Debt Consolidation Plan

We offer unsecured debt consolidation plans up to $300,000 SGD with longer loan tenures to provide you with one of the best loans in town.

Debt Consolidation Plan Singapore

What is a Debt Consolidation Plan?

Struggling with too many debts and find it tough to keep track of your monthly repayments? Debt consolidation is just what you need. 

A debt consolidation plan is a form of debt refinancing which make your lives easier by combining all credit card debts and personal loans across various financial institutions into one fixed monthly repayment. 

By doing so, it decreases the chances of missing out on payments and allows you to reorganize your finances.

Moreover, a debt consolidation plan usually provides better interest rates and longer loan tenures so that you can comfortably repay your loans.

By consolidating all your current payments into a single plan, you’ll save the hassle of trying to track your various repayment deadlines, payments and bills. 

Don’t fall behind any further and avoid paying more than you should. Let Lending Bee® help you get started with a debt consolidation plan today. 

Benefits of a Debt Consolidation Plan with Lending Bee®

Our debt consolidation plan stands out as we provide our borrowers with a wide range of unique benefits.

Better and improved
credit scores

Flexible
loan tenures

Ease of application
and approval

Increased
convenience

FAQ on Lending Bee's Debt Consolidation

Frequently Asked Questions

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)
 
For Foreigners:
  • 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.

Debt Consolidation Plan 1

3 Simple Steps to receive
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Receive your loan within the hour!

Submit Online Application

Register an account on our mobile app or simply fill up our loan application form. Takes only 3 mins.

Receive Application Status

Outcome of the loan with the maximum loan amount and tenure will be provided to you in less than an hour.

Fast Cash Disbursement

Head down to your selected Lending Bee® branch, sign the loan contract and receive your money instantly.

Our Latest Customer Reviews (Mar 2021 Update)

Christie Lim
Christie Lim
Mar, 2021
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Andy and Yuan Xi are friendly and informative and professional. The process was smooth and fast. This company offers term payment loans for larger amounts.
Lee JR
Feb, 2021
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Taken an urgent loan from Ms Amanda and was very pleased in her prompt service and she was definitely responsive in all the questions I have. I'd strongly recommend Ms Amanda's services.
RABOI IZ
Feb, 2021
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process very transparent and fast.. love the free mask provided by the company, very thoughtful of them. thanks lending bee toa payoh.
Afiq Azmi
Jan, 2021
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Assisted by Mr Andy and Enid regarding the loan to clear some debts. Really helpful, patient and very understanding towards the situation and purpose of the loan. Would recommend to others if in need of personal loans! Thank you!
Miss San
Miss San
Jan, 2021
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Ms Samantha is very friendly and very meticulous in helping me with her loan. Lending bee has been a very smooth and easy transaction to apply loan. Highly recommended. No gimmick at all. Low interest among the rest.
acapemma matrixx
Jan, 2021
Read More
It very good value..Andy Tse. have been great for helping me for getting the loan. He will calculate for me. Enid have been good recep for explaining to me in detail.. 🤗
abu babu
abu babu
Jan, 2021
Read More
Fast response to enquiry, assist to suggest better financial planning...thank you so much alfred..
Tan Thian Seng
Dec, 2020
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Mr. Andy Tee and Ms Loke Yuan Xi are very friendly and professional, they are very helpful and willing to understand your needs and clear in explaining to you regarding the loans. I strongly recommend lending bee if you need any financial helps.
Thong Li Tan
Dec, 2020
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Lending Bee staff is professional and friendly. When a person is in needs for money and they provide the right need and helpful. Excellent lending compared to others.
Ridzwan Juraimi
Dec, 2020
Read More
Fast response to enquiry, assist to suggest better financial planning to reduce monthly burden. Alfred was patient and assisted with the smooth transaction
Gun Metal
Dec, 2020
Read More
Great help and explanation from the staffs, offers other solutions and great service as well. Professional highly recommended

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Debt Consolidation Plan 7

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