Struggling with multiple loan repayments and wondering if you can even qualify for a debt consolidation loan? You’re not alone. Many borrowers in Singapore ask the same question:
👉 “Is it hard to get approved for a debt consolidation loan?”
The answer depends on a few key factors—but the good news is, approval is more accessible than most people think, especially when working with a licensed moneylender like Trillion Credit.
✅ What Is a Debt Consolidation Loan?
A debt consolidation loan combines multiple unsecured licensed moneylender loans which can be from different licensed moneylending companies into a single loan with one monthly repayment. It helps borrowers:
- Lower monthly payments
- Simplify repayment schedules
- Avoid late fees and potential legal action
Whether you’re falling behind or simply overwhelmed, consolidating your debt can give you the structure and relief you need to get back on track.
🔍 So, Is It Hard to Get Approved?
With banks, yes—approval can be strict.
With licensed moneylenders like us, not necessarily.
Here’s what matters in getting approved:
- Your Current Income
We look at your ability to repay moving forward, not just your past. If you have a steady income, we’ll work with you to structure a plan that fits. - Your Existing Debt Obligations
Even if your debts are large or spread across multiple lenders, consolidation can help streamline it all into one manageable repayment. - Your Credit Score
Bad credit? Don’t worry. While banks may reject low credit scores, we assess your overall situation, including income, expenses, and intent to repay. - Your Employment Status
As long as you are employed—full-time, part-time, or self-employed—we’ll consider your application. - Your Commitment
We value transparency and responsibility. If you’re ready to commit to repaying your debts, we’ll do our best to help you qualify.
🏦 Why Banks Might Reject You
Banks in Singapore have strict approval criteria for debt consolidation loans. You may be declined if:
Your annual income is below S$30,000–S$120,000
Your total unsecured debts don’t exceed 12 times your monthly income
Your credit score is too low
You’re self-employed or lack sufficient documentation
But these same restrictions don’t apply with licensed moneylenders.
🤝 How Trillion Credit Makes Approval Easier
We specialize in helping borrowers who may not qualify through traditional banks. Here’s why you’re more likely to get approved with us:
✔️ We accept bad credit applicants
✔️ We assess net income and real-life expenses
✔️ No hidden fees, no hard credit checks for assessment
✔️ Fast approvals—often within the same day
✔️ Friendly, non-judgmental consultants
🧾 What You’ll Need to Apply
To get started, simply prepare:
Proof of Identity – NRIC / Work Pass
Proof of Income – Latest payslips (last 1-3 months), CPF Contribution Statement, Income Tax Notice of Assessment
Proof of Address – utility bill, tenancy agreement, etc. (only applicable for Foreigners)
Outstanding debt details – Loan statements from banks or licensed moneylenders, CBS Report, MLCB Report
No lengthy paperwork. No guesswork. Just a clear path forward.
💬 Real-Life Example
Case Study:
An Operations Executive borrower taking back net earning of $3,300/month had 4 unsecured personal loans totaling $20,000 with a combined monthly repayment of $4,000.
After falling behind on repayments, she approached us for help.
We reviewed her case and offered a debt consolidation loan with a single repayment of $1,440/month, spread over a longer term to reduce her stress and allowing her to rebuild her credit score.
🚩 Common Misconceptions
❌ “I won’t qualify because I missed payments.”
✅ We look at your current repayment capacity, not just your past.
❌ “I need a perfect credit score to get approved.”
✅ Many of our clients have credit scores below 1,500.
❌ “Debt consolidation loans are only for high earners.”
✅ We work with individuals earning as low as $1,500/month.
📞 Don’t Wonder. Find Out.
Still asking yourself, “Is it hard to get approved for a debt consolidation loan in Singapore?”
Let us assess your situation — no fees, no obligations. We’ll let you know where you stand and how we can help.
📱 Call us at 65090111
📝 Or apply now at https://trillioncredit.com.sg/apply-for-loan/
