Several people are there who are struggling with handling your debt or they are dealing with high-interest rates. So, one of the best things that you can do is switch to a debt consolidation loan plan. This loan plan is available in Singapore and it can help you settle the problems of high-interest rates and so much of loans. Debt consolidation can be called a planned financial solution that combines all of your credit facilities like renovation loans, credit cards, and joint accounts across different fiscal institutions through a single supervision program. The pivotal objective of debt consolidation is to reduce or lessen your monthly payments by lowering the interest rates on your bills, making it easy for you to pay off the debt.
This is one kind of debt-relief option that removes the confusion of the customers from the financial hassles that come with paying off several bills from several companies with different deadlines. By combining all your payment options into one plan, you can save more money and more time at once. And, when you choose to combine your loans then you should always choose a debt consolidation loan licensed money lender. Licensed and State recognized lenders are important so that you don’t get into some kind of fraud or sloppy deal.
Should I Consolidate My Debts & Eligibility Criteria –
If you are worried about paying off your credit card bills and need proper fiscal planning then you should choose a good debt consolidation company. They will work together to help you reach a goal every month until you can be financially stress-free. You can think of debt consolidation like this – One Creditor – Once in a month – One Easy Payment.
Consolidating debts is a simplified process and in some companies, there are different eligibility criteria but most of them require that the individual is of 18 years. The maximum turnover time is 30 minutes and there is a need for only one form of ID. The maximum interest per month will vary from the lending company to the company. It can be somewhere around 3.9% to more. No minimum or maximum loan amount is there. You will also have to bring the last 12 months’ payslip, income tax notice, or CPF contribution notice.
Many of them who need money ask this question should I take personal loan for marriage in Singapore? So, you can take the loan. Yes. But you should also know that the interest rates are quite high and also the loan amount would depend on your salary like whether it is $120,000 or more than that annually.
Working of the Debt Consolidation –
Dishonest and unlicensed money lenders are always searching for innocent individuals to cheat and they most of the time have unfair compounded and high-interest rates along with add-on hidden fees which makes it very difficult to get debt relief. It can very difficult if the interest rates are high and owing capital to all these lenders can be confusing and can make a huge financial mess.
By using the debt consolidation loan in Singapore, you get a low-interest rate, and combining the debt into one single account will permit you to keep track of the interest rate, total amount, and others letting you pay just once a simple payment monthly. You should work with a reliable financial institution that is licensed by the Singapore Ministry of Law and will help you more. Many of them have this question what is the best way to get renovation loan? The best way is to switch to DBS or HSBC lenders who are licensed and reputed.
Benefits of Debt Consolidation –
You get a lower interest rate when you combine your loans into one single loan management system. The maximum time for turnover is 30 minutes. Plus, you can easily track the consolidated loan in one place, with no hassles of going from office to office or online from one page to another. Then, the minimum monthly payments and loan duration are well-tailored and the application process is quick and easy.