact to your credit to compare.
Debt consolidation means combining several debts — credit cards, store cards, a line of credit or other loans — into a single new loan with one regular payment. Instead of juggling multiple due dates and rates, you make one predictable monthly payment, ideally at a lower rate so more of your money goes to the balance. Loanspot matches Canadians with licensed lenders from one 60-second application.
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Because a consolidation loan charges simple interest over a fixed term instead of revolving compound interest, you get a clear payoff date — see our guide to paying off credit card debt for the full strategy.
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Apply once and compare real offers — comparing won't affect your credit.
Tell us how much you owe and confirm your income with IBV — no documents to fax.
We match you with licensed lenders so you can compare the rate, payment and total cost.
Use the funds to clear your balances, then make one payment going forward.
Lenders weigh your income and ability to repay rather than your credit score alone, so borrowers with fair or bad credit are still regularly matched. To qualify you generally need to be the age of majority in your province, a Canadian resident, and have steady full-time or part-time employment income confirmed with a 60-second read-only IBV check.
Every lender follows Canadian cost-of-borrowing laws and the federal 35% APR cap, and must disclose the full cost before you sign. Compare the total cost of borrowing and choose the shortest term you can afford — and once consolidated, avoid running the old balances back up. If your debt is unmanageable, a consumer proposal may be worth exploring instead.
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The questions Canadians ask most about consolidating.
You take one new loan and use it to pay off several existing debts, then make a single monthly payment on the new loan — ideally at a lower rate and with a clear payoff date.
Often yes. Approval is based mainly on your income and ability to repay, so fair and poor credit are still considered.
Comparing options on Loanspot doesn't affect your score. Taking a consolidation loan and paying it on time can actually help your credit over time.
Loanspot matches Canadians with loans from $20 up to $50,000, depending on your income and ability to repay.
No. Consolidation is a new loan you repay in full. A consumer proposal is a legal arrangement to repay part of your debt, handled by a licensed insolvency trustee.
Most applicants are matched within minutes, and many lenders fund approved loans by e-transfer the same or next business day.
Generally you need to be the age of majority in your province, a Canadian resident, and have steady full-time or part-time employment income verified through IBV.
One 60-second application. No obligation. No impact to your credit score to compare.
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