Debt Consolidation Plan

Streamline your finances by consolidating debts with a single, low-interest monthly bill repayment!

Introducing Our Debt Consolidation Plan

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

Frequently Asked Questions

How does Debt consolidation plan work?

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.

Is the Debt consolidation plan suitable for me?

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.

Do I qualify for the Debt consolidation plan?

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.

Do I need to submit any documents?

Only one! Providing your credit bureau report will ensure the accurate evaluation of your application and loan offer!

Debt consolidation plan vs Personal loans?

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.

Will my credit score be affected?

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