A debt consolidation loan from a licensed moneylender in Singapore helps you combine multiple existing loans such as credit card bills, personal loans or other unsecured debts into a single loan with one manageable monthly repayment.
This simplifies your finances and may lower your monthly obligations, making it easier to stay on top of your commitments.
At 118 Credit, we customise debt consolidation loans with flexible terms tailored to your income and situation, helping you regain control and start fresh.
The standard of living in Singapore is way too demanding!
It’s not uncommon to find yourself stuck with a maxed-out credit limit, unpaid home loans, a personal loan looming overhead and maybe even an education loan.
To make things worse, some of these have ridiculously high interest rates, leaving you tearing your hair out trying to track all the interest charges.
Now, you only have one bill focus on. No more lying in stacks of repayment notices and credit card bills.
High interest rate loans can wipe out your monthly income. The right DCP loan option will significantly reduce the interest rates you're subject to, giving you more room to breathe.
Since you're paying a lower interest rate, each payment you make clears more of your actual credit commitments. As a result, you can pay off your dues within a few years or less, instead of the decades it would often take.
By consolidating all your bills, you stay ahead of it. As a result, you avoid the potential credit score damage that can come with late or missed credit card payments and defaulted accounts
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For example, if your loans are from credit cards, other unsecured credit facilities and reach at least 6x your monthly income, you are eligible for a DCP. If your loans are business or renovation loans, you are not eligible for the DCP.
If you meet all the criteria, you are eligible to apply for a DCP! It will definitely help you manage your finances better and make your life a lot easier.
How does Debt Consolidation Plan (DCP) work?
Here’s how it works. If you have multiple loans to repay, like high-interest credit cards, medical bills or loans, a DCP loan can combine them into one fixed monthly repayment.
A debt consolidation plan also provide a better effective interest rate (EIR) and longer loan tenures so that individuals can comfortably repay their loans, hence taking them out of the vicious cycle of financial burden.
It’s important to remember that your total outstanding balance remains the same, just your per annum effective interest rate (p.a eir).
There are several mandatory documents all financial institutions and lenders have to adhere to before a debt consolidation plan can be approved.
We have an online application form on our website that takes just a couple of minutes to fill in. You can find it here.
Our Debt Consolidation Loan package can be customized for your needs. Our loan assistant will advise you and help determine a comfortable repayment method for you. Our aim is to help you pay off the debts with less stress.
We keep the interest rates low for our consolidation plans because we understand that you are already saddled with so many repayments. We do not want to make your life harder with our loan.
We offer loan tenure periods that allow you to make comfortable repayments to avoid incurring even more fines.
Fill in our quick and secure online application form. It takes just minutes, and you’ll receive an instant in-principle approval to proceed.
Our loan officer will contact you shortly after your application to schedule an appointment and guide you through the required document submission.
During your appointment, we’ll review your income, loan obligations, and credit report to customise a debt consolidation loan plan tailored to your needs.
Once the terms are agreed upon, you’ll sign the loan agreement. We’ll finalise the approval and settle your existing debts accordingly.
After approval, the loan amount will be disbursed to you and you will pay your creditors on the spot. You’ll then begin your structured monthly repayments to 118 Credit under one consolidated loan.
If you’ve been rejected by banks due to poor credit, there’s still hope. At 118 Credit, we offer debt consolidation loans for bad credit to help you restructure your payments and recover financially.
Many borrowers struggle to qualify for bank loans due to past missed payments or maxed-out credit facilities. As a licensed moneylender in Singapore, we evaluate your current income and repayment ability instead of focusing solely on your credit history.
If you’re searching for private debt consolidation lenders or a moneylender debt consolidation option that works with your situation, 118 Credit can help. We’re committed to offering some of the best debt consolidation loans in Singapore, even for high-risk profiles.
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Debt consolidation loans in Singapore help combine multiple unsecured debts into one monthly repayment, often with lower interest. They’re ideal for credit card bills, personal loans, and more.
Banks typically offer lower interest rates but have stricter eligibility requirements. Licensed moneylenders like 118 Credit provide faster approvals, personalised repayment plans, and may accept applicants with bad credit or lower incomes.
Yes. Credit card balances are among the most common types of unsecured debt eligible for consolidation through our debt consolidation plan.
You can consolidate unsecured debts such as personal loans, credit cards, education loans, and medical bills. Secured loans like home or car loans are not eligible.
A debt consolidation loan is used specifically to combine multiple existing unsecured debts into one repayment, while a personal loan can be used for general purposes.
Yes. We consider your current repayment ability and may still be able to offer you a solution if you’re recovering from past defaults.
You’ll need NRIC or passport, proof of address, latest payslips or CPF statements, income tax notice, and your credit bureau report.
In most cases, the approved loan amount will be disbursed to you, and you will pay your creditors on the spot. Our team will guide you through the process to ensure your outstanding debts are cleared correctly.
We offer flexible repayment tenures based on your income and total debt amount—typically ranging from several months up to a few years.
No. At 118 Credit, we maintain transparent fee structures and will explain all costs to you upfront before loan agreement signing.
In most cases, additional financing after a Debt Consolidation Loan (DCL) is discouraged until repayment is well underway. However, you may speak with us to reassess your financial situation.
If you miss a payment, you may incur late fees. It’s important to communicate with us early, we may restructure your repayment to help you stay on track.
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