Consolidating your debt can save you a lot of money in the long run.So whether you have credit card debt or multiple outstanding loans, you may be better off combining your debt into one affordable, hassle-free Lending Works loan. Furthermore, our guide to debt consolidation loans will tell you everything you need to know about the merits of this type of personal loan.
If you have more than three debts and your creditors want different amounts of money at different times of the month you may find it difficult to co-ordinate your payments in a way that works with your budget.
If this is the case, consolidating your debt into one easy and affordable loan may well be the answer.
Association of Banks in Singapore launched a new loan product to help consumers deal with their rising pile of debt: debt consolidation loan.
Personal loans and credit card debt have been a growing problem for Singaporean consumers, and this could actually be a very helpful financial device to keep your personal finance in control.
Most people do this to reduce the interest rate on their debt, to bring down their monthly payment amount or to reduce the number of companies they owe money to.
Debt consolidation can be a useful strategy in some situations but for many it can involve extra costs, and potentially makes a difficult situation much worse.
Both can lead to lowering payments but are completely different ways of dealing with debt.
If you're not sure which option suits your circumstances then we can help.
As a peer-to-peer lending platform, we bypass the banks and can often offer you much lower rates, making your debt more manageable.
And our quick and simple application process means your money can be in your bank account within two working days.
Therefore, you should try to find an option with the lowest cost in form of fee and interest while finding a loan tenure that results in a manageable monthly payment.