Top Debt Consolidation Plan Providers in Singapore

What is a debt consolidation plan 

Debt consolidation plan, also commonly known as DCP,  is a refinancing scheme that was rolled out by the Association of Banks in Singapore to cater to those who are facing difficulty meeting payments for their unsecured debts. The DCP allows a client to bring together all their existing outstanding debt across multiple financial institutions into a single loan with one lender. 

This can be offered by banks or licensed moneylenders. If the application is approved, the issuing lender pays off the client’s outstanding debts so that they only need to focus on paying one loan. The loan is often offered at a lower interest rate and the monthly repayment is fixed for a certain period. 

Top debt consolidation plan providers in Singapore

Here are some of the top banks and licensed moneylenders offering debt consolidation plans in Singapore:

Plan Provider	HSBC
Speciality	Spread monthly repayment up to 10 years Promotional interest rates from 3.5% p.a. onwards with no processing fee for eligible applicants Complimentary Visa Platinum credit card available Multiple branches conveniently located around Singapore
Pricing	Contact for quotation
Website	https://www.hsbc.com.sg/
Address	Check for locations here
Telephone	6472 2669
Operating Hours	Check website for operating hours

 

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Plan Provider	POSB
Speciality	Fixed monthly instalments up to 8 years Interest rates starting from 3.58% p.a. onwards Offers credit card with credit limit of 1x monthly income and no annual fee Various branches conveniently located around Singapore
Pricing	Contact for quotation
Website	https://www.posb.com.sg/personal/default.page
Address	Check for locations here
Telephone	6878 6887
Operating Hours	Check website for operating hours

 

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Plan Provider	Standard Chartered Bank
Speciality	Offers competitive interest rates from 3.48% p.a onwards Stretch monthly repayments with loan tenures from 3 to 10 years Platinum Mastercard credit card available with credit limit equivalent to monthly salary Receive $200 cashback upon approval
Pricing	Contact for quotation
Website	https://www.sc.com/sg/
Address	Check for locations here
Telephone	6747 7000
Operating Hours	Check website for operating hours

 

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Plan Provider	Citibank
Speciality	Option to select loan tenure up to period of 7 years Offers credit card with credit limit of monthly income No processing fee involved
Pricing	Contact for quotation
Website	https://www.citibank.com.sg/portal/bluehome/index.htm
Address	Check for locations here
Telephone	6397 4888
Operating Hours	Check website for operating hours

 

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Plan Provider	Bank of China
Speciality	Interest rates from 6% p.a. Offers fixed monthly repayment up to 10 years Complimentary BOC credit card issued with annual fee waived during loan tenure Various branches conveniently located around Singapore
Pricing	Contact for quotation
Website	https://www.bankofchina.com/
Address	Check for locations here
Telephone	1800 338 5335
Operating Hours	Check website for operating hours

 

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Plan Provider	Maybank
Speciality	Monthly repayments available up to 10 years Complimentary credit card offered with credit limit of monthly income No processing fee involved for debt consolidation plan Competitive promotional interest rates and cash rebate available for period of time
Pricing	Contact for quotation
Website	https://www.maybank2u.com.sg/en/personal/index.page?
Address	Check for locations here
Telephone	1800 629 2265
Operating Hours	Check website for operating hours

 

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Plan Provider	HL Bank Singapore
Speciality	Interest rates starting from 3.8% p.a. based on applicant’s risk profile Stretch loan repayments up to 10 years Revolving credit facility with limit of up to 1 month income
Pricing	Contact for quotation
Website	https://www.hlbank.com.sg/en/personal-banking/home.html
Address	7 Wallich St, #B1 – 25 and #B1- 26, Singapore 078884
Telephone	6349 8330
Operating Hours	Weekdays 9AM – 4PM Closed on weekends

 

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Plan Provider	UOB
Speciality	Interest savings from 4.5 p.a. onwards with loan tenure of 6 years Complimentary visa platinum card with credit limit of 1 month of income No processing fee involved
Pricing	Contact for quotation
Website	https://www.uob.com.sg/personal/index.page
Address	Check for locations here
Telephone	6715 5690
Operating Hours	Weekdays 9AM – 6PM

 

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Plan Provider	OCBC
Speciality	Interest rate from 6% p.a. Option to choose repayment plan from 36 to 96 months with fixed repayment amount Complimentary OCBC platinum credit card with credit limit of up to 1 month of income with no annual fees No processing fee involved
Pricing	Contact for quotation
Website	https://www.ocbc.com/group/gateway?
Address	Check for locations here
Telephone	6363 3333
Operating Hours	Check website for operating hours

 

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Plan Provider	CIMB
Speciality	Fixed installment plan from 2.77% p.a. onwards with one-time handling fee of 1% Loan tenure available from 12 to 60 months CIMB credit card available with credit limit of 1 month of income
Pricing	Contact for quotation
Website	https://www.cimb.com.sg/en/personal/home.html
Address	Check for locations here
Telephone	6333 7777
Operating Hours	Check website for operating hours

 

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Plan Provider	American Express
Speciality	Option to select fixed monthly payment period Ability to consolidate up to 4 credit cards into one fixed monthly payment Various branches conveniently located around Singapore
Pricing	Contact for quotation
Website	https://www.americanexpress.com/en-sg/
Address	Check for locations here
Telephone	1800 299 1997
Operating Hours	Check website for operating hours

 

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Plan Provider	Orange Credit
Speciality	Loan tenure comprises of monthly installments of up to 36 months No collateral required to obtain debt consolidation loan Registered moneylender with professional loan consultants available to guide and advice on realistic repayment plan
Pricing	Contact for quotation
Website	https://orangecredit.com.sg/
Address	810 Geylang Rd, #01-91 City Plaza, Singapore 409286
Telephone	6748 2320
Operating Hours	Weekdays 11AM – 8PM Saturdays 11AM – 3PM Closed on Sundays

 

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Plan Provider	TCC Consolidation Loan
Speciality	Offers maximum loam amount up to 6 times of combined income or $50,000, whichever lower Repayment period up to 5 years Offers interest rate from 6.99% p.a. Eligibility criteria starting from minimum basic salary of $1,200
Pricing	Contact for quotation
Website	https://www.tcc.org.sg/
Address	95 Killiney Road, Singapore 239537
Telephone	6319 3700
Operating Hours	Weekdays 8.45AM – 6PM Saturdays 9AM – 1PM Closed on Sundays

 

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Plan Provider	Lending Bee
Speciality	Offer debt consolidation plans up to $300K with flexible loan tenures Convenient loan applications via mobile app with exclusive benefits available Multiple branches located around Singapore
Pricing	Contact for quotation
Website	https://www.lendingbee.com.sg/
Address	Check for locations here
Telephone	6219 1611
Operating Hours	Weekdays and Saturdays 11AM – 8PM Sundays 10AM – 7PM

 

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Plan Provider	KST Credit
Speciality	Fast approval period within 30 minutes on same day of application Enjoy lower interest rates for loan repayment Offers flexible loan repayment period based on income and eligibility
Pricing	Contact for quotation
Website	https://www.kstcredit.sg/
Address	220 Orchard Rd. Midpoint Orchard #01-01, Singapore 238852
Telephone	6255 5225
Operating Hours	Weekdays 10.30AM – 7.30PM Weekends 10.30AM – 4PM

 

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Plan Provider	Capital Funds Investments
Speciality	Maximum interest rate of 3.9% per month No minimum or maximum loan amount Offers tailored monthly payment and loan duration
Pricing	Contact for quotation
Website	https://www.loancfi.com.sg/
Address	65 Ubi Crescent #06-07, Hola Centre, Singapore 408559
Telephone	6281 7736
Operating Hours	Weekdays 12PM – 8PM Saturdays 11AM – 3PM

 

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Plan Provider	Cash Direct Pte. Ltd.
Speciality	Offers various mode of payment via mobile, cheque or cash Low administration fees Easy application and approval process
Pricing	Contact for quotation
Website	https://cashdirect.sg/
Address	Vision Exchange, 2 Venture Drive #01-21, Jurong East Central, Singapore 608526
Telephone	6493 0088
Operating Hours	Weekdays and Saturdays 11AM – 8PM Sundays 12PM – 5PM

 

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Plan Provider	HHL Credit Pte. Ltd.
Speciality	Minimum annual rate from 12% p.a.to 47% p.a Offers maximum repayment period up to 24 months Fast loan approvals within 15 minutes
Pricing	Contact for quotation
Website	https://hhlcreditpl.com/
Address	1 Rochor Canal Rd, #01-04, Singapore 188504
Telephone	6732 1998
Operating Hours	Weekdays 11AM – 8PM Saturdays 11AM – 7PM Sundays 10AM – 5PM

When to opt for a debt consolidation plan

Once you have fallen deep in debt with several credit cards or creditors, it can be stressful to juggle with multiple overdue payments. Having those persistent reminders about your outstanding amount constantly breathing down your neck can be overwhelming. If you currently have an outstanding debt of more than 12 times of your monthly salary, the DCP is a recommended option for you.

It is important to note that the DCP is only catered for some types of unsecured loans such as personal instalments or credit cards. Other types of loans like education loan, housing loan, car loans or business loans cannot be consolidated under DCP. As the loan has a potentially lower interest rate and a fixed monthly payment period, it should help to save on the overall interest payment. This should eventually help to eliminate that neverending debt repayment cycle more efficiently over time. 

Who is eligible for a debt consolidation plan

In times of financial crisis, DCP can be an option to help one manage their debt problems. However, not everyone is eligible to apply for DCP. To be eligible for DCP, you need to meet the following requirements.

First, you must be a Singaporean Citizen or Permanent Resident age at least 18 years and above as of the date of application. 

Secondly, those with an annual income between $20K and $120K or net assets of less than $2 million can apply. 

Lastly, the total unsecured credit on all credit cards and unsecured loans should exceed at least 12 times of your monthly income before you can request for a DCP.

If you are unsure whether you qualify for the requirements, consult your financial institution. Often they will also be able to recommend a suitable loan tenure based on your current financial status.

Advantages of debt consolidation

When you are drowning in too much credit card debt, the DCP can help you to manage your monthly repayments and eventually be freed from debt. Here are some of the advantages offered by debt consolidation plans:

Easier tracking and planning

During the application process, the financial advisor will work out the amount required to be paid on a monthly basis based on your loan tenure. By consolidating your debt into a single loan, you only have to make one payment instead of having to manage multiple accounts. This makes it easier to keep track of your payment schedule. 

Potentially lower interest rates

Most credit cards have high interest rates and can continue to rack up massive amounts of interest each month if not paid on time. DCP helps to pay off multiple high interest debt accounts and consolidates them into a single account, often at a lower interest rate. Generally, the shorter the loan tenure, the lower the interest rate and vice versa. Do look out for offers as some providers bundle the DCP with promotional interest rates and cashbacks that may help you save extra money.

Enforces financial discipline

Debts can take years to be fully paid off. With DCP, it takes into consideration your income, loan tenure, credit score, current debt and other factors to come up with a repayment plan. This helps to reduce the overall payback period of your debt. It also helps to consolidate your debt into a single and manageable payment period, allowing you to have more control of your finances and reduces the likelihood of incurring late payment fees.

Higher credit score

Getting a personal loan can affect your credit score and especially if you are late or default on the payment. Having low credit scores can affect your ability to get another loan or credit card and may even affect your job performance. By paying off your outstanding debts with the DCP, it can help to reduce the impact on your credit score and improve your overall score within a short span of time.

Disadvantages of debt consolidation

Like any financial loan, DCP requires discipline and commitment to paying off your debt. While it may help to overcome your financial woes, there are some disadvantages of debt consolidation plans:

Possibility of taking longer to repay debt

Many providers charge an early repayment or termination fee if you opt to repay your loan before the end of the loan tenure. This is often a percentage of the repayment amount. Hence even if you have the available funds, you have to consider the additional fee incurred to repay your debt in advance. 

May end up paying more

While it varies between providers, some DCP have upfront costs such as registration fees, closing costs and annual fees. Hence it is important to clarify on any additional fees, including late payments, before signing up for the DCP. Often the longer your loan tenure, the lower your monthly repayment. However, depending on the severity of your debt, you may be quoted a higher interest rate initially. Hence in the long run, you could end up paying more due to the interest rate.

Possibility of falling back into poor spending habits

Some people find themselves constantly in debt due to poor financial management such as habitual gambling and compulsive buying. While the DCP can help in the short term, it may not be the best solution in the long run. Some may be tempted to borrow more and this may cause them to fall into greater debt in the future.

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Editor’s Note:

While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.

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