You need a debt consolidation loan, but you have bad credit.

If you, like a lot of people in Canada are looking for a way to consolidate your credit card debt, you might find that you will be declined a debt consolidation loan from the bank. Banks are simply not lending like they were a couple of years ago. Their criteria for becoming a lender now is very high. If your credit is not perfect, or you have substantially high credit card debt (unsecured debt), the chances are that you wont qualify.

How can I still get that loan?

Banks see consolidation loans as a risky transaction. If you have fallen behind on your current debt load, what are the chances you will fall behind on the consolidation loan? To offset this risk, if you own your home you may put this up as collateral or security to still be able to consolidate your debts. Beofore you do this though, consider:

• If interest rates rise, will you be able to afford the mortgage payments?
• Falling behind on secured payments means that you can lose your home! Are you willing to put that at risk?

Bad credit and you rent your home - what can you do?

Our Debt managment program is a government approved program that comes with all the perks of a consolidation loan, but without the actual loan. We can reduce and consolidate your payments making your life much easier to cope with and give you a date when your debt will be gone. This is a great alternative if you have bad credit.

Here is an example of how one would work if you have $30,000 in credit card debts at 18% APR:

What is your next step?

If you are looking for consolidation loan alternatives and you have bad credit call us today:

Or fill in the contact details at the top right of this page. Debt consolidation for people with poor credit can still be achieved without a consolidation loan. Our skilled staff will listen to your situation and explain exactly just how we can help.