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info@turnedaway.ca

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Debt Consolidation Loans for Homeowners in Canada

You are certainly not alone if you carry personal debt. In fact, the average Canadian carries $21,183 in non-mortgage debt, an increase of 7% year-over-year. If you want to reduce the amount of interest you’re paying each month and use that money to pay down your debt, you should consider a debt consolidation loan.

TurnedAway can help you leverage the equity in your home to consolidate your outstanding debt into one easy payment; often at a much lower average interest rate. The application process is simple and straightforward. Let us help you pay down your debts and get your financial house in order!

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With debt consolidation loans, Canadian homeowners can reduce their debt fast and save more!

Call our Debt Consolidation Mortgage Specialists Now

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Mortgage Loan Debt Consolidation in Canada

If you're a homeowner, tap into the power of your home equity. Consolidate credit cards and loan payments with a debt consolidation mortgage.

We make low interest rate debt consolidation easy for any Canadian homeowner. You don't need to go through a difficult and lengthy application. With TurnedAway, debt consolidation loan approval is just a few clicks away!

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Call Us: 1-855-668-3074

Approvals within 24 hours

What is Debt Consolidation?

Debt consolidation is when you take all your outstanding loans and combine them into one consolidated loan. A consolidated loan helps you to repay high-interest debts faster by combining them into one loan at a lower average interest rate. You can then take the money you save on interest and use it to pay down and eliminate your debt for good.

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Debt Consolidation Loans for Bad Credit in Canada

To begin your journey of finally getting a handle on your debts, follow these easy steps to determine if a debt consolidation loan is right for you.

Evaluate if You Fulfill the Requirements for a Debt Consolidation Loan

To secure a consolidation loan that meets your needs and budget, shop for the perfect lender or financial institution. Remember to compare lenders to find the best interest rates and terms available! It only takes a few conversations with potential lenders to find a debt consolidation loan that works for you.

Other Important Considerations When Choosing a Consolidated Loan

Consolidating high-interest debt into one easy payment at a lower interest rate is the ideal solution when trying to get out of your debt. However, to ensure your consolidated loan will be beneficial and help you get a handle on your debt, you should:

Ensure the consolidated loan amount you are applying for is sufficient to pay off all of your existing debts.
The consolidated loan interest rate is much lower than the average interest you are paying on the debt you plan to consolidate into one loan.
Find a monthly payment that you can reasonably pay each month without incurring more debt.

With Turnedaway.ca, debt consolidation loans in Canada are made easy. Take the hassle out of debt repayment by allowing us to help you create a debt relief plan that fits you.

Three Types of Debt Consolidation Home Equity Loans

Homeowners can take advantage of three available options when consolidating their debts. They can:

The fact is most property owners are hesitant to refinance their homes as they fear the prospect of incurring financial penalties and interest.

Home equity loans can accelerate your plan to be debt free with lower interest rates and a clear timeline of when your debt will be paid off.

We can help you make sense of debt consolidation in Canada. With Turnedaway.ca, debt consolidation loans for homeowners are fast and secure with our top-tier lenders.

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Take Control of Your Finances

Consolidate Debt with Home Equity!

TurnedAway specializes in debt consolidation loans for homeowners who have been turned away by big banks. We can help you overcome your financial challenges, reduce debt and save money.

Call Us At 1-855-668-3074

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Benefits of Debt Consolidation

The best part of a home equity line of credit (HELOC) is that you can put as much towards the loan principal as possible, make minimum payments or pay a large lump sum.

You can use HELOCs for just about anything. In fact, with a HELOC, you can:

HELOCs are flexible and cost-effective, whereas personal and other unsecured loans are rigid and expensive. They are one of the least expensive and flexible loans a homeowner can have. The challenge with obtaining a HELOC is finding a lender who is willing to work with you and offer you attractive interest rates and terms.

Thankfully, some lenders focus more on the equity in your home than your income or credit score. Turnedaway.ca can connect you with these lenders. Call today at 1-855-668-3074.

Click To Apply Now

Call Us: 1-855-668-3074

Approvals within 24 hours

The Downside of Debt Consolidation Loan

Refinancing your high interest debt into your mortgage can save you hundreds of dollars a month and help provide you with financial relief. However, this strategy carries some risks, such as:

You may run out of equity.

Some people view their home equity as a source of cash they can tap into whenever they want. They use it like an ATM and take out the equity for unnecessary expenses such as vacations. However, we know our home equity is not unlimited. If you spend your hard-earned equity, you will no longer be able to access it when necessary.

It won’t fix the root of your financial problems

To get the benefits of a low interest rate debt consolidation loan, it is essential to avoid racking up further high interest debt. Unfortunately, some may find themselves slipping into old financial habits that lead to the accumulation of interests.

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How To Qualify for a Debt Consolidation Home Equity Loan?

Canadian banks are known to have stringent standards when it comes to loan approval. They consider many variables, such as your credit score, income level, cash flow, and assess whether you can make ongoing payments.

However, you can get approved for a HELOC with:

With TurnedAway, debt consolidation loans for homeowners are fast and secure with our top-tier lenders. Call today at 1-855-668-3074 to get started.

Easy application process

Get Your Debt Consolidation Loan Approved in No Time!

We’ll help you find the best deal for your debt consolidation needs based on competitive interest rates and flexible terms.

Call our Debt Consolidation Mortgage Specialists Now

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Mortgage Brokers Who Specialize in Bad Credit Debt Consolidation Loans in Ontario

Turnedaway.ca has been helping clients turned away by big banks and other mortgage lenders for over 30 years. We are not a finance company. We are a mortgage brokerage. We help clients with equity in their homes overcome financial challenges that the big banks won’t help.

Whereas most mortgage brokers can’t, we can arrange home equity loans for homeowners who have or are facing the following:

Avoid high-interest payments. We can help you arrange secured debt consolidation loans with competitive interest rates with the most flexible terms. Our network of alternative lenders includes trust companies, mortgage investment companies, credit unions, and private lenders.

With various lenders at your disposal, we can get you the best deal for your situation. Turnedaway.ca helps you save money and provide you with debt relief, regardless of your credit history. Call us today to qualify for debt consolidation, and get a free consultation at 1-855-668-3074.

Click To Apply Now

Call Us: 1-855-668-3074

Approvals within 24 hours

Debt Consolidation Loan FAQs:

Will Taking Out a Debt Consolidation Loan Hurt My Credit Score?

Applying for a debt consolidation loan can cause your credit score to dip in the short-term due to the lender’s credit check. However, in the long run, taking out a consolidation loan can improve your credit rating since all previously consolidated debts are now seen as settled.

What Type of Debt can a Debt Consolidation Loan Help with Paying Off?

A consolidation loan can pay off and combine credit card debt, payday loan debt, lines of credit, and utility bills. A consolidated loan can help you simplify your finances and reduce the number of unsecured debts.

Is Collateral Required to Secure a Debt Consolidation Loan?

If you are applying for a HELOC or home equity loan, you are using the equity in your home to fund the loan, so you do not need to provide further security.

What Factors Caused My Debt Consolidation Loan Application to be Declined?

Your chance of being denied a debt consolidation loan varies depending on your individual circumstances. Nonetheless, some typical causes behind rejection are weak credit scores, high debt load, and inadequate funds to make payments.

Can I acquire a debt consolidation loan if I'm unemployed?

Being able to afford the loan payments is necessary for debt consolidation approval. With a consistent income, you’ll likely be approved for a debt consolidation loan.

Being able to afford the loan payments is necessary for debt consolidation approval. With a consistent income, you’ll likely be approved for a debt consolidation loan.

Can You Consolidate Tax Debt?

Canadians have various choices regarding consolidating credit cards or loan debt, but what about tax debt? You can use the funds in your consolidated loan to pay your outstanding tax debt.

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We've helped a lot of people. See what they have to say!

We’re proud to be top-rated among clients in Canada.

Not all lenders provide second mortgages since they come with more risk. But there are usually three options you can explore:

Revenue Canada had put a lien on my home and had frozen my bank account. I went to see a tax lawyer thinking they could help and surprisingly they referred me to you. I was under the impression that nobody would refinance tax debt, at least that’s what my bank told me. It didn’t take long to find out they were wrong and I am still counting my lucky stars they were. Thanks again for everything you did for my family.

Reid T.

Sudbury, Ontario

Fast, experienced and attentive. I thought I was destitute but after a call to turnedaway.ca I found out there were a lot of alternatives for someone in my situation. I made excellent money but couldn’t really show it on paper ruling out traditional banks. Pauline from your office was truly fantastic and she got my approval in less than 48 hours…. amazing!

Val K.

Trenton, Ontario

We are very happy with your service and will be using you again in the future, and you have been so kind and helpful in this difficult time with my having to deal with my Mothers health issues. Your work allowed for me to focus and be less stressed over the life events that are occurring for myself.

John C.

Toronto, Ontario

I am self employed and because a lot of my income wasn’t being reported in the traditional sense I couldn’t get any money out of my house using our equity from a traditional bank. I still can’t believe how simple you guys made it for me. I still can’t believe that you were able to get me approved at a bank when my own mortgage company wouldn’t even look at my application. You guys rock!

James R.

Beaverton, Ontario

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Poor or Bad Credit

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Property Tax Arrears

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Unpaid Collection Accounts

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Self Employed Clients with Stated/Low/No Proof of Income

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Bankruptcy Consumer Proposal

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Revenue Canada Debts/Liens

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Missed Mortgage Payments

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Judgments, Liens & Executions

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