Debt consolidation loans in Vancouver
Whether you need $10,000 or $50,000 – Alpine Credits is the best alternative for debt consolidation loans in Vancouver, BC
Demand for Vancouver debt consolidation services is increasing every year. Fortunately, securing debt 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 debt consolidation loans in Vancouver work
With the goal of approving applications within 24 hours, obtaining debt 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 debt 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 debt consolidation loan in Vancouver makes sense for you?
People commonly seek debt consolidation services when they have many loans from various companies (i.e. credit card providers, auto lenders, etc). Combining these debts can make it much easier to pay them off (often at a lower interest rate).
One major downside to owing multiple lenders is that you’ll have to keep track of due dates throughout the month. A debt consolidation loan eliminates this problem, leaving you with just one monthly payment to remember.
Tired of dealing with pushy lenders? Break free by consolidating these debts under a new, flexible home equity loan from Alpine Credits.
If your credit score was low when you initially took out the loans you’re looking to consolidate, the interest rates are likely high. Alpine Credits offers competitive interest rates that are typically far lower than those you’ll find at traditional lenders.
Are you looking to turn over a new leaf and become more financially healthy? Debt consolidation loans can help you.
How our debt 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 debt 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 debt 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 debt 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.
Benefits of our debt consolidation loans in Vancouver
It doesn’t matter if your credit score is poor because home equity loans are secured. As a result, lenders are able to offer you competitive rates.
In Vancouver, home sales recently surged 53.4%, setting a new record. The frenzy has resulted in home prices surging. Home equity loans give you the opportunity to unlock some of this growth without selling your home.
Remember you can borrow up to 80% of your property’s value using a home equity loan. With the profit of your home skyrocketing, this leaves you with more money to borrow. Compared to a traditional Vancouver debt consolidation loan, you have access to a lot more.
With the only factor needed is for your property to have value and thus equity, the process is quicker. We typically process home equity loan applications in 24 hours.
Frequently asked questions
It’s a smart decision to consolidate debt especially if you’re looking to streamline multiple high-interest loans into one monthly payment. It’s important to choose a debt consolidation method based on your situation.
A debt consolidation loan can hurt your credit score temporarily if the loans you pay off were your oldest accounts. Essentially, the average age of your account is crucial in determining your credit score.
However, the benefits of Vancouver debt consolidation outweigh the temporary credit drop.
The smartest way to consolidate debt if you have a home is via an equity loan. It’s easy to get and because it’s secured, you can get higher loan amounts and a reasonable interest rate.
Debt consolidation stays on your credit report for a period of seven years.
You can pay off your credit card debt with a debt consolidation loan if it is spread across multiple credit cards. That way, you will end up making payments on just a single loan.