Best Personal Loans in Singapore 2024

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Top Features of Personal Loans

There are a few easy checks you can do to see if a financial institution is legitimate and licensed, including the way they advertise and how they sell you the credit. By looking out for these things, you can ensure you will not get ripped off.

1. No Collateral

Personal loan in Singapore does not require borrowers to provide any collateral such as a house or car to avail a personal loan. The loan is approved only based on creditworthiness, which depends on your credit score, monthly or annual income, repayment history, employer reputation, etc.

2. Flexible End Use

Personal loans can be used for multiple purposes, such as to meet expenses of a medical emergency, travel, house renovation, debt consolidation, etc.

3. Flexible Tenure

Personal loans usually come with flexible tenure either for short term or long term.

4. Minimal Documentation

With financial institutions, personal loans can be applied both online and offline with very minimal documentation. Key documents that financial institutions generally need the applicant to provide include a proof of identity, monthly or annual income and their address.

5. Quick Disbursal

Personal loan disbursal via banks can sometimes occur within a few days, once the application is permitted. For financial institutions, turnaround times can be as short as 30 minutes should you can avail of a pre-approved loan offer.

6. Flexible Loan Amount

The personal loan amount that gets disbursed is based on an individual’s repayment history, monthly income, age, profession, employer reputation, and other such factors.

Apply for a Personal Loan in 3 Easy Steps

To meet your financial needs with ease- whether it's for your next vacation or that potential property you have been wanting, Instant Loan provides a comparison tool wherein you can get the most desirable rates that suit you. These are the steps you can follow:

Step 1

1. Submit Loan Enquiry to Instant Loan

Tell us about your desired amount, monthly income, and desired interest rate and send.

Step 2

2. Compare up to 3 Loan Offers

We’ll provide you with 3 competitive personal loan quotes for free that would be ideal for your needs.

Step 3

3. Visit the Recommended Loan Provider

Head on to the most trustworthy financial institution you chose and apply online. You can visit the provider to finally sign your personal loan application.

Why Choose Instant Loan?

There are thousands of financial institutions in Singapore. And while it's a given that loans do not come easy, looking for the ideal plan can be time-consuming, especially for those who are hoping to apply for the first time.

Instant Loan can assist you on your financial worries by recommending better financial decisions through our section of useful tools nonetheless. By aggregating and combining product information to every single platform for comparison that is personalized to your consumer profile, we have put the power back into the client's hands. Whether it is for loans, insurance or credit card, we make data easier to understand and products easy to apply for- all in one hassle-free site. With our comparison tool, we can easily match your information with a variety of financial institutions.

How to Choose the Best Personal Loan for You

There are a few easy checks you can do to see if a financial institution is legitimate and licensed, including the way they advertise and how they sell you the credit. By looking out for these things, you can ensure you will not get ripped off.

1. Research on Loans and Financial institutions

You can begin shopping for individual online financial institutions by searching the internet. But it's most helpful to streamline your search, by using Instant Loan's comparison tool which allows you to match your information with a variety of financial institutions.

2. Use a Personal Loan Calculator

To easily compare rates and terms, a loan calculator is a fast and painless way to run the numbers. It will easily enable you to check many options and still make a fast decision.

3. Build a Better Credit Score

Improving your credit score can help you get a better rate and terms, regardless of where your score falls on the scale. Consider paying off as much existing revolving debt on time, such as credit card balances and bringing any delinquent accounts current to make this possible.

Get Your Best Personal Loans in Singapore Today!​

Forget doing multiple loads of searches for your loan packages. With Instant Loan, you can easily get three or more quotes for the most ideal personal loans that meet your demands within seconds.


Financial Institutions in Singapore offer two main types of loans. These are secured loans which can be accessed after providing collateral, and unsecured loans that can be availed depending on your credit history. For legal institutions, you can loan up to 6 times of your monthly salary if your annual income is at least S$20,000.

For banks, you can loan up to 10 times of your monthly income if your annual salary is S$120,000 and above.

You have to go through the application process with the bank or financial institution of your choice. The first thing asked from you is to fill in all the necessary information in an application form. The bank or financial institution will then assess you based on the required documents you have submitted. Keep in mind that your credit history will also be checked.

Once the financial institution decides to grant you a personal loan, it will determine the down payment, loan term, the repayment schedule and its amounts. Aside from the processing fees, the bank may also charge cancellation or early repayment penalty should you decide to terminate the contract or settle to package before the agreed term.

Banks may be picky when approving loans. This is because they are keen on ensuring the client is able to repay their borrows. As a result, it may take a day or two for approval.

This is longer compared to those who have applied on financial institutions online and visit the office physically, which takes only between 30 minutes to an hour.

Also, applying for a personal loan in a bank in Singapore might require more days. Normally, it would take weeks for borrowers to prepare the needed documents. Hence, should you have been planning to consider taking a loan, you may consider this factor. Prepare your requirements beforehand.

For banks, the minimum repayment duration usually starts at five years, while the maximum loan repayment period for loans is 65 years minus the buyer's age or 30 years whichever is shorter. The maximum loan repayment period for loans taken through financial institutions is 35 years. Thus, the maximum age at which the loan must be repaid is 65 years old.

You can most certainly take out a second personal loan but there are a few conditions that need to be met before it is possible. All the same eligibility criteria still apply.

Keep in mind that you have to check if your credit score is qualified for this option. It should match the requirements of your chosen financial institutions. For a personal loan, most banks require that you have a minimum credit score, often somewhere between 580 and 600. Tip: If you're not sure about the minimum credit score requirement for a bank, ask before applying.

There is a wide selection of financial institutions across the region. To easily choose which one offers the deal that best fits your needs, you can consider using Instant Loan's comparison tool. With it, you can easily get three or more quotes in a second.

Unfortunately, Instant Loan is not a financial institution and does not provide any loan services. We are a neutral party providing loan comparisons.

There are different types of personal loans: Personal Instalment Loan, Line of Credit, Funds Transfer or Balance Transfer and Debt Consolidation Plan.

Personal Instalment Loan - This can be used by Singaporeans and permanent residents in the area. This involves borrowing a specific sum, paying a 1-time processing fee and agreeing to repay the amount in fixed monthly repayment. The loan interest and fees are calculated for the whole loan tenure and added to the total loan amount.
Foreigners can also apply for it, but the conditions require an employment pass of 1-year validity, and 3 months' payslips to generate your annual income.
Line of Credit - is an overdraft facility that only charges interest when you withdraw from the account. Once approved, the funds can be withdrawn via ATM, cheque, internet banking or by going to a physical bank branch. You are charged loan interest the moment you draw funds. No loan interest is charged, when you repay the funds.
It typically has an annual fee ranging from $60 to $120. While its interest rates are generally between 18% to 22% p.a, before any promotional offer. This is deemed useful as a standby cash fund for unexpected expenses. If you need funds for an emergency, you can withdraw cash instantly without any approval process but only when necessary.

Fund Transfer - This loan uses the available credit on your card. You pay a 1-time processing fee and enjoy a very low interest or 0% rate for between 3 to 12 months. You either settle the total amount outstanding or you end up being charged interest rates between 18% to 29% right after, depending on the credit facility the funds were drawn down from.
Banks normally charge a 1-time processing fee of between 1% to 5% on your approved loan amount. The best balance transfer offers will waive this processing fee. Balance transfers are ideal should you need cash urgently, or have a big, short-term expense on the horizon and want to avoid high interest rates on other types of loan facilities.

Debt Consolidation Plan - This loan is a government-approved scheme available with all leading banks in Singapore. It brings together all your open unsecured credit under 1 easier repayment and debt management.

There will be a 1-time processing fee. Depending on the bank and promotional rates, the Effective Interest Rate is typically between 6.7% to 12% p.a. This is commonly used by those who are having trouble keeping up with loan repayments and have a rough guide being 12x monthly salary.

Credit card - This allows you to make purchases and pay back what you owe little by little over time or all at once. If you repay your balance in full within a month, you’ll avoid interest charges.

Peer-to-peer (P2P) - These loans are like personal loans, except they are funded by individual investors rather than a single lending institution.

Home equity loan - This is a second mortgage that gives you a lump-sum amount of money that is repaid on a set schedule. The amount you can borrow is determined by the amount of equity you have in your home, and terms range from five to 15 years.

Small business loan - A business loan can help keep your personal finances separate from your business expenses. These also tend to have lower interest rates than personal loans.

Yes. Depending on your circumstances, a personal loan may be the best option for financing your vehicle purchase. It's advisable as you can receive the money within a few days and aren’t required to find the vehicle you plan on buying first. There is also no collateral needed.

While you could use a credit card to pay for a wedding, there are downsides. Perhaps the biggest is the cost. Should your card contain a high annual percentage rate, carrying a large balance over an extended time period could make your wedding more expensive than you’d planned.

A personal loan, on the other hand, could be a cheaper way to cover all your wedding costs. It also may have better interest rates than a credit card and take less a toll on your credit score.

Also deemed as a business loan, with a term loan, you receive a lump sum of capital that you pay back over a specific time period with a set interest rate, which might be fixed or variable. Meanwhile, a line of credit is one of the most flexible financing products on the market.

While both term loans and lines of credit can provide you some much-needed capital, they have different use cases. Term loans are best for specific, one-off purchases. Lines of credit, on the other hand, are best for ongoing operating expenses. This type of financing is much more flexible and is usually revolving, meaning you don’t have to reapply each time you use and repay your loan.

For financing something particular, one-time expense, a term loan is your ideal option. However, if you’re searching for funds to cover ongoing operating expenses, a line of credit is best for you.

A Flat Interest Rate plan computes interest payments based on the initial original principal. In Singapore, it is normally applied to car loan financing. Meanwhile, the Effective Interest Rate plan computes interest payments based on the remaining outstanding principal at the end of each term and works on computing interest on a reducing balance basis. This is applied for mortgage loan financing in Singapore.

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