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.

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Get out of that debt cycle now with our 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

loan tenures

Ease of application
and approval


FAQ on Lending Bee's Debt Consolidation

Frequently Asked Questions

How does a debt consolidation plan work?

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.

Should I consider a debt consolidation plan?

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.

Will your debt consolidation plan amass all my current loans, including those from other moneylenders?

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.

Are debt consolidation plans good for 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.

What are the benefits of a debt consolidation plan?

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.

Who is eligible 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 a valid work permit
  • Be at least 21 years old
  • Be employed / self-employed

What documents are required to obtain a debt consolidation plan?

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

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.

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.

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.

Will I be charged if I make early repayments?

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.

Additional Resources on Debt Consolidation

Our Latest Customer Reviews

Borrow with confidence. Lending Bee® licensed moneylender has more than 1,900 positive customer reviews on Google Business.

Virginia N R
Virginia N R
30 November 2023
Mr Soh was clearly explaining to me about the loan payment. He was very friendly and easy to converse with. Thank you! ☺️
25 November 2023
Soh is friendly and helpful, explains well
23 November 2023
Mr. Soh very professional
23 November 2023
I was serve by Dominic..
Aliff luffy
Aliff luffy
22 November 2023
Ok lah there never discriminate Malay.. very easy to get loan here if u Malay rather the go else where around here.. ? Better choose lending bee
Deetot Mario
Deetot Mario
21 November 2023
Thank you mr soh. Fast and steady 👍🏼👍🏼
Muhammad nuh
Muhammad nuh
19 November 2023
Ms soh good service
Coleen Ortiaga
Coleen Ortiaga
19 November 2023
Mr. Soh is very helpful and accommodating.
19 November 2023
My agent Soh has been very nice and helpful the process was very quick and efficient i would definitely come here again
Jae Town
Jae Town
18 November 2023
Good and fast service!

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