Best Debt Consolidation Loans

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Best Debt Consolidation Loans

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Best Debt Consolidation Loans

Finding the best debt consolidation loans in Malaysia can be a daunting task. With so many loan options available, it can take time to determine the most suitable for your current financial situation.

Higher interest rates, hidden fees, and confusing terms can leave you feeling overwhelmed and stuck. You can only move forward with your finances if you know what’s best for you.

LoanPanda is here to help you decide which consolidation loans are best.
Before shortlisting the various consolidation debts and picking the best, you should know how this loan affects all your debts.

A debt consolidation loan is a personalised debt repayment plan used as a debt management programme to consolidate or combine multiple loans. For example, if you end up owing RM8,500 and RM6,500 on two credit cards in addition to an RM10,000 personal loan, you can consolidate and pay off all three debts with a single RM25,000 loan.

Consider debt consolidation if you owe money on more than one credit card or personal loan. You can select a longer loan tenure if you're going to cut down the monthly loan payment to a more affordable level which is in line with your level of financial capabilities and ease.

You should only consider this debt management for refinancing your existing debt with a personal loan if doing so will result in a lower annual percentage rate for your credit card debt, mortgage, car loans, or other types of debt.

When looking for a personal loan for your debt management programme, you should look for financial products with interest rates lower than most other financial products on the market. Debt consolidation loans only make sense if they result in a lower single interest rate from the bank.

Banks such as UOB, Citibank, RHB, Hong Leong, Alliance, and Standard Chartered are well-known financial institutions offering clients consolidated personal loans.

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A range of personal loans is available for fast cash to cover unexpected needs related to your financial standing or cash flow. Look through the list of resources that LOANPANDA has compiled to assist you in weathering the storm.

Individuals can apply to their local bank or another financial institution to receive an individual loan, a type of unsecured loan. Borrowers are typically not required to provide any collateral to obtain these loans. Personal loans often have a shorter repayment time than the mortgage and corporate loans.

You may put all your financial variations into the LOANPANDA personal loan calculator, which will do all the work for you. Just type in the amount you want to borrow, how long you want, and how much money you make each month to get your monthly repayment package. It will show you a range of personal loans and customised programmes available and monthly repayments towards your debts.

Typically, if you meet the following requirements, you will be approved for a personal loan:

  • 18 or older and presently working
  • Has a solid credit rating
  • Has a least one year of CTOS/CCRIS 

Nearly anything is possible with individual loans from a bank. Typical financing uses include:

  • Consolidating multiple debts into one loan
  • Funds Transfer using a Credit Card 
  • Acquiring a home (legal fees, downpayment, renovation, etc.)
  • urgent medical needs
  • Wedding costs.

Individual loans have varying interest rates based on variables such as credit score, loan amount, and loan term. The range is between 2.5% and 25%. Before submitting a loan application, you may browse the list of individual loan offers on LOANPANDA to compare the interest rates and terms.

A personal loan typically costs between RM5,000 and RM200,000 in financing.

You can look through LOANPANDA's list of personal loan offers to learn more about your financing alternatives and to compare the interest rates and terms provided by various lenders before submitting an application. A financial counsellor can submit your loan application to multiple financial service providers on your behalf. The latter lets you compare and find the most beneficial personal loan deals.

Personal loans are financial packages most Malaysian banks will offer to foreign nationals. Nevertheless, you can still visit a bank for credit counselling on total debt repayments.

Most banks like Citibank require candidates for personal loans to have a regular revenue source or savings. There is still a chance that you won't get as favourable terms or interest rates as those who can show proof of income.

Typically, your application form will require the following:

  • Updated EA form
  • IC photocopy
  • Official tax receipt and revised income tax submission
  • Employment letter
  • 3-6 months of EPF statement
  • SSM for self-employed