Best Location for a Debt Consolidation Loan in Ontario By Debra PangetsuA lot of people are searching for the\u00a0best location for a debt consolidation loan in Ontario. So we\u2019ve laid out a quick guide here ranking the options in the order we would suggest you look at them. With each option we highlight the major pros and cons that you\u2019d probably want to know about.1. Your Local Bank or Credit Union The best location to get a debt consolidation loan in Ontario is from your local bank or credit union. The advantage of working with a bank or credit union is that they offer the lowest interest rates on loans. The disadvantage of working with these folks is that they will usually require collateral for the loan (an asset to guarantee the loan in case you aren\u2019t able to pay it back). If you don\u2019t own a vehicle or have equity in your home to offer as security for the loan, then they may request a guarantor: someone with a strong financial picture that is willing to co-sign your loan and guarantee it.How to Find the Best (or Worst) Location Near You If you\u2019re looking for the very best physical location to get a debt consolidation loan at, you can search for banks or credit unions on Google or\u00a0Yelp\u00a0and look at the reviews. However, a more insightful way might be to\u00a0search the Better Business Bureau\u00a0for \u201cBank\u201d or \u201cCredit Union.\u201d You can then sort the results by their letter rating or their distance from you. Looking at the letter grade each location is given along with the number of complaints can help you figure out which location you think is the best.2. A Reputable Online Lender If there are some online loan companies such as\u00a0Borrowell\u00a0that can offer loans at a reasonable interest rate. However, we don\u2019t like to recommend any company because a lot of people who apply for online loans will end up paying a credit card sized interest rate or higher. It\u2019s pretty normal for online loan companies to charge people interest rates around 30% to 50%. It\u2019s going to be extremely difficult to move forward paying these kinds of interest rates. Even consolidating your debt at a credit card interest rate \u2013 or something close to it \u2013 really isn\u2019t going to help you much. If you don\u2019t qualify for an interest rate from an online lender that is significantly lower than your credit card interest rate, consider the next option below.3. A Local Non-Profit Credit\u00a0Counsellor If you\u2019re really struggling with your debt and really need to consolidate, get a break on the interest \u2013 or something \u2013 and no one seems to be able to help you \u2013 or offer you \u201chelp\u201d that makes sense \u2013 you should speak with a non-profit Credit\u00a0Counsellor. Most of them are trained specialists in helping people find workable solutions that will fit their budget and help them pay off their debt in a reasonable time-frame. Talking to a Credit\u00a0Counsellor\u00a0won\u2019t hurt your credit, it\u2019s completely confidential, and is usually free or offered at a very low cost. A Credit\u00a0Counsellor\u00a0will go over your whole financial situation with you and then help you explore your options. If their Debt Management Program or another form of debt relief is a viable option for you, they\u2019ll let you know about it and how it works. A lot of the time, though, there are lots of other ways people can tackle their debt and pay it off on their own. They just need an expert to help them put together a realistic budget, a sensible plan, and a bit of coaching. If a Credit\u00a0Counsellor\u00a0thinks a debt consolidation loan may be a realist option for you, they\u2019ll refer you to the right place. If you\u2019d like to speak with Credit\u00a0Counsellor\u00a0near you,\u00a0give us a call\u00a0and we\u2019ll put you in touch with someone.4. Family or Friends If you really need a consolidation loan and no one in Ontario is able to offer you one at a reasonable interest rate, see if you have any family or friends that are able to help you. Taking a loan from someone you know\u00a0can have its risks. If you fall on bad times and are unable to repay the loan, it could impact your relationship with the person you borrowed the money from.5. A Licensed Insolvency Trustee If you\u2019re really struggling and you owe a lot more money than you can repay in a reasonable time-frame, then working with licensed insolvency trustee may become an option. One of the services they offer is a\u00a0consumer proposal. In some ways it can be compared to debt consolidation, but it\u2019s also related to bankruptcy. So while this option will be appropriate for some people \u2013 and will help them become debt free within 5 years \u2013 it has some negative consequences that you\u2019ll need to consider carefully before deciding to pursue it. If this option is worthwhile for you to consider, a credit\u00a0counsellor\u00a0will bring it to your attention when you meet with them. They\u2019ll then refer you to a reputable licensed insolvency trustee if you wish to pursue it.Summing It All Up on Where to Find the Best Location for a Debt Consolidation Loan in Ontario If you\u2019re looking for the actual best location\u00a0in your area of Ontario to get a debt consolidation loan, hopefully our tips to search the Better Business Bureau and take a look at bank and credit union branch ratings on Google and Yelp helps you find what you\u2019re looking for. If you\u2019re having trouble getting a loan at a reasonable interest rate, then hopefully our other tips can help steer you in the right direction.