Consolidate your Debt

A debt consolidation loan can help.

Get out of debt sooner with a Borrowell personal loan! Get your credit score for free and we’ll show you the best loans in Canada suited to your financial profile.

Debt consolidation means taking out a new loan to pay off consumer debts, such as credit card debt or student loans. This is a smart move because debts are combined into a single, larger piece of debt with more favourable pay-off terms: a lower monthly interest rate and usually just one monthly payment.

Get Started
This won’t affect your credit score!



Creating an account is quick and easy. You’ll instantly see what options are available to you.



Your scheduled payments will be the same each month and won’t change. Plus, there are no prepayment penalties.



Have questions? Simply email our friendly customer service team.

Get Started (This won’t affect your credit score)
Pay off Credit Card

How it works

1) Get Your Free Credit Score (1 minute)
Get your free credit score. Then, we’ll show you the best loan options suited to your financial profile.

2) Get a Quote (1 minute)
If you’re eligible for a low-interest from Borrowell, you’ll have the option to get a quote from Borrowell. (Otherwise, we’ll provide you with alternate options from our trusted partners.)

3) Verify Your Info
Provide proof of income (your two most recent pay stubs for Notice of Assessments and verify your bank account electronically. 

4) Get Your Money
If approved, your Borrowell loan will be directly deposited into your bank account as soon as the next business day. Personal loans are simple! 

Why choose a Borrowell loan?

Choosing a Borrowell loan gives you…

 The affordability you’re looking for.
Most credit cards charge interest rates of 19.99
%, which can quickly rack up debt.1
A loan with a 12-14% interest rate can save you thousands over time.

 Fast money. A Borrowell loan can be in your pocket by the next business day!
This means you get your money up-front, so you can use it for deposits and other expenses.2

 No restrictions.
You can pay off your loan as early as you like with no prepayment penalties and in easy installments.

Have questions about debt consolidation? We have answers.


What is debt consolidation?

Debt consolidation is the process of taking a new, larger loan and using it to pay off smaller debts, such as credit cards or student loans. This combines numerous debts into an easy monthly payment.

How can consolidating my debt help me?

Debt consolidation can be beneficial for those with multiple debts with high-interest rates. A low-interest personal loan can be used to consolidate debt. This is an especially good option when the new loan has a lower interest rate than the interest rate on the existing debts.

How much money can I save by consolidating my debt?

This depends on how much debt you have and your current interest rate. Use our loan calculator to see how much you could save.

How do I apply for a Borrowell loan to consolidate my debt?

Personal loans to consolidate debt are simple. First, get your credit score from Borrowell and you’ll see the best loans suited to your financial profile. Checking your rate won’t hurt your credit score.

1Based on credit card APR of 19.9% and credit card debt repayment of $250 per month.

2Please note that final approval of your application for a Borrowell loan is conditional on completion of the steps set out in your application (including identity, income, and bank account verification) as well any further underwriting review deemed necessary. Additional documents may be required. Borrowell retains the right to adjust any loan options presented to you or to decline your application at any time prior to final approval.