Debt Consolidation Plan

With a debt consolidation plan, you will get to centralise all your current debt across various financial institutions into a single loan.

You’ll have to make fixed monthly repayments over the period of your loan tenure.

This way, you’ll be charged a lower rate of interest and work with longer loan tenures.

A debt consolidation plan will be extremely helpful if you are currently experiencing trouble paying off your multiple high-interest credit card debt.

By doing so, you will get to consolidate all your credit card debts at a much lower interest rate, effectively saving you money. 

This streamlined process of combining all your debt into a single loan also makes it easier for you. Thus, you won’t have to juggle multiple loans at the same time.

Yes. Our debt consolidation plan will help bring together all your existing debt with other financial institutions into a single plan for easier repayment.

For instance, if you have taken up loans with three other financial institutions, we can amass them for you into one single debt consolidation plan.

This way, you will only have to make a single monthly repayment, at a fixed interest rate. 

It is important to note that your Credit Bureau Record will be updated to reflect your debt consolidation plan should you choose to apply for one. 

That being said, it can have a positive impact on your credit score should you make your monthly repayments on time. 

There are 8 benefits one can enjoy when they sign up for a debt consolidation plan with Lending Bee®.

1. Reduced default penalties

You may have incurred huge penalties from missing out on repayments for your previous loans. With a Debt Consolidation loan, all the existing debts are merged into one single loan. You will then be able to focus on paying only one loan and the likelihood of defaulting will be greatly lowered. Hence, eliminating any unnecessary penalties. 

2. Increased convenience

After obtaining the debt consolidation plan, you are immediately relieved from the confusion of calculating the payments and interest accruing to multiple lenders on a monthly basis. It becomes easier to pay a single loan and you are able to plan better and make payments consistently. 

3. Better credit ratings or credit scores

Your previous loan defaultments could have caused a dip in your credit score. Once you opt to consolidate your debt, you will be able to turn around the negative credit rating by making consistent and timely repayments. This way, you can significantly improve your credit score. 

4. Just a single interest rate

Before consolidating the debt, you have the challenge of dealing with several different rates of interest on multiple loan amounts. This usually creates higher costs. The consolidated loan will give you a single fixed rate of interest at a lower cost, creating good savings.

5. Less administration fees

Many lenders do not charge any extra processing fee when facilitating the debt consolidation loan. The borrower also ends up saving the administration fees that are charged when one is servicing multiple loans. The amount of these administration fees could become quite hefty, thus resulting in a major saving.

6. Flexible loan tenures

Debt consolidation loans tend to have loan tenures that are flexible and they can go up to a period of 36 months. This depends on each individual and is important for you to ensure that you have sufficient time to clear off the entire debt. Choose a repayment plan that allows you to repay your loan comfortably.

7. Several convenient ways of payment

There are several convenient ways of making the payments of a debt consolidation plan with Lending Bee®. These include:

• Monthly giro deductions
• Sending a cheque
• Bank transfers (ATM, iBanking)

8. Ease of application and approval

Debt consolidation loans are easy to apply for and they also do not require a huge number of documents in order to be approved. This will be a huge benefit as you will be able to reorganise your debt as soon as possible. 

To qualify for a debt consolidation plan with Lending Bee®, you’ll simply have to:

• Be a Singapore Citizen, Permanent Resident or a Foreigner with a valid work permit
• Be at least 21 years old
• Be employed / self-employed

For Singaporeans / PRs:

• Proof of identity (NRIC, passport)
• Proof of income (CPF / bank statements)

• Work Permit / S Pass / E Pass
• Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
• Payslips / bank statements

At Lending Bee®, all applications for our debt consolidation plan are kept fast and simple. 

• Step 1: Submit your application via our online application form.
• Step 2: We will drop you a call regarding your loan application status within the hour.
• Step 3: Head down to your selected Lending Bee® branch, sign the contract and receive your loan.

We will disburse the funds to you immediately after you have accepted and signed our loan contract at any of our branches.

Yes, you can still apply for a debt consolidation plan with us. 

Ultimately, debt consolidation plans can help to significantly improve your credit score, if monthly repayments are made promptly. 

Thus, we aim to help our borrowers regardless of their credit scores. This is why we do not have specific restrictions with regard to credit scores.

No, we do not charge any fees for early loan repayments. 

Outstanding interests, if any, will also be nullified once you have finished repaying your loan earlier than the date stipulated in your loan contract.