Compare the Lowest
Credit Card
Consolidation Loan Rates
in Singapore (June 2024)

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Updated June 19, 2024

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CREDIT CARD CONSOLIDATION LOAN CALCULATOR
Calculate your repayments

Loan Amount
34

$1,000

$200,000

Term
3

3 Months

48 Months

Monthly Interest
Your Monthly repayment will be
$9,700.88
Total Repayment

$58,200.00

Total Interest

$13,200.00

List of Credit Card Consolidation Loan Providers in Singapore
(June 2024)

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 - 19 June 2024

  • Credit Card Consolidation Loans Basic

  • Tips and Hints

  • FAQ

When to Choose a Credit Card Consolidation Loan?

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.

Comparing Credit Card Consolidation Loan Options

Consider options from banks versus licensed moneylenders:

Interest Rates
Banks in Singapore usually offer lower rates to borrowers at 3.4-4.5% per annum while moneylender rates are anywhere between 2-4% per month.
Additional Fees
Banks typically charge 1-2% upfront admin fees while moneylenders may not charge any fees. Compare total borrowing costs.
Approval Speed
Moneylenders can approve loans within hours while some banks might take days or even weeks to complete background checks.
Benefits of Credit Card Consolidation Loans

Here are some of the key benefits of using a consolidation loan to combine credit card balances:

Interest Rate Reduction
Consolidation of high interest rate credit card balance into one fixed-rate consolidation loan with a lower interest rate with repayments over a longer period of time.
Single Monthly Repayment
Make one predictable monthly repayment instead of tracking dates and amounts for multiple cards.
Improves Credit Score
Responsible and timely repayments can help improve credit scores over time.
Saves Money
Potentially significant interest rate and repayment savings by reducing interest rates, late payment fees and consolidating multiple balances into one single loan.
Main Considerations

Check if consolidating your credit card balance reduces total costs and repayments are managble.

Research All Options

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.

Higher Credit Scores Means Lower Rates

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.

Lower Scores Means Higher Rates

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.

Find and Compare Interest Rates

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.

Confirm Eligibility Before Applying

Check you meet all criteria before applying to avoid unnecessary fees and time wasted.

Discuss Repayment Options

Prepaying principal payments reduces costly interest fees over time.

Only One Consolidation Loan

Applying for multiple consolidation loans simultaneously seems dangerous and desperate to lenders.

If Denied, Wait Before Reapplying

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.

What is a credit card consolidation loan?

A consolidation loan combines multiple high-interest credit card balances across banks into one fixed-rate loan for simpler repayment management.

Why should I consolidate my credit card debt?

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.

What credit score gets me approved?

For licensed moneylenders in Singapore, minimum scores of 620+ are often considered. Local banks typically approve consolidation loans for scores 680+.

What documents are needed to apply?

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.

How fast can I get approved?

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.

Can I repay faster?

Some money lenders might allow repaying the loan principal earlier without fees but it is important to clarify before signing any loan contract.

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