QV Credit Debt Consolidation Loan Singapore
Struggling with too many debts? A debt consolidation loan in Singapore can be extremely helpful for you as it can help pay off all your debts at once.
Credit card debts, unpaid housing loans, an urgent loan here and there… Are you completely swamped with too many debts and money lenders who have cheated you and are charging ridiculously high-interest rates? You are probably tearing your hair out trying to track all the interest payments from different money lenders and worrying if there are any more hidden fees.
Loans and debts are not unheard of in Singapore. With the high cost of living, it is not uncommon for people to take out loans for basic necessities, cars, housing, and weddings. As of 2017, 4,000 Singaporeans reach unsecured debt levels of 12 times their monthly income every month. More than 1 million Singaporeans take on unsecured loans and this number is only rising.
With numerous debts with high interest rates at the same time, it is no doubt difficult to manage your financial situation and pay them all off. Once the interest rates increase it becomes ever so much harder to and pay off one bill off. If things go out of hand, it can lead to a lot of problems for you and your family.
Taking out loans is not a big problem until scheduled repayment is missed and load up more fees and interest. When there are too many loans to repay, it gets hard to manage and missing one or two payments will only increase the amount of money to be repaid. Debt consolidation plans make it easier to manage this.
What is a Debt Consolidation Loan Singapore?
A debt consolidation loan in Singapore is a smart way to save money and achieve a lower interest rate across all your loans. Debt consolidation plans make your life much easier as it combines all credit card debts and unsecured loans into one fixed monthly repayment. This will decrease the chances of missing out payments and allows borrowers to reorganize and manage their finances. Debt consolidation plans also provide better interest rates and longer loan tenures so that individuals can comfortably repay their loans, hence taking them out of the vicious cycle of debt.
In Singapore, debt consolidation plans were introduced in 2017 to help Singaporeans and permanent residents who are struggling with multiple unsecured debts. The debt consolidation loan will help them manage these debts better, consolidating it in one payment. You can also pay in smaller monthly installments once your debts have been consolidated into one and extend your payment terms up to 10 years.
Do be clear that debt consolidation loans are not for reducing or getting rid of your debts at once. It is meant to help you pay off your debts in an easier and more manageable way. The consolidated amount of all your debts into one is still the same total amount you borrowed.
As with other loans, you will need to pay your monthly repayments on time otherwise you will face penalties and fees. Legal action may also be imposed upon you, which may dampen your chances of applying for the same loan again.
Am I Eligible for a Debt Consolidation Loan Singapore?
According to the rules of the debt consolidation plan, there are some criteria you will have to meet before taking out a debt consolidation loan. You must be:
If you meet all the criteria, you are eligible for a Debt Consolidation Loan! It will definitely help you manage your finances better and make your life a lot easier.
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Why Should I Take a Debt Consolidation Loan from QV Credit?
Taking a loan from the bank will be extremely difficult due to the high criteria. Furthermore, it will take a very long application and approval times for the loan to go through, so by the time you get the loan, the amount to be repaid will be sky-high with interest.
QV Credit does not have such stringent requirements. We understand that being in debt is a terrible financial situation to be in, and hence we want to help you without excessive exhausting paperwork. Furthermore, we are a legal and licensed money lender in Singapore, which is extremely important when choosing a loan provider. There are many non-licensed money lenders and debt settlement companies out there that will offer very low-interest rates and high upfront fees. You do not want a situation where they run off with your money or add to your problems by imposing high-interest rates.
QV Credit’s Debt Consolidation Loan Package has the following features:
Being in debt is not something anyone should find themselves in. As a borrower, it is your responsibility to take only what you can pay and respect repayment schedules. A debt consolidation loan will make your debts more manageable.
If you have any questions about debt consolidation loans, do not hesitate to call us at +65 6100 8655 to speak with our friendly team!