Take Control of Your Finances With Debt Consolidation Loan

With so many credit card options in Singapore, it can be overwhelming to find the right one to suit your spending habits and maximize your rewards. By carefully comparing key factors like cashback rates, rewards programs, annual fees, and special perks, you can identify the best credit cards to fit your lifestyle and get the most value out of every dollar you spend.

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MoneyIQ - Debt Consolidation Loan

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Thank you for your interest! As much as we want to extend our help, the loan offers are NOT available for foreigners in Singapore for the time being.

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Terms and Conditions

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

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email and permitting to do a search on the Credit Association Singapore (CAS) web portal for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

No need to spend a day to shop around for loans. We’re making it easier and faster to find for personalised loan offers. 

Trapped with Too Many Loans? This Loan Can Help.

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? If your answer to all those questions is yes, then a Debt Consolidation Plan in Singapore will answer all of your problems.

Debt Consolidation Loan Singapore

Acquiring a loan or debt is normal. It’s one of the best options to finance emergencies, basic necessities, a house or a car, and many more. Statistics also show that Singaporeans taking unsecured loans continue to rise in recent years. According to recent research, an average of 4000 Singaporeans each month have hit unsecured debt levels of 12 times their monthly income or more.

Keep in mind that getting a loan is not a problem as long as you repay it on time. It becomes an issue if you’ve got delayed repayment which means you will incur late interest and late repayment fee. Additionally, you’ll have credit card debts due and your bills will pile 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, this is the ideal solution!

What is a Debt Consolidation Loan?

This is a loan solution in Singapore that 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 this 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 money lender which is approved by Singapore’s Ministry of Law (Minlaw). Legal 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. If you fall for those schemes, you are in trouble. 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 Should You Get a Debt Consolidation Loan From a Licensed Moneylender?

Most borrowers are not aware of when to take out a debt consolidation loan in Singapore. But when is really the right time to apply for this loan from a private money lender?

Debt Consolidation Loan Singapore

Looking for a personal debt consolidation loan in Singapore?
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What are the Benefits of Debt Consolidation?

FAQs About 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 check the Ministry of Law – Registry of Moneylenders for the list of licensed moneylenders and compare their debt consolidation plan offers. Carefully assess 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, MoneyIQ SG can help you find the best private debt consolidation lender. Just apply using our form.
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.

Secured debts cannot be consolidated. A debt consolidation plan is only 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. Keep in mind that you still need to be responsible and repay on time to continually rebuild your credit score.

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 creates 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 get the best debt consolidation offer 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 first determine 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, clarify these details with your lender.

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. If there are doubtful items stipulated in the contract, 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.