Smarter Loans Debt Consolidation Loan Review (2024)

Did you know that the average Canadian student leaves education with over $25,000 in debt? The starting position for many young adults before they take out mortgages or even enter the job market is therefore one of being overburdened with debts.

Debt consolidation is when you take out another loan to cover loans that you cannot afford to repay. But with so many different lenders across Canada, how do you find the best deal and make sure that you have found a deal that will actually help you?

Smarter Loans is a great tool for finding the best consolidation loans. In this review, we will take you through how their consolidation loans work, what their advantages and disadvantages are and show you how to get started.

Our Smarter Loans consolidation loans review

Smarter Loans is a loan and financial comparison website in Canada, which allows borrowers to access a wide variety of lenders and helps present deals in order to suit their individual needs and circumstances. Smarter Loans has a well-laid-out, easy-to-use website that helps borrowers find a loan that best suits their specific financial situation by inputting specific financial information.

Smarter Loans has resources of educational material available to customers about loans of all kinds on the website as well as detailed profiles of lenders that enable consumers to make an informed choice and borrow securely and safely.

What is debt consolidation loan from Smart Loans?

Debt consolidation refers to the process of merging multiple debt payments into a single monthly payment. The debts that can be consolidated may include credit card debt, personal loans, mortgages, student loans and more.

A new lender, like a Smarter Loans partner, buys your existing debt and extends a new loan to you, leaving you with just one payment to make each month. While it does not eliminate your debt, it simplifies your financial situation. There are two main advantages of debt consolidation: lower monthly payments and improved cash flow.

Consolidating your debt with a new loan at a lower interest rate than your current loans allows you to pay off your debt faster and save money on interest payments over time. A longer loan, on the other hand, can buy you valuable breathing room to pay back debt.

What is Smarter Loans?

Smarter Loans is a Canada-based comparison site and educational resource that focuses on finding consumers the best loan rates and providers available. It was founded in 2016 by Rafael Rositsan (Co-Founder & CEO) and Vlad Sherbatov (Co-Founder & President) and is based in Toronto, Ontario.

Since being created Smarter Loans has become Canada's largest financial and loan directory. They help over 40,000 Canadians each month find the best possible loan deals. Smarter Loans is not like other loan sites in Canada. Smarter Loans is that it takes builds a profile based on its customers' financial situation, scans a network of over 60 lenders, and then presents pre-qualified loan quotes based on the profile, giving it a unique edge over competitors. This means that the loans and recommendations they suggest are individual to your specific financial circumstances.

How does Smarter Loans help borrowers?

Smarter Loans helps borrowers by giving them a single place to compare all the options and consolidate their loans in a fast and safe way. Smarter Loans builds a financial profile of them so that they can offer the most competitive deals from Canada's top lenders. Smarter Loans also has a library of educational resources so that borrowers stay informed on what deals are available from the most competitive Canadian lenders.

One of the favourite features for many Canadians is the variety of loans accessible through Smarter Loans, including:

• Debt consolidation
• Personal loans
• Small business loans
• Home equity loans
• Mortgages
• Reverse mortgages
• Auto loans
• And much more.

Borrowers can browse the Smarter Loans video library on YouTube and social media to research different loan types, or to learn more about specific lenders and what they offer. Additionally, Smarter Loans is very involved in helping the whole lending industry to move forwards in Canada by engaging in industry events and developing research in Canadian lending.

We have chosen our favourite four aspects of Smarter Loans and explained why we think they are interesting in the table below.

Feature	How it helps
Customer profile	Smarter Loans has created a detailed questionnaire to develop a close understanding of its users' financial needs. This lets them offer the most competitive deal to their customers.
Info on lenders	Trust is easily the most critical factor when choosing a lender. Smarter Loans closely researches lenders for you so that you can quickly decide whether a lender is an appealing potential business partner.
Comparison tool	Smarter Loans lays out its offer in an easy-to-use comparison table, allowing business owners to assess the advantages and disadvantages of similar loans quickly.
Loan calculators	Smarter Loans has created six specialized loan calculators. These let its customers calculate how much they could borrow and how much they would end up paying back. This is a great help to business owners when they are projecting their profits and expenses.

How to get a quote from Smarter Loans for a debt consolidation loan?

To get quotes from Smarter Loans head to its website and hit the Debt Consolidation Loans button. This will take you to a questionnaire about your financial situation, which you will fill out in order to get the most relevant quotes for you.

This questionnaire will ask you why you are borrowing the money, about your current income, your financial history and whether you own your home. This enables Smarter Loans to choose which lenders are best suited to offer the best value interest rates and loan repayment terms. Smarter Loans will also ask you to confirm whether you are currently under any Debt Management programs if you currently have outstanding debts that you are in the process of repaying and what your credit score is.

Smarter Loans has a table showing the top debt consolidation lenders in Canada to help you understand what repayment terms and interest rates you can expect.

Can Smarter Loans help you get a debt consolidation loan with bad credit?

Smarter Loans can help you find debt consolidation lenders who will lend to you even with bad credit. When filling out the form make sure to check the relevant box when asked about your business's credit score. Smarter Loans will help you to find lenders who are able to take you on as a risk, based on the other financial information that you have given about yourself.

If you have a bad credit score you will typically be offered higher interest rates and stricter repayment terms. One way to negotiate better terms is to put up security. If your business owns real estate or if it owns expensive machinery or equipment you may be able to put these up as securities in order to secure better ter

What is Smarter Loans’ address?

Smarter Loans HQ is in Toronto, the address of the main office is :

How to contact Smarter Loans?

You can either contact Smarter loans through their website by email or by phone.

Contact	Details
Email:	[email protected]
Telephone:	1-866-774-9867