{"id":786416,"date":"2019-06-18T03:22:08","date_gmt":"2019-06-18T07:22:08","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=786416"},"modified":"2025-11-25T12:54:11","modified_gmt":"2025-11-25T17:54:11","slug":"debt-consolidation-loans-alberta","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/debt-consolidation-loans\/debt-consolidation-loans-alberta","title":{"rendered":"Debt consolidation loans in Alberta: Rates from 8.99%"},"content":{"rendered":"<h3>Types of debt consolidation in Alberta<\/h3><ol><li><a href=\"#unsecured\">Unsecured debt consolidation loans<\/a><\/li><li><a href=\"#secured\">Secured debt consolidation loans<\/a><\/li><li><a href=\"#balancetransfer\">Balance transfer credit card<\/a><\/li><li><a href=\"#consumerproposal\">Consumer proposal<\/a><\/li><li><a href=\"#opd\">Orderly Payment of Debts<\/a><\/li><li><a href=\"#debtsettlement\">Debt settlement<\/a><\/li><li><a href=\"#debtmanagement\">Debt management program<\/a><\/li><\/ol><h3 id=\"unsecured\">1. Unsecured debt consolidation loans in Alberta<\/h3><p>Unsecured debt consolidation loans rely entirely on your credit score to determine your eligibility. Borrow up to $50,000 without the need for collateral or a cosigner. Just be aware that you&#8217;ll pay higher interest rates when you apply with bad credit.<\/p><ul><li><strong>Who&#8217;s it best for?<\/strong> It&#8217;s best for people with good credit who don&#8217;t have an asset to secure their debt.<\/li><li><strong>When should I avoid it?<\/strong> Avoid it if you have bad credit or you want to get lower interest rates by securing your loan with collateral.<\/li><li><strong>How much is it?<\/strong> You&#8217;ll pay 9.75%\u201335% based on your credit score. You could also pay origination fees, late\/NSF fees or prepayment fees, depending on your lender.<\/li><\/ul><h3 id=\"secured\">2. Secured debt consolidation loans<\/h3><p>These loans rely less on your credit score. Instead, you&#8217;ll use an asset such as your home or vehicle to secure your loan. This will give you lower interest rates than unsecured loans, but you may be required to give up your asset if you default on the loan.<\/p><ul><li><strong>Who&#8217;s it best for?<\/strong> It&#8217;s best for people with good or bad credit who own a valuable asset.<\/li><li><strong>When should I avoid it?<\/strong> Steer clear of these loans if you don&#8217;t own any assets or if you&#8217;re concerned you might struggle to make your repayments.<\/li><li><strong>How much is it?<\/strong> It starts at 6.99%. You could also owe origination fees, prepayment fees or late\/NSF fees.<\/li><\/ul><h3 id=\"balancetransfer\">3. Balance transfer credit card<\/h3><p>Balance transfer cards let you consolidate your credit card debt at a lower interest rate. These cards often come with a low promo offer (typically between 0 and 3.5%). Rates increase after 6\u201310 months, so it&#8217;s best to pay your balance down quickly once you transfer funds.<\/p><ul><li><strong>Who&#8217;s it best for?<\/strong> It&#8217;s best for people dealing exclusively with credit card debt.<\/li><li><strong>When should I avoid it?<\/strong> Consider another option if you don&#8217;t want to pay balance transfer fees, or you don&#8217;t think you can pay your balance off during the promo period.<\/li><li><strong>How much is it?<\/strong> Many cards offer a promo interest rate between 0% and 3.5%. When your rates increase after the promo, you&#8217;ll pay between 8.99% and 19.99%. You&#8217;ll also pay balance transfer fees between 1% and 3% of the amount transferred.<\/li><\/ul><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/credit-cards\/balance-transfer-credit-cards\" style=\"text-decoration:underline; font-size:0.9em;\">Compare balance transfer credit cards<\/a>\n<\/div>\n<\/article><h3 id=\"consumerproposal\">4. Consumer proposal<\/h3><p>Consumer proposals are formal agreements negotiated on your behalf by a Licensed Insolvency Trustee (LIT). Your LIT will negotiate with your creditors to try to reduce your payments or extend the time you have to pay your debts (or both). These agreements cannot include secured debts like a mortgage or auto loan.<\/p><ul><li><strong>Who&#8217;s it best for?<\/strong> It&#8217;s best for people with bad credit who don&#8217;t qualify for debt consolidation financing.<\/li><li><strong>When should I avoid it?<\/strong> Think about something else if you don&#8217;t want your credit score to go down or if you need to consolidate your secured debts.<\/li><li><strong>How much is it?<\/strong> Consultations are free, but you could be on the hook to pay thousands of dollars in fees to set up your debt agreement, depending on how much you owe.<\/li><\/ul><h4>Sample of companies that help with consumer proposals in Alberta<\/h4><p>Consultations are free. However, you&#8217;ll need to pay fees if you decide to go with their services.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Company<\/th><th>Overview<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>MNP Debt<\/td><td><ul><li>Helps with credit counselling, bankruptcy and consumer proposals<\/li><li>Over 60 years of experience with offices across Central Alberta<\/li><li>Free consultation, but fees are undisclosed<\/li><\/ul><\/td><\/tr><tr><td>Grant Thornton Limited<\/td><td><ul><li>Helps with credit counselling, bankruptcy and consumer\/corporate proposals<\/li><li>Large firm established in 1924 with offices across Central Alberta<\/li><li>Free consultation, but fees are undisclosed<\/li><\/ul><\/td><\/tr><tr><td>BNA Debt Solutions<\/td><td><ul><li>Specializes in consumer proposals, personal bankruptcy and debt restructuring services<\/li><li>Serves clients across Alberta but has offices in Calgary and Edmonton<\/li><li>Free consultation, but fees are undisclosed<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h3 id=\"opd\">5. Orderly Payment of Debts<\/h3><p>Orderly Payment of Debts (OPD) is a debt repayment arrangement that&#8217;s available in Alberta only through <a href=\"https:\/\/moneymentors.ca\/debt-help\/opd\/\" target=\"_blank\" rel=\"noopener\">Money Mentors<\/a>. You apply to the court for an order to consolidate your unsecured debt into one monthly payment with an interest rate of 5% and a repayment period of up to five years.<\/p><ul><li><strong>Who&#8217;s it best for?<\/strong> It&#8217;s best for people looking for a low fixed interest rate.<\/li><li><strong>When should I avoid it?<\/strong> Steer clear if you don&#8217;t want your credit score to go down or if you need to consolidate secured debts, such as your house or car loan.<\/li><li><strong>How much is it?<\/strong> In addition to the interest rate, you may be charged a fee to administer the program.<\/li><\/ul><h3 id=\"debtsettlement\">6. Debt settlement<\/h3><p>A licensed insolvency trustee can help you negotiate with your creditors to reduce your debt without claiming bankruptcy. You won&#8217;t have to pay off all the money you owe, and your monthly payments will usually be lower. However, debt settlement will significantly decrease your credit score.<\/p><ul><li><strong>Who&#8217;s it best for?<\/strong> It&#8217;s best for people who can&#8217;t afford their debt and want to stop punitive action by creditors.<\/li><li><strong>When should I avoid it?<\/strong> Think about something else if you don&#8217;t want your credit score to go down, or you don&#8217;t want to pay high fees.<\/li><li><strong>How much is it?<\/strong> Consultations are free, but you may need to pay thousands of dollars in fees to set up your debt agreement, depending on how much you owe.<\/li><\/ul><h4>Sample of organizations that help with debt settlement in Alberta<\/h4><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Company<\/th><th>Overview<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Debt.ca<\/td><td><ul><li>Website that provides a comprehensive list of debt settlement services in Alberta.<\/li><li>Free to get matched with a service that fits your needs.<\/li><li>Doesn&#8217;t provide debt settlement services or loans directly.<\/li><\/ul><p style=\"text-align: center;\"><\/td><\/tr><tr><td>Credit Counselling Society<\/td><td><ul><li>Operational since 1996, it has helped over 850,000 Canadians reduce their debt.<\/li><li>The organization negotiates with your creditors on your behalf to reduce the debt you owe or give you a longer time frame for repayment.<\/li><li>Accredited non-profit, so basic services are free of charge.<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h3 id=\"debtmanagement\">7. Debt management program<\/h3><p>Debt management programs are provided by non-profit credit counselling firms and for-profit debt management firms. These organizations negotiate with your creditors to help reduce your interest rates. Unlike debt settlement programs, you&#8217;ll still repay everything you owe, but your payments should be more affordable.<\/p><ul><li><strong>Who&#8217;s it best for?<\/strong> It&#8217;s best for people who have the money to repay their debts but want to reduce their monthly payments or interest rates.<\/li><li><strong>When should I avoid it?<\/strong> Consider another option if you can&#8217;t afford your monthly payments or you need to consolidate secured debts.<\/li><li><strong>How much is it?<\/strong> Free with a credit counselling firm in most cases, though you may pay for lawyers or other services. You&#8217;ll typically pay a set-up fee and a monthly maintenance fee with a for-profit firm.<\/li><\/ul><h4>Sample of organizations that help with debt management in Alberta<\/h4><p>These programs are usually non-profit, but you may have to pay fees for certain services.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Non-profit<\/th><th>Overview<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Credit Counselling Society<\/td><td><ul><li>Has helped over 850,000 Canadians reduce or eliminate their debt since 1996.<\/li><li>Basic services are free of charge.<\/li><li>You may have to pay for lawyers or other services as you progress through your debt management plan.<\/li><\/ul><\/td><\/tr><tr><td>Money Mentors<\/td><td><ul><li>Offers non-profit credit counselling, debt consolidation (including OPDs) and financial education.<\/li><li>Founded in 1997, more than $230 million in debt has been repaid by clients<\/li><li>Voted best credit and debt counselling services in Alberta<\/li><li>Six locations across the province<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h3>How do debt consolidation loans work?<\/h3><p>The main benefit of <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-consolidation-loans\">debt consolidation loans<\/a> is that you can combine all of your debts into one place. Basically, you take out one big, low-interest loan, which you use to pay off all of your other debts. You then only have one large debt repayment to make instead of multiple small ones. In general, you&#8217;ll have to pay back a debt consolidation loan in monthly installments over a set term, such as five years.<\/p><div class=\"box has-shadow\"><h4>Debt consolidation example: Josh has $11,000 of credit card debt<\/h4><p>Josh lives in Edmonton and has a balance of $5,000 on one credit card and $6,000 on another credit card (both at 20% APR). He decides he wants to be debt-free in three years. In order for that to happen, Josh would have to start paying a total of $410 per month on credit card repayments. By the end of the three years, he would pay $3,701.01 in interest.<br \/>Josh instead searches for a debt consolidation loan in Edmonton and finds one at 9% APR over three years. His total monthly payments are $349.80, with only $1,592.69 going towards interest. So, by opting for a debt consolidation loan, Josh saves around $2,108.32.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th><\/th><th>Before consolidation<\/th><th>After consolidation<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Balance<\/td><td>$11,000.00<\/td><td>$11,000.00<\/td><\/tr><tr><td>Interest rate<\/td><td>20%<\/td><td>9%<\/td><\/tr><tr><td>Year(s) to pay off<\/td><td>3<\/td><td>3<\/td><\/tr><tr><td>Monthly payment<\/td><td>$410<\/td><td>$349.80<\/td><\/tr><tr><td>Total interest paid<\/td><td>$3,701.01<\/td><td>$1,592.69<\/td><\/tr><tr><td>Total balance paid<\/td><td>$14,701.01<\/td><td>$12,592.69<\/td><\/tr><\/tbody><\/table><\/div><h3>How to compare debt consolidation loans in Alberta<\/h3><p>There are many ways to compare debt consolidation loans to make sure you&#8217;re getting the best deal. Look for the following factors when choosing a lender:<\/p><ul><li><strong>Low interest rates.<\/strong> Look for the lowest interest rates possible and make sure that they fall below the rates on all of your individual debts. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/low-interest-personal-loan\">Learn more about low interest loans.<\/a><\/li><li><strong>Longer term.<\/strong> If you&#8217;re struggling to make your payments every month, aim for a longer term with smaller monthly payments. Keep in mind that you&#8217;ll pay more in interest the longer your loan term is.<\/li><li><strong>Low minimum credit score.<\/strong> Before you apply for a debt consolidation loan, you should find out what your credit score needs to be to qualify.<\/li><li><strong>No fees.<\/strong> Some lenders will bury hidden fees and charges in your contract, so make sure to read the fine print thoroughly.<\/li><\/ul><h3>How can I apply for a debt consolidation loan?<\/h3><p>Once you&#8217;ve found a debt consolidation lender in Alberta that you feel comfortable with and are ready to start your application, you&#8217;ll need to follow a few simple steps:<\/p><ol><li><strong>Fill out your application.<\/strong> You&#8217;ll need to supply your personal and banking info through an online or in-person application.<\/li><li><strong>Verify your ID and income.<\/strong> Bring or send in documents to show proof of income (pay stubs, tax returns, etc.) and proof of identity (licence or passport).<\/li><li><strong>Apply for loans selectively.<\/strong> Avoid applying for several loans at once, since your credit score will go down every time a lender checks your credit.<\/li><\/ol><h3>What types of debt can I consolidate in Alberta?<\/h3><p>Understanding which types of debt you can consolidate in Alberta is the first step toward deciding which options you might want to consider, if any at all. People generally consolidate the following kinds of debts:<\/p><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Credit card debt<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>If you have more than one credit card, you&#8217;ll have to keep track of the debts you have on each one and pay off a number of different balances each month, which can be frustrating and overwhelming. Many credit cards also charge noticeably high APRs, meaning you pay unnecessarily high interest on your debt.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">Personal loans<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>If you have multiple personal loans, you can think about bringing them under a single loan. Depending on your existing financial situation and credit score, you may qualify for a more competitive interest rate on a debt consolidation loan.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">Student loans<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>You can consolidate your <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/student-loans\">student loans into one single loan<\/a>. If you have debt from university or college, you also might want to look into refinancing \u2014 it often comes with a consolidation option.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">Retail credit cards<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>The discounts and rewards can be great from retailer cards. However, if you have too many, it can be difficult to keep track of what you owe and which payments to prioritize.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000004\" data-toggle=\"collapse\" data-target=\"#accordion0000000004\">\n        <span class=\"luna-accordion__title\">Line of credit<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000004\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Reduce the amount you owe on <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/line-of-credit\">multiple lines of credit<\/a> by paying them off with a fixed-term loan.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000005\" data-toggle=\"collapse\" data-target=\"#accordion0000000005\">\n        <span class=\"luna-accordion__title\">Tax debt<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000005\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>If you owe taxes to the CRA from previous years or can&#8217;t afford to pay for this year, you can consider taking out a personal loan to pay them off instead of taking on an installment agreement. Loans tend to have more flexible terms than installment agreements, and if you have good credit, interest could be a lot more affordable.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><h3>Strategies Albertans can use to take control of debt on their own<\/h3><p>If you&#8217;re not ready for debt relief and can&#8217;t qualify for a debt consolidation loan, you have a few strategies to reduce your debt more quickly.<\/p><ol><li><strong>Try to negotiate with creditors yourself.<\/strong> Ask your creditors to reduce your interest rate or your principal or to extend your loan term. Be firm about what you can afford each month, and escalate the call until you reach somebody who can help.<\/li><li><strong>Use a trusted method for debt repayment.<\/strong> Use a trusted method, such as the avalanche or snowball method, for debt repayment to strategically pay off debts quickly.<ul><li><strong>The avalanche method.<\/strong> With this method, you start by paying off debts with the highest interest first. If you don&#8217;t know which debt has the highest interest, check your financial statements to see what interest rates you&#8217;re being charged on each of your debts.<\/li><li><strong>The snowball method.<\/strong> With this method, you pay off the smallest debts first. The advantage is that smaller loans won&#8217;t get a chance to grow into bigger, unmanageable loans, which simplifies your debt. However, it could cost more in the long term than if you were to use the avalanche method.<\/li><\/ul><\/li><\/ol><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">What are the interest rates of debt consolidation loans in Alberta?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Interest rates for debt consolidation in Alberta typically run between 6.99% - 35%. However, some may reach as high as 35% if you have bad credit. The rates you get for your loan will depend on personal factors such as your credit score, income, debt-to-income ratio and whether you can secure your loan with an asset such as your house or vehicle.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">My loan application was refused. Is this because I have bad credit?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Not necessarily. You should contact your lender to find out why your application was turned down. If it was due to bad credit, you can look at applying for a bad credit loan in Alberta. You may also be able to qualify for an OPD.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Are all types of debt eligible for consolidation in Alberta?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>All types of unsecured debt (like credit cards and personal loans) are eligible for debt consolidation. You won't be able to consolidate money owed for some forms of secured debt like your mortgage, back taxes or government-issued student loans.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">Is debt consolidation in Alberta the right fit for me?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You should only consolidate debt if you're in a position to pay back your loans. Your main purpose in consolidating should be to get all your payments into one place and to lower your interest rates. If you don't have enough money to afford your payments, then you might look at other options like debt settlement.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000004\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000004\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Consolidate debts to manage payments better and reduce stress. Compare debt consolidation loans in Alberta.<\/p>\n","protected":false},"author":1000,"featured_media":1043958,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[104988],"tags":[],"asset_tag":[],"class_list":["post-786416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-consolidation-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debt Consolidation Loans in Alberta: Rates From 8.99%<\/title>\n<meta name=\"description\" content=\"Compare a variety of ways to consolidate debt in Alberta. 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