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Find A LenderLotly: Overview
If you’re a homeowner with some equity built up in your home, you may be able to use that capital to cover a variety of expenses or consolidate your debt. Lotly specializes in the home equity lending space and facilitates the process of helping homeowners tap into their home equity. The company promises to help homeowners improve their financial health by providing secure and stable loans from trusted lenders.
Who Is Lotly?
Lotly is a Toronto-based company that specializes in helping homeowners access capital from their home equity to cover large expenses or consolidate high-interest debt. The firm works with over 30 trusted lenders across Canada to match with prospective clients.
What Does Lotly Offer?
Lotly focuses on home equity loans and debt consolidation loans:
Home Equity Loans
Lotly helps homeowners unlock equity from their homes to cover a variety of large expenses, such as renovation projects, emergency expenses, and debt consolidation. The company offers competitive interest rates, making borrowing as affordable as possible.
Home equity loans are available to homeowners with at least 20% equity in their homes. Borrowers will receive a lump sum payment and repay the loan amount, plus interest, over a set term via regular installments.
Consolidation Loans
Debt consolidation loans can be used to pay off multiple high-interest credit accounts. Lotly helps facilitate this process by allowing homeowners to access capital from their equity and use it to consolidate existing debt into one affordable and easily managed loan.
The idea behind debt consolidation is to help borrowers save money on interest, become debt-free sooner, and streamline their finances. Lotly will negotiate with the various lenders within their network to get you the loan you need based on your income and credit profile. With timely payments, you can also use your debt consolidation loan to build good credit, which will serve you well in the future if you’re looking to access different credit products.
How Does Lotly Work?
Applying for a home equity loan or debt consolidation loan is relatively straightforward and involves the following steps:
Step 1: Enter Information About Your Financing Needs
Input the loan amount you need, then choose the purpose of your loan:
- Debt consolidation
- Cash out for personal use
- Home renovations
- Emergency expenses
- Car repair
- Business expenses
Step 2: Provide Information About Your Home
Lotly will want to know information about the following:
- Your home’s location
- Your home’s market value
- Current mortgage balance
- Monthly mortgage payment
Step 3: Enter Information About Your Finances
Input details about your financial life, including the following:
- Overall debt amount
- Annual income
- Credit score range
Step 4: Book A Free Consultation
If you’re eligible for a Lotly loan, you’ll be connected with a representative to discuss your needs in more detail and how to achieve your financial goals. If approved, you’ll receive your funds shortly afterward.
Benefits Of Lotly
There are several advantages to using Lotly to meet your financial needs:
- Access a large amount of capital. If you have equity in your home, you could potentially unlock a sizable amount of capital from it. Lotly can help you access this equity to cover various expenses, particularly those that come with a steep price tag, such as a home renovation.
- Large lender network. Lotly has more than 30 established lenders within its circle to help you find the right loan offer for you.
- Low interest. Lotly negotiates with lenders to whittle down interest rates, making your home equity loan as affordable as possible. Plus, home equity loans are considered lower risk compared to other loan types since your house backs your loan.
- Customized options. Lotly offers free consultations to help you find the right financing for you.
- Expert help. The Lotly team is made up of experts in finance, real estate, and mortgages, so you’ll be dealing with professionals who have the expertise and backgrounds needed to help you achieve your financial goals.
- Build good credit. With Lotly’s consolidation loans, you can reduce your overall debt and simplify your payments into a single, lower monthly amount. This, in turn, can lead to more on time payments as they’re more affordable, which can positively impact your credit score over time.
How Can I Contact Lotly?
You can contact Lotly in several ways including by phone, email and in person.
| Phone | 647 254-0780 (8 am – 6 pm) |
| contact@lotly.com |
Final Thoughts
Using your home equity to fund big expenses or consolidate debt may be one of the more affordable and simpler financing options available. Lotly can help you access these much-needed funds to help you cover expenses affordably while ensuring that your long-term financial health is protected. And if you have bad credit or an unstable income, Lotly can still work with you to find the solution you need. Get started with Lotly to access your home equity today!
