Debt Consolidation Loan Singapore, Easy Repayment - GS Credit Jurong

Debt Consolidation Loan

Flexible tenures . Low interest rates . Stress-free budgeting

What is a debt consolidation loan? 

A debt consolidation loan is a type of personal loan that combines all your existing loans into a single one. As such, instead of paying multiple instalments, each of them with interest, at different dates, you will be making a single monthly payment.

The main advantage of debt consolidation is organizing your budget more affordably. This is because the post-consolidation interest is much lower than the aggregated interest rates of all your previous loans.

GS Credit will also help you by restructuring your repayment schedule through convenient instalments, according to your financial needs. That way, you can always make timely repayments while having enough saved up for more pressing needs.

This loan is ideal for those...

  • Who have accumulated multiple loans
  • Looking to refinance their loans
  • Having trouble keeping track of their monthly repayments

3 simple steps to receive your instant personal loan

  1. Submit our online application form. It only takes 3 minutes!
  2. Receive your application results from our loan officers within the hour.
  3. Head down to our office premise, sign the loan contract and receive your loan instantly.

Frequently Asked Questions

When do you use a debt consolidation loan?

Credit card loans

Credit card debt is widespread in Singapore. However, not paying your debt on time leads to a snowballing interest that is difficult to keep up with. This is why we have devised a personalized consolidation loan to solve your credit card debt.

 

Student loans

Student loans are expensive in Singapore and very difficult to pay back if you have yet to find a job. When you are living on a tight budget with a family to care for, things get more challenging. This is why our debt consolidation loan includes student loans as well as other types of debt.

 

Renovation loans

Sticking to a budget during renovations is problematic because specialists cannot always foresee all possible issues. Also, most people do on-the-spot changes when remodelling. So, if you have borrowed more money than you can handle for your renovation project, we are able to help with our swift financial assistance.

 

Multiple personal loans

If you have accumulated debt from payday loans, urgent loans, or bridging loans, we can assist you with a tailored debt consolidation loan. Having multiple loans can be extremely taxing on yourself, and your wallet as well. A debt consolidation loan will help to bring all those loans together so that you will only have to make one monthly repayment.

 

Joint accounts

If the person you have taken the loan with cannot keep up with his share of instalments, you will see that debt snowball. If you need expert financial advice and a quick loan to tide you through, GS Credit can help with our debt consolidation loan.

Does a debt consolidation loan combine all my previous outstanding debt, including loans taken from other moneylenders?

Yes! This is what a debt consolidation loan is for. 

The plan will help to amass all your current outstanding debt across the different financial institutions, into a single plan for easier repayment and lower interest rates. 

For example, if you have multiple loans with two other financial institutions, we can combine them into a single debt consolidation loan for you.

This way, you will only have to make a single repayment each month, at a lower interest rate.

I already have an existing debt consolidation loan. Is it possible to refinance my existing debt consolidation loan?

You will be required to obtain a settlement notice from your existing financial institution before submitting a refinancing application.

This refinancing application should indicate your actual outstanding principal and accrued interest till the date of the generated notice. 

The outstanding principal on the notice will be the loan amount that you will refinance.

Will debt consolidation loans help my credit score? My current credit score is bad.

Once you have applied for your debt consolidation loan, your Credit Bureau Record will be updated to reflect your debt consolidation loan.

That being said, it can have a positive impact on your credit score should you make your monthly repayments on time. 

This will help to improve your credit score over time.

How long does it take to apply for a debt consolidation loan?

As long as you have all your required documents in check, you should be able to receive your loan within the hour.

Who is suitable for a debt consolidation loan? When should one take up a debt consolidation loan?

If you currently have multiple debts across various financial institutions, a debt consolidation loan will be good to help you amass them into a single monthly repayment plan, at a lowered interest rate.

This way, it will be easier for you to keep track of your monthly repayments so that you do not have to incur unnecessary late repayment fees.

What documents do I need to prepare for a debt consolidation loan?

For Singaporeans / PRs:

  • Proof of identity (NRIC, passport)
  • Proof of income (CPF / bank statements)

 

For Foreigners:

  • Work Permit / S Pass / E Pass
  • Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
  • Payslips / bank statements

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