We can utilize the credit limit from our credit cards and apply for cash advancement, less hassle and requirements. The interest rate is sometimes lower than PL depending on your package.

I'm referring to Credit Card Restructuring and Cash Advancement via EPP (Easy Payment Plan) offered by 3rd party. Most bank credit cards are accepted and the rate is relatively low, considering you don't need any documents, collateral, etc. The only requirements are that you are the principle card holder and the card is active for transaction.

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Added on October 19, 2011, 10:47 amIt's never wise to apply for one loan to pay off another. You're not solving the problem. Most people are unable to get the PL approved because of the existing credit card debt. We can always convert our outstanding credit card amount into Easy Payment Plan (EPP) with 22% interest rate for 36 months. The rate varies depending on banks. That is 7.33% pa. Some PL rate is 5%-7% but requires clean debt-free records to approve.

This post has been edited by DanielOoi: Oct 19 2011, 10:47 AM

Yup. This is the concept I'm referring to. Let me know if you need more information.