One Loan, One Manageable Repayment
Juggling multiple debts and repayment dates? A debt consolidation loan from BST Credit lets you combine what you owe into a single loan with one clear monthly repayment, from a licensed moneylender.
Apply for a Debt Consolidation Loan
Loan Purposes
A debt consolidation loan can simplify how you manage what you owe, replacing several repayments with one.
Replace several separate repayment dates and amounts with a single, predictable monthly instalment.
Pay down high-interest credit card debt with a loan that has a fixed repayment schedule and clear end date.
Bring together amounts owed to different lenders into one loan, so there's one repayment to keep track of instead of several.
See exactly what you owe and when it will be repaid, instead of tracking multiple balances and due dates.
An honest option if the bank Debt Consolidation Plan isn’t available to you:
You may have come across the Debt Consolidation Plan (DCP), a scheme offered by participating banks under the Monetary Authority of Singapore. DCP is a genuinely good option for those who qualify, but eligibility is narrow: it’s limited to Singapore Citizens and PRs within a set income range that varies by bank, with total unsecured debt exceeding 12 times your monthly income. Foreigners, and those who don’t meet these specific thresholds, aren’t eligible.
A BST Credit debt consolidation loan is a different, more accessible option: a personal loan you can use to pay off multiple existing debts, without the DCP’s income, citizenship or debt-level requirements. It won’t replace DCP for those who qualify for it, our rate is higher, and it’s worth checking if you’re DCP-eligible first, but it’s a genuine option if you’re not.
The maximum you may borrow at any time, across all licensed moneylenders in Singapore combined, depends on your annual income and residency status, as shown below.
Not sure what your monthly repayments might look like? Try our Loan Calculator to get an estimate before you apply.
| Annual Income | Singapore Citizen and Permanent Resident | Foreigners Residing in Singapore |
|---|---|---|
| Less than $10,000 | $3,000 | $500 |
| $10,000 but less than $20,000 | $3,000 | $3,000 |
| $20,000 and above | 6 times the monthly income | 6 times the monthly income |
These limits apply specifically to unsecured cash loans in Singapore. Here’s what borrowers should keep in mind:
As a licensed moneylender, we are bound by strict limits set by the Ministry of Law. Here is what applies to your debt consolidation loan:
Before consolidating your debts into a new loan, it’s worth being honest with yourself about what led to the existing debt, so the same pattern doesn’t repeat once your balances are cleared. Consolidation works best when it’s paired with a realistic repayment plan and a change in spending habits, not just a new loan on top of old ones. Our responsible borrowing checklist is a useful starting point before you apply.
Prepare Your Documents
Submit the necessary documents to verify your information, or apply with Singpass to have your particulars retrieved directly and skip manual uploads.
Are 21 years old or above
Singapore Citizen, PR, or valid Work Pass holder (EP, S Pass, WP)
Steady income, whether full-time, part-time or self-employed
NRIC (for Singaporeans/PRs) or Passport and Work Pass (for foreigners)
1. Last 3 months’ payslips
2. CPF contribution history
3. Income Tax Notice of Assessment
4. Bank statement showing salary crediting
1. Latest utility bill (within 3 months)
2. Tenancy agreement
3. Official letters sent to your home address
Loan Benefits
A straightforward way to bring multiple debts under control.
No minimum debt threshold, income band, or citizenship requirement, a practical option for foreigners and those outside DCP's eligibility criteria.
Every rate and fee is disclosed upfront and capped within Ministry of Law limits, so you always know what you're agreeing to.
Replace multiple due dates and amounts with a single, predictable monthly instalment.
Real people and real guidance, from your first question through to your final repayment.
Loan Application Process
Apply online first, receive a verification call, visit our licensed office to review and sign the
loan contract, then receive your funds after approval.
Submit your loan application online with your basic details and preferred loan amount.
Our team will contact you to verify your details, understand your loan needs and guide you on the next step.
Visit our licensed office for in-person verification. The loan amount, repayment schedule, interest and fees will be explained before you sign.
Once your loan is approved and the contract is signed, the approved loan amount will be disbursed to you.
What Borrowers Say
See why borrowers trust BST Credit for clear loan terms, helpful service and a smooth application process.
FAQ
Answers to common questions about consolidating debt with a licensed moneylender in Singapore.
No. The Debt Consolidation Plan (DCP) is a specific scheme offered only by participating banks, regulated by the Monetary Authority of Singapore, with its own eligibility criteria (Singapore Citizens/PRs within a set income range that varies by bank, and unsecured debt exceeding 12 times monthly income).
A BST Credit debt consolidation loan is a personal loan from a licensed moneylender that you can use to pay off multiple debts, a different and more accessible option, but not a substitute for DCP if you qualify for it.
Yes, if you’re a Singapore Citizen or PR with unsecured debt exceeding 12 times your monthly income, it’s worth checking your eligibility for the bank Debt Consolidation Plan first, as it typically offers a lower rate than a licensed moneylender loan.
A BST Credit debt consolidation loan is a suitable option if you don’t meet DCP’s eligibility criteria, or if your situation calls for a smaller, more immediate loan.
The maximum you can borrow depends on your annual income and residency status, and this limit applies across all licensed moneylenders in Singapore combined, not per lender.
Licensed moneylenders in Singapore are regulated by the Ministry of Law to keep borrowing fair and transparent.
To apply for a debt consolidation loan with BST Credit, you should be 21 years old or above, be a Singapore Citizen, PR, or valid Work Pass holder (EP, S Pass, WP), and have a steady income, whether from full-time, part-time or self-employed work. Unlike DCP, there’s no minimum debt threshold or income band you need to meet.
If you’re facing broader financial difficulty, Credit Counselling Singapore (6225 5227) offers credit counselling and can help negotiate structured repayment plans, including a Debt Management Programme for cases involving bank debts. You can read more in our guide on how to use a loan to consolidate debt in Singapore.
You can check the official Registry of Moneylenders maintained by the Ministry of Law. Always apply only through official websites or verified contact channels to avoid unlicensed lenders. Read our full guide on how to check if a moneylender is licensed for a step-by-step walkthrough.
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