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Do you have multiple loans to manage?

Simplify your finance with Debt Consolidation Loan

Do you have multiple loans to manage?

Simplify your finance with Debt Consolidation Loan

Stressed woman struggling with her multiple debts and loans, frantically counting the amount she owes using a calculator

At 111 Credit, we aim to deliver a positive borrowing experience.

We’ll help you combine your debts and turn them into one scheduled payment plan.

Loan officer sharing more on debt consolidation loans with an interested couple
Loan officer sharing more on debt consolidation loans with an interested couple
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Less than 60 minutes processing time for walk-in application

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Seamless application process using Singpass

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Get reliable professional advice on debt management

READY TO START?

Reducing Interest Rates:

from 2.88% per month*

Loan Tenure:

up to
24 months*

Processing Fee:

5 to 10%*

*Terms and Conditions apply

Loan Eligibility Criteria

Who can apply?

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Singapore Citizens, Permanent Residents, or Foreigners
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18 to 70 years old
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Self-employed, employed, freelancer, gig worker, commissioned-based employee, or anyone who can show proof of consistent income

We work with you to understand your financial requirements.
Our goal is to provide you with the loans you need in the most hassle-free way.

How much can I borrow?

Borrower's annual income

Singapore Citizens and Permanent Residents

Foreigners residing in Singapore

Less than $10,000

$500

At least $10,000
and less than $20,000

$3,000

$3,000

At least $20,000

6 times monthly income

6 times monthly income

No maximum limit

No maximum limit

*Figures show the total maximum amount that you may borrow at any time across all licensed money lenders in Singapore as stipulated by the Ministry of Law. The actual amount you can borrow is subject to the licensed money lender’s approval

**For debt consolidation scheme, you’ll have to work with a voluntary welfare organisation to get a debt consolidation loan from the licensed money lender. Note that Ministry of Law’s loan cap doesn’t apply to this scheme.

Required Documents

Singapore Citizens and Permanent Residents

Foreigners residing in Singapore

Income proof

  • Latest 3 months’ CPF Statements (retrieved from Myinfo using Singpass)
    or
  • Latest IRAS Notice of Assessment (retrieved from Myinfo using Singpass)
    or
  • Latest 3 months’ bank statements showing proof of consistent income
  • For a private-hire driver or delivery personnel: Screenshots of the latest 3 months’ income statements taken from your company app
    or
  • Latest 3 months’ system-generated income statement emails
  • Latest 3 months’ bank statements showing proof of consistent income

Proof of identity

  • IC or Digital IC (via Singpass App)
  • Work Pass ( Employment or S Pass only )

Proof of residential address

  • Retrieved from Myinfo using Singpass
  • Any proof of residential address, such as bank statement and utility bill.
Distressed woman calculating multiple bills and debts, contemplating whether to take a debt consolidation loan or not

Ready to start your application?

How to apply?

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Visit our office to apply in person, or

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Submit an online loan application and wait for your
in-principle approval, which will be issued within an hour

Frequently Asked Questions

A debt consolidation loan is a debt repayment loan granted that lets you combine all eligible loans into one. It helps you consolidate and streamline existing outstanding debts. There are two types of debt consolidation loans, one of which is under a debt consolidation scheme while the other isn’t. 

A debt consolidation scheme is your best bet if you want to get a debt consolidation loan with possibly better loan terms and conditions. Under this scheme, a voluntary welfare organisation will negotiate with the licensed money lender on your behalf to let you get the debt consolidation loan you need to repay all outstanding amounts owed by you to all licensed money lenders. The Ministry of Law’s loan cap of up to 6X your monthly income doesn’t apply to this scheme.

Not everyone is eligible for a debt consolidation scheme. To qualify for one, certain requirements must be met.

Note: You are not allowed to apply for any new loan from any licensed money lender throughout the duration of your debt consolidation scheme.     

Funds from a debt consolidation loan are used to pay off multiple existing debts. As with any loan, you’ll have to make repayments to pay down your new debt consolidation loan.

As a debt consolidation loan consolidates your loans into one single loan, you’ll only have to make one streamlined loan repayment per month over your loan tenure.

Apart from making it easier for you to manage loan repayments, there could be significant interest savings to be had. This is particularly true if you have been missing or skipping payments for your existing high-interest debts.

You can apply for a debt consolidation loan from licensed money lenders that offer such a loan, such as 111 Credit.

A debt consolidation loan is similar to a debt consolidation plan, but it isn’t entirely the same. For starters, it is much easier to qualify for a debt consolidation loan than a debt consolidation plan. Only participating banks and financial institutions in Singapore offer debt consolidation plans.

Nope, there aren’t any debt consolidation plan money lenders in Singapore. There are many debt consolidation loan money lenders that you can choose from, though. 

You’ll have to compare the interest rates and processing fees offered by different money lenders to find the cheapest debt consolidation loan.

Debt consolidation loans can be a good idea if you’ve been struggling with multiple outstanding debts and are determined to take better charge of your finances. 

You can click on the apply now button on our website to apply for a debt consolidation loan with 111 Credit.

Start an online Debt Consolidation Loan application with 111 Credit

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