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There is always some sort of qualification for almost everything. You have to qualify to get a loan. Then, when you have been burdened by several loans put together, you have to qualify for a debt consolidation loan. A debt consolidation loan is basically putting your debts under one loan with lower interest rates and a payment system that enables you to repay your debt successfully. In Manitoba, you need to meet three basic requirements in order to get approved. These requirements serve to protect the lender.

Proof of salary

You have to show proof that you are receiving a monthly salary. The amount should be emphasized through payment slips. The lender wants to know your capability to pay for the consolidated loan.

Proof of budgetPresent your budget plan for a month. Specify the basic utilities and necessities that you will be paying for. Mention the amount, of course. Set aside some money for emergencies so that the lender will not expect all that is left from the necessities will be paid for the consolidated loan monthly.

Guarantor or collateral

You have to present something as collateral, which could be in the form of a valuable property. You could leave the title of your home or you could promise your car. If you do not have anything valuable to present as collateral, you could bring along someone who can guarantee that you will be paying your consolidated loan. Your guarantor will be signing the agreement together with you. He or she will be responsible for your debt if you do not pay. So better meet your payments if you care about your guarantor who trusted you enough to co-sign for you.