Consolidating debt in canada

15-Mar-2017 01:50 by 9 Comments

Consolidating debt in canada

This calculator is intended for consolidation loans only, and not mortgage refinancing.The calculation is based on the accuracy and completeness of the data you have provided; is for illustrative and general information purposes only; and is not intended to provide specific financial or other advice and should not be relied upon in that regard.

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The above calculations assume that for each loan, the debt is repaid in equal monthly installments for the specified term with no balance left at the end of the term.

Each loan has its own interest rate and repayment terms.

Each one is essentially a contract where you borrow money and then agree to pay it back over a period of time with set payments.

So to combine or consolidate debts, you actually need to get a new, larger loan and then use the money from it to pay off all the smaller loans you wish to consolidate (bring together).

People use Debt consolidation loans are issued by banks, credit unions, and finance companies.

Most consolidation loans require repayment within 5 years.

If you think you will need more than 5 years to pay off the loan, we can help explore other borrowing options that may be available to you, and help put together a plan to manage your debt.

To speak with an RBC credit specialist, call 1-855-834-1782.

Debt consolidation is where someone obtains a new loan to pay out a number of smaller loans, debts, or bills that they are currently making payments on.

Most often this is real estate or a newer vehicle (they’re not interested in big screen TVs, household appliances, tools, equipment, or collector items).

If you have a high credit score, you may be able to qualify for an unsecured loan (no collateral required) from a bank or credit union and you’ll probably get a decent interest rate.

Royal Bank of Canada uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate or complete or current at all times.