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Trapped with Too Many Loans? Escape with a Debt Consolidation Plan in Singapore
Are you struggling each month because you can’t pay your debts? Are you crushed by your loans and credit card debts and being notified by banks and licensed moneylenders? Are you stressed out because of so much worrying since you are drowning in debts? Are you finding ways on how you can get out of your debt? Do you simply want to be debt-free from too many loans? Debt Consolidation Plan existed in Singapore to answer all of these debt worries.
Acquiring a loan or debt is normal. It’s one of the best options to finance your emergencies, basic necessities, a house or a car, and a lot more. Statistics also show that Singaporeans taking unsecured loans continue to rise even with the recent years. Over a million Singaporeans get unsecured loans and continue to rise. Also, in a 2017 research, it was cited that an average of 4000 Singaporeans each month have hit the unsecured debt levels of 12 times their monthly income or more.
Take in mind that getting a loan is not a problem as long as you have repaid it on time. It becomes an immense problem if you’ve got delayed repayment which means that you will incur late interest and late repayment fee. Another, you’ve got credit card debts on due and its piling up. So, a debt consolidation loan is on the rescue! You might think at first that getting a loan to pay a debt may be illogical but if you are finding way to get out of too many loans, debt consolidation plan is the ideal solution!
What is a Debt Consolidation Loan?
Debt consolidation plan is a loan solution in Singapore where it combines all your unsecured loans like your credit card debts and unsecured personal loan balances into a single loan account with a fixed monthly repayment. By securing a debt consolidation loan, you can save more money since you’ll take a single and a much lower interest rate. It is also much more convenient since it allows you to organise all your debts.
Be reminded that only take this loan from a licensed debt consolidation money lender which is approved by Singapore’s Ministry of Law (Minlaw). Legal debt consolidation lenders will provide you with competitive loan offers at a much lower interest rate and will never deceive you.
How does a debt consolidation plan work?
Credit cards are popular in offering high-interest rates from 24% to 28% annually which implies that missing a single repayment will cost a lot – up to thousands of dollars. In addition to that, another issue faced by Singaporeans is the presence of unlicensed or illegal lenders who are deceiving borrowers. They offer loans with higher interest rates and hidden fees. And if you fall on those schemes, you are in trouble. You might be having a problem with tracking your debts. Thus, you might be missing some repayments and you’ve got a huge problem to solve.
A debt consolidation plan in Singapore can provide relief to your worries. It offers much lower interest rates from 9 % per annum and above. By consolidating your loan in just a single account you will be on track of your monthly repayment. Securing also a debt consolidation loan from a licensed moneylender provides you with a tailor-made repayment plan based on your salary and needs. Thus, you get extra savings and making your life easier.
When you should get a Debt Consolidation Loan from a Licensed Moneylender?
Most borrowers are not aware of a debt consolidation loan or they might be one of the thousands looking for debt consolidation plan in Singapore. But when is really the right time that you need to take a debt consolidation plan from a private money lender?
What are the Benefits of Debt Consolidation?
FAQs About Debt Consolidation Loan
Notes to Borrowers in Singapore
When it comes to borrowing for a debt consolidation loan in Singapore it is essential to determine first the interest rates offered by the licensed moneylender. Thus, it helps if you begin by comparing rates and guidelines that can help you determine if the terms offered will meet your current financial situation.
Prior to signing the agreement, check if there are hidden fees, clauses, or other details you need to know. Choose money lenders that offer affordable interest rates and reasonable repayment schedules. If there is anything unclear in the contract, simply clarify these details with your lender before signing up for your loan application form.
Most importantly, be sure that you understand completely the details presented in the contract before you sign anything with money lenders. The draft given to you by the moneylender should be written in a language that you can understand. If you need assistance, you may also want to consult a lawyer who can help explain the details to you. Blindly signing any contract will only put you in deep trouble eventually. So, if there are doubtful items stipulated in the contract, you can always walk away and look for a better lender. After all, it is ultimately your choice whether to take out a loan from a particular lender or find another one that meets your concerns.