$1,000
$200,000
3 Months
48 Months
$58,200.00
$13,200.00
| Moneylender | Max. Loan Amount (Singaporeans) | Max. Loan Amount (Foreigners) | Monthly Interest Rate | Google Reviews |
|---|---|---|---|---|
| 1 Fullerton Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| 1st Credit SG | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| 365 Credit Solutions | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| Orange Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| Quick Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| Raffles Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |
| A1 Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Abm Creditz Singapore | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Bugis Credit | Up to $50,000 | Up to $30,000 | 1-4% | 4.9 |
| Capital Funds Investments | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| GS Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Horison Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Katong Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.9 |
| Credit 21 | 6 times monthly income | 6 times monthly income | 1-4% | 4.8 |
| Aero Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.3 |
| JR Credit | 6 times monthly income | 6 times monthly income | 1-4% | 4.0 |
*Today's Moneylenders Rates - 22 April 2024
Credit card consolidation loans allow borrowers to combine multiple high-interest credit card balances into one debt consolidation loan at a lower interest rate. These loans can provide a more economical option in managing high interest credit card balance repayments.
By providing longer repayment terms of 2-5 years at reduced interest rates, consolidation loans make repayments more manageable. Loan amounts range from S$5,000 to S$80,000 based on total card balances.
Consider options from banks versus licensed moneylenders:
Here are some of the key benefits of using a consolidation loan to combine credit card balances:
Check if consolidating your credit card balance reduces total costs and repayments are managble.
Apply via ROSHI to check different consolidation loan options. Compare interest rates, fees, terms, and eligibility criteria to find a financing option which fits your financial situation.
Your credit score greatly impacts available consolidation loans. Scores above 750 typically qualify better loan rates and terms versus lower scores. If below 750, improve your score to access more savings later.
Lenders view lower credit applicants as higher risk for nonpayment. While you may still get approved, it likely involves a higher interest rate. If you can handle the payments, it builds your score.
As interest is the main cost, finding the lowest rate saves significantly over the loan’s duration. Compare options thoroughly for the best interest cost.
Check you meet all criteria before applying to avoid unnecessary fees and time wasted.
Prepaying principal payments reduces costly interest fees over time.
Applying for multiple consolidation loans simultaneously seems dangerous and desperate to lenders.
Don’t rush to reapply after a consolidation loan denial. Rejections hurt your credit score so wait 6+ months before trying again to improve your rating.
A consolidation loan combines multiple high-interest credit card balances across banks into one fixed-rate loan for simpler repayment management.
Instead of keeping track on multiple monthly payments for several different credit cards or one with very high interest rates, a consolidation loan creates a single monthly installment to pay down total debt faster and at a lower interest rate.
For licensed moneylenders in Singapore, minimum scores of 620+ are often considered. Local banks typically approve consolidation loans for scores 680+.
Documents include recent credit card and bank statements, NRIC, proof of income like CPF contribution history and IRAS tax notices, credit score report, as well as proof of residence like utility bills and tenancy agreements.
The confirmed loan amount can be transferred into your account immediately upon signing the final contract at the money lenders branches or with some banks can even be completed online.
Some money lenders might allow repaying the loan principal earlier without fees but it is important to clarify before signing any loan contract.
