Debt Consolidation Loan Singapore: Manage Your Debt More Wisely
If you are struggling with multiple debts, then debt consolidation loans in Singapore can help you to pay off all of your debts at once.
Credit card debt, unpaid housing loans, etc – Are you overwhelmed with multiple debts? Have money lenders cheated you? Are they charging unreasonably high-interest rates? At this stage, you are probably maddened for trying to monitor all interest payments from different money lenders and agonizing if they have hidden any more fees. Isn’t, it right?
Without a doubt, loans and debt are two common words to be heard in Singapore. As the cost of living is high, it is not rare at all for people considering a loan for their basic needs, housing, weddings, and cars. As of 2017, one study demonstrated that 4,000 Singaporeans reach “unsecured debt” levels of 6 times their monthly income. In fact, 1+ million Singaporeans have considered unsecured loans and the saddening thing is that this number is rising at an alarming stage.
With multiple debts along with high-interest rates, it becomes quite hard to manage financial situation and pay off all of the debts at once is even more difficult. Most importantly, it becomes even harder to pay off debt once the interest rates rise. Being in too much debt can take you on a rollercoaster of emotional and mental health.
A family encumbered in debt makes a household full of tension and stress. That is when the debt consolidation plan comes quite in handy. With the debt consolidation plan, you can manage and track your finances in a much better manner as you will get a consolidation of all debt and loan amount you need to pay off.
When you have to deal with too many loans, it becomes difficult to manage and unfortunately, if you end up missing one or two payments, the amount you need to repay increases. Thankfully, debt consolidation plans (DCP) can make things better for you.
Understanding Debt Consolidation Loan
In Singapore, a debt consolidation plan is a smart approach to save money and accomplish a lower interest rate across all of your loans. With debt consolidation plans, you get a chance to make your life better as it combines all of your credit card loans and debt into one fixed monthly repayment. This helps you to reduce the possibilities of missing out payments and enables you to manage and reorganize your finances.
Debt consolidation plans provide you with better interest rates and longer loan tenures so that you can comfortably repay your loans, eventually taking you out of the nasty debt cycle.
In 2017, debt consolidation plans were introduced to help Singaporeans as well as permanent residents going through multiple unsecured debts. With the debt consolidation loan, you can easily manage your debt and help you
to consolidate it in one fix payment. The best part is that you can even pay in smaller monthly installments since your debt is in consolidation so it means one amount to pay only. Moreover, it extends the terms of your payment up to 10 years.
Keep in mind that a debt consolidation loan plan is not to help you reduce or get rid of your debt at once. In fact, its purpose is to help you pay off your debts in an easy and better manageable approach. The consolidation of all your debts into one is the same amount you borrowed.
Just like with other loans, you have to pay your monthly repayments as intended. Otherwise, no one can protect you from facing penalties and fees. Most importantly, legal action may be taken on you that may reduce your chances of applying for the same debt consolidation plan again in the future.
However, debt consolidation loan plans are the best way to manage your finances.
Eligibility for a Debt Consolidation Loan
As per the rules of the debt consolidation plan, there are some eligibility criteria you need to fulfill in order to apply for a debt consolidation loan.
ü A Singaporean/Permanent Resident
At present, Singaporeans and permanent residents can apply for the debt consolidation plan
ü Employed with Salary
Your annual income should be of at least $30,000, but no more than $120,000. Banks have a quite high requirement for their debt consolidation loan plans, which include personal assets worth at least $2 million. But, we only need you to give income documents for evidence.
ü Unsecured Debts of at least 6X Your Monthly Income
You have to reach at least 6 times your monthly income to apply for a debt consolidation loan plan if your debts are credit card debts and other unsecured credit debt. But, if your loans are education or business loans, you can’t apply for the debt consolidation plan.
ü Why Choose Us for a Debt Consolidation Plan in Singapore?
Without a doubt, it is quite hard to take a loan from the bank because of their quite high requirements. Moreover, their application process, as well as approval time, is pretty long. When you get the loan from the bank, the amount you need to repay will be sky-high with high interest too.
On the other hand, we do not have such rigorous eligibility requirements as you can see that. We completely understand that being in debt is already the worst financial situation. That’s why we are always ready to assist you without extremely exhausting paperwork. Most importantly, we are a licensed and legal money lender in Singapore.
ü Easy and Quick Application
We have made so easier for you to apply for a debt consolidation loan and all you need to do is to fill out an online application form.
ü Flexible Packages & Repayment Schedules
As every person has different financial needs and that is why we offer customized debt consolidation loan package to meet your specific requirements. Our experienced loan assistance will guide you to help determine the right repayment plan for you.
ü Low-interest Rates
You will be pleased to know that we have kept the interest rates quite low for our debt consolidation plans as we know that you are already overwhelmed with multiple repayments. We are here to make things better for you with our loan.
ü Longer Loan Tenure Periods
Our loan tenure period is up to 10 years so to make easy for you to repay your debts and avoid unnecessary more fines.
No one ever wants to find himself in too many debts. One thing you need to understand that as a borrower, it becomes your responsibility to borrow that much amount you can pay. Thankfully, our debt consolidation loan plans will help you to manage your debts wisely.
Have any further doubts regarding debt consolidation loans? If so, please feel free to contact us!![vc_separator][vc_column width=”1/6″]