Debt Consolidation Loan

What is a Debt Consolidation Plan?

A debt consolidation loan or debt consolidation plan (DCP) is a simple repayment scheme that consolidates all your unsecured debt, outstanding credit card bills, and personal loans into one loan. Combining your high-interest loans into one lower rate allows you to manage and eliminate your debt over time. It is a great option to consider if your credit score is so bad that you are unlikely to get any loans from any bank.

A debt consolidation plan in Singapore can be a helpful way to control your debt. As a reliable licensed moneylender, Golden Credit offers the best debt consolidation loan in Singapore that helps you simplify personal finance by combining your loans and credit card debts into one fixed monthly repayment.

Our debt consolidation plan in Singapore combines multiple existing loans into just one loan! This means you no longer have to keep tabs on multiple bills with differing rates. You simply have to pay only one bill.

Benefits of Debt Consolidation Loan Singapore

Single Combined Payment: You do not have to pay more than one repayment to different lenders (with other terms and interest rates) in a month. This implies there will be less confusion, fewer due dates, and a single repayment calendar to follow.
Reduced Interest Charge (in most instances): A debt consolidation loan at a lower interest rate can be taken to replace high-interest facilities (such as credit cards). This, in the long run, can be translated to a savings in interest cost- one of the key attractions.
Simpler monitoring and spending: When all your debts are settled in one go, you will be able to easily see what is outstanding, the amount you have already paid, and how you will spend the other amounts in the future. This provides you with more control and tranquility.
Enhanced cash flow management: Consolidation can lengthen your repayment period or secure better terms that lower your monthly payments. You will have more breathing room in your monthly budget.
Improved credit-score prospects: By transferring multiple high-interest debts with missed or variable payments into one, properly managed debt consolidation loan, you will decrease the overall debt and prevent additional late payments, which can increase your credit score.
Less Administrative Costs and Stress: The fewer the loans, the fewer the statements, the fewer the fees, the fewer the reminders. This reduces administrative overheads for handling numerous debts, as well as the mental load.
Fixed Repayment Schedule: Unlike multiple debts, which can be variable or have varying terms, a consolidation loan can be offered with fixed monthly payments and a specific tenure. This is a predictable schedule that enables planning.

Debt Consolidation Plan In Singapore

Debt consolidation plan Singapore are among the best ways to escape credit card debts or the personal loan trap. Applying for our debt consolidation loan in Singapore is a great way to save money and achieve a lower interest rate across all your loans. Our reliable debt consolidation plan with just a single repayment will enhance your ease of repayment and convenience, saving you time, effort, and trouble.

Call us today to speak with one of the best licensed and reliable money lenders in Singapore – Golden Credit, who will craft a unique debt consolidation plan for you.

How Can Debt Consolidation Loans Help?

Bringing together all your loans can help you sort out the mess of credit card or personal loans and other unsecured lines of debt.

You will just need to pay once a month rather than multiple payments. This saves time on administration and enables you to work on a single installment.
Moving most interest-bearing balances into a single loan will allow you to lock in at a lower or fixed rate and save on the overall amount of interest you will pay over time.
Having a single debt to follow, you will know precisely what you owe, when it is due, and how long it will take, making it simple to budget and monitor progress.
A reduced number of creditors and a single due date reduce the risk of defaulting on a payment or making it late.
A well-thought-out consolidation loan allows you to clear your debt quickly than remaining entangled in low payments and growing interest rates.

Do’s and Don’ts of Debt Consolidation

Do’s of Debt Consolidation

Do check your entire debt situation: list all your debts, interest rates, repayment terms, and outstanding amounts before going ahead.
Compare the consolidation offers: not all consolidation loans are similar- compare interest, term, charges, and conditions.
To be sure you can make a regular payment, the fact that you can get a consolidation loan does not mean the monthly payment will be comfortable in your budget.
Don’t forget to continue repaying the current debts until the time of consolidation is officially executed; otherwise, there may be a fee or a negative record.
Do consult an expert if your level of debt is high or you are not sure of the most effective course of action (e.g., using a debt-counselling service).

Don’ts of Debt Consolidation

Don’t think that consolidation is magic: it assists in organizing payments, but does not solve the problem of overspending or creating additional income.
You should not borrow additional funds or incur new unsecured debts while you are still paying back your debt consolidation loan; this will be counterproductive.
Read the small print: exclusions of the check (not all debts are consolidable), additional charges, and a penalty for early repayment.
Do not think you will always be paying less: consolidation can be less expensive, but it is not a given; you must still look at the conditions.
Do not quit tracking your spend only because you have consolidated: it is vital to maintain good money habits to be on track.

Why People Choose Us

Why Choose Golden Credit for Debt Consolidation Loans?

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Is Debt Consolidation Loan For You?

If you are someone with multiple debts and would like to end your financial burden, a consolidation plan could be the best option.

A debt consolidation loan or debt consolidation plan has helped several people in Singapore. This is a simple repayment scheme where your existing debts, including personal loans, credit card bills, and unsecured debt are combined into one loan, mostly with lower interest rates.

Debt consolidation plan is ideal if you have an extremely bad credit score and it is unlikely to get banks to approve future loans. By only having one loan, it’s easy to manage and fix your financial situation.

Golden Credit, Offering The Best Consolidation Plan

Since 2010, Golden Credit has been helping individuals with our debt consolidation loans. We can improve your personal financial situation by combining your credit card debts and loans into one fixed monthly payment. Instead of keeping tabs on multiple payables, you just have to manage one.

Aside from lower interest rates and easy tracking of your loan, there are other benefits you can get by applying for a debt consolidation plan at Golden Credit. As one of the fastest-growing money lending in Singapore, we can process your applications quickly.

We have a team of experts who will guide you every step of the way. They will explain every detail of the debt consolidation plan, encouraging transparency.

You can save more money in the long run and be able to achieve the financial freedom you deserve. It’s time to get out of your never-ending credit card debts and personal loans. Let us help you fix your finances with our plans.

Frequently Asked Questions (FAQs)

What is a debt consolidation loan/plan?

A debt consolidation loan (or debt consolidation plan) is a loan that enables you to roll a number of your unsecured debts (credit cards and personal loans) into a new loan with a single monthly payment.

How does it work?

You apply for a consolidation loan, the lender redeems your existing unsecured debts, and you make a single monthly payment to the new lender under the agreed terms (interest rate, tenure).

Which debts can be consolidated?

Usually, unsecured sources of credit include credit card balances and personal unsecured loans. Depending on the lender, some of these debts may be excluded (e.g., secured loans, education loans, business loans, joint accounts).

Who is eligible?

Each lender has different eligibility requirements. In Singapore, few debt consolidation plans require you to have unsecured debt with a balance exceeding 12 times your monthly earnings. Additional requirements may include citizenship/PR status, minimum income requirements, and net asset requirements.

How much can I borrow / how long will the tenure be?

The loan will typically cover the principal amount of your unsecured debts, plus a buffer (normally 5 percent or so). The tenure may take a few years or even 10 years, depending on the lender.

Will taking a debt consolidation loan affect my credit score?

Yes, it may have both negative and positive outcomes. Applying for a new loan can temporarily reduce your score. Nevertheless, repaying the consolidation loan on time and reducing the number of outstanding debts can enhance your credit profile in the long run.

Are there any costs I should watch out for?

Yes, in addition to interest, look at processing or administrative charges, early-repayment charges, buffer charges (some lenders include an allowance of about 5 percent to cover incidentals), and no debts of this or that type.

Is debt consolidation always the best option?

Not always. Consolidation might not be the best strategy if you have only one small debt, cannot obtain a better rate, or may, in effect, increase the tenure considerably (and pay more interest over time). Debt counselling and perhaps good budgeting might also be required.

What happens if I miss repayments on the consolidation loan?

Late payments may result in late fees, a ruined credit rating, and the failure of the consolidation advantage. You should be disciplined and make sure your budget can afford the repayment.

How do I choose the right consolidation loan?

Compare interest rates, terms, charges, flexibility (early repayment options), repayment schedule, and any other services or counselling support. The lender’s reputation and licensing should also be checked.

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Golden Credit (S) Pte Ltd is a comprehensive moneylending firm that offers loans for various fiscal crisis. Offering services in Singapore, for the past so many years, we have managed to gain an unsurpassed repute. Being a legal financier, we deal in providing monetary aid related to….