No. Lendingpot is a loan matching platform. We help you compare debt consolidation offers from banks and licensed moneylenders at no cost, and the loan itself is provided by the lender you choose.

Applying involves a credit check, and taking on a new facility can influence your credit profile. Making your consolidated repayments on time supports your record over time, while missed payments can harm it.

It often can, because credit cards in Singapore typically charge around 26% per annum, which is higher than most consolidation loans. The exact rate depends on the lender and your profile, so it is worth comparing offers before you decide.

Yes. If you do not qualify for a bank plan or need faster access to funds, a licensed moneylender can offer a personal loan to consolidate your debts and stretch out your repayment. It can also help clean up your bad credit with the bank, allowing you to apply for a loan again once your credit score has improved. Their interest rates and fees are capped by the Ministry of Law, and you should always confirm the lender is on the Registry of Moneylenders.

You can usually consolidate unsecured debts such as credit card balances, personal loans and lines of credit. Secured debts like housing and car loans, along with renovation, education and business loans, generally cannot be included.

For a bank Debt Consolidation Plan, you generally need to be a Singapore Citizen or Permanent Resident with a net annual income between S$20,000 and S$120,000, net personal assets below S$2 million, and unsecured debt of more than 12 times your monthly income. If you fall outside these criteria, a licensed moneylender may offer a consolidation loan instead.

A debt consolidation plan combines your unsecured debts, such as credit cards and personal loans, into one facility with a single monthly repayment. In Singapore, it is offered by participating banks under a scheme supported by the Association of Banks in Singapore, and the aim is to simplify repayment and reduce your overall interest cost.