Are you juggling several debts, with different due dates and interest building up on each of them? You may be tired of keeping track and want one payment to manage — but you’re not sure whether a bank plan or a licensed moneylender is the right option.
Streamline your finances by consolidating debts with a single, low-interest monthly bill repayment!
Move the sliders to see your monthly repayment and total payable before you apply.
Debt consolidation combines several debts — such as credit cards, medical bills, and other loans — into a single monthly repayment. Friday Finance offers this to Singaporeans and PRs earning at least S$20,000 a year, subject to assessment, with one document typically needed: your credit bureau report.
A strategic financial solution designed to simplify your debt management and experience the ease of managing a unified plan. By consolidating multiple debts into a single, manageable loan, our goal is to streamline your monthly payments, potentially secure a lower interest rate, and provide you with a structured approach to repaying debts.
It works by combining multiple debts into a single, loan. Then you pay off your smaller loans with the new one. You can use the Debt consolidation for most kinds of debt including:
- Credit cards
- Outstanding medical bills
- Car repairs and more.
If you are struggling to make your monthly repayments or are paying very high interest rates on your outstanding loans, then the Debt Consolidation Plan is suitable for you to potentially secure lower interest rates. It can also serve as a means to streamline your financial affairs, providing the convenience of fewer monthly bills and alleviating concerns about multiple due dates.
However, if you need to borrow money for a purpose other than debt consolidation, then instead of this, you can consider taking out a different type of Personal loan.
Only Singaporeans and PRs are eligible for a debt consolidation plan. Additionally, you must earn at least $20,000 a year. Generally, lenders are also more likely to offer a debt consolidation plan to those who are heavily enough in debt and have debt with multiple lenders.
Only one! Providing your credit bureau report will ensure the accurate evaluation of your application and loan offer!
While Personal Loans can be used for a multitude of purposes, Debt consolidation is a type of loan mainly used to simplify multiple balances into one.
As long as you make all your payments in a timely manner, Debt consolidation may actually impact your credit score favorably in the long run!
Friday Finance is a product of IFS Consumer Services Private Limited, a licensed moneylender regulated by the Registry of Moneylenders of the Ministry of Law in Singapore
