You are not behind because you are irresponsible. You are behind because three or four separate loan payments, each with a different due date and a different lender, are designed to be hard to track. A debt consolidation loan from Magnus Credit combines your existing licensed moneylender loans into a single monthly payment. One amount. One due date. One lender. Magnus Credit is a licensed moneylender regulated by the Ministry of Law. Operating since 2009.
A debt consolidation loan pays off your existing licensed moneylender loans and replaces them with a single new loan from Magnus Credit. Instead of tracking three or four payment dates across multiple lenders, you manage one. Instead of making separate calls to separate lenders when something changes, you deal with one office. This works specifically for borrowers who have multiple outstanding loans with licensed moneylenders in Singapore. If you are at the point where keeping track of which loan is due when has become the problem, consolidation is built for exactly this situation.
Use Singpass MyInfo to apply now. Tell us about your existing loans. No documents at this stage.
Our team reviews your outstanding loan position and contacts you with your consolidation eligibility, the proposed loan amount, and your new single monthly repayment figure.
At 301 Ubi Ave 1, 3 minutes from Ubi MRT Exit A. We walk through the full repayment schedule. Once you sign, your existing loans are settled and you leave with one loan in place.
You have outstanding loans with two or more licensed moneylenders in Singapore and want to bring them under one roof.
Keeping track of different due dates across different lenders has become harder than managing the debt itself.
You have missed a payment not because the money was not there but because you lost track of when it was due.
You want a fixed repayment schedule so you know exactly when the loan closes and the debt is done.
You want to deal with one team, one contact number, and one place to go if anything changes.
Magnus Credit charges only what MinLaw permits. Every cost is disclosed before you sign.
| Fee | MinLaw Cap | How It Applies |
|---|---|---|
| Interest rate | 4% per month | On reducing balance only. Shrinks as you repay. |
| Admin fee | 10% of principal | One-time. Deducted from disbursement at signing. |
| Late payment fee | SGD 60 per month | Only charged when a payment is missed. |
| Early repayment | No penalty | Pay off early. Interest stops immediately. |
Source: Ministry of Law, Registry of Moneylenders — rom.mlaw.gov.sg
A debt consolidation loan can be an excellent solution if you:
However, it’s important to remember that a debt consolidation loan is a tool, not a magic solution. It requires commitment and responsible financial management to truly benefit from its advantages.
At Magnus Credit, we don't just provide loans; we offer a pathway to financial stability. Our team is committed to:
Don’t let multiple debts hold you back from achieving your financial goals. A debt consolidation loan from Magnus Credit can be the smart way to take control of your finances and build a more secure future.
Ready to explore your options? Contact Magnus Credit today for a free consultation. Our friendly and knowledgeable staff are ready to guide you through the process and help you determine if a debt consolidation loan is the right choice for you.
Remember, at Magnus Credit Pte Ltd, we believe in “Lending with Integrity, Borrowing with Confidence.” Let us help you take the first step on your journey to financial freedom with a tailored debt consolidation loan.
Apply now and start your path to a debt-free future with Magnus Credit – Your trusted moneylender in Singapore.
Disclaimer: Terms and conditions apply. Magnus Credit Pte Ltd is a licensed moneylender in Singapore. Please borrow responsibly and ensure that you can meet the repayment obligations before taking out a loan.
No. Magnus Credit reports to the MLCB — the Moneylenders Credit Bureau. This is completely separate from the CBS (Credit Bureau Singapore) that banks and HDB use to assess your mortgage. Consolidating here does not reduce your CBS score and does not appear on your bank credit file.
Interest is capped at 4% per month on the reducing balance under the Moneylenders Act. Reducing balance means interest is calculated only on the outstanding amount you have not yet repaid. As you make monthly payments and reduce the principal, the interest charged each month decreases. You are never paying interest on money you have already returned.
Magnus Credit charges only what MinLaw permits. Interest is capped at 4% per month on the reducing balance. The admin fee is capped at 10% of the principal, charged once at disbursement. The late payment fee is capped at SGD 60 per month and only applies if a payment is missed. There are no early repayment penalties.
You qualify if you are at least 21 years old, a Singapore Citizen, Permanent Resident, or a foreigner with a valid work pass, and you have two or more outstanding loans with licensed moneylenders in Singapore. You must have proof of income and must not be an undischarged bankrupt. Each application is assessed individually.
Apply via Singpass MyInfo in 2 minutes. Our team calls you during office hours to confirm your eligibility and the proposed consolidation amount. If you qualify and come in the same day with your documents, the loan is signed and your existing loans are settled in one visit.
Yes. EP and S Pass holders with valid work passes may apply. Your borrowing limit is assessed based on your income. Bring your passport, valid work pass, last 3 months of payslips, and proof of address to the appointment.
Singapore Citizens and PRs: NRIC and last 3 months of CPF contribution history or Notice of Assessment. Foreigners: passport, valid work pass, and last 3 months of pay slips. All applicants should bring details of their existing outstanding loans — lender names and outstanding balances — so we can assess the consolidation accurately.
Take the first step towards financial freedom. Contact Magnus Credit today and let us help you consolidate your debts into one manageable loan.
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