Debt Consolidation Plan in Singapore

A debt consolidation plan helps combine multiple unsecured debts into one repayment arrangement. In Singapore, the formal bank DCP consolidates unsecured credit facilities across financial institutions with one participating bank. Credit 21 offers a debt consolidation loan money lender option for borrowers looking for a more direct process or an alternative to a bank-led DCP.

A debt consolidation plan works by combining several unsecured debt obligations into one new repayment structure. Instead of tracking multiple due dates and balances, borrowers make one monthly repayment under the approved plan.

Applying is straightforward:

1. submit your details online
2. receive an initial application review
3. visit our Tanjong Pagar office for verification and signing if eligible

Our team will guide you on the required documents and next steps before disbursement.

You can apply for a debt consolidation plan with Credit 21 if you are:

• a Singapore Citizen or Permanent Resident, or a foreigner residing in Singapore with a valid Work Permit, S Pass, or Employment Pass
• aged 21 and above
• employed or self-employed
• able to provide supporting identity, income, and debt documents

All applications are assessed based on income, employment status, repayment ability, current debt obligations, and required checks.

The documents required depend on your residency status. Having them ready helps speed up approval.

For Singapore Citizens and PRs:

• NRIC
• Recent payslips, CPF contribution history or bank statements

For Foreigners Working in Singapore:

• Work Permit, S Pass or Employment Pass
• Proof of residence (tenancy agreement or utility/phone bill)
• Recent payslips or bank statements

Providing complete and accurate documents allows us to process your debt consolidation plan application smoothly.

A bank DCP is a formal refinancing programme for unsecured debts across financial institutions and is usually more suitable for borrowers who meet stricter bank criteria. A debt consolidation loan money lender option may be more practical for borrowers who need a more direct process, faster assessment, or an alternative when bank options are not suitable.

Yes. A debt consolidation loan Singapore borrowers use can help simplify repayment by replacing multiple due dates with one monthly instalment. This can make budgeting easier and reduce the risk of missed payments, provided the borrower stops taking on new debt and follows the repayment plan consistently.

A weaker credit profile does not always mean automatic rejection. At Credit 21, applications are assessed based on current income, repayment ability, debt commitments, and required documents. As a trusted licensed money lender in Singapore, we focus on whether the repayment arrangement is suitable and manageable.

Yes. Credit 21 is a licensed money lender in Singapore and is listed in the Registry of Moneylenders under the Ministry of Law. Borrowers can verify the lender’s business name, licence details, and registered office address through the official Registry before applying, which helps ensure they are borrowing from a legal and licensed money lender.