What is a Debt Consolidation Plan in Singapore
Managing multiple debts is overwhelming. A Debt Consolidation Plan (DCP) simplifies your finances by merging credit cards and personal loans into one structured monthly payment. If you have been rejected by banks for a traditional plan, we provide a specialised debt consolidation loan from a licensed money lender. Designed for borrowers who need more flexible eligibility, our solution transforms your finances:
- Before: Multiple debts, scattered due dates, and high interest.
- After: One consolidated loan with a single, clear monthly repayment.
As a licensed moneylender regulated by the Ministry of Law, Lending Bee® helps you consolidate your debts responsibly and regain financial control immediately.
Who Is Suitable for Debt Consolidation Plan
This Debt Consolidation Plan may be suitable if you:
- Have multiple unsecured debts such as credit cards or personal loans
- Find it hard to manage several repayment due dates
- Prefer one structured monthly repayment
- Have high-interest debts
- Want to reduce financial stress and stay organised
Eligibility Criteria:
- Singaporeans, PRs, and WP / S Pass / EP holders
- At least 21 years old
- Be employed / self-employed
- Able to provide the required documents for verification
If you're unsure about your eligibility, we can guide you through a quick assessment.
Check My Eligibility
Debt Consolidation Amount & Repayment Terms
Simplify your finances with Lending Bee®. We provide regulated debt consolidation plans to help you regain control.
- Consolidation Limit: Combine debts up to 6x your monthly income.
- Flexible Repayment: Manageable periods of up to 35 months to lower your monthly burden.
- Regulated Rates: Interest starts from 1% per month, strictly following Ministry of Law guidelines.
- Fast Assessment: Apply online for a quick, no-obligation review of your options.
Why Choose Lending Bee®'s Debt Consolidation Plan
Our debt consolidation plan stands out as we provide our borrowers with a wide range of unique benefits.
Simpler
Monthly Repayment
Flexible
Loan Tenures
Ease of Application
and Approval
Clearer
Financial Control
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FAQ on Lending Bee's Debt Consolidation
Frequently Asked Questions
What is a debt consolidation plan and how does it work?
A debt consolidation plan (DCP) combines multiple unsecured debts into one single loan with a fixed monthly repayment.
Instead of managing several due dates and repayment amounts, you repay one consolidated loan under a structured plan, making it easier to manage your finances and stay on track.
How does this differ from a bank’s Debt Consolidation Plan (DCP)?
The primary differences are eligibility and speed. Bank-led DCPs often have rigid income and credit requirements that can lead to rejection for many borrowers.
Our debt consolidation loan from a licensed money lender serves as a flexible alternative with a streamlined application process. We specialise in urgent debt consolidation loans, offering the possibility of same-day approval and disbursement once all required documents are submitted and successfully verified.
Who is eligible to apply for a debt consolidation plan?
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 Work Permit / S Pass / Employment Pass
- Be at least 21 years old
- Be employed / self-employed
What types of debts can be consolidated?
A debt consolidation plan can be used to consolidate eligible unsecured debts, such as:
- Credit card balances
- Personal loans
- Unsecured loans from banks or licensed moneylenders
All debts included are reviewed and assessed based on your affordability and MinLaw guidelines.
What are the benefits of a debt consolidation plan?
Debt consolidation helps simplify multiple repayments into one monthly instalment, making it easier to manage your finances. It may also result in more manageable monthly payments, improve cash flow, and help you stay organised. With consistent repayments, it can support better repayment behaviour over time.
Will a debt consolidation plan lower my monthly repayments?
A debt consolidation plan may reduce your monthly repayment amount by extending the repayment tenure. This helps improve cash flow and makes repayments more manageable, though total interest payable may vary.
How much can I borrow for a debt consolidation plan?
The amount you can borrow from licensed moneylenders depends on your annual income:
If you earn below $10,000 a year:
- Singaporeans / PRs: Up to $3,000
- Foreigners: Up to $500
If you earn between $10,000 and $20,000 a year:
- Singaporeans / PRs: Up to $3,000
- Foreigners: Up to $3,000
If you earn at least $20,000 a year:
- All borrowers: Up to six times your monthly income
These limits apply across all licensed moneylenders combined.
What interest rates and fees apply to a debt consolidation plan?
As a Licensed moneylender, we follow MinLaw’s fee and interest caps:
- Maximum interest rate: Up to 4% per month
- Late interest: Up to 4% per month, charged only on the overdue amount
- Administrative fee: Up to 10% of the principal loan
- Late fee: Up to $60 per month (if applicable)
These caps apply regardless of your credit score, ensuring transparent and regulated borrowing.
Will Your Debt Consolidation Plan Include Loans from Other Moneylenders?
Yes. A debt consolidation plan can include eligible unsecured loans from banks and other licensed moneylenders, subject to assessment.
Each application is reviewed individually to ensure the consolidation remains affordable and compliant with MinLaw regulations.
Will debt consolidation affect my credit score?
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.
I have a poor credit score. Can I still apply for a debt consolidation plan?
Yes, you can still apply for a debt consolidation plan with us. 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.
What documents are required to obtain a debt consolidation plan?
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
What is the application process for a debt consolidation plan like?
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, do a face-to-face verification, sign the contract and receive your loan.
How fast can I receive the money?
We will disburse the funds to you immediately after you have accepted and signed our loan contract at any of our branches.
How long is the repayment period, and how do repayments work?
You may indicate your preferred repayment tenure during the application. The final repayment structure will be discussed with your loan officer and confirmed when you sign the loan agreement.
- Repayment tenures of up to 35 months, subject to loan amount and affordability assessment
- Fixed monthly instalments designed to align with common salary cycles
- Repay conveniently via Bank Transfer or PayNow
- Real-Time Tracking: Monitor your remaining balance, view historical statements, and set automated payment reminders 24/7 via the Lending Bee® mobile app.
Can I make early repayment without being charged extra fees?
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.
What happens if I cannot repay on time?
Late fees and additional interest apply. Your credit record may also take a hit and legal action is possible for repeated defaults.
If you encounter financial challenges, contact us as soon as possible. We will review your situation and discuss available support or restructuring options.
Will my loan documents and information be mailed to my home?
No, we do not mail any of your loan information to your home.
All loan details will be kept digital and private with us, unless a physical copy is requested.
Why choose Lending Bee® for a Debt Consolidation Plan?
As a licensed moneylender regulated by the Ministry of Law, Lending Bee® offers transparent and responsible debt consolidation plans. With clear terms, fair assessments, and a simple application process, we help you consolidate your debts with confidence and clarity.
Additional Resources on Debt Consolidation
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