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Been rejected by banks due to your credit score? Already maxed out your bank credit limits but still need financial breathing room? Banks take weeks to process applications, but your bills won’t wait. Our debt consolidation plan offers an alternative path—combining multiple debts into one loan with faster approval and more flexible requirements than traditional banks demand.
Here’s how it works: you take out a single loan that covers your existing balances across credit cards, personal loans, and other obligations. Those separate debts get paid off. Instead of tracking four or five different due dates and interest rates, you manage one monthly repayment to one lender. Borrowers juggling multiple creditors benefit the most, though plenty of bank-rejected applicants end up here too.
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A debt consolidation plan only works if the lender behind it can move fast, keep costs predictable, and structure the loan around your specific debt situation.
A credit card at 26% APR, a personal loan at 18%, an overdraft ticking at its own rate. Every day these run separately is a day you’re paying compounding interest to multiple creditors. The faster your debt consolidation plan gets approved, the faster those separate balances merge into one, and the interest math shrinks with them. Crawfort’s assessment returns your result via SMS within 8 minutes of submitting.
Three creditors often means three different interest rates, three different calculation methods, and no clear picture of what your debt is actually costing you each month. A debt consolidation plan through Crawfort folds those into a single rate, regulated under Singapore’s Moneylenders Act (capped at 4% per month, with late fees limited to S$60). You can finally put a hard number on your monthly cost and track real progress against the principal.
Keeping track of a credit card payment on the 7th, a personal loan instalment on the 15th, and an overdraft review on the 22nd is where most borrowers slip up. One missed date triggers a late fee that eats into your repayment progress. Your debt consolidation plan collapses all of those into a single monthly, biweekly, or weekly payment through any AXS or SAM machine island-wide.
Here’s what you gain from consolidating your debts:
Credit card balances, personal loans, credit lines, wedding loans, overdraft facilities, microloans — these can all be rolled into a single consolidation plan. Each carries its own interest rate, payment date, and terms, which makes tracking them a nightmare when they pile up. Bundling them into one loan replaces that mess with a single monthly obligation at a fixed rate. You stop juggling six different creditors and start managing one straightforward repayment schedule instead.
High-interest credit cards and personal loans eat away at your finances. Consolidation provides access to lower interest rates, especially when you work with a licensed money lender offering competitive terms. Lower rates mean more of your payment goes toward the principal balance, not interest charges. You’ll pay off what you actually owe rather than feeding endless interest cycles.
Missed payments destroy credit scores quickly. When you’re managing several debts, it’s easy to overlook a due date or pay late. Consolidation prevents this problem by giving you one clear payment to make each month. Consistent, on-time payments rebuild your credit profile over time. Pay off your consolidation loan responsibly, and your score will reflect that discipline.
Credit card debt with high interest rates traps you in a cycle where minimum payments barely touch the principal. A debt consolidation plan breaks this pattern with fixed repayment periods and lower interest rates. You’ll see real progress each month as your balance decreases predictably. Fixed terms mean you know exactly when you’ll be debt-free—no more endless cycles.
Consolidating gives you clear visibility into your debt. One loan means one balance to track, one interest rate to monitor, and one repayment schedule to follow. You can plan your monthly budget around a single, predictable payment. This makes it simpler to allocate funds for other goals like emergency savings or investments.
Multiple high-interest debts demand steep minimum payments that squeeze your cash flow. Debt consolidation reduces your total monthly obligation by spreading repayment over a longer term with better rates. This frees up money for daily expenses, unexpected costs, or building financial reserves.
One loan type doesn’t solve every problem. Here’s what else we offer.
Have too much debt? Are you sick and weary of balancing many bills and repayments? Your pathway to financial freedom can be by taking out debt consolidation loans in Singapore.
Before getting a debt consolidation loan, here are the essential things that you need to know:
Debt consolidation loan is an unsecured debt that you take out for the purpose of repaying your outstanding debts. The licensed money lender offer a single collateral-free loan ideally designed to help you manage multiple debts. This has a much lower interest rate than what you were paying on your individual debts. Your monthly repayments can be reduced as a result, which would lead to easy debt repayment management.
A debt consolidation plan, or DCP, is a debt refinancing programme in Singapore that can consolidate outstanding amounts from multiple unsecured credit facilities, including personal loans and credit cards, into a single loan with a participating financial institution. Repayment is made easier by combining several instalments into a single monthly payment.
However, you need to remember that among the eligible debts are credit card balances and personal loans that are unsecured are usually covered by DCP.
Nonetheless, some loan categories are not included, including joint accounts, home improvement loans, student loans, health care loans, and credit facilities for businesses.
Currently, there is a wide range of financial institutions in Singapore providing DCPs, giving borrowers a selection of options. Participating institutions in the programme at the moment include sixteen major banks, including DBS Bank, HSBC, Citibank, and others.
Here are some circumstances where you may need to consolidate your debts:
If you are having a hard time repaying multiple loans and bills due each month, this is a sign that you might benefit from taking out a debt consolidation loan.
Combining several repayments into one can improve the way you handle finances.
For instance, you obtain a debt consolidation loan; upon approval, the lender will transfer a certain sum of money to you in order to settle the balances owed to your creditors.
High interest rates have the potential to keep you in a debt cycle, particularly if you are unable to make more than the minimum payment each month and have numerous outstanding debts.
Since the principal hardly moves and the interest charges keep mounting, minimum repayments sometimes can hardly cover the interest.
If you are having a hard time repaying these high-interest debts, it’s a sign that you need to consider a debt consolidation loan. By taking a debt consolidation loan, you can take advantage of much lower interest rates, which could result in long-term financial savings and getting out of debt quickly.
If you have a plan to get out of the debt cycle, it is time to take advantage of debt consolidation loans. With a single debt repayment plan, consolidation loans can help you manage your existing repayments. Moreover, it has a much lower interest rate compared to all your existing debts. Therefore, it can help you get out of the debt cycle quickly.
There are various ways that debt consolidation plans can affect your credit score. A credit investigation when applying for debt consolidation may result in a decrease in your score. However, over time, timely repayments on your debt consolidation plan can significantly improve your score.
Furthermore, maintaining timely repayment habits is essential to maximising the potential benefits of debt consolidation, since it’s important to keep in mind that your Credit Bureau Record will reflect your debt consolidation plan.
You have to be able to fulfil the following requirements in order to be qualified for a debt consolidation plan:
Please note that even if you fulfil the specified income requirements, final approval is subject to evaluation by specific financial institutions because the DCP is a commercial offering.
Moreover, to apply for a debt consolidation plan, be sure to prepare the following documents:
Singaporeans and PRs earning under S$20,000 annually can borrow up to S$3,000. Those earning S$20,000 or more qualify for up to six times their monthly salary. Foreigners with valid work permits are also eligible, with limits based on annual income tier.
Your consolidation loan amount depends on your residency status and annual income. Singaporeans and PRs earning at least S$20,000 can consolidate up to six times their monthly salary, while those earning below S$20,000 can consolidate up to S$3,000.
Yes. You choose which debts to roll into the consolidation plan and keep the rest separate. There’s no requirement to include every outstanding balance.
Court fines and court-ordered maintenance payments (such as spousal or child maintenance under the Women’s Charter) survive even bankruptcy discharge under Singapore’s IRDA. Consolidation can simplify repayment of other debts, but these legal obligations remain regardless.
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