Get the Best Personal Loan Offer in Singapore 2023!

A personal loan is quite simply any Singaporean loan taken out by an individual as opposed to a business. In most instances, personal loans are used for two key purposes, which are

• To repay personal debts (e.g. credit card bills)
• To bridge personal cash flow issues during an emergency

Ordinarily, money lenders in Singapore will allow you to borrow up to 6 times of your monthly salary. However, the actual maximum amount will always vary from lender to lender.

The basic requirements when applying for a personal loan are pretty lax when compared to other types of borrowing in Singapore.

Most banks require a minimum income of $3,000 a month and a solid credit rating before they will grant you a personal loan, but the same isn’t necessarily true of licensed money lenders.

Many of Singapore’s top licensed money lenders require only $1,500 for citizens and permanent residents and a bit higher for foreigners at $2,000 to take a loan.

The Ministry of Law lists which lenders are 100% legit, so you can be sure you’re dealing with a trusted institution.

You must be at least 18 years old to apply, although some lenders require that you must be at least 21.

Try out our loan comparison service today and we’ll find you the most suitable personal loans that fit your eligibility.

In most instances, you will be asked to present the following when you visit their offices to sign your paperwork:

• A Singapore Identification Card, Work Pass or Passport
• Proof of residence (e.g. recent utility bills)
• Proof of income
• Your latest 3-month payslips
• Singpass login details to access their CPF, HDB or IRAS statements*

*Borrowers need login with their Singpass for verification purposes.

Licensed moneylenders can only charge up to 4% interest rates monthly. Other permitted charges include:

• a fee not exceeding $60 for each month of late repayment;
• a fee not exceeding 10% of the principal of the loan when a loan is granted; and
• legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

For banks, processing fees ranging from 1-4% are not uncommon, while average interest rates sit at around 3.5 to 5%. There’s always ample opportunity to save money by shopping around, especially if you know what you’re looking for.

Still unsure? Use our loan comparison service today to compare the best deals offered by licensed money lenders in all conceivable categories, from interest rate to processing fees and more.

Affordability is the biggest factor above all else. Never borrow more than your realistic means and ensure you are happy with each of the following aspects of your personal loan deal:

• The loan amount and repayment plan
• The interest rate
• Other charges and fees
• The loan tenor and its flexibility

With Loan Advisor, we can get you three trusted quotes within five minutes or less if you fill in our simple online form today. However, once you’ve selected the right personal loan to suit you, you’ll need to arrange an appointment with your preferred money lender to sign all the necessary paperwork. This is a standard requirement under the Ministry of Law’s rules.

Realistically, you can expect to have your loan approved and cash in hand within just an hour, assuming you are able to organize this appointment promptly and pass any eligibility checks with no issues.

Usually, you will be able to choose exactly how much time you need to pay off your personal loan. Most loan providers will offer a variety of tenors, depending on whether you are looking at payday loans or longer-term borrowing. We recommend opting for the shortest tenure with the most manageable monthly repayments wherever possible.

Personal loans in Singapore are ordinarily based on monthly repayments, so you’ll start paying off your borrowed loan amount with interest pretty quickly. In some cases, you can opt to pay off your loan early and this can help you to save the cost of borrowing as well.

Yes! With Loan Advisor, you can compare and apply for great personal loans with the click of a button – just by filling in our straightforward online form. However, licensed money lenders in Singapore will require you to make an appointment and visit their offices in person to sign your paperwork and get your cash. Most money lenders will approve personal loans instantly on-site.

Many licensed money lenders in Singapore offer specialized foreigner loans to non-Singaporean citizens. These loans are very similar to standard personal loans. Always check with your preferred money lender – or simply get free loan quotes with Loan Advisor today.

Interest rates will always vary and can fluctuate with very little notice. The deals available today might not be available tomorrow, and vice versa. Secure the best rates now by filling in Loan Advisor’s quick online form and comparing the top personal loans currently available.

Loan Advisor is a completely free loan comparison site offering quick and easy access to personal loans with low interest rates from various trusted loan providers in Singapore.

If you need a personal loan to suit your unique requirements, but you don’t have time to go shopping around, try out our instant comparison service today. We’ll secure you the excellent personal loans with low-interest rates and fast cash right now.