Simplify Repayments With Our Debt Consolidation Loan in Singapore
If you’re struggling with multiple loans, we’ll help you consolidate your debt into one with stress-free monthly instalments
- A debt consolidation loan in Singapore is powerful because it transforms overwhelming financial chaos into clear, manageable payments.
- A personal loan for debt consolidation eases anxiety and stress by simplifying your instalments, lowering interest rates, and restoring control over your finances.
- Borrow from a licensed moneylender that operates under strict regulations from the Ministry of Law. We’re also a member of the Singapore FinTech Association.
What Are Debt Consolidation Loans and How Do They Work?
A debt consolidation loan is a sum of money that you borrow from a legal moneylender to pay off all eligible unsecured loans you’ve taken out at one go. These include credit card bills and personal loans. You’ll then repay this debt consolidation loan to your lender in fixed monthly instalments until the loan is fully cleared.
How a Debt Consolidation Loan Works
1 single debt consolidation loan
With a lower interest rate
An Alternative to Banks:
Debt Consolidation From 1-Fund
There are over 15 traditional banks and financial institutions offering a debt consolidation plan. However, you might not be eligible for several reasons. This is where a debt consolidation loan from a moneylender with more flexible requirements comes to the rescue!
Banks vs 1-Fund
Banks vs 1-Fund
Banks
Why a Bank May Reject Your Debt Consolidation Plan Request
- You aren’t a Singapore Citizen or Permanent Resident
- You don’t earn between S$20,000 and S$120,000
- Your total eligible unsecured debt in Singapore isn’t more than 12X your monthly salary
1-Fund
How 1-Fund Can Ensure You Get a Personal Loan for Debt Consolidation
- You are eligible for a debt consolidation loan as long as you’re 18 years old or above, of any income level
- Our consolidation loans are open to all Singaporeans, Permanent Residents, and Foreigners
- We don’t have any minimum accumulated debt criteria you must meet
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We have an office at Bukit Timah, where you can consult us regarding flexible repayment periods, loan amount, and more
What Can You Use Our Debt Consolidation Loans For?
The primary purpose of a debt consolidation loan is to ensure you become debt-free in a more manageable manner. Here’s what else a debt consolidation loan from a moneylender is used for:
To improve your credit profile by showing you’re a trustworthy borrower.
To lower your interest charges below what your unsecured loans currently charge.
To manage your monthly budget more easily, especially if you’re caring for a household.
To repay your debt quicker via a shorter tenure and a lower interest rate.
To train your financial discipline, since you’ll have just one loan to settle.
To relieve the stress of having to track what’s paid and what’s still outstanding.
How Much Can I Receive for My Debt Consolidation Loan?
When our clients take up a loan from us, they generally borrow between S$3,000 and S$5,000. However, the amount may be more significant for those taking out debt consolidation loans.
In any case, refer to these detailed loan limits for Singaporeans, Permanent Residents, and Foreigners:
| Residency Status | Annual Income | Loan Limit |
| Singapore Citizen / Permanent Resident | Below S$10,000 | S$3,000 |
| S$10,000 to S$19,999 | S$3,000 | |
| S$20,000 and above | Six times your monthly income | |
| Foreigner | Below S$10,000 | S$500 |
| S$10,000 to S$19,999 | S$3,000 | |
| S$20,000 and above | Six times your monthly income |
Hear From Our Clients
We’re not just licensed — we’re loved. Hear from our customers why 1-Fund is one of the top legalised moneylenders in Singapore and the go-to name for those seeking trustworthy local moneylenders.
How Do I Apply for a Debt Consolidation Loan in Singapore?
3 Steps to
Get Your Debt Consolidation Loan
1. Fill out our quick and easy application form.
2. Receive loan approval — in as little as 15 minutes!
3. Accept your loan offer at our office.
Frequently Asked Questions
Debt Consolidation Loans in Singapore
Is it good to apply for a debt consolidation loan?
Getting a debt consolidation loan is a good decision if you want to streamline your finances and lower your interest charges. However, you need the discipline to repay your instalments punctually and avoid taking on additional debt.
What loans are eligible for a consolidation loan in Singapore?
At 1-Fund, all unsecured loans are eligible for a licensed moneylender’s consolidation loan in Singapore, including:
Personal loans
Credit card bills
Payday loans
Wedding loans
Are consolidation loans in Singapore bad for your credit score?
Are consolidation loans in Singapore bad for your credit score?
No. In fact, they have the potential to improve your credit profile at the Moneylenders Credit Bureau, as this is an opportunity to show that you’re a responsible borrower. However, your Credit Bureau Singapore credit score might take a small hit if the licensed moneylender decides to perform a credit check when determining whether or not you’re a suitable candidate for their consolidation loan. Not all lenders conduct this check, since it’s not technically required.
Am I eligible for 1-Fund’s debt consolidation loan?
You are eligible for our debt consolidation loan if you:
Draw a stable income
Are at least 18 years old
What documents do I need for a Singapore debt consolidation loan?
When you take up a debt consolidation loan from a licensed moneylender, you need to submit:
- A valid ID (NRIC, Work Pass, etc.)
- Proof of income (Payslips, CPF contribution history, etc.)
- Any additional documents requested by the lender
What is your debt consolidation loan’s interest rate and tenure?
Interest / month
0% - 3.92%
Loan Tenure
6 - 12 months
The interest rate for our debt consolidation loan ranges from 0% to 3.92% per month, with terms of 6 to 12 months. Rest assured that we’ll charge no more than 4% a month, as per the Ministry of Law’s guidelines.
Can I get a consolidation loan in Singapore without collateral?
Yes, you can. You don’t need to submit any valuables, property, or vehicles to secure your loan (as assets to sell in case you default on repayments) and ensure it gets approved.
How fast can I get a consolidation loan in Singapore?
If your application is complete and accurate, it can be approved in just 15 minutes. All you need to do thereafter is accept the loan offer in person, and we’ll disburse the funds immediately.
Is it easy to get a debt consolidation loan in Singapore?
Traditional banks and financial institutions have strict requirements that borrowers must meet in order to qualify for their debt consolidation plans. However, licensed moneylenders like 1-Fund can make decisions independently.
This is how you can improve your chances of getting approved:
Prove you’re drawing a stable income, whether you’re self-employed, a freelancer, or employed by a company full-time.
Provide accurate documentation when you submit your application the first time around.
Enter an amount that matches the total of all your unsecured loans. Do not overborrow, as this increases the odds of your application being rejected.
How do I enquire more about 1-Fund’s debt consolidation loan?
Call us at +65 6669 9999 or use WhatsApp to send us a message. You can also visit our office for immediate replies! Contact us anytime you’re ready.
Am I charged if I repay my Singapore debt consolidation loan early?
No. We do not charge penalty fees if you repay your Singapore debt consolidation loan early.
How do I choose the best licensed debt consolidation moneylender?
When you’re looking for the best licensed moneylender for debt consolidation, choose only from this list of lenders authorised by the Ministry of Law. Compare loan offers from different lenders before making a decision. The best one should have the lowest interest rate and fees. Lastly, consider whether the lender’s staff were helpful and communicated well during your consultation.
Reach Out to Us
Streamline your repayments easily! Start applying for your Singapore debt consolidation loan online, or submit a form in person at our office anytime from Monday to Saturday.