Everything You Need To Know About Debt Consolidation Loan

It has been preached since ages that the road to a happy life is built with the sufficient blocks of money, but does it mean that people will an average paid job do not deserve all the resources and happiness of the world? Hence, the well-known preaching has changed over years and today Singapore proudly announces that financial institutions are now on their way to have your back financially. While you might be burdened with rivers of loans being unpaid; you can still overcome this deadly situation by putting into force a little bit of smart planning by making use of Debt Consolidation Loans. This proves to be one of the most appreciated and productive way available for Singaporeans of relieving themselves from the bad track record of bad credit and help them walk out of the trouble of multiple repayments of loans carrying huge rates of interest. The eligibility criteria for a Debt Consolidation Loan is

– Annual income between $20,000 – $ 1,20,000

–  Net personal assets < $ 2 million

– Total unsecured debts outstanding to be equal to minimum of 12 month’s salary

As of now debt consolidation loans are available only against the unsecured credit (personal loans and credit card payments) and not against secured credits. The Debt consolidation loan includes the total amount outstanding to your creditors; including interest and a 5% buffer amount to keep the financial institution safe against the late payments/penalties charged by your creditors. So, while your DCL is busy clearing out your outstanding bills and loans, the only worry you would have is to repay your DCL.

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