Debt Consolidation Loans in Singapore
Combine Multiple Debts Into One Lower Monthly Repayment
Struggling with multiple credit cards or personal loans? A Debt Consolidation Plan (DCP) helps eligible borrowers in Singapore combine their unsecured debts into one structured monthly repayment, often at a lower effective interest rate.
PickMeALoan lets you compare Debt Consolidation options privately, without sales calls, pressure, or having your data resold.
What is a Debt Consolidation Plan (DCP) in Singapore?
A Debt Consolidation Plan is designed for borrowers with significant unsecured debt who want a clearer, more manageable repayment structure.
Instead of tracking multiple lenders, interest rates, and due dates, a DCP allows you to:
Pay one lender
Make one fixed monthly payment
Follow a clear repayment timeline
A Debt Consolidation Plan (DCP) in Singapore is a MAS-regulated unsecured loan that allows eligible borrowers to consolidate multiple unsecured debts—such as credit cards and personal loans—into a single loan with a fixed monthly repayment and structured tenure.
Debt Consolidation Loans – Key Facts at a Glance
| Key Factor | Typical Range |
|---|---|
| Loan Amount | Based on total eligible outstanding debt |
| Interest (Flat) | Lower than credit card rates (varies by lender) |
| EIR | Depends on tenure, fees & risk profile |
| Tenure | Several years (varies by lender) |
| Approval Speed | Minutes to Same day |
| Minimum Income | $2,000 |
| Eligible Debts | Credit Cards, Personal Loans |
How to Get a Debt Consolidation Loan in Singapore (Step-By-Step)
The standard process used by debt consolidation loan providers:
Submit your debt consolidation loan details
Borrowers typically provide income information, identification, and the loan amount they need.
This helps lenders understand your affordability and check your MLCB (Maximum Loan Cap).
Debt Consolidation loan providers check eligibility
Debt consolidation providers evaluate:
Monthly income
Existing unsecured debt (MLCB)
Credit history (if applicable)
Employment stability
Urgency & loan purpose
You receive loan offers & proceed with verification
If approved, debt consolidation loan providers provide a loan amount, interest rate, tenure, and total cost.
Borrowers then submit supporting documents for final verification.
Who Is a Debt Consolidation Plan Suitable For?
- Have multiple unsecured debts (e.g. credit cards, personal loans)
- Are using a large portion of your monthly income for repayments
- Want to reduce reliance on revolving credit
- Prefer a long-term, structured repayment plan
Why Borrowers Prefer PickMeALoan for Debt Consolidation:
- Compare multiple lenders at once
- Lowest Rates Guaranteed
- Instant pre-checks without affecting credit score
- See your estimated rates and loan amounts upfront
- Offers delivered discreetly via WhatsApp
List of Debt Consolidation Loan Providers in Singapore (2026)
Updated with the latest publicly available debt consolidation loan provider benchmarks.
| Lender Type | Typical Interest Rate | Max. Loan Amount | Approval Speed | Notes |
|---|---|---|---|---|
| Debt Consolidation Loan Providers | ~4.0% monthly | 6 times monthly income | Same day | More flexible, faster approval |
| Lendela | ~3.0% – 4.0% monthly | 6 times monthly income | Same day | One application → multiple options |
| LendingPot | ~3.0% – 4.0% monthly | 6 times monthly income | Same day | One application → multiple lenders |
| Roshi | ~3.0% – 4.0% monthly | 6 times monthly income | Same day | Compares bank + moneylender options |
| PickMeALoan | ~1.0% – 3.0% monthly | 6 times monthly income | Minutes | Lowest rates • AI-powered matching • Discreet & private • PDPA-compliant |
Disclaimer: Actual rates depend on income, credit profile, existing loans, and debt consolidation loan provider risk policies.
Popular Debt Consolidation Loan Options in Singapore
We reviewed a wide range of debt consolidation loan options available in Singapore and identified choices that stand out for approval speed, transparency, and borrower suitability.
These options are evaluated based on interest rates, fees, loan amounts, repayment flexibility, approval speed, and overall borrower experience helping you compare quickly and confidently.
PickMeALoan Debt Consolidation Loan Offers
1.88%
Monthly Interest Rate
24 Months
Loan Tenure (Up To)
$100,000
Loan Amount (Up To)
PickMeALoan offers debt consolidation loan options with competitive rates ranging from 1.88% monthly, flexible loan tenures of up to 24 months, and loan amounts of up to $100,000 or more. Our system compares multiple debt consolidation loan providers instantly to match you with the best available offer based on your income, MLCB usage and repayment profile.
With AI-powered matching, price-matching guarantees, and discreet processing, PickMeALoan simplifies the loan application process while ensuring borrowers receive the most affordable and suitable loan options available.
DBS Personal Loan
1.48%
Annual Interest Rate
$10,439
Total Repayment
$438
Monthly Repayment
DBS Personal Loan offers one of the most attractive bank rates in Singapore, with interest starting from 1.48% p.a. and an EIR from 2.84% p.a. Borrowers can choose flexible loan tenures ranging from 6 months to 5 years, with funds disbursed directly into their DBS/POSB account upon approval.
Applications are open to Singapore Citizens and Permanent Residents aged 21 and above, with a minimum annual income of $20,000. DBS accepts salaried workers, variable income earners, and the self-employed, making it a suitable option for a wide range of borrowers. Using Singpass MyInfo speeds up verification and helps applicants secure faster approval.
Borrowers can receive up to 4× their monthly salary if they earn below $120,000 annually, or up to 10× if they earn more. This makes DBS an excellent option for those needing higher financing limits.
Do note that DBS charges an annual processing fee of $199, which is deducted upfront from the approved loan amount. Early or late repayment fees may also apply, so it’s important to review all terms before committing.
Trust Bank Instant Loan
1.56%
Annual Interest Rate
$10,505
Total Repayment
$291.81
Monthly Repayment
Trust Bank Instant Loan is one of the fastest personal loan options in Singapore, offering approvals and disbursement in as little as 60 seconds. With interest rates starting from 1.56% p.a. and an EIR from 3.00% p.a., it is one of the most affordable digital loan products currently available. There are no processing fees and borrowers can choose repayment terms from 3 to 60 months.
The loan is open to Singapore Citizens and Permanent Residents aged 21 and above, with a minimum annual income of $30,000. Trust accepts salaried and commission-based workers, self-employed individuals, and variable-income earners. Applications are done fully through the Trust mobile app, allowing borrowers to apply, verify income, and receive funds quickly.
Because Trust does not charge processing fees, the overall cost of borrowing is lower compared to many traditional bank loans. However, interest rates may vary depending on your credit profile and income stability, so your actual approved rate may differ from the advertised benchmark.
Trust Bank is part of the SDIC Deposit Insurance Scheme, meaning eligible deposits are insured up to $100,000 per depositor per bank.
How to Compare Debt Consolidation Loans in Singapore
Comparing debt consolidation loans isn’t just about finding the fastest approvals. In Singapore, factors like EIR, fees, tenure, MLCB limits and approval likelihood dramatically affect what you’ll actually pay. Here’s what to check before choosing a debt consolidation personal loan provider and how PickMeALoan simplifies it instantly.
Check the Effective Interest Rate (EIR), Not Just the Monthly Rate
The monthly interest rate doesn’t show the true cost of your loan. EIR includes fees and compounding giving you the real cost comparison across debt consolidation loan providers.
Include All Processing & Admin Fees
A loan with a low advertised rate may still cost more once fees are included. Always compare total cost, not just the interest. Our platform calculates this for you.
Understand Your MLCB (Maximum Loan Cap)
Under MAS rules, you can only borrow up to 6× of your monthly income across all unsecured loans. Your current MLCB affects the maximum loan amount you can get.
Compare Tenure vs. Monthly Installment
Longer tenures reduce monthly payments but increase total interest paid. Shorter tenures cost more each month but save money overall, we show both options clearly.
Consider Approval Likelihood for Your Profile
Banks, debt consolidation loan providers, and alternatives assess income, credit history, pass type, and existing debt differently. PickMeALoan ranks debt consolidation loan providers by your actual approval probability.
Don't Overlook Speed of Disbursement
Some debt consolidation loan providers take days; others approve within hours. If you need funds urgently, sorting by fastest approval can matter more than a 0.1% rate difference.
How to Apply for a Debt Consolidation Loan with PickMeALoan (Fast & Simple)
Tell us what you need
Securely connect with Singpass or answer three quick questions about your loan request.
Our AI system analyses your profile privately to understand your eligibility.
Instant Loan Matches
Our AI-managed system instantly identifies the best fast cash provider for your profile.
lowest eligible interest rate
longest possible tenure
highest realistic loan amount
Review & Proceed Privately
We’ll send your personalised offers directly via WhatsApp.
Choose the option that suits you best — no pressure, no calls, no judgement.
We coordinate the final steps, and many providers offer same-day disbursement once verification is complete.
No need to return to the site — everything continues seamlessly through WhatsApp.
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Testimonials from our satisfied clients.
Types of Personal Loans
Frequently Asked Questions
Clear answers to help you secure the best debt consolidation loan offers in Singapore.
How does debt consolidation work?
Debt consolidation works by combining multiple unsecured debts into a single loan under a Debt Consolidation Plan (DCP). This results in one monthly repayment instead of multiple payments, helping borrowers manage their finances more effectively. Terms and interest rates depend on lender assessment.
What debts can be included in a Debt Consolidation Plan?
A Debt Consolidation Plan (DCP) typically includes unsecured debts such as credit card balances and personal loans. Secured loans and certain other liabilities may not be eligible, subject to lender criteria and regulatory guidelines.
Who qualifies for a Debt Consolidation Plan in Singapore?
Eligibility for a Debt Consolidation Plan (DCP) in Singapore generally depends on factors such as income level, total unsecured debt, credit profile, and lender-specific requirements. Approval is subject to individual assessment and is not guaranteed.
How do I apply for a debt consolidation loan?
To apply for a debt consolidation loan under a Debt Consolidation Plan (DCP), you typically submit your income details, identification documents, and information about your outstanding unsecured debts. Lenders will review your application before offering any approved terms.
How long does it take to get a debt consolidation loan?
The processing time for a Debt Consolidation Plan (DCP) varies by lender. Some applications may be reviewed within a few working days, while others may take longer depending on document verification and credit assessment.
Does applying for a Debt Consolidation Plan affect my credit score?
Initial eligibility checks for a Debt Consolidation Plan (DCP) generally do not affect your credit score. However, missed or late repayments after approval may negatively impact your credit profile.
Can I apply for a Debt Consolidation Plan if I already have many loans?
You may still apply for a Debt Consolidation Plan (DCP) even if you have multiple existing loans. Approval depends on your total unsecured debt, income level, and lender assessment, and each application is reviewed individually.
What is the best debt consolidation loan?
The best debt consolidation loan depends on your personal financial situation, including income, outstanding debts, and repayment ability. Different lenders may offer different terms under a Debt Consolidation Plan (DCP) based on individual eligibility.
Who offers the lowest debt consolidation loan rates?
Debt consolidation loan rates vary across lenders and are determined by individual risk assessment. Comparing offers from multiple licensed lenders can help you find a Debt Consolidation Plan (DCP) that suits your financial needs. PickMeALoan has lenders offering from 1.88% interest loans.
Is a Debt Consolidation Plan better than a balance transfer?
A Debt Consolidation Plan (DCP) is designed for longer-term structured repayment, while balance transfers are typically short-term solutions. The better option depends on your repayment ability and financial goals.
How long does a Debt Consolidation Plan last?
The repayment tenure of a Debt Consolidation Plan (DCP) depends on the lender and borrower profile and may span several years, subject to approved terms.
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