Try it out
Apply now
Try it out
See if I qualify

Parachute's Blog

News, tools, and resources from the Parachute team.
How Long Do Collections Stay On Your Credit Report in Canada?
How Long Do Collections Stay On Your Credit Report in Canada?
Debt collection stays on your credit report for six years in Canada, no matter if it has been paid off or not. Building positive credit can lessen its impact.
August 21, 2024
Comparing Calgary vs Toronto Cost of Living (2024)
Comparing Calgary vs Toronto Cost of Living (2024)
Discover the Calgary vs Toronto cost of living breakdown on our blog. Compare affordability in different areas. Read more!
June 26, 2024
Cheapest Cost Of Living In Canada: Top Affordable Cities
Cheapest Cost Of Living In Canada: Top Affordable Cities
Discover the cheapest cost of living in Canada in our latest blog post. Explore the top affordable cities for budget-friendly living.
June 26, 2024
Survival Guide: How To Adjust To Rising Costs Of Living In Canada
Survival Guide: How To Adjust To Rising Costs Of Living In Canada
Discover effective strategies for how to adjust to rising costs of living in Canada. Explore our blog for valuable insights.
June 26, 2024
Can Debt Consolidation Help with Payday Loans?
Can Debt Consolidation Help with Payday Loans?
Debt consolidation can help you pay off payday loans by combining them into a single payment plan with a lower interest rate, saving you from a cycle of debt.
June 26, 2024
Comparing Montreal vs. Vancouver Cost of Living (2024)
Comparing Montreal vs. Vancouver Cost of Living (2024)
The cost of living in Montreal is lower than Vancouver, especially when you consider the huge difference between rent and housing in these two cities.
June 26, 2024
Can My Bank Help Me With Debt?
Can My Bank Help Me With Debt?
Banks can offer personal debt consolidation loans, balance transfer credit cards, and mortgage refinancing with lower interest to help you manage multiple debts.
June 26, 2024
How Does Debt Collection In Canada Work?
How Does Debt Collection In Canada Work?
All the details you need to understand debt collection in Canada, how it works, and what your rights are. Learn more.
May 2, 2024
What Happens If You Don't Pay Collections in Canada?
What Happens If You Don't Pay Collections in Canada?
Get insights on what happens if you don't pay collections in Canada. Find out more about your options.
May 2, 2024
Debt Settlement in Canada: How Does it Work?
Debt Settlement in Canada: How Does it Work?
Opting for a debt settlement in Canada can help you reduce overall debt and avoid bankruptcy by negotiating a new repayment plan with creditors.
May 2, 2024
Mastering How to Build Credit as a New Immigrant to Canada
Mastering How to Build Credit as a New Immigrant to Canada
Learn how to build credit as a new immigrant to Canada. Get expert advice on establishing a solid credit history and financial future.
April 25, 2024
Ultimate Guide to Credit Card Debt Relief in Canada
Ultimate Guide to Credit Card Debt Relief in Canada
Find the ultimate guide to credit card debt relief in Canada on our blog. Discover effective strategies and tips to manage your finances.
April 23, 2024
Canadian Finance: Key Tips for New Immigrants To Canada
Canadian Finance: Key Tips for New Immigrants To Canada
Empower yourself with crucial financial tips for new immigrants to Canada. Explore practical advice on budgeting, saving, and investing in Canada.
April 23, 2024
How Does Divorce Or Separation Affect Finances? What To Look Out For
How Does Divorce Or Separation Affect Finances? What To Look Out For
Understanding the financial implications of a divorce or separation can help you make better decisions as you go through this difficult process.
April 16, 2024
The Truth About Your Store Credit Card
The Truth About Your Store Credit Card
Let’s talk about the truth behind your store credit card, what you should consider before signing up, and what to think about if you already have one of these in your wallet.
April 16, 2024
Beginner's Guide: How to Establish Credit in Canada
Beginner's Guide: How to Establish Credit in Canada
In this beginner's guide, we'll walk you through the process of establishing credit in Canada, from understanding the basics to practical steps you can take to start building your creditworthiness.
April 16, 2024
How Long Does It Take to Build Credit from Nothing?
How Long Does It Take to Build Credit from Nothing?
How long does it take to build credit from nothing? Get tips and insights on our blog to get started and build your credit.
April 10, 2024
7 Tips for Starting Over After a Divorce At 40
7 Tips for Starting Over After a Divorce At 40
Starting over after divorce at 40? This guide will help you focus on your wellbeing and move forward from your separation.
April 10, 2024
Protecting Your Credit During & After Divorce
Protecting Your Credit During & After Divorce
Are you wondering how you can protect your credit after divorce? These tips will help ensure your credit stays intact after you’ve signed the divorce papers.
April 10, 2024
Should I Consolidate My Debt? [Quiz]
Should I Consolidate My Debt? [Quiz]
“Should I consolidate my debt?” If you're considering debt consolidation & wondering if it’s the right choice, we created a quiz to help you consider your options.
April 5, 2024
Building Your Future: Retirement Planning In Your 30s
Building Your Future: Retirement Planning In Your 30s
Ready to get started retirement planning in your 30s? This guide has all the retirement planning tips to help ensure you make savvy financial decisions.
April 5, 2024
A Complete Step-by-Step Guide to Creating a Post-Divorce Budget
A Complete Step-by-Step Guide to Creating a Post-Divorce Budget
Here’s a step-by-step guide to start improving your financial well-being after separation and create your post-divorce budget.
April 5, 2024
Can Debt Consolidation Help Bad Credit?
Can Debt Consolidation Help Bad Credit?
Debt consolidation helps bad credit by streamlining payments and lowering interest rates, allowing you to save money and pay off debt faster.
April 5, 2024
The 3 Financial Challenges Facing Millennials Right Now
The 3 Financial Challenges Facing Millennials Right Now
Discover practical solutions to the financial challenges facing millennials. Learn how to tackle student debt and manage living costs for a more stable future.
April 5, 2024
Can I Refinance My Mortgage to Pay Off Debt?
Can I Refinance My Mortgage to Pay Off Debt?
If you’re dealing with debt while monthly mortgage payments dig deeper into your budget, then refinancing may be worth looking into.
March 29, 2024
Debt Consolidation vs. Debt Management Plans
Debt Consolidation vs. Debt Management Plans
With Canadian households carrying a balance from month-to-month and paying high interest rates, many are just a missed payment away from a financial crisis. In such situations, the question of debt consolidation vs. debt management plans may come up.
March 29, 2024
Can You Get a Loan to Pay Off Credit Card Debt?
Can You Get a Loan to Pay Off Credit Card Debt?
Credit card debt can quickly accumulate, and high-interest rates can make it challenging to make a dent in your balances. Taking out a loan to pay off credit card debt is an option that could help you manage it and pay it off more quickly.
March 29, 2024
3 Tips for Getting Out of Credit Card Debt
3 Tips for Getting Out of Credit Card Debt
Credit card debt is often the most accessible form of debt, and can start to add up quickly before you know it. But, with the right strategies and determination, you can take control of your finances and work towards becoming credit card debt-free. 
March 18, 2024
Tips for Building, Maintaining, and Repairing Your Credit Score
Tips for Building, Maintaining, and Repairing Your Credit Score
What's in a number? A credit score is a three-digit indicator of your creditworthiness, with higher scores signalling lower risk for lenders.
March 18, 2024
Parachute’s Tips for Debt Management
Parachute’s Tips for Debt Management
At Parachute, we believe that debt does not have to be a big scary cloud. With the proper tools and outlook, you can manage your debt, pay it off, and ultimately build your wealth.
March 18, 2024
Dealing With Divorce or Separation: How to Rebuild & Heal Financially
Dealing With Divorce or Separation: How to Rebuild & Heal Financially
Regain control of your financial well-being after dealing with divorce. Learn about budgeting, managing debt, support groups, and tax implications post-divorce.
March 6, 2024
How Can Credit Unions Enable Financial Wellbeing?
How Can Credit Unions Enable Financial Wellbeing?
Parachute just launched our Credit Union Partner Program, allowing credit unions to provide our revolutionary financial well-being program to their members. 
February 26, 2024
How To Build Your Financial Wellbeing & Wealth In Canada
How To Build Your Financial Wellbeing & Wealth In Canada
This article isn't about overnight success or shortcuts to riches. Instead, it's about embracing the truth: building wealth requires making wise financial choices today to pave the way for a financially healthy future.
February 21, 2024
Help With Debt & Tips for Canadians Who Are Struggling
Help With Debt & Tips for Canadians Who Are Struggling
We’ve collected all the top strategies, debt assistance resources, and information on how to reduce debt.
February 14, 2024
Everything You Need to Know About Debt Consolidation in Canada
Everything You Need to Know About Debt Consolidation in Canada
If you’re considering debt consolidation, understanding the different debt consolidation loans available in Canada is an important place to start.
February 14, 2024
What is Debt Consolidation? (Our Take)
What is Debt Consolidation? (Our Take)
Understanding what debt consolidation is and how it works is the first step toward taking control of your finances.
November 23, 2023
Navigating Debt Consolidation Companies
Navigating Debt Consolidation Companies
Debt consolidation companies can serve as a beacon of hope for those ensnared by high-interest debt.
November 22, 2023
How Do I Pay Off $25,000 of Debt in a Year?
How Do I Pay Off $25,000 of Debt in a Year?
In all scenarios, the key to paying off $25,000 of debt in 12 months is creating a strict budget, living below your means, and committing to a payment plan that becomes a non-negotiable part of your monthly expenses.
November 21, 2023
Can You Pay Off a Debt Consolidation Loan Early?
Can You Pay Off a Debt Consolidation Loan Early?
Yes, you can pay off a debt consolidation loan early. In fact, doing so can often save you money on interest over the long term and reduce overall debt faster.
September 11, 2024
How long can a debt be collected in Ontario?
How long can a debt be collected in Ontario?
Understanding the duration of debt collection in Ontario is crucial to managing your financial health and knowing your rights. Let’s answer: How long can a debt be collected in Ontario?
November 20, 2023
Can I Borrow From My RRSP To Pay Off Debt?
Can I Borrow From My RRSP To Pay Off Debt?
Can I borrow from my RRSP to pay off debt? Deciding to withdraw from your RRSP to pay off debt is a choice that should be carefully considered. Let’s go over your options.
November 19, 2023
Does Bankruptcy Clear CRA Debt?
Does Bankruptcy Clear CRA Debt?
Filing for bankruptcy will discharge most CRA debts including income tax, but it comes with severe consequences for your credit score. Let’s explore alternatives.
August 21, 2024
Can debt consolidation help with student loans?
Can debt consolidation help with student loans?
Debt consolidation can help with managing student loans and other forms of debt, particularly when it comes to high-interest or private loans.
November 17, 2023
How to Save for a House
How to Save for a House
When eyeing a 20% down payment, tread the path of low-risk investments and vigilant savings to bolster your mortgage conditions and secure a solid financial footing.
November 16, 2023
What Is A Savings Account? And How Do I Use One?
What Is A Savings Account? And How Do I Use One?
In Canada, it’s a breeze to set up a savings account. You’ll need identification, potentially a bit of cash, and some basic paperwork.
November 15, 2023
How do I deal with financial anxiety?
How do I deal with financial anxiety?
Financial anxiety is a shared experience, and you're not alone in feeling overwhelmed. Remember, small, consistent steps can lead to significant change.
November 14, 2023
How To Dispute A Collection On Your Credit Report
How To Dispute A Collection On Your Credit Report
Step-by-step guide: 1. Review details • 2. Compile supporting documents • 3. Contact credit bureaus • 4. Reach out to creditors • 5. Follow up and monitor credit
August 21, 2024
Why a Credit Union May be Right for You
Why a Credit Union May be Right for You
Credit Unions typically feature lower fees than you might encounter at a traditional bank, often eliminating common charges altogether.
November 12, 2023
Creating an Emergency Savings Plan with High-Interest Accounts
Creating an Emergency Savings Plan with High-Interest Accounts
High-Interest Savings Accounts are an excellent tool for goal-oriented savings. They not only provide attractive interest rates and often waive monthly fees, but they also represent a secure and practical option for stashing away your money.
November 12, 2023
My Partner Spends More Money Than Me: What Do I Do?
My Partner Spends More Money Than Me: What Do I Do?
Sometimes, couples need an external perspective to guide them on the path of financial unity.
November 11, 2023
Do You Inherit Debt in Canada? Here's What Happens to Debt When You Die
Do You Inherit Debt in Canada? Here's What Happens to Debt When You Die
Do you inherit debt in Canada? Let’s discuss the details of how to navigate this sensitive financial issue.
November 9, 2023
Debt consolidation vs. Consumer Proposal
Debt consolidation vs. Consumer Proposal
When comparing debt consolidation vs. consumer proposal, the right choice depends on your unique financial situation.
November 8, 2023
Debt consolidation vs. Bankruptcy: Navigating Financial Relief Options
Debt consolidation vs. Bankruptcy: Navigating Financial Relief Options
While bankruptcy may seem like the only solution during tough times, debt consolidation with Parachute Loans provides a compelling alternative.
November 7, 2023
What is Financial Wellness?
What is Financial Wellness?
Like any aspect of wellness, financial health requires developing positive habits. This includes creating and sticking to a budget, saving for the future, and proactively managing debt.
November 6, 2023
Can Debt Consolidation Help With Car Loans? A Look at Your Options
Can Debt Consolidation Help With Car Loans? A Look at Your Options
While debt consolidation can help with car loans, it's vital to carefully consider the interest rates involved.
November 6, 2023
Does Debt Consolidation Affect Buying a Home?
Does Debt Consolidation Affect Buying a Home?
Though it can have a short-term impact on your credit score, debt consolidation can improve your financial health and increase the chance of mortgage approval.
May 31, 2024
Does Debt Consolidation Hurt Your Credit?
Does Debt Consolidation Hurt Your Credit?
Does debt consolidation hurt your credit? Ultimately, it depends on various factors, including how you manage your loan and your overall financial activities.
November 2, 2023
Are debt consolidation loans a good idea?
Are debt consolidation loans a good idea?
Debt consolidation loans can be a favorable strategy for managing and paying off debt, especially when partnered with a plan that includes financial education and cashback incentives like Parachute Loans offers.
November 1, 2023
How do I get rid of a Fairstone Loan?
How do I get rid of a Fairstone Loan?
Debt consolidation can provide some relief when trying to get rid of a Fairstone Loan by simplifying repayment and potentially lowering interest rates.
October 18, 2023
How do you pay off an EasyFinancial loan faster?
How do you pay off an EasyFinancial loan faster?
With interest rates as high as 46% it's imperative that you pay off your EasyFinancial loan ASAP.
October 3, 2023
Managing Debt on a 80k Salary in Canada - Financial Wellness
Managing Debt on a 80k Salary in Canada - Financial Wellness
Managing debt is an ongoing process, but celebrating small wins along the way will not only keep you motivated, but also reinforce positive financial habits that will benefit you in the long run.
October 12, 2023
Is a 100k Salary Enough In Canada?
Is a 100k Salary Enough In Canada?
For some Canadians, an annual salary of $100,000 is not enough to live on due to a high cost of living, overwhelming debt, lifestyle inflation, and other factors.
August 19, 2024
What is the average debt by age in Canada?
What is the average debt by age in Canada?
Understanding where you fall in the average debt scale can help you kick-start your financial wellness planning.
October 2, 2023
How to pay off debt fast on a low income: Tips from the experts
How to pay off debt fast on a low income: Tips from the experts
Recognizing you have a problem is the first step. Learn how to pay off debt fast on a low income by using these tips and tricks from Parachute!
October 10, 2023
Does Consolidating Debt Affect My Credit Score?
Does Consolidating Debt Affect My Credit Score?
While debt consolidation can temporarily lower your credit score, being consistent and on-time with payments can increase it over the long term.
May 8, 2024
What is a Consumer Proposal?
What is a Consumer Proposal?
What’s a consumer proposal and when is it the right choice? Read more to find out our take.
October 3, 2023
Average Credit Card Debt in Canada & Other Credit Stats You Need to Know
Average Credit Card Debt in Canada & Other Credit Stats You Need to Know
Credit card debt is common. Read more to find out the average credit card debt in Canada & what percentage of Canadians are struggling with this.
September 28, 2023
Start your path to financial well-being today.
Get a loan that gives you cash-back.
Try it out
See if I qualify

We truly believe financial well-being should be accessible to all Canadians. Our three step program empowers, educates, and rewards our customers. We offer the only loan where someone can leave with more savings than when they started.
‍
Parachute is not a a bankruptcy, consumer proposal or debt management proposal company.
HomeHow it worksAboutFAQsBlogContactPartnersBlogPress RoomCareersLog in
© 2022 WHF Inc. All rights reserved. Myparachute.co and the Myparachute.co designs are trademarks of White Hat Financial Inc. (‘WHF’) and used here under licence.
Complaint Handling ProcedureTerms of UsePrivacy PolicyRewards Program