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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.

You're 5 minutes away from the best mortgage

Searching for your perfect mortgage shouldn’t be hard.

Homewise is an online brokerage that will negotiate on your behalf with more than 30 big banks and other lenders, completely free, and it only takes five minutes to apply.

If you're in the market for a new mortgage, or if you're looking to refinance before interest rates rise again, go to Homewise now and answer a few simple questions to get started.

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The content provided on MoneyWise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.