Debt Consolidation Loan FAQ

At Personal Loan Pro, we specialize in helping Canadians successfully consolidate their debt, so they can become debt-free faster. Our debt consolidation loan specialists work closely with customers to answer all their questions about consolidating debt and find them the best option to consolidate.

Below are the most frequently asked questions that we receive. We hope this information will help you gain a better understanding of debt consolidation. If you still have questions about debt consolidation, call us at (844) 311-4984 to speak with a consolidation specialist. We’ll be happy to help!

How much can I borrow?

Personal Loan Pro can connect you with lenders that can extend loans up to $40,000. This would allow you to consolidate up to $40,000 of credit card debt or other unsecured debt.

What will the interest rate on my consolidation loan be?

Personal Loan Pro's network of lenders has interest rates starting as low as 4.99%. The interest rate on your loan will be determined by your credit score. A low credit score will result in a higher interest rate on your loan.

Your Personal Loan Pro specialist will ask about your credit during your free consultation. They will be able to help you assess if you qualify for a loan at an interest rate that will provide the benefit you need when you consolidate.

How long will I have to repay my consolidation loan?

This will depend on the loan term that you choose. Loan terms range from 12 months to 60 months. Choosing a shorter term will allow you to become debt-free faster and help you save money by reducing your total interest charges.

However, choosing a longer term will reduce the monthly payments, which may make repaying your debt more affordable. Your Personal Loan Pro specialist can help you estimate payments, so you can choose a term that fits your budget.

How soon can I get my funds?

Personal Loan Pro offers fast, one-day approval. You can get the funds from your consolidation loan in your bank account as soon as the next day. Then you can immediately use those funds to pay off your credit cards and other accounts to consolidate your debt.

What credit score do I need to qualify for a debt consolidation loan?

There is no minimum credit score requirement to apply for debt consolidation on Personal Loan Pro. Once a specialist has spoken with you and evaluated your needs and budget, we will match you will the right solution for your credit. Our network of lenders specializes in working with people that have less-than-perfect credit.

What types of debt can I consolidate?

Debt consolidation loans can be used to pay off nearly any unsecured debt. Those are any debts that do not have collateral, including:

• Credit cards
• Store cards and in-store credit lines
• Unsecured Lines of Credit (LOCs)
• Unsecured personal loans
• Collection accounts
• Child support and alimony arrears
• Back taxes
• Student loans

You generally cannot consolidate any debt that includes collateral, such as a car loan, mortgage, or Home Equity Line of Credit (HELOC).

What will my monthly payment be after I consolidate?

This will depend on the term you choose for your debt consolidation loan. A shorter term will result in higher monthly payments. A longer term will result in lower monthly payments. Be aware that choosing a longer term will increase the total of your loan.

Your Personal Loan Pro specialist can work with you to choose the right loan term, so the payments will fit your budget and goals.

Do you have more questions?

Just call us at (844) 311-4984 and a debt consolidation specialist will be happy to answer any other questions you have.