Loans Canada Services Are 100% Free. Disclaimer

Debt Consolidation Burnaby 2020

Compare the best lenders in this region:
Flexiti Financial -
FinanceIT -
Diamond Financial Services -
Climb 5 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
easyfinancial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
Hitachi Capital Canada -
Guardian Leasing -
4 / 5
Essex Lease Financial Corporation -
Equilease -
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 3 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
iA Auto Finance -
Gamache Group -
Daimler Truck Financial -
DealerPlan Financial -
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada 5 / 5
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
Instant Loans Canada -
Newstart Canada 4 / 5
BHM Financial 5 / 5
IntelliMortgage -
Invis -
Equitable Bank -
Dominion Lending Center -
Fisgard Asset Management -
First National -
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5
BDO 5 / 5
MNP 5 / 5
Full Circle Debt Solutions Inc 5 / 5
Consolidated Credit 5 / 5
4Pillars 5 / 5

Burnaby, like much of British Columbia, is a neighborhood that’s been consistently rising in popularity in recent years, particularly when it comes to the real estate market. If you’re a resident, however, that also means you’re likely subject to a high cost of living and potentially dealing with high levels of consumer debt as a result.

If this sounds all too familiar to you may want to consider applying for debt consolidation in Burnaby. Keep reading for all the information you need to make the right choice based on your unique needs.

Need to manage your debt? Be sure to read this other article too.  

Debt Consolidation Methods

Debt consolidation refers to the act of gathering multiple debts and paying them off all at once, hopefully leaving you with a single monthly repayment plan to follow. Overall, the goal would be to significantly reduce the amount of unsecured consumer debt, as well as the interest and fees you’re currently paying. There are two ways of doing this.

Debt Consolidation Program

If you already have a lot of unpaid credit products, such as cards, loans, and lines of credit, then it’s probably better to start credit counselling and arrange a debt consolidation program. This involves a credit counsellor reaching out to your creditors on your behalf and offering to settle your debts with a series of monthly installments. You’ll then send those payments to them (via your counsellor), until your full outstanding balance is paid.

Keep in mind that some counselling agencies charge a fee for their services. That said, a debt consolidation program may be a better option if you prefer professional help and don’t want to take on the responsibility of (or don’t qualify for) the second consolidation option on our list.

Click here for more information about credit counselling in Burnaby.  

Debt Consolidation Loan

The other option would be for you to apply for a debt consolidation loan, which is more of a product than a program but has a similar effect. While this is traditionally done through another lending source, a credit counsellor can also refer you to places where you access one of these loans.

However, instead of sending installments to your counsellor, you would use a loan to cover your outstanding debts, then repay your lender directly, again on a monthly basis. As such, it’s often the product of choice for those who can qualify for and handle the responsibility of a loan. It’s even a good way of improving your credit score.

Then again, it’s also essential to understand that, like with many credit products, qualifying for a debt consolidation loan is not always easy. While plenty of lending sources offer these loans in some capacity, there can also be significant risk involved, so most will require to have strong financial health.

How Debt Consolidation Can Affect Your Credit

Another important thing to understand about debt consolidation in Burnaby is that it can impact your credit, both positively and negatively, depending on how you handle the situation.

For instance, a debt consolidation loan would show up on your credit report and cause your credit score to fluctuate. If your lender reports to Canada’s credit bureau that all payments are being made as agreed, your credit score will rise (and vice versa). A debt consolidation program would cause your credit rating to drop to an R7 and a similar effect would occur if you didn’t make your monthly payments on time.

Either way, future lenders can see records of that activity when you apply for new credit. All they have to do is request your credit report. Being involved with any kind of debt management solution can make them skeptical of your ability to make payments and cause them to hike your interest rate or reject your applications entirely.

Want to know more about what affects your credit score? Check this out.

Good Debt vs. Bad Debt

It’s true that debt can easily get out of hand. That said, not all debt is bad. In fact, most of it is inevitable. Some debt, when managed responsibly, can even be healthy for your finances and credit. If you’re going to take on any debt, however, it’s best if you know how to distinguish between good and bad debt.

Good Debt   

Of course, good debt refers to any product, program, or other expense that benefits your financial status in some way. For example, a car loan helps you purchase the vehicle you want, thereby adding significant convenience to your lifestyle. Not only can you get to work and transport groceries easier, but you’ll also once again be building credit with every complete payment you make.

Bad Debt

On the opposite end of the spectrum, a car loan can be very expensive, especially if you applied with a lender/dealership that’s treating you unfairly or if you’re simply trying to finance a vehicle that’s out of your price range. Either way, your income, and savings can be quickly drained, causing you to default on payments.  

If that happens, not only will your credit take a hit, your lender might even repossess your car. The overall impact would then make it harder for you to be approved for affordable new credit products in the future. In the end, any kind of debt can become bad if you’re not handling it responsibly.

Debts That Qualify for Consolidation

Before you attempt either debt consolidation method, is also important to learn about the types of debt that can actually qualify for this process. Essentially, only unsecured debts, meaning those that aren’t collateralized will be eligible. Some kinds of non-credit debt will also qualify.

If you offered up your home, vehicle, or another asset when you applied, it means your debt was secured. Because your lender retains temporary ownership over that asset, the debt cannot be included in the debt consolidation process. This will be the same case for some forms of legally or government assigned debts.

Eligible Debts

  • Credit cards
  • Unsecured loans
  • Personal lines of credit
  • Non-federal student loans
  • Non-credit bills (utilities, internet, etc.)
  • Unpaid taxes

Ineligible Debts

  • Secured loans
  • Mortgage payments
  • Home equity products
  • Federal student loans
  • Legal fines (tickets, lawsuits, etc.)
  • Vehicle loans

The True Cost of BorrowingDo you know what the true cost of borrowing is? Find out here.

Common Causes of Debt

If you’re thinking about applying for debt consolidation in Burnaby or you’re looking to avoid the process altogether, it might be helpful to learn about the ways debt can be caused. The problem with consumer debt is that it can come from many places, including unexpected events. However, by identifying the problems, you can hopefully bypass such situations in the future.


  • Car accidents, floods, or other financial emergencies
  • Overdue payments, penalty fees, and high-interest rates
  • Lengthy home repairs and renovations
  • Reduced hours at work or total unemployment
  • Injuries or medical conditions that prevent you from working
  • Living in an apartment, condo, or house that you can’t afford

Not sure if you should use your credit card for emergencies? Click here to find out.  

Choose Loans Canada for Debt Consolidation

No matter what the cause of your debt is, it’s essential to act quickly and resolve the situation however you can. If that’s your goal, debt consolidation in Burnaby may be your best option. If you want more information about the process or any other debt relief solutions, don’t hesitate to contact us.


Will seeing a credit counsellor affect my credit score?

  • Meeting with a credit counsellor to discuss your credit building or debt relief options will not affect your credit score. But, if you enter into a certain type of debt relief program through your counsellor, that could have negative effect on your credit score.

What is the difference between unsecured and secured debt?

  • Secured debt is backed by collateral in the form of an asset, typically a vehicle or house. Collateral lessens the risk for the lender and sometimes allows a borrower to gain access to a larger loan or a lower interest rate. In the event that a borrower defaults on a secured loan, the lender has the right to seize the assets to recoup any losses. Unsecured debt, on the other hand, does not require any form of collateral or security.

What is insolvency?

  • Insolvency is the state of being unable to repay your debt. A borrower who is insolvent typically must seek professional help to deal with their debt issues.

Does the Canadian Government offer debt relief services?

  • The government of Canada does not offer any specific debt relief programs or products.

How useful was this post?

Click on a star to rate it!

Posted by
Bryan completed the Cinema, Video, and Communications program in Dawson College and holds a Bachelor’s Degree in English Literature & Creative Writing from Concordia University. Bryan covers a wide range of topics for Loans Canada, including credit improvement, debt management, and all things related to personal finance. In his spare time, he maintains a passion for editing, writing film and television screenplays, staying fit, and traveling the world in search of the coolest sights our plan...

Services In This Region
Regional Service Directory
From the blog...
What is a Cash Advance?
Posted on January 3, 2020

What is a Cash Advance?

Whether you're looking for quick access to cash or need to cover an unexpected expense, a cash advance can help. We have all the information you need.

Make Sure You Understand These Financial Terms Before Getting a Loan
Posted on November 19, 2019

Make Sure You Understand These Financial Terms Before Getting a Loan

Taking on a loan is a serious financial decision, make sure you understand these terms first as they will help make the process as smooth as possible.

Can I Pay Off My Loan Early?
Posted on October 31, 2019

Can I Pay Off My Loan Early?

Thinking about paying off a loan early to save on interest or to get rid of any debt you have? Loans Canada has all the information and advice you nee... Read More

Related Videos
How To Identify A Loan Scam
How Your Credit Score is Calculated
The Ins & Outs of Debt Consolidation

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.