What is DebtSimplify?

Your ultimate guide to securing the best loans, mortgages, and peer-to-peer financing. Compare options, get expert insights, and apply with confidence.

What is the minimum credit score needed for a personal loan in Canada?

Most Canadian lenders require a minimum credit score of 600 for personal loans. However, some lenders offer options for credit scores as low as 500, though rates may be higher. DebtSimplify connects you with lenders across the credit spectrum.

How fast can I get approved for a loan?

With DebtSimplify, you can get pre-approved in minutes and receive final approval within 24-48 hours. Funds are typically deposited within 1-3 business days after approval. Some lenders offer same-day funding for qualified applicants.

What is P2P lending in Canada?

Peer-to-peer (P2P) lending in Canada connects borrowers directly with individual investors through online platforms. This often results in better rates than traditional banks, with loans up to $50,000 available at competitive rates from 8.99% APR.

What are the best personal loan rates in Canada?

Personal loan rates in Canada range from 8.99% to 46.96% APR depending on your credit score, income, and chosen lender. Borrowers with excellent credit (750+) can access rates from 8.99%, while those with poor credit may see rates up to 46.96%. DebtSimplify helps you compare rates from multiple lenders to find the best option.

Can I get a loan with bad credit in Canada?

Yes, many Canadian lenders specialize in bad credit loans. Borrowers with credit scores as low as 500 can qualify, though interest rates will be higher (typically 19.99%-46.96% APR). DebtSimplify partners with lenders who accept all credit levels.

What is debt consolidation and how does it work?

Debt consolidation combines multiple debts into one personal loan with a single monthly payment. This often results in lower interest rates and simplified finances. For example, consolidating credit card debt at 21.99% into a personal loan at 11.99% can save thousands in interest.

HomeLocations

Debt Relief in Canadian Cities

Find local debt relief help in your city. Consumer proposals, bankruptcy, and debt consolidation loans are available across Canada through Licensed Insolvency Trustees. Select your city to learn about options specific to your province.

Ontario

Toronto

Greater Toronto Area

Avg debt $23,600View

Ottawa

National Capital Region

Avg debt $22,100View

Mississauga

Greater Toronto Area

Avg debt $24,300View

Hamilton

Greater Toronto & Hamilton Area

Avg debt $22,800View

London

Southwestern Ontario

Avg debt $21,800View

Brampton

Greater Toronto Area

Avg debt $23,800View

Windsor

Windsor-Essex

Avg debt $20,900View

Oshawa

Durham Region

Avg debt $22,500View

Quebec

Montreal

Greater Montreal

Avg debt $19,200View

Quebec City

Capitale-Nationale

Avg debt $18,600View

Alberta

Calgary

Calgary Region

Avg debt $24,800View

Edmonton

Edmonton Metropolitan Region

Avg debt $23,900View

Manitoba

Winnipeg

Winnipeg Capital Region

Avg debt $20,400View

British Columbia

Vancouver

Metro Vancouver

Avg debt $25,100View

Victoria

Capital Regional District

Avg debt $22,900View

Surrey

Metro Vancouver

Avg debt $23,400View

Nova Scotia

Halifax

Halifax Regional Municipality

Avg debt $21,200View

Saskatchewan

Saskatoon

Saskatoon Region

Avg debt $22,000View

Regina

Regina Region

Avg debt $21,500View

New Brunswick

Fredericton

Greater Fredericton

Avg debt $20,600View

Don't See Your City?

Debt relief options are available across all of Canada. Connect with a Licensed Insolvency Trustee serving your area — free, confidential consultation.

Debt Relief in Canadian Cities

Ontario

Toronto

Ottawa

Mississauga

Hamilton

London

Brampton

Windsor

Oshawa

Quebec

Montreal

Quebec City

Alberta

Calgary

Edmonton

Manitoba

Winnipeg

British Columbia

Vancouver

Victoria

Surrey

Nova Scotia

Halifax

Saskatchewan

Saskatoon

Regina

New Brunswick

Fredericton

Don't See Your City?

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