Stay Ahead of Payments with Debt Consolidation Loans
Flexible loan tenure. Low interest rates. Affordable monthly repayments.
Need a personal loan for debt consolidation? We’ve got you covered.
What Is a Debt Consolidation Loan in Singapore?
Many people leverage loans to mitigate the cost-of-living pressures. While these financial solutions may offer temporary relief, dealing with sky-high interest rates and multiple due dates is tough as the liabilities can quickly snowball into insurmountable debts and stresses.
This is where a debt consolidation loan shines — it lets you combine your unsecured debts in one loan under one money lender and at a lower cost. If you hope to get your finances in order again, a debt consolidation loan money lender like Soon Seng Credit can do just that for you.
How Does a Debt Consolidation Loan in Singapore Work?
A debt consolidation loan is essentially a personal loan for debt consolidation. It is an ideal loan option for those struggling to pay off multiple debts and are incurring hefty late interests and late penalty charges for not meeting repayment due dates. It is undeniably challenging to stay on track for every loan has its own specific instalment amount and due date, and needs to be paid off individually.
With a debt consolidation loan in Singapore, you can simplify monthly payments, lower the cost of borrowing and extend the loan tenure to match your financial capabilities.
The Perks of a Debt Consolidation Loan
No Collateral Required
Debt consolidation loans in Singapore are unsecured loans. You never have to worry about taking out such a loan with your assets at stake. Making a monthly repayment has never been more stress-free.
Simplify Debt Repayments
It becomes easier to track your debts and make repayments on time since you only need to deal with one loan. By streamlining multiple liabilities of yours with a debt consolidation loan money lender, you can greatly reduce the risk of missing payments, avoiding late charges and taking out all the stressful burdens of managing multiple debts.
Negotiable Loan Terms
Money lenders are flexible when it comes to loan repayment plans — be it loan tenure or interest rates. We understand you have your own specific financial needs, and we strive to provide a customised debt consolidation loan that helps your financial situation best.
Become Debt-free Quickly
A licensed money lender with a debt consolidation loan offers a systematic way for you to get out of high-interest debts and reach financial stability at a faster pace. This process starts with a deep review of your outstanding debts and restructuring your payments to ensure you will not fall deeper into the debt trap.
What Can a Debt Consolidation Loan in Singapore Be Used For?
Effectively a personal loan for debt consolidation, a debt consolidation loan in Singapore can typically be used for:
- Outstanding Credit Cards
- Personal Loans (including loans from different lenders)
- Wedding Loans
- Renovation Loans
- Medical Loans
- And so much more
- Other financial obligations
If you need a clearer idea of how debt consolidation loans work, don’t hesitate to reach out to any of our experienced loan officers.
Eligibility Criteria and Must-Have Documentation
Eligibility Requirements
- Singapore Citizen, Singapore Permanent Resident or Foreigner
- At least 21 – 65 years old
Documentation To Prepare
- Proof of identity (e.g. NRIC, passport, Work pass for foreigners)
- Proof of income (e.g. Bank statement, CPF contributions, and payslips from the last 3 months, and latest NOA from IRAS)
- Latest Loan Information Report
- Latest Credit Bureau Report
- Latest unsecured credit loan and credit card statements
Debt Consolidation Loans in Singapore — FAQs Addressed
When should I consider taking out a debt consolidation loan in Singapore?
You should apply for a debt consolidation loan from a licensed money lender in Singapore if you have trouble repaying multiple high-interest and unsecured debts from credit cards, personal loans, or overdrafts.
Is a debt consolidation loan in Singapore a secured or unsecured loan?
A debt consolidation loan is an unsecured loan that can be obtained without collateral or guarantor.
What is the borrowing limit for a debt consolidation in Singapore?
Minimum yearly income | Singaporeans & PRs | Foreigners living in Singapore |
<$10,000 | $3,000 | $500 |
$10,000 – $20,000 | $3,000 | $3,000 |
≥$20,000 | 6 X monthly income | 6 X monthly income |
Where can I apply for a debt consolidation loan in Singapore?
There are various loan providers you can borrow from, say banks, financial institutions, and money lenders. However, debt consolidation plans from banks and financial institutions have more restrictive eligibility criteria (i.e. annual income between $20,000 and lower than $120,000).
On the other hand, debt consolidation money lenders are more flexible with their terms and conditions, such as being open to lending to foreigners. Debt consolidation money lenders have much easier eligibility criteria, too.
If you’re keen on applying with a debt consolidation money lender, be sure to consider Soon Seng Credit and start your loan application, pronto!
