If you’re feeling dragged down by debt, you should consider taking out a debt consolidation loan through LoanConnect to help you break free.

LoanConnect works with trusted Canadian lending partners to find you the best options for debt consolidation. Based on your credit score, you can get matched with a loan of up to $50,000 with a single fixed interest rate as low as 4.6%.

So why debt consolidation?

Let’s say you have a hypothetical $12,000 in debt:

  • $5,000 on a store credit card with 21% APR.
  • $3,000 on a cash-back credit card with 17% APR.
  • $4,000 for an outstanding student loan at 4% APR.

You have three payment due dates each month and three very different interest rates.

In just three years, you will have paid $2,883 in interest.

With LoanConnect, if you had qualified for a $12,000 debt consolidation loan at 6%, you’d settle all your debts immediately and be left with one simple (and lower) monthly payment.

You’d only pay $1,428 in interest over three years. That’s a savings of $1,456!

If you're curious to learn more, you can compare rates for free on LoanConnect. Checking rates won't hurt your credit score, and LoanConnect can match you with a personalized loan offer in just minutes.

About the Author

Shane Murphy

Shane Murphy

Reporter

Shane is a reporter for MoneyWise. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.