Reliable Debt Consolidation Agency in Malaysia

With over a decade of experience, Bluebricks is a trusted debt consolidation agency in Malaysia offering loan consolidation and rejected services.

We are committed to helping people regain control of their finances and plan for a debt-free future. Our certified staff will help our customers satisfy their financial needs and develop a plan of action to address their financial situation.

Reliable Debt Consolidation Agency in Malaysia

With over a decade of experience, Bluebricks is a trusted debt consolidation agency in Malaysia offering loan consolidation and rejected services.

We are committed to helping people regain control of their finances and plan for a debt-free future. Our certified staff will help our customers satisfy their financial needs and develop a plan of action to address their financial situation.

Save With Debt Consolidation

Even if you’re managing your money correctly, settling your debt can take months or even years. One method to deal with multiple debt payments is debt consolidation.
Debt consolidation is when a lender takes out a new loan to pay off other expenses. Several debts are combined into a single, larger debt, usually with more favourable payoff terms, such as lower monthly commitments.
It can be used to merge several types of debt, including:
  • Credit card debt
  • Medical debt
  • Personal loans
  • Student loans
  • Other loans (from loan sharks, friends etc.)

Debt Consolidation Methods

Borrowers looking to consolidate their debt can also opt for these two most common methods:
Homeowners can use their home equity to consolidate their debt. Doing so extends their loan tenure from a minimum of 5 years to a maximum of 35 years.

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Personal loans are another method borrowers can consolidate multiple loans into one fixed monthly payment. They generally have a loan tenure of between 5 to 8 years.

Advantages of a Debt Consolidation Plan

Combine Multiple Payments into a Single Payment

Managing multiple loan payments each month can be challenging, especially if they’re due on different dates. However, when you consolidate your debts, you can reduce the number of payments and interest rates you have to worry about and improve your credit by reducing the chances of making a late payment.

Lower Interest Rates

If you consolidate multiple debts into a single loan, you can decrease your overall interest rate. Doing so can save you money, especially if you do not consolidate with a long-term loan. This is because you will be paying lesser in interest over the life of the loan.

Improve Your Credit Score

You can improve your credit score when you consolidate your debt as it reduces the credit utilisation rate in your credit report. Making consistent and on-time payments for your loan can also improve your credit score.

Debt Consolidation & Credit Scores

A loan consolidation may help your credit score down the road. Paying off the loan’s principal portion sooner can keep interest payments low, which means you get to save more money. It also boosts your credit score, making you more attractive to future creditors.

Debt Consolidation – FAQ

Debt consolidation is often carried out to reduce your monthly instalments by extending your loan tenure or lowering your interest rate. It is only recommended when the interest rate on your new loan is significantly lower than the rate on your current debts.
A loan consolidation does not reduce the amount of money you owe. Only paying down the principal can reduce how much you owe.

However, you will get to repay your monthly instalments at a smaller amount, thanks to the longer tenure.
If you are working to pay off your credit card debt, look into a home equity loan. You may be able to use a home equity loan to pay off your debt.
You are eligible for debt consolidation if you are:

  • A Malaysian citizen or a permanent resident
  • Earn a monthly income of at least RM3,000 or more
  • Aged 21 years and above (but not over 60 years old)
For a loan debt consolidation, you would need to prepare your:

  • Proof of income
  • Credit history documents
  • Equity documents Equity documents (Sales & Purchase Agreement, TNB bills, Cukai Tanah etc.)