Debt Consolidation Plan in Singapore

A Debt Consolidation Plan (DCP) allows you to combine multiple existing loans or debts into one single repayment. Instead of handling several creditors and interest rates, you make one fixed monthly payment to Ban King Credit, helping you simplify your finances and regain control of your cash flow.

You must:

• Be at least 21 years old
• Be a Singapore Citizen, PR, or valid Work Pass holder
• Have a stable source of income

Eligibility is assessed based on your financial commitments and repayment ability.

By merging all your debts into one account, you can:

• Reduce the total number of payments each month
• Lower your overall interest rate
• Avoid late fees and confusion from multiple due dates
• Improve your credit stability with consistent repayment

The borrowing limit follows MinLaw’s rules for licensed moneylenders:

To apply, please prepare:

For Singapore Citizens and Permanent Residents:

• NRIC
• Proof of income (latest payslips or CPF contribution statement)
• Proof of residence (e.g. utility bill, phone bill, or tenancy agreement)

For Foreigners (Work Pass holders):

• Passport and valid work pass (S Pass, E Pass, etc.)
• Proof of employment (e.g. employment letter or work contract)
• Recent payslips or salary crediting record
• Proof of residence in Singapore (e.g. tenancy agreement or utility bill)

Applying via Singpass MyInfo speeds up verification and reduces manual paperwork.

Most applicants receive in-principle approval within the same day once all documents are submitted. Final approval and fund disbursement take place after face-to-face verification and loan contract signing at our office

Yes. A Debt Consolidation Plan is specifically designed for borrowers with multiple active loans. Once approved, your outstanding balances can be combined into one new repayment plan managed by Ban King Credit.

Consolidation itself doesn’t harm your credit score. In fact, by making consistent and timely repayments, you can gradually improve your credit standing over time.

If you encounter financial difficulties, contact Ban King Credit immediately. We may assist by adjusting your repayment schedule or discussing temporary arrangements to help you stay on track and avoid late penalties.

We focus on responsible, transparent lending. Our goal is to help you clear existing debts, rebuild your finances, and regain peace of mind — all under MinLaw-regulated practices that prioritise borrower protection.

A Debt Consolidation Plan (DCP) is a loan offered by banks or licensed moneylenders that merges all your outstanding unsecured debts into one single repayment. You’ll have a fixed tenure and interest rate until the full amount is repaid.

Compared to banks, licensed moneylenders such as Ban King Credit provide faster approvals, simpler documentation, and more flexible repayment options — making it easier for borrowers with varied credit profiles to qualify.

A Debt Management Programme (DMP), on the other hand, is offered by organisations like Credit Counselling Singapore (CCS) and helps you negotiate existing debts with creditors. It does not involve a new loan or immediate cash disbursement.

If you’re seeking quicker relief and a structured way to regain control of your finances, a DCP from a licensed moneylender may be the more practical choice.

Most applicants who benefit from a Debt Consolidation Plan have unsecured debts that exceed several times their monthly income, such as credit card balances or multiple personal loans. While there’s no strict minimum for licensed moneylenders, we generally assess your total debt level, repayment ability, and income stability before approval.

No. A Debt Consolidation Plan only covers unsecured loans, such as credit cards, personal loans, and unsecured cash advances. Secured loans like home mortgages or car loans cannot be consolidated because they are backed by collateral.

Consolidating your loans is the first step. To stay debt-free, it helps to:

• Track your monthly spending and set a practical budget
• Avoid taking new short-term loans unnecessarily
• Make repayments on time to rebuild credit stability
• Contact us early if you face financial challenges

Ban King Credit also provides clear repayment reminders and guidance to help you maintain control of your finances.

Always review your contract carefully to ensure you understand the loan amount, interest rate, repayment schedule, and any fees.

Avoid unlicensed lenders that promise unrealistic rates or instant approval without verification. Ban King Credit, as a MinLaw-licensed moneylender, ensures every borrower receives a clear and transparent loan agreement before signing.