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Types Of Ontario Only Debt Consolidation Loans Available During COVID 2022

If you are living in Ontario and suffering from debt problems, you need to know this information now.

We helped thousands of Ontarians reduced their debts up to 75% with our personalized Debt Relief Program approved by the Ontario Government to help citizens get out of debt fast and in a secured way.

Know more about us and what we can do by clicking on the button below…

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

Orillia Huntsville Peterborough Toronto Brampton Kitchener Mississauga Hamilton Belleville Kingston Cornwall Oshawa Ajax St. Catharines London Sarnia Windsor Sault Ste. Marie Elliot Lake Sudbury North Bay Timmins Thunder Bay Ottawa

Debt Consolidation loans available in Ontario – a solution amidst COVID

As of the writing of this post, the world is still in the grip of the COVID-19 pandemic. Aside from the devastating effect that it has on people’s health, the accompanying economic slowdown is having a devastating effect on businesses.

Effect of COVID in Ontario on employees

  • Unemployment or
  • Underemployment

With so many businesses – both local and international closing down or implementing cost-cutting measures, unemployment is a very real possibility for many Ontario residents during the COVID-19 pandemic. 

Even if their company is not laying off people, they may find themselves furloughed or asked to work from home or placed on different work shifts. These measures to decrease operating costs and increase worker safety have the negative result of reducing work hours and in many cases reducing earning capacity.

Free phone call consultation from anywhere in Ontario

Effect of COVID in Ontario on small and medium businesses

  • Reduction in profits
  • Need to change business practices

For small and medium business owners in Ontario, quarantine measures are making it hard for them to keep their daily operations running. 

Even if they can operate during the pandemic, chances are they aren’t seeing as much business or the strain of having to implement new operating procedures to help protect their employees and customers are eating their profit.

Risk of debt in Ontario due to COVID

Because everyone’s earning ability has been negatively impacted by COVID-19, many people will find it hard to keep up with their daily expenses and meet their monthly financial obligations.

If you were already struggling to pay your home loan, racking up credit card debt due to a loved one needing to be hospitalized, after a COVID-19 scare could strain your finances to the breaking point.

Free phone call consultation from anywhere in Ontario 

If you are a store owner who took a loan to renovate a store you can no longer open, you could find yourself dipping into your own savings to not just keep up the debt payments but pay your employees’ salaries.

In these cases, the best thing to do would be to look at the available debt consolidation loans in Ontario.

What debt consolidation loans are available in Ontario?

A debt consolidation loan is a loan that you take on to pay off multiple loans. So instead of struggling to pay off multiple loans you just need to make the payment of your debt consolidation loan.

The advantage of a debt consolidation loan is that it has a lower monthly interest rate than many other types of loans available in Ontario. Because of this, it’s easier to budget and remember to set aside the amount you need to make your monthly payment. You also avoid any late fees and penalties and any negative impacts on your credit score.

What are the types of debt consolidation loans in Ontario?

1. From a local bank or credit union

These financial institutions offer debt consolidation loans at lower interest rates than other types of loans. Most banks in Ontario provide debt consolidation loans with interest rates of about 7 to 12%. Credit unions, meanwhile, will probably charge you an interest rate of 14 to 30%.

Take note, however, that they usually require you to have collateral, such as a vehicle or a home. If you default on your payment of your debt consolidation loan, and are overdue for 90 days, then that asset may be repossessed by the lending institution.

If you don’t have anything that you can put up as collateral, they may still give you a debt consolidation loan if you have a guarantor. However, given how the COVID-19 pandemic in Ontario is impacting everyone’s finances, you might find it hard to find someone in a strong enough financial position to be a guarantor.

2. From an online lender

Online lenders provide debt consolidation loans and they are very convenient. However, the debt consolidation loans offered by online lenders usually have some of the highest interest rates for this type of loan in Ontario – from 30 to 50%. 

3. With a credit counselor 

If you decide to work with a credit counselor, one of the options that they will propose will be a debt consolidation program. This isn’t a loan in the traditional sense but the end result is the same, you make one monthly payment to pay several debtors. This payment – and a service fee – will be made to your credit counselor who will pay your debtors on your behalf. 

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Amanda Sloan
Amanda Sloan
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“Absolutely amazing people to work with. Very understanding and compassionate. Dionne was extremely professional and an absolute joy to speak with. I would definitely recommend their services to anyone that needs financial guidance. There is absolutely no pressure and they help you through step by step. 100% amazing service.”
Ariel Jay Peters
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“Highly will recommend this guys. They are very professional and very good on what they do. I wanted to get out of debts and this guys helped out of it and on top of that saved me alot of money.”
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

No contact details required to find out if you qualify

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Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

SEE IF YOU QUALIFY TO:

No contact details required to find out if you qualify

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
Verified
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
18/09/2020
Verified
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
18/09/2020
Verified
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
18/09/2020
Verified
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
18/09/2020
Verified
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
18/09/2020
Verified
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
18/09/2020
Verified
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
17/09/2020
Verified
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
17/09/2020
Verified
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
17/09/2020
Verified
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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