FAST AND EASY DEBT CONSOLIDATION ONLINE

  • Consolidate loans in 3 easy steps
  • Find the lowest possible interest rate
  • Get rid of your bad loans or credit
  • Completely free of charge

START HERE...

Loan Amount
$
-
+
$1,000
$200,000

Tenure
-
+
3
72

Your monthly payment

$505

SELECTED PARTNERS
DBS
POSB
HSBC
SCB
UOB
Citibank
SingPass
Singapore Fintech Association
Carousell

30,000 loan applications yearly!

Find out what our great customers have to say about Lendela

Kassim Ismail
Kassim Ismail
3 months ago
Very good thanks lendela👍
Danial Memel
Danial Memel
3 months ago
Quick, friendly staff that is willing to answer any questions, felt like we are their priority.. good job!
Rohaizat
Rohaizat
3 months ago
Simply Wow!Tip top service! Professionalism at its best.No more stress! I would certainly recommend to my friends...
Ivan Yeo
Ivan Yeo
4 months ago
Very efficient and good in recommendations.
June Tew
June Tew
4 months ago
The staff at the company was great help. They made the process easy. Lenleda staff also did a close follow up.
L'ollonais Dani
L'ollonais Dani
5 months ago
Fast and reliable!
Krait
Krait
5 months ago
Was sceptical initially but officer wani was helpful in helping me getting a debt consolidation loan to clear off...
Muhammad Sofie Abu Bakar
Muhammad Sofie Abu Bakar
5 months ago
Thumbs up to this company and also for the excellent customer service from Fadilah! She went to the extra miles to ...
Nuur Syuhan
Nuur Syuhan
6 months ago
Wani has been a great help for me since day 1 and she even went on her extra mile to help seek to my most...
Kevin Phua
Kevin Phua
6 months ago
Super good, very efficient. Very happy
Gavri'el Asher Ong
Gavri'el Asher Ong
6 months ago
If u are looking for a loan offers, Lendela is the app to go to because it cosolidates all the offer given to you...
Diego Sayas-Tolentino
Diego Sayas-Tolentino
6 months ago
Great service in comparing loans. Efficient, fast and friendly. More power to the borrower. :) Shout out to...
Khai Hsing Ng
Khai Hsing Ng
6 months ago
Friendly and helpful
Muizudeen Mohammad
Muizudeen Mohammad
7 months ago
Very professional, smooth transaction and less waiting time.
Mohd Husni Hamidi
Mohd Husni Hamidi
7 months ago
Good Service by Lendela.Find the suitable solution for emergency need.Assist by experienced staff Fadilah. Very...
dollies 21
dollies 21
7 months ago
Friendly,safe and hassle free... thanks to Fadilah nice service and very detail. And thank you Lendela team highly ...
Lyna Nazri
Lyna Nazri
7 months ago
Accurate info. Fast approval. Very friendly customer service. Will use Lendela again and recommend to my friends.
xPyy GT
xPyy GT
7 months ago
Very Helpful.. Help me get the loan i wanted within a day. very fast and efficient. staff were polite too. very...
Marie Erucelle Rodriguez
Marie Erucelle Rodriguez
7 months ago
They will really find the best loan company for u and let you get the amount u need..
Nur Azhar Osman
Nur Azhar Osman
8 months ago
When in need of loan, look for lendela! Reliable and trustworthy company. They will eventually look for company to ...
Mohamed Alfiean Bin Ali
Mohamed Alfiean Bin Ali
8 months ago
Thanks Wani for the great help
Zheng Zhong Ren
Zheng Zhong Ren
8 months ago
Very accurate description. I had my loan of 2.5K obtained quickly as described. Very friendly customer service....
Stephen Low
Stephen Low
8 months ago
Professional service , helpful , friendly and responsive. Service recommended
AJ Tan
AJ Tan
8 months ago
Friendly and helpful in their recommendations and proper guidance.
Suffian Synyster
Suffian Synyster
8 months ago
Great experience with Lendela, super efficient with the services. Thanks for helping Ms Wani...
Muhd Amirul
Muhd Amirul
8 months ago
Excellent customer service. No pressure was enforced in taking up a loan and was really impressed with their...
Mathan BioMech
Mathan BioMech
8 months ago
Very helpful with what I'm looking for.
Chirag Goel
Chirag Goel
8 months ago
Good Service!
Mohamed Fadhil
Mohamed Fadhil
8 months ago
Great experience with them, super efficient and kudos to Ms Fadilah for being such a great help! Thumbs up!!
Max Yuan
Max Yuan
9 months ago
Good follow up by them even took the extra mile to assist us even we feel there is not much hope thanks!
Witawat Choo
Witawat Choo
9 months ago
Had made two loans through Lendela. Website is easy to use and straightforward. After accepting loan offer, the...
fiewan ejal
fiewan ejal
9 months ago
Fadilah was very remindful and has help me in choosing which loan offer to choose from. Kudos to her and lendela....
Jeffrey Yeo
Jeffrey Yeo
9 months ago
Good and friendly response. ❤️
Jas Nora
Jas Nora
10 months ago
Such a hospitably and a family friendly staff.. Psst.. can i join you guys..☝️👍
Adam Mikhael
Adam Mikhael
10 months ago
I had a great experiences while looking for financial assistant and was helped by your staff, Fadilah. She helped...
alicia jo
alicia jo
10 months ago
Loan was efficient and convenient
Khairul Ismail
Khairul Ismail
11 months ago
Awesome platform. Thank you
Artalex . Me
Artalex . Me
11 months ago
It's very convenient to use. It searches possible loan offers as much as it can for you (within a few hours). Then ...
Ahrul Candy
Ahrul Candy
11 months ago
great customer service and a reliable source to help you find a good and flexible loan .
Farid Zin
Farid Zin
1 year ago
Fast and efficient. Pleasant transaction.
Muhammad Amiruddin Said
Muhammad Amiruddin Said
1 year ago
Was kinda skeptical abt it but it was a smooth journey from the start till the end; from me asking them questions...
Ganesh Parveenth
Ganesh Parveenth
1 year ago
Very satisfied with their service. Very Friendly and understanding. Definitely recommended 👌🏾
Jaja S
Jaja S
1 year ago
from the time u submit your application, you will receive at least 3 offers within the next few hrs and the offers ...
Zel Zel UWU
Zel Zel UWU
1 year ago
they were really fast and efficient to provide the necessary help that i was seeking for :)! excellent
Afiq Bourne
Afiq Bourne
1 year ago
Wani is professional and a great asistance in answering any queries. She also follow up on client's approval.
Amin 1908
Amin 1908
1 year ago
Best assistance ever.....
abdul aziz mohd
abdul aziz mohd
1 year ago
Staff is very friendly and very helpful too. Explain eveything in detail about the loan to borrower. Two thumbs...
Hidayah Idros
Hidayah Idros
1 year ago
Efficient and helpful staff, Wani. Never fail to update and assist on my enquiries. Trusted and reliable broker....
Diyana Mohamed
Diyana Mohamed
1 year ago
Very prompt service from Vienoth who was friendly and answered all my queries. Quick process and excellent...
Mohamed Ramadhan
Mohamed Ramadhan
1 year ago
Great service rendered and their choices of recommended company is very good.
Zhi Xiang Low
Zhi Xiang Low
1 year ago
Extremely helpful and great patience by Wani, as it was my first time getting a loan, she guided me throughout the ...
KVR DRAGONFISH
KVR DRAGONFISH
1 year ago
The agent was able to offer me a loan real fast and I got thr loan as well. Great service!/
Jay Ho
Jay Ho
1 year ago
Great service from start till end. I had a short time frame to source for a loan. Rather than pushing to close the ...
Jason Thng
Jason Thng
1 year ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
Julie
Julie
1 year ago
Fadilah, Thank you so much for your hospitality in keep following up for me and immediate replies keep up your...
nabilul fikri
nabilul fikri
1 year ago
D and help me out to The Times I need the money and try to solve from the point when the new I can help me I...
Haizel Nur
Haizel Nur
1 year ago
Their service was super solid and their staff go out of their way to help. I love you wani!! 😆😆😆
zul Ahmad
zul Ahmad
1 year ago
Very friendly staff help to sources around for the best finance company..Good job n well done
Yvette Yin
Yvette Yin
1 year ago
Very friendly staff. Excellent customer service. Was able to find me a loan. Just need to attach all the required...
Joybo Banana
Joybo Banana
1 year ago
At first ,it might look like a scam website. So I gave my shot to try out and realized it's actually not.For those ...
Chng Kee Chin
Chng Kee Chin
1 year ago
Quick and fast response. Efficient in expediting the approval of the loan :)
Jade Yati
Jade Yati
1 year ago
Lauren has assisted me on my loan, He is so helpful. I eventually gotten a loan with Lendela Help. Thank alot...
Amirul hakim Mohammad
Amirul hakim Mohammad
1 year ago
Everything went smoothly
Zainul Chia
Zainul Chia
1 year ago
Absolutely amazing, help in alot of ways. Very recommended
Junwen Ong
Junwen Ong
1 year ago
A place for you to find the right loan that you need.
Sharen Raj
Sharen Raj
1 year ago
It was a great experience for me..the service Fadilah served was really impressive!! Good deal and perfect for...
papa yoss
papa yoss
1 year ago
very Friendly stuff , good service & helpful in loan .. thank you so much Fadilah !!🙏👍😊
Hock Min Ng
Hock Min Ng
1 year ago
(Translated by Google) Thank you Lendela Pre. Ltd for this platform, thank you Lauren for your help, ...
joshua henry
joshua henry
1 year ago
Lendela helped me find a good and legit company to get a loan. Lauren assisted me. She is so helpful with me, the...
Mohdsham Kan
Mohdsham Kan
1 year ago
Verry powerfull customer service Trust me they did a great job I give lendela pte Ltd 7 star service Can...
Cheng Chaisoon
Cheng Chaisoon
1 year ago
I have been searching for a right place to solve my money problem....found lendela on the Internet...Lauren was...
Mad Ness
Mad Ness
1 year ago
Lauren provide a great service for LENDELA! definitely worth your time
Gopinath Pillai
Gopinath Pillai
1 year ago
Wani of Lendela was extremely professional and very helpful. She went out of her way to assist me
Chen Zhenxiang
Chen Zhenxiang
1 year ago
For the amount of loan and repayment requested it was hard to find any company that's willing to lend....
Ami Vynes Lee
Ami Vynes Lee
1 year ago
I was assigned by Fadilah from Lendela to assist on my loan. She called me and start with a welcoming greeting,...
Abdul Faizal
Abdul Faizal
1 year ago
Ease of applications and approval. Thank you for facilitating the loan.
Nurfitrah Sanchez
Nurfitrah Sanchez
1 year ago
Wani has helped me efficiently! I was able to secure a loan fast and well detailed. Appreciate it alot.👍
Zac Haris
Zac Haris
1 year ago
Lauren has been a great help and she follow through with me until I successfully get the loan i im looking for....
ganesh jajanadan
ganesh jajanadan
1 year ago
Lendela staff *LAUREN* whom assisted me to secure a loan Thumbs Up to you for ur Professionalism. You went through ...
Sutrisni Norazmi
Sutrisni Norazmi
1 year ago
Thank you Lendela! Ur help is vvv much appreciated. My loan is approved within 30minutes! So relieved! Thank you...
James starshire
James starshire
1 year ago
Cool team, awesome platform. Person who helped me was super friendly and super efficient. Got a loan within the day
Dean Junior
Dean Junior
1 year ago
I felt relieved and glad that my loans were approved by the Company and even Lendela staff Miss Fadilah went a...
Zie Mohd
Zie Mohd
1 year ago
Thanks Wani for follow up till to the end. Overall process was smooth and make feel much better. Thanks a loads!...
Kiza Kiza
Kiza Kiza
1 year ago
Thanks Wani for following up and the response was super efficient. Everthing went smooth. Thanks a loads!...
Yus Shinoda
Yus Shinoda
1 year ago
Everything is easy with Lendela, the loan offers was surprisingly quick for a first time experience. Lauren was so ...
Aisyah Aila Varisha
Aisyah Aila Varisha
1 year ago
Tks fadilah for ur kindness and helping me to located the area hv a good work & patient.. keep it up.. cheers 🥂
Stephen Chua
Stephen Chua
1 year ago
Meticulous service with timely follow-up.
Zara S.
Zara S.
1 year ago
Hassle and fuss-free. Fadilah was very patient to assist me in applying and clarifying my queries. It was a fast...
Hans Ahmad
Hans Ahmad
1 year ago
Good service and very helpful... Thank you so much.
Nazruddin Sanchez
Nazruddin Sanchez
1 year ago
Really appreciate the help given by Fadilah. Thanks to her I was able to secure a loan fast and easy. Very...
Ruhaizat Yazid
Ruhaizat Yazid
1 year ago
Great service.. Lendela really supported me when im really in need. Thanks guys
Mohd Loqman
Mohd Loqman
1 year ago
(Translated by Google) ʟᴇɴᴅᴇʟᴀ ɪs ɢᴏᴏᴅ ᴘʟᴀᴄᴇ ᴛᴏ ᴇɴǫᴜɪʀᴇ ᴀʙᴏᴜᴛ...
Faythz Fiztroy
Faythz Fiztroy
1 year ago
Awesome and friendly customer service , fast and efficient transaction, clear explanation and advise on product...
Wesley Hii
Wesley Hii
1 year ago
Really hassle free and smooth transaction. Enquired personal loan in and got my cash 💰 in the afternoon, whole ...
Kelly Khoo
Kelly Khoo
1 year ago
Highly recommended for their service! Amazing patience and detailed follow up! Kudos to Fadilah! Really appreciate ...
Muhsin Nuruddin
Muhsin Nuruddin
1 year ago
A place where you need help financially and with flexibility to commit . They will do the search for you! And...
Azimkhan Khanazim
Azimkhan Khanazim
1 year ago
I got my loan approved within the same day..n for that i would like to expressed my thanks to Fadilah from lendela ...
Muhd Rian
Muhd Rian
1 year ago
Great experience. Fadilah delivered a great service. Really helping me out and sort for me the loan i needed. The...
Stanley Y
Stanley Y
1 year ago
Applied online and service was great. Staff named Wani attended to me through whatsapp and followup was great,...
Jack Wong
Jack Wong
1 year ago
I am grateful to Lendela Kindness and great help. Staff Miss Wani was very helpful, patience, kind, polite, and...
Dylan Lai
Dylan Lai
1 year ago
fast response
Haneyy Joslin
Haneyy Joslin
1 year ago
Thank you lendela for this opportunity! Biggest thank you to Wani for helping me throughout the process!
Ariel Joyce Kho
Ariel Joyce Kho
1 year ago
Ben is really helpful and patient as he suggested the best loan for my situation with the most reasonable...
Yong Wee Necro Lee
Yong Wee Necro Lee
1 year ago
Superb helpful and efficient service from Ben. Strongly recommend to those who in need of financial help :)
Fi Ryan
Fi Ryan
1 year ago
Thank you lendela for giving me an opportunity to have a quick loan in my desperate time , thank you mr ben for...
JCM
JCM
1 year ago
Very friendly staff. Excellent customer service. Was able to find me a loan that I am comfortable to pay off with...
Chew Clover
Chew Clover
1 year ago
Ben is friendly, helpful and informative. Really appreciate for his help! :)
Rahmat Rizzuandi
Rahmat Rizzuandi
1 year ago
Awesome service and honest staff!
AJF Writes
AJF Writes
1 year ago
I found my experience with Lendela efficient and professional. Would also like to commend a staff by the name of...
Timothy Marc
Timothy Marc
1 year ago
Danny is really helpful and was patient answering all my questions and helped !me get a food deal. Greatly...
Soler X2
Soler X2
1 year ago
First of al l ,i will like to thanks Danny From Lendela , for providing me options for my loan and the loan went...
15Y6C23 THNG JING XIONG
15Y6C23 THNG JING XIONG
1 year ago
Very useful platform to search for the best loan based on your eligibility. They r very helpful and accommodate to ...
Muhammad Fauzi
Muhammad Fauzi
1 year ago
Fast processing! Affordable interest rate .. highly recommend!
Muhd Hanif
Muhd Hanif
2 years ago
Was assisted by Lendela and everything went smoothly without any hassle. With the right guidance and patient, i...
Inul Jariah
Inul Jariah
2 years ago
I was assisted by Ben. He is very efficient and give advise perfectly. I got my loan approved smoothly.. I am...
kinetic candy
kinetic candy
2 years ago
Ben was nice and patient in making sure everything went smoothly. Thank you so much for your help! Appreciate it.
AizTheJoker HaHaahaaha
AizTheJoker HaHaahaaha
2 years ago
True great experience, really help me alot, Danny from Lendela when the extra mile to explain,assist & guide the...
fadly sven
fadly sven
2 years ago
the swift replies..the prompt responses..the friendly, patience and clear answers we got from Ben was super...
Vikramraj Shanmugan
Vikramraj Shanmugan
2 years ago
I had applied for a Loan through Lendela online and within an hour got a call from Ben. Ben was really helpful and ...
Annz Aanis
Annz Aanis
2 years ago
Ben assist me and give me hope that my chance of securing a loan is there eventhough I know its quite impossible....
Kathy Roland
Kathy Roland
2 years ago
They must be sorcerers. They managed to get back to me and I wasn’t expecting much, but Ben managed to help me...
TeeCc
TeeCc
2 years ago
Interesting idea with great assistance.
M Khiril Eirsyed
M Khiril Eirsyed
2 years ago
Great help and assistance from Ben. The process is very quick and reliable. Assisted me throughout the process and ...
Zac Zaini
Zac Zaini
2 years ago
Lendela is very efficient and reliable. They manage to recommend me company which meets my Criteria.. Their staff...
Nurhayati Natasha
Nurhayati Natasha
2 years ago
Was assisted by Ben and it was so smooth without any hassle. With the right guidance and patience, i was able to...
YUSHA VIM12
YUSHA VIM12
2 years ago
Very Efficient And Have Good Standard Of Replying Fast And Promptly Updates . A Staff In The Name Of Ben Help Me...
Shamen Heng
Shamen Heng
2 years ago
My experience was excellent. Staff by name Ben helped me thru the process patiently and promptly tat made my loan...
Sahim Sedik
Sahim Sedik
2 years ago
Received the reply on the next day about the loan from Izwan. Even though decided not to apply but still positive ...
TASH DYY
TASH DYY
2 years ago
Speedy replies! Excellent services with fast response for our application. Highly recommended.
Lim (mouseboy)
Lim (mouseboy)
2 years ago
Very helpful and follow up even when the referred company didn't reply
Erick Chng
Erick Chng
2 years ago
very proactive following up on the status and outcome of the application. prompt and friendly sales rep who shared ...
Iziaki R
Iziaki R
2 years ago
Good service fast response great replies and thanks for getting back with our offers
Mrdtux Rdtu
Mrdtux Rdtu
2 years ago
Friendly and fast communication

ONE APPLICATION – MULTIPLE PERSONALISED OFFERS

Four easy steps to a debt consolidation loan in Singapore:

Apply fast & easy

1. Apply with Lendela for a debt consolidation loan in Singapore

Receive your offers

2. Receive offers from multiple banks

Compare and select online

3. Compare offers and select online

Sign the agreement

4. Sign the agreement and get the money

Learn more about Lendela

Our goal is to make your loan application process quicker, simpler and more transparent. As Singapore’s only true personal loan comparison service, we support you all the way from application to disbursement. Click below to read more about Lendela and how we empower thousands of loan-seeking Singaporeans every month.

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All you need to know about debt consolidation

Go ahead and immerse yourself in the subject of debt consolidation with our simple guide below. If you still have any questions about debt consolidation loan in Singapore or the subjects around it, please reach out to us and let us help you.

What is a debt consolidation loan?


When you have balances on several credit cards, paying them off can be a long and taxing process. It could seem hard to make progress with the payments, especially if you have multiple bills from various banks.

Wouldn’t it be convenient if you could combine all the loans and pay one each month?

Debt consolidation in Singapore is where an individual acquires a new loan to pay out a number of smaller loans, bills, or debts that he or she is currently making payments for. This action helps the creditor to effectively combine different loans together and turn it into one. It should minimise the monthly payment by lowering the interest rate, and thereby making it easier to pay. This is referred to as “consolidating” the loan.

How a debt consolidation loan in Singapore works


Most of us take up loans in life to be able to buy or invest in things like cars, home renovation, vacations or education. If you have engaged with various loans and gathered credit card debts with varying amounts and various interest rates, chances are that they cost you much more than what's necessary and therefore become one of the quickest routes to insolvency. A personal loan can be your ultimate lifeline here as it helps to lower and stabilise the debt.

When applying for a debt consolidation loan in Singapore, you are taking out a new personal loan to repay, or cancel out, the current unsecured debts. It usually involves pooling together all existing debts and summing them into a single debt with more convenient terms such as lower interest rates. Individuals can leverage debt consolidation as a means of cushioning the burden of credit card or student loan debt, for instance.

An example: An individual has multiple loans and is forced to make payments of S$1,000/month for the total loan debt. Apart from the actual loan costs, there might be various additional fees for each loan, that has to be paid monthly. Through an online application at Lendela, a bank or financial institution that offers a debt consolidation loan can offer to manage these deals for the individual. The bank then reduces the monthly payment rate of the borrower by asking him or her to repay i.e. S$650/month for an extended time at a slightly increased interest rate. The debt consolidation not only results in a lower monthly cost and liberation from unnecessary high interest rates for the borrower. It also makes the life easier for the borrower, now only having to think about one loan, single loan terms and one single fee.

The benefits of a debt consolidation loan


If you're qualified for a personal loan and manage to consolidate all of your debts, you will be able to enjoy the following benefits:

1. Single payment

No more headache battling numerous invoices and their separate deadlines or fees, when you only make one payment each month. This will allow you to stay alert and pay off the debt quicker than usual. No more missing statements and contemplating which loans to pay first – just focus on one bill.

2. Reduced stress

Consolidating your loans into one account will allow you to focus on other parts of your life. As we all know, debt is one of the usual factors that lead to stress. Constantly worrying about your debt can be counterproductive!

3. Decreased interest rate

Generally, credit cards has the highest interest rates compared to other loans in the market. Another advantage of consolidating your debt with personal loans is that it allows you to get a lower interest rate, and indirectly saves money on each monthly instalment.

4. Improved credit score

If you’re paying your loan consistently, you will improve your credit score. Having multiple accounts and making late payments significantly hurts your credit score. If you consolidate your debt into one account, and keep paying it on schedule, you will be able to rebuild your credit.

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How to consolidate loans


It is easy with Lendela! When filling out our fast online application which gets sent to several banks and financial institutions at the same time, you have the option to select debt consolidation as the purpose of your loan application. The banks and financial institutions receiving your application will then look at different debt consolidation loan solutions for you, get back with their respective offer, and you just select the option that suits your economy the best.

When consolidating loans, you need to get the total amount from all your debts and the resulting balance would be the amount of your new overall debt. The loan you’ll be taking will be used to pay the debt. This is why it is important that you add as many of your current outstanding loans or credits as possible in your application. This will make your debt consolidation journey much easier and faster further down the line!

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What is an unsecured debt?


An unsecured debt or unsecured loan in Singapore is often referred to as a loan that is not asset-backed. The debts could come from medical and utility bills, bank cards, and other kinds of credits given without a security required. For banks, debts of this kind are usually of higher risk, since the bank may have to enforce legal means in order to get the money back in cases where the borrower is unable to pay up.

These debts, be they private or business related, can be burdensome to the borrowers, due to the large interest rates attached as a result of the high risk they constitute to the banks. An unsecured debt can be cleared out by a borrower by claiming bankruptcy, but employing this option reduces the chances of getting a future loan.

When unsecured debt isn't payed back

Banks initially contact their clients when there is an inability to repay a debt, after which other measures are employed when a repayment compromise cannot be reached. Taking the matter up with credit-reporting firms, transfer the debt to collection agencies, and prosecuting the borrower, are other alternatives banks can explore. A borrower may thus be forced to repay the unsecured loan using necessary assets, in the event of a court order.

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Debt collection


Debt collection is the process of going after payments of debts that borrowers owe. For this, there are collection agencies that serve as collectors or representatives of the banks by collecting debts for a fee or a percentage of the full amount to be repaid (all about legal debt collector in Singapore). The first contact from a collection agency is usually in the form of a notification, giving the borrower a chance to pay the debt. Legal action is taken only as a last resort but before this procedure commences, it is important to find out if you as a borrower can negotiate payment in instalments.

Debt collection generally includes these steps:

  • An initial reminder to notify the defaulter of an overdue payment – should the borrower ignore the initial call/reminder, the approach can be renewed through a follow-up reminder. Should these approaches fail to generate the desired outcomes, the final warning in the form of a letter or e-mail, stating the creditor’s intention to take advanced action, is issued.
  • A bank can appoint a lawyer that is well-versed in corporate debt collection and can help the bank to retrieve the debt from the borrower. If at the end of a direct approach, the borrower doesn’t comply, then legal action is taken against the borrower.

Late payment

The law does not provide any guidelines as how to handle late payment and as such, it should be discussed as part of the loan in the first place to be valid. In addition, collection costs must be ratified and documented when the contract is negotiated. Although, they can sometimes be paid by the collector upon the request of the court.

Debt recovery methods

The pursuance of borrowers can be time-consuming, duteous and expensive, especially from overseas creditors from other business climes. Here are some of the methods of debt recovery:

  1. An inquiry that involves a business or individual search, physical address and direct visit as well as bankruptcy or credit to ascertain if the borrower can repay their debt
  2. A document that shows recent statements of accounts to the defaulter
  3. The amount of money being negotiated and the means of resolution with the consent of the creditor
  4. Necessary court action if negotiations break down
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Debt consolidation loan in Singapore to pay off credit cards


As mentioned above, one or many credit cards are a very common reason for debt. A personal loan for debt consolidation in Singapore and servicing credit card debt is beneficial due to the low interest rates associated with it. Low interest rates can help you to reduce the time taken to make repayments to the outstanding loan value, by tapering the full interest rate. Doing so enables you to service credit cards in more precise terms with a fixed, final date in view.

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