Who is eligible for a Debt Consolidation Loan in Singapore?

Are you juggling multiple loan repayments and struggling to keep up each month? A debt consolidation loan might be the solution you need. At Trillion Credit, a licensed moneylender in Singapore, we specialize in helping individuals regain control of their finances through personalized and affordable debt consolidation loans.

In this guide, we explain who qualifies for a debt consolidation loan in Singapore, what to expect during the application process, and how it can benefit you.

✅ What Is a Debt Consolidation Plan?

A Debt Consolidation Plan (“DCP”) allows you to combine multiple bank facilities — such as credit card balances, personal loans, overdrafts into a single loan with one monthly repayment. The goal is to reduce your financial burden, simplify repayments, and possibly lower your interest rate and reset your credit score.

✅ What Is a Debt Consolidation Loan?

A Debt Consolidation Loan (“DCL”) allows you to combine multiple existing debts from many different licensed moneylender loans—into a single loan with one monthly repayment. The goal is to greatly lower your monthly repayment to reduce your financial burden, and hopefully at a lower interest rate.

👥 Who Is Eligible for a Debt Consolidation Loan in Singapore?

Eligibility can vary slightly between banks and licensed moneylenders, but here are the common criteria:

1. Singapore Citizen or Permanent Resident
   You must be a Singaporean or PR to apply for most debt consolidation loan programs.

Note: Foreigners may still qualify for Debt Consolidation Loan with us depending on individual assessments.

2. Minimum Annual Income
   For debt consolidation loans offered by banks:
   You typically need to earn between S$20,000 to S$120,000 annually, and
   Your total unsecured debts must exceed 12 times your monthly income.

For licensed moneylenders like us:
We accept applicants with lower income levels, including those earning below S$20,000 annually.
Assessments are made based on net income, existing obligations, and repayment capacity.

3. Outstanding Unsecured Debts
   You should have multiple unsecured loans such as:

• Credit card debt
• Personal loans
• Moneylender loans
• Renovation or medical loans

Secured loans like car loans or mortgages cannot be consolidated under this scheme.

4. Feeling strained With Monthly Repayments
   If you are missing payments or barely managing minimum repayments, you may benefit from consolidating your debts into a single, more affordable repayment.

📋 What Documents Do You Need?

To apply for a debt consolidation loan, prepare the following:

1. Proof of Identity – NRIC or Work Pass
2. Proof of Income – Latest Pay slips (1-3 months), Latest CPF Contributions, Latest NOAs
3. Outstanding Loan Details – Loan statements, CBS Report, MLCB Report
4. Proof of residence – e.g., utility bill, tenancy agreement (only applicable for foreigners)

We’ll review your case and propose a solution that works for your situation.

Why Choose Trillion Credit?

At Trillion Credit, we specialize in fast and flexible debt consolidation loans tailored to your situation. Here’s what sets us apart:

✔️ We accept bad credit applicants / lower-income borrowers
✔️ Fast, friendly, and confidential assessments
✔️ Customized repayment plans
✔️ Lower monthly instalments
✔️ Licensed by the Ministry of Law
✔️ Award winning Licensed Moneylender

📞 Ready to Take Control of Your Finances?

If you’re wondering “Am I eligible for a debt consolidation loan in Singapore?” — let us help you find out. Our experienced loan consultants are here to assess your situation and guide you every step of the way.

Contact us now or apply online in just a few minutes.

📱 Call us at 65090111
📝 Or apply now at https://trillioncredit.com.sg/apply-for-loan/

🔍 Frequently Asked Questions (FAQs)