Debt Repayment Scheme Loan in Singapore
Debt Repayment Scheme Loan in Singapore
You can avoid the embarrassment that comes with going bankrupt when you apply for the Debt Repayment Scheme loan in Singapore. With the DRS loans offered by i-Credit, you can avoid bankruptcy while getting debt relief.
i-Credit is a licensed moneylender in Singapore that is all about providing support and financial freedom to people enrolled in the DRS. This way, such individuals would be able to clear their debts with ease.
What is DRS?
The Debt Repayment Scheme (DRS) is a preventive measure against bankruptcy, administered by the Official Assignee (OA) on behalf of the Singaporean government. It allows debtors to renegotiate their debt in a controlled, court-supervised environment, thereby avoiding the severe consequences of bankruptcy.
Under DRS, individuals can settle their debts through manageable monthly instalments over a maximum period of five years. This scheme not only helps preserve personal dignity but also ensures creditors receive their dues without resorting to legal proceedings. Simply put, DRS creates a situation where both parties win.
This debt repayment scheme is officiated by a High Court-appointed Official Assignee, so the process is legitimate. With this scheme, debtors get breathing space to repay their loans, and creditors receive assurance of their money being repaid. i-Credit also plays a big part here as a legal moneylender that can offer loans and other assistance to personnel under the DRS.
What are the Benefits of DRS Scheme
There are quite a few reasons why many Singaporeans choose to get debt relief with DRS, and they include:
Zero-Interest Rates
All interests come to a standstill while under the debt repayment scheme. Therefore, debtors can pay off their loans without worrying about incurring interest during that period.
No Public Record of Bankruptcy
One of the biggest DRS loan benefits in Singapore is the ability to avoid bankruptcy. After all, who wants their name published in the papers as a bankrupt individual?
The DRS Covers All Unsecured Loans
The debt consolidation plan is another path to financial freedom for Singaporean debtors. However, this option only accepts a few unsecured borrowings. The DRS, on the other hand, accepts all of them.
Ability to Maintain a Regular Bank Account
The Official Assignee closes the account of any bankrupt individual and uses their funds to pay off creditors. So one of the debt repayment scheme benefits is the ability to avoid inconveniences like this.
No Travel Restrictions
After declaring bankruptcy, your movements at the airport will require approval from an Official Assignee. With this debt repayment scheme, you get to travel wherever you want without any prior approval.
Shorter Path to Debt Freedom
One of the debt relief advantages of DRS is that debtors in Singapore can pay off their loans within five years. This means that they can proudly declare themselves debt-free within this short period. A bankrupt individual has to carry their stigma for much longer than that.
What are the Eligibility Criteria for Qualifying for the DRS scheme
There are many things you stand to gain with i-Credit after you apply for DRS loan in Singapore, and they include:
Income Criteria
You need to be gainfully employed at a job where you receive regular income.
Total Liability Criteria
A debt repayment scheme criteria is that your liabilities shouldn’t be less than SGD 15,000 or higher than SGD 150,000.
Bankruptcy Status
If you’re an undischarged bankrupt individual, you’re ineligible for this Bankruptcy Loan.
DRS Status
Another DRS eligibility criterion is if you’ve not been on the program in five years.
Business Status
Sole proprietors and partners in any firm cannot qualify for this loan repayment scheme.
Debtor-Creditor Agreement
If you’ve voluntarily entered into any loan repayment agreement with your creditor in the last five years, you’re not eligible for the DRS.
How Can I-Credit Help Those Who Are under the Debt Repayment Scheme?
There are many things you stand to gain with i-Credit after you apply for DRS loan in Singapore, and they include:
Fast Loan Approval
After the long DRS loan application process, i-Credit changes pace with its one-hour loan approval process. When you apply for loans with this company, you’re given prompt attention and approval in the shortest time possible.
Improved Credit Scores
Part of the DRS loan assistance that i-Credit provides is boosting your credit score. After coming so close to bankruptcy, your credit score must have taken a hit. However, taking loans from a licensed money lender like i-Credit and making timely payments can boost it once more.
Increased Borrowing Power
When you take loans with i-Credit and increase your credit score, you get access to better borrowing power. With this, you can make bigger purchases or take on larger loans.
Access to Better Loan Terms
The benefits of taking loans from i-Credit also affect the terms you’ll receive for your loans. As your credit score improves, future loans will demand lower interest, allowing you to save money.
Competitive Interest Rates
i-Credit loans offer some of the best interest rates in Singapore. A loan of up to $3,000 only accrues 4% interest in one month. If your loan gets repaid in a week, this credit company waives any interest fees.
Personalised Solutions
While i-Credit does not provide personalized consultation services for the Debt Repayment Scheme (DRS), they offer personal loans to individuals participating in the DRS. Applicants must apply independently for the DRS, but i-Credit supports their financial journey with flexible repayment options.
Taking a loan with i-Credit is a big step towards improving your financial situation while under the DRS. So, if you’re looking for a reliable moneylender that can pave the way towards repaying your loans, look no further than i-Credit.
I-Credit licensed moneylender provides 100% confidentiality.
Visit I-Credit at #05-02 ATRIX Building, offering a discreet location away from the crowds while remaining easily accessible via Aljunied MRT Stop.
Your privacy is our priority. We maintain strict confidentiality to ensure your personal matters remain private.
Complete the form below for a prompt response within 1-2 working days.
Fast approval loan process with flexible repayment terms.
Not knowing what to expect during your first visit to a moneylender can be unsettling.
However, we can assure you that the process is relatively fast and easy. All you need to do is:
Step 1
Fill out an online application form.
Step 2
Once approved. We inform you of the amount you can loan.
Step 3
Visit us to discuss repayment plans.
Step 4
Collect your loan amount.
What can the DRS loan be used to pay for?
Not knowing what to expect during your first visit to a moneylender can be unsettling.
However, we can assure you that the process is relatively fast and easy. All you need to do is:
- Family and medical emergency
- Pay off fines
- Cover poor investments
- Purchase of vehicles and motorcycles
- Lifestyle incurred expenses
Need extra financial assistance to help you through tough times? I-Credit is here to help.
Fill out the e-application below, and we will reach out to you within one working day