What is Loan Consolidation

Yunn Choo

February 15 , 2023

Are you feeling stressed about your personal debt? 

It seems endless to pay off those debts sometimes. 

After your payday, 80% of your income is paid off your monthly commitment and you struggle to live and end up piling up more debts. 

It sounds so real to some of the people around us, but it's true. The pandemic hits have caused us to change our daily lifestyle and learn the importance of savings and spending wisely. 

If you are facing the issues I just mentioned above, you may look for these options to reduce your monthly commitment. 

  1. Debt Consolidation 
  2. Terminate credit-card or restrict usage of credit card 
  3. Save before you spend
  4. Spend wisely and think twice before purchasing something 
  5. Only purchase something you really need but not what you really want
  6. Invest in micro-investment or save into an EPF account 

Of course, all these required our self-discipline and better management of ourselves. 

If you can go for the first option - Debt consolidation 

I would highly recommend you to do so because you can instantly reduce your commitment without making any changes!


So, what is loan consolidation?

Loan consolidation is the process of combining multiple loans into one loan with a lower interest rate. 

Typically, this is done to reduce monthly payments and consolidate multiple debts, such as student loans, credit card debt, and personal loans. 

Loan consolidation can help you to simplify loan repayment and make it easier to manage your finances. 

However, it can also have an impact on your credit score if you don't pay off the consolidated loan in a timely manner.


 5 Benefits Of Loan Consolidation 

  • Reduce monthly installment payments 
  • You may enjoy lower interest rates immediately 
  • Simplify facility account (Combine multiple debts into one loan)
  • Simplified loan repayment (Fixed installment amount)
  • Improve credit score (Bank doesn't seem to like a client with lots of unsecured loans)


Who needs a Loan Consolidation?

Individuals with high debts and multiple debts, such as 

  • credit cards
  • personal loans
  • hire purchases
  • education loans
  • Other high-interest debt 
  • (Mezzanine financing/Alternative Financing) This is so-called the Ah-Long fund.

Overall, loan consolidation can really help you to save up a lot of money, and interest and also make your life easier. 

If you would like to know more about this, please click on the Whatsapp link below to contact our officer to check it out!



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