Written by Kale Havervold

Best Debt Consolidation Ottawa 2020

Lender directory

Compare the best lenders in this region

	Loan Amount	Rate	Term (Months)	Rating
1589155200	$2,500	13.6%	12	$2,500
1588809600	$49.99 - $99.99	0%	12	$49.99 - $99.99
1582243200	-	-	Up to 60	-
1581033600	$5,000+	-	Up to 60	$5,000+
1580947200	-	-	-	-
1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
1580860800	$1,600 - $25,000	9.47% - 20.07% APR	36 - 60	$1,600 - $25,000
1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
1579478400	$100 - $1,500	-	-	$100 - $1,500
1579478400	Up to $3,200	-	-	Up to $3,200
1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
1579219200	-	15% - 19%	-	-
1576713600	-	Up to 35%	-	-
1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
1576627200	-	-	-	-
1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
1562198400	$500 - $15,000	15.99 - 39.99%	6 - 60	$500 - $15,000
1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
1545955200	Up to $20,000	19.44% and 31.90%	36 - 84	Up to $20,000
1552262400	$1,000 - $15,000	19.90% - 46.90%	12 - 60	$1,000 - $15,000
1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
1551398400	Up to $1,500	15% - 19%	14 days	Up to $1,500
1551398400	$100 - $1,500	15% - 17%	14 -31 days	$100 - $1,500
1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
1551398400	-	-	14 days	-
1541030400	Up to $35,000	5.15%+	-	Up to $35,000
1546128000	Up to $5,000	19.9% - 45.9% APR	6 - 36	Up to $5,000
1551139200	$250 -$1,250	29%	3 - 6	$250 -$1,250
1551139200	$5,000 - $35,000	9.9%+ APR	36 - 60	$5,000 - $35,000
1551139200	Up to $15,000	19.99% APR	Open-end	Up to $15,000
1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
1550534400	$100 - $1,500	-	14 days	$100 - $1,500
1569974400	Up to $1,500	15% - 23%	-	Up to $1,500
1550534400	Up to $1,500	Up to 59% APR	14 days	Up to $1,500
1550534400	$2,500 +	-	-	$2,500 +
1550534400	$500 - $1,000	28% - 32%	3 -5	$500 - $1,000
1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
1549411200	$1,000 -$15,000	46.93%	12 - 60	$1,000 -$15,000
1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
1549238400	$100 - $1,500	90% - 390% APR	14 days	$100 - $1,500
1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
1548720000	$500 - $1,000,000	12%	12	$500 - $1,000,000
1548720000	$1,000 - $50,000	4.6% – 49.96%	3 - 60	$1,000 - $50,000
1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
1548633600	$50 - $1,500	-	14 days	$50 - $1,500
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	$2,000 - $10,000	18.9% - 54.9%	12 - 60	$2,000 - $10,000
1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
1545264000	Up to $35,000	26.99% – 39.99%	6 - 60	Up to $35,000
1545177600	$2,000 – $10,000	34.9% – 43%	12 - 60	$2,000 – $10,000
1545264000	$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
1545350400	Up to $1000	30%	3 - 5	Up to $1000
1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
1545350400	Up to $3,000	22% - 35%	3 - 4	Up to $3,000
1545350400	Up to $7,000	-	6 – 60	Up to $7,000
1545350400	$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
1545350400	$500-$1000	28%-32%	3	$500-$1000
1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
1545350400	$500 – $750	23% - 34.4%	3 – 12	$500 – $750
1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
1545264000	$500 - $35,000	29.99% – 46.96%	9 - 60	$500 - $35,000
1545264000	$300 – $35,000	5.9% - 45.9%	24 - 60	$300 – $35,000
1568937600	$50 – $10,000	-	Up to 62 days	$50 – $10,000
1545177600	$1,000 - $35,000	5.99% to 29.19%	36 - 60	$1,000 - $35,000
1545177600	Up to $20,000	19.99% - 46.8%	6 - 60	Up to $20,000

	Loan Amount	Rate	Term (Months)	Rating
1585612800	-	0.9% - 12%	6 months - 5 years	-
1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
1581292800	-	-	-	-
1581033600	-	-	-	-
1581033600	-	-	-	-
1581033600	-	-	-	-
1580947200	-	-	-	-
1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
1580860800	-	-	-	-
1580860800	-	-	-	-
1580860800	up to $250,000	-	-	up to $250,000
1580860800	-	-	-	-
1580688000	Up to $10,000	-	-	Up to $10,000
1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
1579478400	-	-	-	-
1579478400	$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
1579478400	-	-	12 - 120	-
1579478400	-	-	24 to 60	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1579046400	-	-	-	-
1578873600	-	-	-	-
1577059200	-	-	-	-
1577059200	-	-	-	-
1577059200	-	-	-	-
1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
1575849600	Up to $250,000	-	-	Up to $250,000
1575590400	-	-	-	-
1575590400	-	-	-	-
1545955200	$5,000 - $150,000	5.49% - 22.79%	12 - 60	$5,000 - $150,000
1552262400	$500,000 - $10,000,000	-	-	$500,000 - $10,000,000
1552262400	-	Competitive	-	-
1541030400	Up to $35,000	-	-	Up to $35,000
1552262400	-	-	-	-
1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
1552262400	-	-	-	-
1552262400	Up to $1,000,000	-	-	Up to $1,000,000
1551830400	Up to $100,000	-	-	Up to $100,000
1551830400	$10,000+	-	Up to 15 years	$10,000+
1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
1551398400	$3,500+	-	-	$3,500+
1551398400	$5,000+	4.9% - 24.99%	18 - 48	$5,000+
1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
1551139200	Up to $75,000	-	Up to 18	Up to $75,000
1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
1548720000	Up to $100,000	6.05% +	60	Up to $100,000
1548720000	$10,000+	18% - 22%	-	$10,000+
1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
1548633600	Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
1545177600	$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
1545177600	$5,000-$250,000	8% - 29% APR	6 - 18	$5,000-$250,000
1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
1561507200	Up to $300,000	-	-	Up to $300,000

	Loan Amount	Rate	Term (Months)	Rating
1582761600	-	-	12 - 96	-
1582761600	-	-	-	-
1582761600	-	0% - 29.5%	-	-
1581033600	-	+ 4.9%	-	-
1581033600	-	-	-	-
1580688000	-	-	-	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1579478400	-	-	-	-
1579219200	-	-	-	-
1578873600	-	+8.99%	-	-
1578873600	-	-	-	-
1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
1552262400	Up to $250,000	-	12 - 60	Up to $250,000
1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
1551830400	Up to $100,000	-	6 - 96	Up to $100,000
1551830400	$10,000+	-	12 - 96	$10,000+
1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
1577059200	-	-	up to 72	-
1577059200	-	-	-	-
1575849600	-	-	-	-
1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
1575849600	-	-	-	-
1575590400	-	-	-	-
1575504000	-	-	-	-
1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
1562112000	-	Up to 49.9%	-	-
1561507200	-	-	-	-
1561507200	-	-	Up to 84	-
1560124800	$500 - $35,000	$29.99% – 46.96%	9 - 60	$500 - $35,000
1551830400	Up to $30,000	-	-	Up to $30,000
1551830400	Up to $25,000	5.75% - 9.9%	12 - 60	Up to $25,000
1550534400	-	-	-	-
1548720000	-	-	-	-
1548633600	-	4.2%+	-	-
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
1545177600	Up to $50,000	-	-	Up to $50,000
1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
1545177600	-	-	Maximum 84	-

	Loan Amount	Rate	Term (Months)	Rating
1578873600	$1,000 - $35,000	-	24 - 60	$1,000 - $35,000
1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
1545264000	$500 – $10,000	Starting at 9.90%	12 - 36	$500 – $10,000
1545264000	Up to $25,000	-	12 - 60	Up to $25,000

	Loan Amount	Rate	Term (Months)	Rating
1581033600	-	2.74% - 6.30%	12 - 120	-
1580947200	-	-	-	-
1580860800	-	-	-	-
1580860800	-	2.64% - 4.45%	12 - 120	-
1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
1580860800	-	-	36 - 60	-
1580860800	-	-	-	-
1580860800	-	-	-	-
1580688000	-	2.79% - 6.00%	6 - 60	-
1580688000	-	2.74% - 4.45%	12 - 120	-
1580688000	-	-	-	-
1579478400	-	2.74% - 3.70%	6 - 120	-
1579132800	-	2.79% - 4.45%	-	-
1578873600	-	-	-	-
1578873600	-	2.69% - 3.95%	6 - 120	-
1578268800	up to 4,000,000	3.49% - 5.49%	12 - 300	up to 4,000,000
1577059200	$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
1577059200	-	-	-	-
1577059200	-	--	-	-
1577059200	-	2.84% - 7.30%	-	-
1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
1574899200	min 25,000	4.99% - 5.59%	6 - 60	min 25,000
1574899200	-	2.23% - 4.45%	-	-
1560124800	-	2.89% - 3.79%	-	-
1548806400	-	-	-	-
1548720000	-	2.41% - 3.84%	-	-
1548720000	-	-	-	-
1548633600	-	-	-	-

	Services	Rating
1576540800	Credit Counselling, Bankruptcy, Consumer Proposal	Credit Counselling, Bankruptcy, Consumer...
1576540800	Personal Bankruptcy, Consumer Proposal	Personal Bankruptcy, Consumer Proposal...
1576540800	Bankruptcy, Consumer Proposal	Bankruptcy, Consumer Proposal...
1576540800	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
1576540800	Consumer Proposals, Bankruptcy, Fresh Start program, Debt Relief Consultations	Consumer Proposals, Bankruptcy, Fresh St...
1576368000	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring	Debt Restructuring, After Care - Credit ...

It would be lovely if people in Ottawa could avoid debt and could always afford what they wanted, but that is hardly ever the case. Many of us in Ottawa need to borrow for a wide range of situations including emergencies, homes, cars, education, and other large purchases or costs.

Unfortunately, while some can afford to pay off this debt, others struggle and find themselves unable to keep up with the monthly cost of carrying too much debt. Currently, Ottawa, as well as the rest of Ontario are struggling with growing levels of household debt, which could prevent some consumers from getting out of debt at all.

For some in Ottawa, their situation might even call for the use of a debt relief solution. One of the most popular is debt consolidation.

Do you know what the true cost of borrowing is? Find out here.

What is Debt Consolidation?

Debt consolidation in Ottawa is a common debt relief solution that involves an individual taking out one large loan to pay off their smaller loans and thus consolidating all of their debts into one. This can make payments much easier to handle, and you can often get a better interest rate. It can potentially even lower your total amount of debt, but this will depend on a number of factors.

Loan vs. Program

There are actually two different kinds of debt consolidation. There is a debt consolidation loan, which we mentioned above, and a debt consolidation program. A debt consolidation program involves meeting with a credit counsellor in Ottawa, creating a repayment plan, and then paying them a lump sum every month which they will distribute to the correct creditor. In a sense, it also brings all of your debts together, similar to a debt consolidation loan, in that you only need to make one payment and they can take care of the rest.

As for which option is better, that will depend on your situation in Ottawa. The debt consolidation program will stop you from having to go out and get a second loan, but there might be some fees and counselling involved. Also, the type of situation you’re in could help you decide. While they can help people who are struggling, debt consolidation loans can also be good for someone with good credit who is making payments, but simply wants to save on interest. On the other hand, a debt consolidation program is often best for someone in Ottawa with bad credit, someone who had been rejected for a loan or simply needs some help.

Bad credit debt consolidation in Ottawa can be a great way for a wide range of consumers to tackle their debt. Either way, before making a choice you need to be sure to speak with an expert to discuss which option they recommend for your unique needs.

Video: Debt Consolidation Explained

Reasons People Get into Debt in Ottawa

So just how do people in Ottawa find themselves in enough debt to need assistance in the form of debt consolidation? Well, one of the biggest reasons simply comes down to irresponsible financial habits. This could be missing payments or overspending. While credit cards are incredibly helpful, they also make it very easy for people in Ottawa to develop bad financial habits.

Of course, overspending and other avoidable and irresponsible behaviour are not the only reasons why consumers deal with debt. In fact, a large percentage of consumers in Ottawa who are in debt because of a wide variety of unexpected issues, including:

Job loss
An unforeseen reduction in income
Medical issues
Emergency travel
Car crashes
Home repairs

So while some people think debt only happens when someone is financially irresponsible, that isn’t the case at all. There are many potential reasons why people could find themselves in debt and require a debt relief solution.

The 5 top reasons why people get rejected for a debt consolidation loan, click here.

What Debt Can and Cannot Be Consolidated in Ottawa

However, while debt consolidation can help out a ton of different people in Ottawa, not all types of debt can be consolidated. Only certain types of debt can be consolidated through a loan or program. This includes unsecured debt like credit cards, non-government student loans, personal loans, medical bills, and past-due utilities.

Types of debt that cannot be consolidated include government student loans, car loans, and mortgages. If you have these types of debt, you need to pay them in full as normal or risk losing your home or car. So before you decide to go with debt consolidation, be sure that the type of debt you hold can indeed be consolidated. If it cannot, a different debt relief solution is likely a better option for you.

Will a debt consolidation loan look bad on your credit report? Find out here.

Is Debt Consolidation Right For You?

Have you decided that debt consolidation is the right option for you? Loans Canada can help match you with the right options based on your unique needs in Ottawa, whether that’s a debt consolidation loan or program.

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