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Only 21 years old and above is eligible for loan application.

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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.

Debt Consolidation Loan Singapore

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?

You are in a state of continuous default repayments.

Repaying multiple debts can be confusing, you have the chance to miss some repayments. If you continually defaulting your repayments, you’re in need have help. You need to take a debt consolidation plan.

You can't manage your multiple debts.

If you have multiple loans or debts and you are having a hard time tracking it, you need to consolidate your debts. A debt consolidation loan can make multiple loans in just a single account with fixed monthly repayment which is much easier to manage.

You are paying for higher interest rates on your existing loans.

When you are paying for multiple loans with higher interest rates, you need some help especially if you are paying credit card debts with higher interest rates at 24% to 28% annually. You need a debt consolidation plan where you will just pay for a single loan in a fixed monthly repayment plan at lower interest rates which can range from 9% and above annually or cannot exceed by 4% monthly.
Debt Consolidation Loan Singapore

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What are the Benefits of Debt Consolidation?

Single and lowered interest rates.

Are you’re having problems on how you can repay multiple loans since they have varying interest rates? You don’t have to worry anymore, consolidating your debt means that you’ve got a single loan with a fixed interest rate. And, also licensed moneylenders offering debt consolidation loans are known for offering much lower interest rates, wherein it can range from 9% and above per annum or cannot exceed 4% monthly.

No extra administration fees.

Taking multiple loans means you’re getting a higher administration fee. With debt consolidation, most private licensed moneylenders don’t charge any extra administration fees which implies another saving.

No more late repayments.

Since your loans are consolidated you will avoid getting late repayments. You will be truly saved from a huge amount of repayments since you will not pay anymore for higher late interest rates and late repayment fees.

Hassle-free tracking.

When your debts are merged into one, you will not be confused anymore. You can easily track your loans and repayment schedules since it is placed in just a single account.

Highly Convenient.

Life is much easier with debt consolidation. You will not be worried anymore of too many loans to manage. You’ll also save time from reviewing your multiple accounts. It is much easier to pay for a money lender debt repayment plan.

Increase your credit rating and score.

Since you’ve got the sole solution in repaying your problematic multiple loans, you will now have the chance to boost your credit rating and score. You are now back into the business in achieving a good rating. Just, take in mind that you still need to be a responsible borrower. You must not forget your debt consolidation plan repayment.

Numerous of accessible ways of repayment.

Many of the licensed money lenders provide many options on how you can repay your loans. They have taken advantage the use of technology. You can pay with online payment options. Repayment can be easily done with just a click on your phone or computer. However, if online options are not available, you can go offline. You can still pay through cash or checks.

Custom monthly repayment cost.

With debt consolidation, private moneylenders will customise your monthly repayment amount. They will take into account your salary and your lifestyle need. You will simply repay based on your current capacity to repay.

Flexibility in loan tenure.

Aside from having a tailored repayment, you will also have the chance to choose your loan tenure. Moneylenders have various loan tenure options to answer your needs and financial condition.

Fast and Easy Application & Approval.

When you’ve decided to apply for a debt consolidation plan, you will simply experience a hassle-free application. Application can be easily done with their website. No need to submit for a lot of documents. Also, debt consolidation plan money lender is notable for their fast approval.

FAQs About Debt Consolidation Loan

What are the requirements for a debt consolidation loan?

When applying for debt consolidation it is essential that you prepare for the following:

  • A Singaporean or a PR
  • You must be at least 21 years old
  • A copy of your NRIC
  • Latest payslip
  • A copy of latest (for the last 12 months) CPF contribution notice or income tax notice

You can start over by checking from the Ministry of Law – Registry of Moneylenders the list of licensed moneylenders and compare their debt consolidation plan offers. Check carefully their interest rates and terms and conditions. Then, when you are ready you can go to their website and apply using their online form.

If you want to make it more convenient and save more time, we at Easy Credit will help you find the best private debt consolidation lender. Just apply using our form.

Most of the licensed moneylenders have no minimum and maximum loan amount. It’s flexible. Loan amounts will be based on your financial status.

The secured debts cannot be consolidated. However, a debt consolidation plan is created to help you with all your unsecured debts which include personal loans, credit card debts, payday loans, or any instant loans.

No. It will help you to revive your credit ratings from your default repayments on your multiple loans.  Take in mind that you still need to be responsible and repay on time to continually rebuild your credit profile.

All you need is to find the best consolidation plan from a licensed moneylender. Most of the private lenders can help you consolidate your loan even if you have bad credit. They always consider your financial condition and will create a customised plan.

Borrow only from licensed money lenders.  Each month, the Ministry of Law – Registry of Moneylenders created an updated monthly listing of licensed moneylenders who have good records and continually abide by the rules and regulations.

You can easily find the best licensed moneylenders here or you can simply get the best match of the debt consolidation plan by using our form.

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.