What is DebtSimplify?

Your ultimate guide to securing the best loans, mortgages, and peer-to-peer financing. Compare options, get expert insights, and apply with confidence.

What types of loans do you offer?

We offer a variety of lending solutions including personal loans, mortgages, peer-to-peer lending, business loans, and debt relief programs. Our platform connects you with trusted Canadian lenders to find the best option for your needs.

How quickly can I get approved?

Most applications receive a decision within 24-48 hours. Once approved, funds are typically deposited into your account within 2-3 business days, though timing may vary by lender.

Is my information secure?

Absolutely. We use bank-level SSL encryption to protect your personal and financial information. Your data is never shared without your permission, and we comply with all Canadian privacy regulations.

What credit score do I need for a personal loan?

We work with lenders who accept any credit score! Whether you have excellent credit or are rebuilding, we can help you find a suitable lending option.

How much can I borrow?

Loan amounts vary by lender and your financial situation. We can help you find loans for any amount based on your needs and qualifications.

What can I use a personal loan for?

Personal loans are flexible and can be used for debt consolidation, home improvements, medical expenses, weddings, vacations, or any other personal need.

Can I get pre-approved for a mortgage?

Yes! Pre-approval is available through our mortgage partners and typically takes just a few minutes online. This helps you understand your budget before house hunting.

What is the minimum down payment required?

Down payment requirements vary but can be as low as 5% for first-time buyers through our partners. We'll help you find the best mortgage option for your situation.

Can I refinance my existing mortgage?

Absolutely. Refinancing can help you get a better rate, consolidate debt, or access your home equity. Our partners specialize in refinancing solutions.

What documents do I need to apply?

Generally, you'll need proof of income (pay stubs or tax returns), government-issued ID, proof of address, and banking information. Specific requirements vary by loan type and lender.

Will applying affect my credit score?

Initially, we perform a soft credit check which doesn't affect your score. Only when you proceed with a specific lender and they perform a hard inquiry will it impact your credit, typically by a few points.

Can I apply if I'm self-employed?

Yes! We work with lenders who understand the unique needs of self-employed individuals and business owners. You may need to provide additional documentation like tax returns or business statements.

What repayment terms are available?

Repayment terms vary by loan type and lender, typically ranging from 1 to 10 years for personal loans, and up to 30 years for mortgages. Choose terms that fit your budget and goals.

Can I pay off my loan early?

Many of our lending partners allow early repayment without penalties, though terms vary. We recommend reviewing the specific loan agreement for prepayment policies.

What happens if I miss a payment?

Contact your lender immediately if you anticipate missing a payment. Many lenders offer hardship programs or payment arrangements. Late payments may result in fees and impact your credit score.

What is the minimum credit score needed for a personal loan in Canada?

Most Canadian lenders require a minimum credit score of 600 for personal loans. However, some lenders offer options for credit scores as low as 500, though rates may be higher. DebtSimplify connects you with lenders across the credit spectrum.

How fast can I get approved for a loan?

With DebtSimplify, you can get pre-approved in minutes and receive final approval within 24-48 hours. Funds are typically deposited within 1-3 business days after approval. Some lenders offer same-day funding for qualified applicants.

What is P2P lending in Canada?

Peer-to-peer (P2P) lending in Canada connects borrowers directly with individual investors through online platforms. This often results in better rates than traditional banks, with loans up to $50,000 available at competitive rates from 8.99% APR.

What are the best personal loan rates in Canada?

Personal loan rates in Canada range from 8.99% to 46.96% APR depending on your credit score, income, and chosen lender. Borrowers with excellent credit (750+) can access rates from 8.99%, while those with poor credit may see rates up to 46.96%. DebtSimplify helps you compare rates from multiple lenders to find the best option.

Can I get a loan with bad credit in Canada?

Yes, many Canadian lenders specialize in bad credit loans. Borrowers with credit scores as low as 500 can qualify, though interest rates will be higher (typically 19.99%-46.96% APR). DebtSimplify partners with lenders who accept all credit levels.

What is debt consolidation and how does it work?

Debt consolidation combines multiple debts into one personal loan with a single monthly payment. This often results in lower interest rates and simplified finances. For example, consolidating credit card debt at 21.99% into a personal loan at 11.99% can save thousands in interest.

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Frequently Asked Questions

Find answers to common questions about our lending services

General

Personal Loans

Mortgages

Application Process

Repayment

Still Have Questions?

Our team is here to help. Contact us or start your application today.

Related Resources

Debt Relief Resources

Consumer proposals, bankruptcy, and debt consolidation guides

Financial Blog

Expert articles on loans, mortgages, and credit

Mortgage Refinancing

Compare mortgage rates and refinance options

About DebtSimplify

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