Bukit Panjang is the West Region of Singapore with well planning residential town. In any matter, you require personal loans just looking to trusted licensed money lender in Bukit Panjang – Quick Credit Pte Ltd. We comprehend the moment you urge for money for emergency expenses or the accomplishment of commitments. Therefore, we are simplifying the loan process so you can get cash within 60mins.
On the other hand, we also know that people search for a licensed moneylender company that’s reliable and provide low-interest rates, especially in some other areas. Therefore, Quick Credit offer services in other areas of Bukit Panjang.
Advantages of taking a loan from Quick Credit:
- You can find the lowest interest charge from Quick Credit.
- Flexible loan package to design for everyone.
- Simple monthly repayment plans that fit one’s paying capacity.
- Our experience staff explains every single term of detail.
Quick Credit Licensed Moneylender Services
- Personal Loan is designed to meet your individualistic needs, you can make use of the money to pay off the hospitalization fees, home renovation, wedding expenses, etc.
- Bridging loan is a short-term loan, e.g. you are in the process of selling your current house and purchase of a new house.
- Business Loan is specially created for SME entrepreneurs in Singapore. They can make use of the loan to expanding their business.
- Payday Loan is to assist you when there are unexpected expenses.
7 ways to get out of debt this year
There are countless reasons why people in Singapore fail to clear their debts. The most common reason is that people don’t have enough funds at the right time to repay their debts and the amount gets accumulated to become a significant debt. But we will share some amazing hacks with you that will help you get out of your debt this year. Here’s how you need to get started.
4. Prioritize Debts with the Highest Interest Rate
It is common sense that if you have multiple debts in your name, you should clear the one with the highest interest rate. You must know that now or later, you will have to clear the debts if you want to have a good credit score. Debts with a higher rate of interest will only add up to your pain as you will end up paying more and more every month. If you are unable to clear all your debts at once, leave the ones with the lesser interest rate for later. That way, lesser money will be accumulated that you will have to pay off later.
In most cases, your credit card repayments will have the highest interest rate. Think about clearing it first. Also, try controlling your purchases with the card to avoid higher debt accumulation.
5. Pay Off Whenever Possible
It is very easy to have extra cash in hand when you get bonuses, incentives, or insurance money. Rather than using this amount for living a luxurious life or buying something big, you can use it to pay off your debts. You can ask your bank or creditor about their terms for early repayments. And as you know, when you get your bonus, pay the debt which has the highest interest first.
In another scenario, if your salary has increased, you can consider paying more every month. You can ask your creditor if it’s possible to make the monthly installments larger so you can pay it off faster and save on the unnecessary interests.
6. Talk to Your Bank
If you owe money to your bank against a credit card or an outstanding bill to pay, you can try for this method. You can talk to your bank and request them to give you some more time or help you out with a plan-B. Although your relationships with your bank aren’t very great at this moment, banks may offer alternative options for you to settle your outstanding credit card bills and unsecured debts through instalments. If yours is one of those co-operative banks, clearing your debt will become much easier. Some banks may help you alternatives because even they want the money, and by converting your debt amount into installments, they will earn more interest.
7. Opt for a Debt Consolidation Plan
If your debt amount exceeds 12 times your monthly income, you may be eligible for a Debt Consolidation Plan (DCP). This is a facility by the Association of Banks in Singapore (ABS) that allows you to consolidate what you owe to different creditors with one of the 14 DCP participating institutions at a lower interest rate, with a schedule of fixed monthly repayment installments payable until you fully clear all your outstanding debt. The best part is that these installments will be determined at a low-interest rate when compared to the interest rate you had before. This facility will also help you manage and clear your debts without much pressure on your head.
However, to be eligible for DCP, you will have to:
- Be a Singaporean Citizen or Permanent Resident
- Earn between S$20,000 and S$120,000 per annum
- Have interest-bearing unsecured debt on all credit cards exceeding 12 times of your monthly income
As you can see, there are several ways to get out of your debt. You need to have the mindset that getting out of debt is simple but not easy, so you cannot afford to slack. So just think smartly, prioritize the debts, do a little cash planning, and you will be able to tackle the debt without worrying much. It is easier than you think!
read the less of way to get out of debt in another article
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