4. Best Debt Relief Companies in Canada
Should I Get a Debt Consolidation Loan?
The best debt relief companies, when you’re looking for a consolidation loan, are trusted lenders with interest rates and conditions that fit your needs. While the big banks (BMO, TD, Scotiabank, CIBC, and RBC) are safe choices, smaller companies can be worth considering. Since every lender has their own criteria, you’ll have to shop around to figure out which has the best conditions for you. If your credit rating is still okay, then even if a company doesn’t offer “debt consolidation” loans, a personal loan that you can use for debt consolidation might be an option. It’s then up to you to use the loan to consolidate your debt, not get into more of it.
Be aware that many specialized “debt relief” companies provide debt settlement, consumer proposal, or bankruptcy services rather than consolidation loans. These are all very different options from a loan and can have far worse consequences if used incorrectly. If what you want is a loan to consolidate your debt, then make sure that’s exactly what you’re getting.