Best Debt Consolidation Loans For Bad Credit – Not sure which personal loan is best for you? Click the banner below to learn more about Lindela, a lending platform in Singapore that offers the best loan rates offered by multiple banks and financial institutions based on your unique situation.
By consolidating your high interest rate loans into one low rate debt consolidation plan, you can manage and eliminate your debt in a few years. Debt consolidation loans usually come with a one-time processing fee, a reasonable interest rate, and a tenure of 1 to 10 years. The key is to find the lowest interest rate and fees while keeping your monthly payment at a reasonable level. However, you should be careful as some banks advertise rates as “less than X%”, which suggests that they may offer higher rates than you expect.
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That is why Lindella is the best lender for low income borrowers to get debt consolidation loans in Singapore.
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If you are unable to consolidate your loan with the bank, you will need to go to another licensed lender. Lindella helps borrowers by allowing them to compare traditional consolidation offers. It is a good option for those with low income, as it has a monthly salary of only S$1,200. Finally, many Lindela applicants receive more than a single day loan offer.
That’s why HSBC’s Debt Consolidation Plan is the best debt consolidation loan in Singapore for big and long-term projects.
The HSBC Debt Consolidation Loan is the best offer in the market for borrowers looking for large or long-term debt consolidation plans. Because HSBC charges a low interest rate (from 3.4% p.a.), but also waives the processing fee. For example, for a loan tenure of 1-10 years, it charges a flat rate of just 3.4%, which is cheaper than the average rate.
Those looking for cheap financial products often look for promotional offers. In this section, we highlight the best promotions available for loan consolidation plan seekers.
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Consider this if you’re paying their lowest rate and can’t get financing elsewhere
Maybank Debt Consolidation Loan is notable for its promotional interest rate and cashback promotion. The bank is currently offering a low promotional interest rate of 3.88% Maybank is also offering a 5% cashback promotion for new DCP customers. So, if you are opting for a cashback promotion, Maybank is the best choice.
If you are planning to refinance your current debt consolidation loan, we recommend that you consider refinancing with a lender that offers a cash-out promotion. Currently, these banks offer competitive cash-out rates for refinancing to DCP borrowers. In the end, it is better to go with the lender who offers you the least expensive offer in terms of total cost. For example, banks offer different interest rates based on your credit history. You should also consider the impact of fees.
CIMB’s loan consolidation plan comes with a low advertised flat interest rate of 2.77%. However, it charges a one-time processing fee of 1%, which makes it a little less competitive than other debt consolidation plans. Not only that, you should remember that CIMB rates are not guaranteed for all borrowers. CIMB’s exact language is “interest rates as low as 2.77%” and your confirmed interest rate may be higher than the published rate depending on your credit score.
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In addition to the options we mentioned above, we considered all the loan consolidation plans offered by all the major banks in Singapore. In total, we reviewed Bank of China, Citibank, Maybank, HSBC, Standard Chartered, CIMB, POSB & DBS, OCBC and UOB. Banks that don’t win the above awards charge higher effective interest rates, less flexible loan terms, higher processing fees, and in many cases, don’t guarantee their rates.
Comparing debt consolidation loans should be a relatively straightforward process. First, borrowers must decide how long it will take to repay their loan. Debt consolidation loans last from 1 to 10 years, although not all lenders offer 8 to 10 year loans. Next, borrowers should consider the total cost of their debt consolidation plan. This includes interest rates, processing fees and any advances. Not all lenders guarantee their advertised rates, so it’s important to carefully review each loan’s terms and conditions.
To qualify for the Debt Consolidation Scheme (DCP), borrowers must be Singapore citizens or permanent residents, with an annual income between S$20,000 and S$120,000. Along with that, all the banks in our review require applicants to earn at least S$30,000 per year. Additionally, DCP eligible borrowers cannot have net assets of more than S$2 million. Eligible candidates should have unsecured debt with interest on credit cards and unsecured credit facilities exceeding 12 times their monthly income. Examples of debt that cannot be combined with a DCP include joint accounts and renovation, medical, business and education loans. Finally, holders of current debt consolidation plans can refinance their existing DCP up to 3 months after approval.
Debt consolidation plans are special loans that help consolidate multiple loans under one fixed payment plan, usually at better interest rates. That being said, it is still essentially a personal loan. If you are not eligible due to citizenship or other written requirements, you can still apply for conventional personal loans offered by banks in Singapore.
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First, compare different personal loans and apply for a loan that suits your needs among the best personal loans in Singapore. Once your personal loan is paid off, pay off your outstanding debt (such as credit card debt) immediately and avoid spending on other expenses. You have effectively transferred your loan to another loan under a different rate plan. Make sure to pay on time and avoid taking on too much debt.
Can I apply for a loan consolidation scheme in a bank where I am not a current customer?
Yes. Thus, debt consolidation plans are not like other personal finance products like credit cards or loans.
No. Debt Consolidation Schemes cannot be used to pay off outstanding balances on education loans, rehabilitation loans, medical loans, business finance or loans under joint accounts. Because of these limitations, DCPs are not restricted by the same credit limits as other financial products.
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As with any credit facility, your credit bureau report includes your debt consolidation loan. However, if you make timely payments on the DCP and all your other loans, your credit score will not be affected. We recommend making minimum monthly payments on other accounts until your debt consolidation plan is approved.
Stephen Lee is a senior insurance research analyst. He holds a Bachelor of Arts in International Studies from the University of Washington and his previous work experience includes specialty insurance in risk management and professional liability and vector insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in the Asia Pacific.
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