Consolidation loans in Vancouver
Whether you need $10,000 or $50,000 – Alpine Credits is the best alternative for consolidation loans in Vancouver, BC
Demand for Vancouver debt consolidation services is increasing every year. Fortunately, securing consolidation loans in Vancouver is easier than ever with Alpine Credits. If you’re interested in this service, keep reading to learn more about how we can help.
How our consolidation loans in Vancouver work
With the goal of approving applications within 24 hours, obtaining consolidation loans in Vancouver has never been easier!
As mentioned earlier, it is difficult to avoid accumulating debt over time, especially in a city like Vancouver. Alpine Credits provides consolidation loans in Vancouver in the form of home equity loans that allow homeowners to consolidate multiple debts into just one monthly payment.
As opposed to traditional debt consolidation lenders that maintain a high emphasis on credit and income checks, with Alpine Credits, it is much easier to qualify for an equity loan as long as you have equity in your home or real estate.
Signs you need debt consolidation in Vancouver
Wondering whether a consolidation loan in Vancouver makes sense for you?
How our consolidation loans in Vancouver work
You can use debt consolidation to pay off many other outstanding debts. It is primarily used to address high-interest consumer debt. This type of loan is usually sought out by residents of Vancouver who are unable to pay off their debts due to factors like:
- Job loss
- Unexpected expenses (i.e. home or auto repairs)
- Excessive credit card spending
- Life changing events (wedding or birth of a child etc.)
Debt consolidation in Vancouver is also sought after by people who want to bring the number of debts down to a more manageable level. Making a single monthly payment can also help you dramatically reduce the interest charges.
Debt consolidation requirements in Vancouver
Being knowledgeable about the requirements you need to apply for debt consolidation in Vancouver is important. Below are the requirements of traditional debt consolidation services in Vancouver:
Your credit score is undoubtedly one of the deciding factors for getting any type of loan from a traditional lender. Without a good credit score, your chances of getting a traditional consolidation loan are really slim. According to Equifax, here are the different ranges of credit scores in Canada:
- 580 – 669 (Fair)
- 670 – 739 (Good)
- 740 – 799 (Very Good)
- 800 – 900 (Excellent)
Although getting a traditional consolidation loan is almost impossible without a good credit score, there are less-restrictive alternative options.
Your debt-service ratio describes the percentage of income you receive monthly used to repay your debts. This information gives lenders an idea of how capable you are of paying back your debts. Usually, lenders tolerate a ratio of 35% at most.
This means if you earn about $35,000 annually, your debt repayments should be at most $1,020 monthly. If your debt-service ratio is higher than 35%, you’ll be considered high-risk and unlikely to qualify for a traditional consolidation loan.
Traditional lenders typically only let you consolidate unsecured loans. They include:
- Payday Loans
- Credit Cards
- Late Utility Bills
With a home equity loan, meanwhile, you can consolidate just about any loan imaginable.
