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Bad Credit Unsecured Debt Consolidation Loans
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Judicious use of credit is a useful and strategic financial tool for many people. Unfortunately, it can sometimes be a double-edged sword for those who lack the knowledge and temperament to use it wisely—often through no fault of their own.
Just as contributions drive wealth creation, the flip side—compounding interest on debt—can create a downward spiral that many people find difficult to break.
Personal Loans Vs. Credit Cards: What’s The Difference?
This can be a difficult situation with long-lasting financial effects. It is also precisely why debt consolidation exists, and in particular why the Association of Banks in Singapore (ABS) introduced the Debt Consolidation Plan (DCP).
Debt consolidation is the process of taking all of your unsecured debt, meaning unsecured debt, such as credit cards and personal loans, and putting them all into one bucket. The most common way to do this is by taking out one loan and using it to pay off all of your outstanding debt.
Now, instead of paying different amounts to different institutions every month, you just roll it all into one monthly payment. There are three main benefits of doing this.
● Easier tracking and planning: When you have many different payments to make each month, it can be difficult to keep track of them all. Consolidating your debt into one payment means you know exactly how much you owe each month.
How To Get A Debt Consolidation Loan With Bad Credit
● Lower interest rates: You can often find debt consolidation loans with a lower interest rate compared to your outstanding debt, especially if it is mostly credit card debt. This means you usually end up paying a smaller amount overall.
● Force financial discipline: If you are considering a debt consolidation loan, then you already know that you need to improve your financial and spending habits. By consolidating all your debts into one easy-to-follow monthly payment, financial depth is easier to maintain. This is further reinforced by the conditions outlined by the Singapore DCP – which we will elaborate on.
As a financial institution, we have a responsibility to do good for society. While securing credit is essential to sustaining the current economy, we also recognize that we have a duty to help those who have not yet learned how to use debt responsibly.
The ABS introduced the DCP in January 2017. Under this scheme, eligible borrowers can consolidate their unsecured debts at a participating financial institution – including Standard Chartered. The DCP complements other debt rehabilitation measures such as the Debt Management Program offered by Credit Counseling Singapore and Heme for debt settlement under the Ministry of Law.
Debt Consolidation Loans & Refinancing Options
The DCP has received support from the Monetary Authority of Singapore (MAS), which has already taken active measures to prevent the accumulation of excessive debt. For example, the authorities implemented credit limit management measures in 2015, which restrict all financial institutions from granting more unsecured credit to people with loans that exceed a certain threshold.
This threshold has been gradually reduced since 2015, and in June 2019 it is now 12 times more than the monthly income. This means that if your unsecured loan exceeds your annual income, you will not be able to get higher or new credit limits or further reduce existing facilities.
At Standard Chartered, we are doing our part by actively participating in the DCP. If you’re struggling with debt, read the infographic below to learn everything you need to know about this plan.
At Standard Chartered, we can help you manage your debt through our Debt Consolidation Plan loans. Click here to. Contact us today.
Debt Consolidation Loan With Bad Credit: How To Do It
Do you feel like you are drowning in debt? Debt consolidation loans are just what you need to get your financial house in order. Learn more about getting a loan under the Singapore Debt Consolidation Plan here.
Apply for an initial assessment with just your NRIC document and income and get up to S$500 Cashback
This article is for general information only and does not constitute an offer, recommendation or solicitation to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any security or other financial instrument. This article is not prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice or investment recommendations. It is prepared without regard to the specific investment objectives, financial situation or special needs of any individual or class of individuals. You should seek advice from a licensed or exempt financial advisor on the suitability of the product for you, consider these factors before committing to purchase any product or invest in an investment. In the event that you decide not to seek advice from a licensed or exempt financial advisor, you should carefully consider whether the products or services listed are appropriate for you. You are fully responsible for your investment decisions, including whether the investment is right for you. Included products/services are not principal protected and you may lose all or part of your original investment. Standard Chartered Bank (Singapore) Limited will not accept any responsibility or liability of any kind, in relation to the accuracy or completeness of the information contained in this article. The investment products are not deposits and each of the investment products does not qualify as an insured deposit under the Singapore Deposit Insurance and Policyholder Protection Act 2012, Rev. Ed. Capt. 77B. Not sure which personal loan is best for you? Click on the banner below to learn more about Lendela, a loan platform in Singapore that provides the best loan rates available from various banks and financial institutions, based on your unique situation.
By combining your high interest rate loans at a lower rate with a debt consolidation plan, you can manage and eliminate your debt for years. Debt consolidation loans usually come with a one-time processing fee, a flat interest rate, and a term of 1 to 10 years. The key is to find a low interest rate and fees while keeping your monthly payments reasonable. However, you should also be careful as some banks advertise rates “as low as X%”, suggesting that they may offer you a higher rate than you expected.
How To Get A Personal Loan In Singapore If I Have A Bad Credit Score?
That’s why Lendela is the best lender in Singapore for low-income borrowers to get debt consolidation loans.
If you cannot consolidate your loan from a bank, you may need to go to another licensed lender. Lendela helps borrowers by allowing them to compare customized consolidation offers. It is also a good option for people with lower income because it has a salary of only S$1,200 per month. Finally, most Lendela applicants receive more than 1 loan offer on the same day.
That is why the HSBC Debt Consolidation Plan is the best debt consolidation loan in Singapore for large and long-term plans.
HSBC debt consolidation loan is the best offer on the market for borrowers looking for large or long-term debt consolidation plans. This is because HSBC charges a low interest rate (from 3.4% per annum) while waiving the processing fee. For example, for loan terms of 1-10 years, it only charges a flat rate of 3.4%, which is cheaper than the average rate.
Debt Consolidation Plans
People looking for more affordable financial products are often on the lookout for promotional offers. In this section, we highlight the best promotions available to debt consolidation plan applicants.
Consider this if you are offered one of the lowest rates and cannot find financing elsewhere
Maybank’s debt consolidation loan is worth considering for its promotional interest rate and cashback promotion. The bank is offering a promotional interest rate as low as 3.88% per annum, Maybank is also offering a 5% promotion for new DCP customers. So if you prefer a cashback promotion,
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