A debt consolidation loan is a financial solution that allows individuals to combine multiple debts into a single loan. This can help simplify the repayment process and potentially reduce the overall interest rate. However, not everyone is eligible for a debt consolidation loan. Here are the usual requirements that apply:
Age and Residency
To be eligible for a debt consolidation loan, you must be between 21 and 65 years old. Additionally, you must be a Filipino resident. If you are a foreigner, you must be a local resident to qualify for this type of loan.
Credit Cardholder and Income Requirement
Being a principal credit cardholder is a common eligibility requirement for debt consolidation loans, although some lenders may not require this. Additionally, you must meet the minimum income requirement set by the lender. This can vary, with some lenders requiring at least ₱15,000 per month and others requiring at least ₱20,000.
It is important to note that these are general eligibility requirements, and each lender may have their own specific criteria. Before applying for a debt consolidation loan, it is advisable to research and compare the offerings of different lenders to find the best fit for your financial situation.
