In Need Of Debt Consolidation? đź’¸

Get A Debt Consolidation Loan From 300$ To 50 000$
Without Credit Check

  • Fast & Easy
  • Without Credit Check
  • Bad Credit Accepted

Thanks to MicroCapital, getting a debt consolidation loan never was this easy!

It’s as easy as clicking on the button above, filling in your informatio and getting preapproved in less than 60 seconds!

What Is Debt Consolidation?

A debt consolidation loan is a loan that is used to combine a multitude of high-interest debts into a single debt with a more favorable interest rate and payment terms.

This type of loan can be either secured (with secured assets) or unsecured (without secured assets) and is often used to reduce monthly debt interest payments and therefore pay it off faster.

The beauty of unsecured debt consolidation is that you don’t necessarily need to have a good rating or credit history to qualify. Instead, lenders will rely on your debt-to-equity ratio and your ability to repay the loan.

The debt consolidation loan is a great way to take control of your financial situation, free yourself from very high interest rate debt and, ultimately, improve your quality of life.

Debt Consolidation Example:

You have 2 credit cards of $1000 each with interest rates of 19.99% (APR). You can’t pay the total balance of your credit cards, so you end up paying interest only from month to month. You get a debt consolidation loan of $2000 at an interest rate of 7.5% (APR).

You are now able, slowly but surely, to repay your debt.

Pros Of Debt Consolidation

Here are a couple of pros of debt consolidation:

  • Pay Off Your Debt Faster: A debt consolidation loan can put you on the right track to paying off all your debts faster. Especially if you have a lot of credit card debt since by paying off a debt consolidation loan you are forcing yourself to pay off part of the debt and not just the interest (like you can with a credit card) .
  • Reduces The Interest Rates Of Your Debt: Many “classic” debts such as credit card debt have extremely high interest rates (up to 22%+). Debt consolidation loans allow you to consolidate these debts into one debt with a lower interest rate.
  • Improves Your Credit Score: Debt consolidation can increase your credit rating because you will have to make scheduled repayments that will allow you to repay your debt within the established term. This sends positive signals to the credit bureaus and increases your long-term credit rating.
  • One Payment Instead Of Many: Instead of making multiple payments, you consolidate them into one. This is perfect for those who have difficulty making their payments on time.

Cons Of Debt Consolidation

Here are a couple of cons of debt consolidation:

  • The Interest Rate Is Not Always Advantageous: Your debt consolidation loan may come with even higher interest rates than your original debts. And yes! Depending on your financial situation, the interest rate offered to you may be higher than that of your debts. Hence the importance of shopping around for your loan and making quotes to several lenders.
  • Possibility Of Fees: By borrowing to consolidate your debts, you may incur additional fees such as annual fees, balance transfer fees, additional payment fees and etc. This is why it is always important to read the loan agreement carefully before accepting anything.
  • Debt Consolidation Will Not Solve Your Problems: Unfortunately, debt consolidation does not guarantee that you will never go into debt again in the future, or that you will never miss payments again. That’s why it’s always important to create a realistic budget and start putting money aside in an emergency fund for any financial surprises in the future.

How To Qualify For Debt Consolidation?

To qualify for a debt consolidation loan without credit check, you must:

  • Be 18 years or older.
  • Have a valid bank account.
  • Have proof of stable income.
  • Have a valid address.

However, all lenders have their own more or less severe qualifying conditions. This is why it is always important to read these conditions carefully before applying.

Popular Questions

APR is a financial term (Annual percentage rate) which refers to the annual interest rate paid by the borrower or generated by the lender. This figure is represented by a percentage which represents the total annual cost of a loan including all additional costs related to the transaction (administrative costs, membership fees, etc.)

Oui. Quand vous appliquez pour une consolidation de dettes votre cote de crédit est temporairement négativement affectée.

 

Cependant, une fois que vous commencer à faire vos paiements de remboursement de la dette, votre cote de crédit sera positivement affectée à long terme.

If you apply for a debt consolidation loan with one of the major Canadian banks, you will have to provide a ton of information and documents to obtain the loan.

However, if you apply for a debt consolidation loan with an alternative lender, you will only need to complete an instant bank verification, without having to provide any other documents.

Nope!

Instead of considering credit rating, we and our partners instead use your income to qualify you for a loan.

IBV (Instant Bank Verification) is a fintech term that means “instant bank verification”.

It’s technology that allows lenders to check your personal finances in less than 60 seconds!

Just log in to your bank account through the IBV platform (such as Flinks) and voila! Your part of the job is done.

A debt consolidation loan is a great way to lower your monthly debt payments and help pay off your debts.

Here are some strategies you can use to get out of debt:

  1. Pay more than the minimum amount
  2. Consolidate your debts
  3. Reduce your non-essential expenses
  4. Make a budget and stick to it.

Although the majority of major financial institutions require a credit check, this is not always the case with alternative private lenders. Often these are based rather on your income and your debts to make a decision.

DĂ©tails du prĂŞt

  • Maximum Loan Amount Up to 50 000$
  • Terms From 3 to 60 months
  • Interest Rates Between 2% and 46,96%
  • Approval Process Instant Bank Verification
  • Receive Your Funds Within 1 to 24 hours
  • Repayment Frequency Weekly, bi-weekly or monthly
  • Fees And Surcharges Possibility of additional fees (NSF fees, etc.)