Resolve Your Financial Woes With Our Debt Consolidation Loan in Singapore
Quick application approval. Loan tenures of up to 12 months. Thousands of 5-star reviews.
What Does “Debt Consolidation” Mean?
A debt consolidation loan in Singapore, also known as a personal loan for debt consolidation, combines your outstanding balances from almost all unsecured loans. This combined amount is distributed across a new loan tenure and interest rate that’s most likely lower than the one for each individual existing loan you have.
Easy, right? Start applying for a debt consolidation loan in Singapore today!
How Does a Debt Consolidation Loan in Singapore Come in Handy?
When debt starts to snowball
If you’re starting to rack up extra interest and late repayment fees for various individual loans, it’s time to consider a personal loan for debt consolidation.
When you need to boost your credit rating
A debt consolidation loan in Singapore helps you manage loan repayments better. It merges them into one monthly repayment. This can improve your credit rating over time if you consistently repay promptly.
When you need easier monthly budgeting
Instead of tracking multiple sources of unsecured debt, a consolidation loan in Singapore ensures you only have one instalment to pay every month.
When you run the risk of late repayments
If you find yourself constantly paying your instalments late or in the nick of time, a personal loan for debt consolidation helps take away your worries.
Why Apply for a Debt Consolidation Loan With Us?
Speedy loan approval
We’re a legal money lender that is all about speed and efficiency — regardless of whether it’s a debt consolidation loan consultation or enquiry, and especially if it’s loan application approval and cash disbursement. Expect to have your loans disbursed in as quick as 5 minutes if you apply with our loan company, and resolve any financial emergency you have at once!
Zero hidden fees
At Galaxy Credit, we’re all about 100% transparency and will absolutely not include any sudden, hidden charges as you make your monthly repayments. This applies not just to our debt consolidation loan, but also to our renovation loan, payday loan, and any other loan type. Rest assured that we’ll inform you of any fees upfront, as we’re here to help you on this loan journey, not add to your financial burdens.
Lower interest rates
If a debt consolidation loan from a money lender is what you seek, we are what you need. We will help consolidate all your existing loans into one, so you no longer have to worry about handling multiple monthly repayments. Our monthly private money lending rates are capped at 4%, so you never have to worry about sky-high rates. With a low interest personal loan for debt consolidation, repayments aren’t only simpler but more affordable as you get to save with reduced interest rates.
Simple application procedure
Compared to banks and financial institutions, the eligibility requirements with a legal lender are much less stringent and fewer documents are required. Money lenders are not as particular about your credit score, but may merely do a basic credit assessment to understand your history with borrowing. With a licensed money lender’s debt consolidation solution, enjoy quicker loan approval and save tonnes of time.
Streamline your outstanding debts with our debt consolidation loan in Singapore.
FAQs About Debt Consolidation Loans in Singapore
What is a personal loan for debt consolidation?
A debt consolidation loan money lender’s solution gathers your unsecured loans’ outstanding balances and redistributes them with a new loan tenure and interest rate.
Who is eligible for a debt consolidation loan in Singapore?
A licensed money lender for debt consolidation determines you’re eligible when you’re:
- 18 years old and above
- A Singapore Citizen, Permanent Resident, or Foreigner employed in Singapore
- Earning a steady income
- Living in Singapore
- Not bankrupt or tangled up in legal proceedings
How can a debt consolidation loan in Singapore help with my debts?
A debt consolidation loan from a licensed money lender prevents your outstanding balances from growing out of control because of compounding late interest charges and late payment penalty charges. With a single repayment every month, it’s much easier to track, make repayments, and get out of debt quicker altogether. Read our guide to learn if you should get a debt consolidation loan or mortgage financing.
What are the interest rates and tenures for a debt consolidation loan in Singapore?
The interest rates and loan tenures for a debt consolidation loan from a licensed money lender are 4% or below per month, and up to 12 months, respectively.
What documents do I need to submit when I apply for a debt consolidation loan in Singapore?
When you apply for a debt consolidation loan from a licensed money lender, you need to provide these supporting documents:
- NRIC or Work Pass, which proves your identity
- Payslips or CPF statements (latest three months), or Income Tax Notice of Assessment, which proves your income
What are the do’s and don’ts of a personal loan for debt consolidation?
When taking up a loan from a licensed money lender for debt consolidation:
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Can I do a partial consolidation of my outstanding debts?
With a licensed money lender’s debt consolidation loan, you can. However, please note that this won’t be possible if you intend to apply for a debt consolidation plan from participating banks and financial institutions in Singapore.
How can I apply for a debt consolidation loan in Singapore?
Send in your debt consolidation loan application with your supporting documents online.
Get notified of your debt consolidation loan application status in just 20-30 minutes.
Visit our office, sign the loan offer, and receive your cash, either in person or through PayNow.