Debt Consolidation Loan – What You Need to Know

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If you’re struggling to keep up with multiple debt payments, it may be time to explore options for consolidating your loans. However, there are many factors to consider and it’s important to do your homework before making a decision. It is also critical to avoid illegal moneylenders online and offline who will run away with your funds. Find More Details On This Page

A debt consolidation loan is a type of personal loan that allows you to combine several outstanding unsecured debts into a single debt with a lower interest rate. This makes it easier for you to manage your repayments. However, it is crucial to note that a debt consolidation loan will affect your credit score. It’s best to consult with an experienced licensed money lender in Singapore before applying for one.

Consolidation Loan Singapore: A Guide to Simplifying Your Debt

The Monetary Authority of Singapore (MAS) has launched a new Debt Consolidation Plan, or DCP, which is designed to help you manage your multiple unsecured debts by combining them into a single debt at a lower interest rate. The DCP is available to Singaporeans and permanent residents who are juggling multiple unsecured debts that are more than 12 times their monthly salary. The DCP offers competitive interest rates and a loan tenure of up to 10 years.

The DCP is similar to other unsecured debt products offered by banks in Singapore, including balance transfer credit cards and personal installment loans. Applicants will need to meet the following criteria:

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