Best Personal Loan in Singapore: The Ultimate Guide (2024)

These days, it seems everyone’s on the hunt for the best personal loan in Singapore. With so many options out there, it can be tough to know where to start your search. Considering this, you might be feeling a bit lost, especially if it’s your first time applying for one.

Don’t worry, though—we’ve got your back!

This guide will help you learn everything you need to know about the best personal loan in Singapore. After reading, you’ll surely feel more confident in your loan application.

A personal loan is when you borrow money from a bank or other lender. You get the cash upfront and then pay it back over time, usually with some extra money added called interest.

These types of loans can be extremely helpful when people need money for something important but don’t have enough saved up. Maybe you want to buy a car? Or you can even use this to pay for a wedding.

Personal loans in Singapore can even be used to consolidate some other debts into one monthly payment. That said, not all personal loans are the same. There are unsecured loans that don’t require collateral. If you end up applying for a secured loan, you need to put up your house, car, or other property as a guarantee.

Furthermore, the interest rate and other terms of the loan can also be different depending on where you get it from – whether it be a bank or a moneylender.

Personal loans from banks can be a fantastic option since they have relatively low interest rates compared to other types of credit. More importantly, these financial institutions offer higher loan amounts than other lenders. Since they now allow you to apply online, the entire process is absolutely convenient.

• Interest rates from 2.88% p.a.
• Loan amounts up to 6 times your monthly salary
• Flexible repayment terms of up to 5 years

Looking for a personal loan with low interest rates? Check out UOB. The rates start at just 2.88% per year which is a pretty sweet deal. And you can borrow up to 6 times your monthly salary which is amazing. The best part? You can choose to repay your loan over a period of up to 5 years to fit your budget and lifestyle. No more stressing over monthly bills!

• Interest rates starting from 3.48% p.a.
• Flexible repayment terms of up to 5 years

Standard Chartered’s CashOne Personal Loan are just as competitive as UOB’s, starting at 3.48% per year. This bank also offers the same flexible repayment terms as UOB of up to 5 years so it will give you time to pay back your loan. Need money fast? This best personal loan Singapore is known for its very quick application process and you could get approved and receive your funds within a day.

• Interest rates from 2.88% p.a.
• Loan amounts up to 10 times your monthly salary
• Repayment terms of up to 5 years

If you need to borrow a larger amount, the DBS/POSB Personal Loan might be your best bet. With this bank, you can borrow up to a whopping 10 times your monthly salary!

The interest rates are still pretty competitive. And like the other options on this list, DBS/POSB offers repayment terms of up to 5 years. With their huge network of branches and easy online banking, managing your loan will be easier.

• Interest rates starting from 5.43% p.a.
• Borrow up to 6 times your monthly salary
• Repay over a period of 1 to 5 years

OCBC’s Extra Cash Loan comes with interest rates starting from 5.43% per year. While that’s a bit higher than some other banks, it lets you borrow up to 6 times your monthly salary to cover most expenses.

If you want to pay off your loan quickly, you can opt for a shorter term. Or if you prefer smaller monthly payments, go for a longer term. This bank also has a user-friendly online application process.

• Interest rates from 3.60% p.a.
• Loan amounts up to 8 times your monthly income
• Repayment terms of up to 7 years

HSBC’s Personal Loan offers competitive interest rates starting from 3.70% per year. But here’s the kicker – you can borrow up to 8 times your monthly income which makes it great if you want to apply for a loan for debt consolidation.

Another big plus with HSBC is their long repayment term of up to 7 years. That’s longer than most other banks offer. This can really help make your monthly payments more manageable, especially if you’re borrowing a larger amount.

Licensed money lenders in Singapore are the ultimate option for many people, even those with bad credit, since they are more flexible with their requirements.

• Low interest rates on personal loans
• Easy application, quick approval
• Customised loans to fit your needs
• Get approved in just 8 minutes

Crawfort is hands down the best licensed money lender for personal loans. With its offer, it’s not hard to see why. This money lender has a super simple application process and you can get approved in just 8 minutes – yes, you read that right.

Of course, Crawfort isn’t just about speed. This money lender really takes the time to understand your unique situation and tailor a loan package that works for you.

• Competitive interest rates
• Fast approval and cash disbursement in 30 minutes
• Convenient locations islandwide

This money lender has pretty competitive rates and can approve your loan and hand you the cash on the same day. Just remember, as with any loan, read the fine print and only borrow what you can comfortably repay.

• Interest rates from 1% per month
• Borrow up to 6 times your monthly salary
• Flexible repayment up to 12 months

Raffles Credit is another solid choice if you’re looking for a licensed money lender. For this loan, the interest rates can be as low as 1% per month, which is quite competitive especially for a money lender.

What’s more is Raffles Credit has a flexible repayment term so loan applicants can choose to pay back their loan over a period of up to 12 months.

Here are some things to keep in mind.

Going with a licensed money lender? Then you should know that the interest rate can’t be more than 4% per month. That’s the law. With tons of lenders, shop around for the best rate. Meanwhile, if you’re thinking about a bank loan, look at the effective interest rate (EIR), not just the advertised rate. That will tell you the real cost of the loan.

Just because you can borrow a lot doesn’t mean you should. Think hard about what you can afford to repay. You’ll be glad you followed this tip.

Banks and money lenders all offer manageable loan tenure. That said, watch out for late payment penalties which can also hurt your credit score.

For the loan tenure, shorter loans mean less interest. If you can pay off your loan quickly, by all means, do it. For those who need more time, a longer tenure might be better. Finding balance is so important here.

It doesn’t matter if you prefer low rates and big loans offered by banks, or the fast cash and flexible terms from licensed money lenders, there’s a new personal loan out there for everyone.

Lender SG can help you if you are still unsure of where or how to apply for a personal loan. The service is free.