In an ideal perfect world, debts would be non-existent. Unfortunately, we don’t live in an ideal perfect world. Stuff happens. Unforeseen tragedies such as the Corona pandemic happen and throw us into the deep end of the pool. Suddenly we are jobless and unable to service loans or even feed our families. The result? We sink into debt.
You will agree with me that getting out of debt is not as simple as gurus make it look like. While paying all your debts can be a herculean task, debt consolidation is one effective way of reducing pressure on yourself and working towards becoming debt-free.
Debt consolidation in simple terms is a type of debt refinancing. In essence, debt consolidation enables you to roll all your debts into a single debt making it easy for you to service only one debt from one institution as opposed to dealing with multiple creditors. The beautiful thing about debt consolidation is that it’s an unsecured form of credit. Do you know what this means? No collateral!
Benefits of Debt Consolidation
Other than helping you roll all your debts into one single debt, there are other very important benefits of going for debt consolidation.
- Debt consolidation accords you with an opportunity to improve your credit rating.
- Your assets are safe. Since debt consolidation is an unsecured form of credit, there is no risk of losing your assets.
- It helps you develop good financial discipline.
When to Go For Debt Consolidation in Singapore
If you are in Singapore and choking on debts, it is time to consider going for debt consolidation. You need peace of mind and to be able to sleep at night without having nightmares of lenders auctioning your property.
Secondly, you need to go for debt consolidation in Singapore if you are keen on improving your credit score. So long as you have a poor credit rating, getting approved for new loans or even getting better premium rates from insurance companies will be a tall order. You will always get the short end of the stick.
Lendela Helps You Get Approved For Debt Consolidation Hassle-Free
Applying for a debt consolidation plan is more or less just like applying for any other form of credit. What this means is that you need to carry due diligence and ensure that you get the best interest rates from lenders.
Of course, applying for a debt consolidation plan in Singapore is never a walk in the park. You have to deal with multiple lenders offering different interest rates and this can become quite confusing, cumbersome, and time-consuming.
This is where Lendela gets to make your debt consolidation plan application hassle-free. With Lendela, the process is as simple as:
- Making your application for a debt consolidation loan through the Lendela website. (This can be done from wherever you are without moving a muscle.)
- Lendela sends your application to its network of lenders in Singapore.
- You begin to receive a number of offers from different lenders in Singapore.
- Once you’ve received offers, your job is to compare all offers and picking the one you prefer or best suits your circumstances.
- Lendela then books an appointment with your chosen and once terms are agreed, you sign the loan agreement!
It is simple and hassle-free, right? Yes, just imagine getting approved for a debt consolidation loan without having to go through the rigorous and tiresome process of visiting tens of websites trying to find the right one! With Lendela, you are on your to getting debt-free within no time.