QV Credit Debt Consolidation Loan Singapore
Credit card debt, unpaid housing loans, an urgent loan here and there… Are you completely swamped with too much debt 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.
Loan and debt are not unheard of in Singapore. With the high cost of living, it is not uncommon for people to take out a loan for basic necessities, cars, housing, and weddings. As of 2017, 4,000 Singaporeans reach unsecured debt levels of 6 times their monthly income every month. More than 1 million Singaporeans take on unsecured loans and this number is only rising.
With numerous debts incurring 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 pay off one debt. If things go out of hand, it can lead to a lot of debt problems for you and your family. Being in debt can take a toll on one’s mental and emotional health. A family saddled in debt will cause a household full of stress and tension. The benefits of debt consolidation plans help you manage and track your finances better as you will have a consolidation of all the loan and debt amounts you have to pay off.
Taking out a loan is not a big problem until scheduled repayment is missed and load up more outstanding balance 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 (DCP) in Singapore make it easier to manage this.
What is a Debt Consolidation Loan?
Debt consolidation loan plans in Singapore are 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 debt and loan 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 debt. The debt consolidation loan will help manage your debt better, consolidating it in one payment. You can also pay in smaller monthly installments as your debt is in consolidation, so there is only one amount, and it extends your payment terms up to 10 years.
Do be clear that a debt consolidation loan is not for reducing or getting rid of your debt at once. It is meant to help you pay off your debts in an easier and more manageable way. The consolidation of all your debt 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 consolidation loan again. Debt consolidation loan plans are a way for you to be savvier with your spending and help you manage your finances better.
Am I Eligible for a Debt Consolidation Loan?
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 in Singapore 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 time 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 excessively 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 moneylending and debt settlement companies out there that will offer very low-interest rates and high upfront fees. As a borrower, 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 6835 7666 to speak with our friendly team!