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Debt Consolidation Loan Singapore: Combine Your Debts, Find the Lowest Rate
Juggling several credit cards and loans at different rates makes it easy to lose track of what you actually owe. Credible.sg is a loan-matching platform, not a lender: we help you find the best and lowest loan rate in Singapore from licensed lenders, so you can roll your debts into one manageable monthly payment instead of several.
- Combine credit card balances, personal loans, and other unsecured debt into one fixed instalment
- Compare offers from licensed lenders side by side to find the lowest rate you qualify for
- Applying is free, takes about five minutes, and you are never obligated to accept an offer
Illustrative example. Your actual consolidated rate depends on your profile.
100% licensed lending partners
< 5 min to complete one application
S$1k–100k typical consolidation amount
S$0 cost to compare offers
How it works
From one application to money in hand
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Tell us what you owe
List your existing debts, such as credit cards, personal loans, or other unsecured balances, and how much you want to consolidate.
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Get matched with licensed lenders
We send your request to licensed lending partners whose criteria fit your profile and who offer debt consolidation.
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Compare offers and find the lowest rate
Review interest rates, fees, and repayment schedules side by side, so you know exactly how much a lower rate actually saves you.
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Pay off your old debts, keep one payment
Accept the offer you like, verify your identity with the lender, and use the funds to settle your existing balances.
Plan before you borrow
Estimate your monthly repayments
Move the sliders to get a feel for what a loan would cost each month. The calculator tops out at 4% a month because that is the legal cap for licensed moneylenders in Singapore. Your actual offers will state their exact rates and fees.
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Estimated Monthly Payment SGD 337
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Compare rates to find the lowest debt consolidation rate
A debt consolidation loan only makes sense if its rate is meaningfully lower than what you are already paying, especially on credit cards, which commonly charge around 26% p.a. Banks and finance companies answer to the Monetary Authority of Singapore (MAS), while licensed moneylenders are regulated by the Ministry of Law. Comparing offers from more than one licensed lender is the most reliable way to find the best and lowest rate available for your profile.
| Lender type | Typical advertised rates | Regulated by | Best suited for |
|---|---|---|---|
| Banks & finance companies | Around 2.5%–6% p.a. flat (effective interest rate is higher) | Monetary Authority of Singapore (MAS) | Borrowers with stable income consolidating larger balances over a longer tenure |
| Licensed moneylenders | Up to 4% per month, capped by law | Ministry of Law (Registry of Moneylenders) | Borrowers who need a smaller consolidation loan quickly, or who fall outside bank criteria |
These figures are examples, not an offer. Actual rates and fees are set by the lender you choose. By law, licensed moneylenders can charge at most 4% interest per month, 4% late interest per month, an admin fee of up to 10% of the principal, and late fees of up to S$60 a month. Total charges can never exceed the amount you borrowed. Before signing anything, check the lender on the Ministry of Law registry.
Who can apply, and what you will need
You can apply if you are…
- At least 21 years old
- Singapore Citizen, Permanent Resident, or a foreigner holding a valid employment pass
- Meet the lender's income requirements. Borrowing caps for licensed moneylenders depend on your annual income, so check the current Ministry of Law limits
Documents to have ready
- NRIC or passport
- Recent payslips, CPF contribution statements, or Notice of Assessment
- A list of the debts you want to consolidate, with current balances and rates
- Proof of residential address, such as a utility bill or tenancy agreement
Why Credible.sg
Borrowing, with the guesswork removed
One application, multiple offers
No need to apply to lenders one by one and repeat the same paperwork each time. Apply once and let the offers, and the lowest rate, come to you.
One payment instead of several
Combining your debts into a single instalment makes your monthly budget easier to track and harder to miss a payment on.
What is a debt consolidation loan?
A debt consolidation loan is a new loan you use to pay off several existing debts, such as credit card balances, personal loans, or other unsecured borrowing, so that you are left with a single lender and a single monthly instalment. Most debt consolidation loans in Singapore are unsecured personal loans, priced and approved the same way any other personal loan is.
Consolidation does not erase what you owe. It restructures it, ideally at a lower rate and with a clearer repayment schedule. Whether it actually saves you money depends entirely on the rate you land, which is why comparing offers from more than one lender matters more here than with almost any other type of loan.
Is debt consolidation the right move for you?
Consolidation tends to make sense when your existing debt carries a high rate, such as credit card balances at around 26% p.a., and you can qualify for a personal loan at a meaningfully lower rate. It also helps if you are managing several due dates across different lenders and want the simplicity of one payment.
It makes less sense if the new loan's effective interest rate (EIR), once fees are included, ends up close to or higher than what you already pay, or if consolidating just resets the clock without addressing the spending pattern that built up the debt. Run the numbers on the total cost, not just the monthly payment, before you commit.
How to find the lowest debt consolidation rate
Compare loans on the effective interest rate (EIR), not the advertised flat rate. The EIR includes fees and the effect of the repayment schedule, so it shows what the loan really costs. A low flat rate can turn out more expensive than it looks once fees are added.
Add up the exact balances and rates you want to consolidate before you apply, so you can tell at a glance whether an offer actually beats what you are paying today. Every offer you receive through Credible.sg states its terms clearly, so you can put them side by side and pick the one with the lowest real cost.
Common questions
Debt Consolidation Loan FAQs
Still unsure about something? Message us on WhatsApp and a real person will walk you through it.
What is a debt consolidation loan?
It is a personal loan you use to pay off several existing debts, such as credit cards or other loans, so you are left owing one lender at one rate with one monthly instalment, instead of tracking several.
How do I find the lowest debt consolidation rate in Singapore?
Compare offers from more than one licensed lender on the effective interest rate (EIR), not the advertised flat rate. Credible.sg matches you with licensed lending partners and lets you compare their real rates and fees side by side, so you can identify the lowest one you actually qualify for.
Is debt consolidation worth it if I have credit card debt?
Often, yes. Credit cards in Singapore commonly charge around 26% p.a., so a personal loan at a lower rate can meaningfully cut what you pay in interest. It is worth it as long as the new loan's effective interest rate is genuinely lower than your current rate once fees are included.
Will consolidating my debt hurt my credit score?
Applying itself does not lower your score. What helps your score over time is making consistent, on-time payments on the new consolidated loan and closing out the old balances it replaces.
How much can I borrow for debt consolidation?
It depends on the lender, your income, and the amount you owe. Most requests on Credible.sg fall between S$1,000 and S$100,000. Borrow only enough to cover the debts you are consolidating.
Is it safe and legal to apply through Credible.sg?
Yes. Credible.sg is a loan-matching platform run by Simple Stack Pte Ltd. We are not a lender ourselves. The financing always comes from licensed lending partners that we have vetted. Applying is free, and you never have to accept an offer.
Learn with Credible
Guides to read before you borrow
Wedding Loan Singapore: Compare Offers and Find the Lowest Rate
Read the guide →Lowest Moneylender Rates in Singapore — From 9.6% PA
Read the guide →Best Personal Loan Rates in Singapore: Compare and Choose
Read the guide →Personal Loan Singapore: Compare Offers From Licensed Lenders
Read the guide →Understanding Your Credit Score in Singapore: CBS Explained
Read the guide →Browse by topic
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Ready to consolidate and find your lowest rate?
One free application is all it takes. Licensed lenders come to you with offers, and you pick the one with the lowest rate.
