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A woman calculating her bills for a debt consolidation loan in Edmonton

Debt consolidation loans in Edmonton: Your complete guide

Debt consolidation loans in Edmonton is an increasingly popular choice to meet financial obligations. With several credit cards and loans, keeping track of multiple payments can feel challenging.

An overview of debt consolidation in Edmonton

With debt consolidation, you combine multiple small debts into a single larger loan. In many cases, you receive a lump sum from a lender, satisfy your outstanding balances, and focus on repaying one lender.  

There are many debt consolidation options, and people often seek consolidation loans to lower the interest rate on their debt. By getting a debt consolidation loan in Edmonton, you could get a better rate and pay high-interest debts off. You’d then be left with a lower-interest loan to pay. 

People also choose consolidation loans to make their financial obligations more manageable. Debt consolidation leaves you with a single monthly payment to remember, which may help you avoid falling behind. 

How a debt consolidation loan in Edmonton works

Debt consolidation can come in a variety of different debt relief options. Some Edmonton residents choose debt settlement, a credit counselling agency, or another debt consolidation program.  

The main goal of debt consolidation loans in Edmonton is to reduce your monthly payments and lower interest payments. When managed well, loans for consolidation can help you decrease your debt faster and help you become more financially secure. 

Which loans qualify for debt consolidation in Edmonton?

Debt consolidation lenders in Edmonton can provide loans to consolidate unsecured debt, including personal lines of credit, student loans, and credit cards.  

Alpine Credits understands that everyone has different financial situations and demands. Getting a consolidation loan should be simple to access to make financial management easier, which is why we offer a simple application and straightforward approval process. 

How traditional debt consolidation services in Edmonton evaluate applications 

Traditional providers of debt consolidation loans in Edmonton evaluate much more than the types of debt you have. Below are the other factors they look at; 

  • Your credit report—your credit score can have the most significant role when you apply for loans for debt consolidation from traditional lenders. They prefer borrowers to have a credit score of at least 660.  
  • Economic conditions—the Bank of Canada determines the rates every few months and the rate for most loans, including vehicle financing and mortgages, which influence your loan offers. 
  • Your debt service ratio—this indicates the percentage of your monthly income that goes towards repaying loans. Lenders want to ensure you can comfortably repay the loan and have room for financial emergencies. 

Traditional lenders like banks and credit unions are not the only source of debt consolidation loans in Edmonton. One example is Alpine Credits, an alternative lender specializing in home equity financing.  

How to find good debt consolidation loans in Edmonton 

Now that you know more about how debt consolidation loans in Edmonton work, here are some tips for finding good lenders in Edmonton.

Choose a reputable company

By choosing a reputable lender like Alpine Credits, you can enjoy competitive interest rates and the confidence that comes from an ethical company. Canadians across the country have stories that show how much Alpine Credits has helped over the past 50 years.  

Prioritize low interest rates 

If your reason for getting a consolidation loan in Edmonton is to get your financial demands under control, securing a low-interest rate will help. Home equity loans come with some of the lowest interest rates out there, making them very popular for this purpose. 

Home equity loans from Alpine Credits to consolidate debt

Though many debt consolidation options exist in Edmonton, a home equity loan offers many benefits compared to traditional loans.  

  • Flexible qualification criteria—rather than using your credit rating, employment status, and income to determine your eligibility to borrow, we focus on how much equity you have.  
  • Comparably lower interest rates—compared to some unsecured loans and credit cards, we provide a comparatively lower interest rate.  
  • Quick processing time—you may have to wait weeks or months until you hear back from traditional lenders. We are faster and can provide your application results in a few days.  
  • Large loan amount—the more equity you’ve built, the more you can borrow. You can borrow up to 75% of your home’s equity value. You can potentially borrow more than traditional loans.  
  • Opportunity for a new start—with your outstanding debts satisfied, you have the chance to build healthy financial habits. You can decrease some of your spending and focus on other goals.  

Because Alpine Credits’ loans are secured, your credit score doesn’t influence your approval as much as applying for a loan with traditional lenders. As a result, our loans are more substantial and come with better interest rates than elsewhere. 

Alpine Credits offers more substantial loans because the loan’s value comes from your home equity. You can borrow hundreds of thousands of dollars compared to unsecured loans that have lower values and high interest rates.  

You can determine how much equity you have in your property by taking the appraised value of your home and subtracting the outstanding mortgage balance. If you have paid for at least 25% of your property, you could be approved for a loan worth up to 75% of your equity value.

home equity calculation in Canada

Getting a home equity loan from Alpine Credits

If you’re a homeowner in Edmonton, Alpine Credits can help you get a loan to consolidate your personal debts. The process is simple and can be completed in three steps.  

  1. Apply online—the application only takes a few minutes to finish. You don’t need to provide your credit score or your income history. You’ll only need to demonstrate you have enough equity. 
  2. Get approved—we only take a few hours to process your application, and you could hear back in 24 hours. If you have at least 25% home equity, you can get a loan.  
  3. Consolidate your debt—you’ll receive the money in your bank account within a few days of approval.  

If you want to know more about how home equity financing can help you, contact a Financial Solutions Specialist at Alpine Credits. They are experts who can answer all your questions and guide you through the application.  

Apply now

Frequently asked questions

A consolidation loan may decrease your credit score by a few points but can help your credit score in the long run by making your finances more manageable. Credit bureaus will see that you have repaid your financial obligations and adjust your score accordingly.  

Some banks offer debt consolidation loans in Edmonton, but their qualification criteria are more demanding than consolidation loans from alternative lenders. You’ll need a good credit score and a steady income to qualify with traditional lenders, but alternative lenders like Alpine Credits focus on your home equity 

If you’re getting a loan from Alpine Credits, the main qualification factor is enough equity in your property. If you own at least 25% of your home, Alpine Credits can help you access your home equity to help you repay your outstanding debts.  

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