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FAQ About Consolidation Loan

1. Do I need to be a member to apply for a loan with TCC? Yes, you are required to be a TCC member but we have waived the membership fee. All applicants and sureties are required to open a TCC savings account with a monthly contribution of $10.00. A minimum savings of $10 has to be maintained in the account at all times. 2. Do I need to provide sureties for the loan? Yes. If your loan amount is within 2 times of your monthly basic salary, we will require at least one surety to be provided. If the loan amount exceeds 2 times of your monthly basic salary, 2 or more sureties shall be required on a case-by-case basis. 3. What mode of repayment would I need to make? You will need to service both the principal and the interest of the loan through regular monthly GIRO repayments. 4. How do I apply for the loan? Loan applications can be submitted via the following methods: 1. Email to loan@tcc.org.sg 2. Fax to us at 6738 1977 and attention to "Loan Department" 3. Submit at our office located at 95 Killiney Road Singapore 239537 during our office hours:- Monday to Friday : 8.45am to 6.00pm Saturday : 9.00am to 1.00pm Sunday & Public Holiday : Closed 5. How long does it take for the loan to be approved? It will take at least 3-5 working days for the loan approval, provided that all required documents are submitted. Any missing documents will result in a delay of the loan processing. However processing time may take longer for exceptional cases. 6. Can the cheque be made payable to my personal name? And how long does it take for me to receive the cheque after approval? No. All cheques will be made payable to the banks, finance institutes or licensed moneylenders. You will receive the cheque 2-3 days after all the applicants and sureties have accepted TCC's loan agreement. 7. Where can I purchase the CBS Report and the MLCB Report? You may purchase a copy of the CBS Report using your Singpass via the following link:- www.creditbureau.com.sg You may purchase a copy of the MLCB Report using your Singpass via the following link:- www. mlcb.com.sg 8. Can I keep my credit cards or credit lines for my daily usage? No. You are required to terminate all credit facilities with the banks or finance institutes after you have made the full settlement. You have to submit all the credit cards to us upon accepting our loan agreement. However if you wish to maintain a card for daily expenses or business travelling purposes, you may appeal to TCC but this is subjected to approval.
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