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FAQ for Debt Consolidation Loan

General

What is a debt consolidation loan?

Unsecured loans, such as credit card borrowings and personal loans that do not require assets as collateral, may be overwhelming to an individual with their varying interest rates. Capital Funds Investments’ debt consolidation loan programme is designed to combine all these loans into one lump sum at a single interest rate.

Does it cover all types of unsecured loans, including those I have previously taken from other moneylenders?

Yes. We help you to control your debt by consolidating all your various loans from other money lending institutions such as ourselves. For example, if you have outstanding debts owed to six different companies, taking a debt consolidation loan with us will help to manage, and eliminate, all other interest rate loans at a single, flat interest rate.

How do I stand to benefit from such a loan?

Instead of having to deal with various unsecured loans at different interest rates, consolidating your debt into a single account provides you the convenience of tracking and your total amount of debt. At the same time, you will be able to repay the loan with a simple monthly payment at a lower interest rate than before.

Why should I choose Capital Funds Investments?

Working with a trusted financial services provider such as Capital Funds Investments ensures you are provided with the best financial tools and interest rates on the market – and most importantly, free from worries about potential scams. We are licensed by Singapore’s Ministry of Law and employ a team of qualified financial service specialists who have knowledge and know-how to tailor a loan repayment plan that best suits your lifestyle needs and income.

Further, Capital Funds Investments’ debt consolidation programme offers some of the most competitive terms in the market with an interest rate of no more than 3.9% per month.

Eligibility

Who can apply for CFI’s debt consolidation loan?

To be eligible for our debt consolidation loan programme, you must:

  • Be a Singapore Citizen or Permanent Resident aged 18 years or above as of the date of application
  • Have outstanding debts that you wish to consolidate under our debt consolidation loan

Is there a maximum/minimum salary I must earn for me to qualify for the loan programme?

No. However, the total loan amount that we grant under this programme will depend on your salary and other personal financial information that you may supply us.

Application

What do I need to apply for the loan?

To be apply for our debt consolidation loan programme, please provide us:

  • A front and back copy of your National Registration Identity Card (NRIC) or driver’s licence; do note that only one form of identification is required
  • Latest income documents in the form of pay slips; OR Central Provident Fund statement/income tax notice reflecting your CPF contributions from the last 12 months

How long will I have to wait for my loan request to be approved?

We guarantee a maximum 30-minute turnaround from the time of your application submission for your loan request to be processed. The loan amount is then released to you as soon as all documents are signed and approved.

Loan Amount

Is there a minimum/maximum loan amount that I can take under CFI’s debt consolidation loan?

No, so long as you provide and meet our abovementioned requirements. After receiving and reviewing your documents, we will determine if your preferred loan amount will be granted, or otherwise, suggest an alternative amount for your consideration.

Tenor

What is the maximum tenor, and may I apply for it?

For CFI’s debt consolidation plan, the maximum tenor is three years. We advise no longer than that, so as to avoid accumulating unnecessary interest. Our objective is to ultimately provide our customers a means to ease their financial burdens in the short term while eventually being able to enjoy a debt-free status in the longer run.

What if I need my loan duration to go beyond three years?

You may indicate your preferred tenor, although it is subject to our review and approval while we process your loan request.

Early Repayment

May I fully repay the debt consolidation loan at any time when I have available funds?

Yes. One benefit of taking a debt consolidation loan with us is that we do not charge an early repayment fee. Any outstanding interest owed to us will be waived should you settle the owed amount earlier than agreed.

Refinancing

May I refinance my debt consolidation loan with CFI by taking out another loan?

Yes, but you may only do so at least one month after the approval of your debt consolidation loan with us. No early repayment fee will be charged in this case.

I have incurred early repayment fees incurred by my previous loans from other institutions. May these be consolidated into my new debt consolidation loan with CFI?

No. The debt consolidation loan is to help you pay your outstanding debts. You will need to bear any early repayment, or other fees incurred in the refinancing process, without increasing your outstanding DCP loan amount.

How do I refinance my existing debt consolidation loan?

You will need to obtain a settlement notice from your existing debt consolidation bank or lender before submitting a refinancing application, which will indicate your actual outstanding principal and accrued interest up to the date of notice generation. The outstanding principal stated on this notice will be your refinancing loan amount.