By consolidating all of your debts into a personal loan you can spread out your payments over a term of 5 years with fixed payment amounts.
For your added convenience, payments can be made on a weekly, bi-weekly, semi-monthly or monthly basis.
It is becoming increasingly complicated to keep track of and manage all the accounts one needs to repay at the end of the month. With a debt consolidation loan, you have the peace of mind that one simple and easy payment takes care of all your outstanding financial obligations.
That means you’ll have to be sure to repay each loan separately.Refinance your loan with CIBC If a loan refinance seems like a viable option for gaining control over your finances, contact CIBC to receive more information.Visit a CIBC local branch, or call a CIBC advisor at These provinces allow you to apply for both loans with one application, and after graduation, they consolidate the student loans via the Integrated Student Loans program. There are some provinces and territories that only offer one type of loan, either federal or provincial/territorial, so you’ll only have one loan to repay anyway.You are more likely to be offered a secured loan if you owe a lot of money or if you have a poor credit history.Debt consolidation loans allow borrowers to roll multiple old debts into a single new one, ideally at a lower interest rate.
In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable pay-off terms: a lower interest rate, lower monthly payment or both.