Definitely, you can get a personal loan in Singapore the same day, provided you attain the eligibility criteria and submit all the documents. If you urgently need money, you can look for the debt consolidation plans available in the country.
More or less, within eight minutes, you can get a loan sanctioned by choosing a suitable moneylender. Now the question is, what is a moneylender in Singapore?
About Moneylender
Licensed moneylenders are the ones who are regulated and governed by the Ministry of Law (MinLaw).
They offer Singapore personal loans to people depending on their requirements. Many illegal moneylenders are operating in the market, and you should stay away from them.
Eligibility Criteria For Debt Consolidation Plans
The next concern is how you qualify for DCP. Most importantly, not all individuals qualify for Debt Consolidation Plans. The first requirement that individuals have to fulfil is they should have a yearly income of S$30,000 to S$120,000.
However, if you are a commission-based earner or self-employed, the minimum amount can be a little higher.
The next requirement has interest-bearing balances, which should be more than 12 times your monthly salary on unsecured facilities. The next step is to ensure that no one can take another DCP if one is active.
But refinancing your DCP is possible after three months with a lower rate of interest.
Tips To Keep In Mind While Opting For Debt Consolidation Plans
A few parameters to keep in mind while opting for debt consolidation plans are:
- Considering the schedule of your payment
People should prefer to stick to a realistic schedule for repayment of loans keeping the tenure and rate of interest in mind. They can break their repayments into manageable and smaller chunks instead of dealing with a huge amount. They should use DCP calculators to their advantage, offered by financial institutions and banks.
- Find Out The Details Of The Interest Rates
While looking for a DCP through a moneylender or a financial institution, individuals should compare the rate of interest. It will help in finding the appropriate plan according to their requirement. Thousands of debt consolidation plans are available in the market with several promotional offers, like improvised interest rates, cashback, etc., to help save more funds.
- Never Miss Payments
While opting for DCP in Singapore, you will have one single plan with one loan. If you miss a single payment, the financial institution will add a late charge fee, increasing your debts. To avoid missing payments, you should put a reminder that will keep you updated about it. That way, you can avoid paying extra fees.
- Ensure To Stay On Top Of Your Debts
Staying on top of your debts is another aspect to remember when you opt for a DCP. Also, monitoring the debt will give you a better picture of your finances.
- Plan Your Budget Properly
Be cautious about your spending as you pay for the Singapore loan. Prepare a monthly budget and stick to it to avoid increasing expenses. The monthly expenses include groceries, bills, entertainment, etc.
- Try Not To Use The Bundles Revolving Around The Credit Facility
Many institutions offering such facilities offer the possibility of a revolving credit facility that adds to your monthly salary. But you should avoid doing it as this amount adds a lot of stress if the spending goes out of control.
Types Of Debt Consolidation Plans Offered By Top Financial Institutions
Some of the different types of DCP offered by the top financial institutions are listed here.
- Crawford
With Crawford, you can get your loan sanctioned within eight minutes. You have to login into SingPass and get all the information through MyInfo. All the details get pre-filled automatically. They will send results through SMS, following which you can collect your loan. They also have a calculator using which you can find out the potential monthly instalment to be paid. The process of applying for a loan is simple, and you do not.
- HSBC Debt Consolidation Plan
The DCP offered by HSBC Consolidation Debt has a maximum tenuity of ten years, and the interest rate starts from 3.4%. There provide a complementary HSBC Visa Platinum Credit Card, and no processing fee is attached. A 5% cashback is given to customers for DCP refinancing.
Choose A Suitable DCP
With all the information provided here, you can choose a suitable Debt Consolidation Plan from the top moneylenders. Ensure to always go with licensed service providers to avoid being trapped in fraud.
The documents needed to submit to get a DCP are credit card statements, monthly income statements, unsecured credit loans, etc. Irrespective of your loan scheme, ensure to make payments on time. Therefore, you won’t increase your debts and will clear the dues on time. Well, you can speak to moneylenders for more details.
