Best Personal Loan in Singapore: Get the Fast Cash You Need Anytime with Low-Interest Rates

Fast and Easy Loan Application. Apply Now and Receive Immediate Loan Offers!
(Updated: 01 March 2024)

Getting Instant Personal Loan Offers Has Never Been Easier

EasyFind Singapore - Searching for Best Personal Loans

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Find the best personal loan offers with our loan-matching technology. To get started, please fill out the form below.

Thank you for your interest! As much as we want to extend our help, the loan offers are NOT available for foreigners in Singapore for the time being.

Please come back and check it out again in the future.

Terms and Conditions

Only 21 years old and above is eligible for loan application.

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email and permitting to do a search on the Credit Association Singapore (CAS) web portal for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

No need to spend a day shopping around for personal loans. We’re making it easier and faster to find the right offers with the low-interest rates.

How to Find The Best Personal Loans In Singapore With Lowest Interest Rates?

You may have searched online for a personal loan with the lowest interest rate and have run out of options. Understanding how personal loan interest rates work is the best place to start your search. Interest rates may differ between banks and lenders. We make information easily accessible at EasyFind. There is no need to look elsewhere. With our assistance, you can obtain a low-interest personal loan in Singapore. If you compare personal loan offers against various interest rates, you will be able to make an informed decision.

Do not worry if you are not eligible for a personal loan from a bank. We are here to help you. In addition, we provide details on how to qualify for an instant personal loan. Get started by filling out our online form. Let our online personal loan matching platform find you a perfect fast cash loan.

What You Need to Know About Personal Loan Interest Rates in Singapore?

If you’ve been searching for and comparing personal loans in Singapore, you may have noticed that interest rates vary. Here’s a closer look at these interest rates so you can make an informed decision.

Best Personal Loans from Singapore Banks (2023)

Personal LoanInterest Rates (p.a.)Effective Interest Rates (EIR) (p.a.)Minimum Annual Salary RequirementKey Advantage
CIMB Personal Loan
3.38%6.32%**$30,000Lowest Promotional Rate for New Customers
HSBC Personal Loan
3.0%6.5%$20,000Received cashback and no processing fee
POSB/DBS Personal Loan
2.88%5.79%$20,000Instant Cash Approval and Disbursement
Citibank Quick Cash
3.56%*6.5%*$30,000Short Term Loan (0% Annual Nominal Interest Rate for 1 Year Loan Tenure)
Standard Chartered CashOne Personal Loan
3.48%6.95%$20,000Cash Back (50% on first month’s instalment 
UOB Personal Loan
3.77%**6.89%**$30,000Instant Cash and Cash Back Offer

OCBC Extra Cash Personal Loan
3.50%6.96%**$20,000High Loan Approval for income earners of at least $120,000 annually
Maybank CreditAble Term Personal Loan
3.88%**7.09%**$30,000Repayment plan is up to 60 months

*Based on Citibank’s new customers taking a minimum loan amount of $20,000 in 3-year loan tenure.

**Based 3-year tenure.

What to Do If You Don’t Qualify for a Personal Loan from Banks in Singapore?

What to Do If You Don’t Qualify for a Personal Loan from Banks in Singapore?

Personal loans are typically subject to a minimum income requirement set by banks. Additionally, if you are a foreigner with an income of less than $3,000 per month, getting a personal loan for foreigners may be very challenging. A personal loan may even require a higher monthly income from certain banks.

A licensed moneylender in Singapore may be able to help you if you have been denied a loan from a bank. To avoid future complications, borrow only from licensed moneylenders listed by the Ministry of Law. We have rigorously examined them to ensure they are genuine and comply with all applicable regulations.

Personal loan terms and conditions must be explained to you in a language you understand by Singapore moneylenders. In order to ensure that you are satisfied with the terms and conditions, pay close attention, listen attentively, and read carefully. Obtain clarification from the lender if you have any questions. No matter how much you need a personal loan, avoid taking one if anything is uncertain. There are alternatives if you’re not satisfied with the conditions offered by one lender. Find a licensed moneylender that meets all your requirements by shopping around and comparing conditions.

It is possible for moneylenders to charge interest rates of up to 4% per month. Consequently, borrow the smallest amount and shortest term possible to meet your requirements.

Are You In Need Of Quick Personal Loan Today?
Let us assist you in getting the most suitable loan offers in less than a minute!

Are You In Need Of Quick Personal Loan Today? Let us assist you in getting the most suitable loan offers in less than a minute!

How to Know Which Personal Loan is Right for You?

How to Know Which Personal Loan is Right for You?

Singapore Personal Loan FAQs

Personal loans allow borrowers to obtain financial financing for a variety of purposes. The service is provided by regulated financial institutions, such as banks and money lenders. Short-term cash loans can be acquired through the latter. With a personal loan, consumers can borrow a specific amount depending on their repayment capacity. They will be required to repay the original loan amount plus interest at a certain date. Most personal loans are unsecured loans. Borrowers do not need to provide any collateral or guarantors for this type of loan.

A secured loan can be provided by a bank or a regulated money lender. Borrowers who apply for secured personal loans must pledge security or an asset, such as a house or vehicle. A secured loan typically provides a larger loanable amount and a lower interest rate than an unsecured loan. The lending institution may take your assets if you default on your loan.

An unsecured personal loan is the most common type of personal loan. A collateral or guarantor is not required. Due to the lender’s greater risk, the interest rate on an unsecured loan is much higher.

Singapore residents have access to many types of personal loans, including:

  • A personal installment loan is a loan where the money is borrowed and repaid monthly. If you are paying large expenditures or one-time charges, this is crucial.
  • An additional type of personal loan is the personal line of credit, in which the lender permits the borrower to withdraw money up to a certain limit. Only the amount withdrawn is calculated for interest. It’s a great way to cover unexpected expenses.
  • In this type of loan, borrowers can consolidate their debts through a balance transfer. There is no interest on this short-term loan. Generally, lenders provide a grace period of three months to a year. Consolidating debt, such as credit card bills, is ideal.
  • A debt consolidation loan is an instalment loan that provides a large amount of cash for the purpose of repaying debt. If you are having trouble repaying numerous loans, this is a great option for you.

Taking out a personal loan can help you cover unexpected expenditures if you are having difficulty finding additional funds. Also, if you have a high credit score and are capable of repaying, it is a good idea. Nevertheless, it is advisable to familiarise yourself with all applicable fees and interest rates before applying for a personal loan. Furthermore, you may avoid late payment penalties and interest if you pay in advance or on time.

A personal loan may be obtained from a bank or licensed moneylender. With the advancement of technology, these financial institutions can now provide this loan online. With an online loan application form, getting a personal loan has never been easier. It is simply a matter of completing the form and submitting the necessary documentation. If you prefer to apply in person, you may visit their offices.

EasyFind can help you find an appropriate personal loan solution. If you complete the form above, we will assist you in locating the best offer for a quick cash loan.

Depending on a financial institution or lender’s requirements, you may be able to borrow a maximum amount. While banks offer much larger loans, they require a higher income level. Those earning at least $120,000 can borrow up to ten times their monthly income. Bank loans require a minimum income of $20,000 per year.

There are licensed moneylenders who can provide you with a fast cash loan even if your monthly income is less than $10,000. A Singaporean or Permanent Resident may borrow up to $3,000 in loan proceeds. You may borrow up to six times your monthly salary if you earn at least $20,000 per month. A foreign national with less than $10,000 in yearly income may borrow up to $1,500. You may borrow up to $3,000 from the credit union if your monthly salary is at least $10,000 but less than $20,000. If you earn at least $20,000 a month, you can borrow six times your salary.

A bank’s minimum income criterion varies from one bank to another. In some banks, you must earn at least $20,000 annually, while in others, you must earn at least $30,000. Minimum income requirements may also vary based on maximum loan amounts. To borrow up to ten times your monthly income, some banks require you to earn at least $120,000 per year.

Most banks require applicants to earn at least $20,000 per year to qualify for a loan, but private money lenders have lower income requirements. If your yearly income is less than $10,000, they may approve you for a loan up to $3,000.

Taking out a personal loan from a bank or moneylender should be done with caution. Here are some critical things you need to consider before borrowing money.

  • The first step is to specify your requirements. If a personal loan is necessary to meet your needs, then proceed with the application.
  • The second step is to look for other alternatives. Alternative loan options are available that offer lower interest rates or more financial assistance.
  • Thirdly, you should review interest rates and loan terms. Based on the calculated amount, determine whether you can repay it within the given period.
  • As a fourth step, evaluate the dangers; late or postponed repayment incurs extra In addition to late penalties, interest must be paid, increasing the cost of your repayment.

Therefore, before applying for a personal loan, you should evaluate your current financial situation. Could you repay a loan now if you asked for one?

Financial institutions have different qualifying criteria. Typically, banks require applicants to be Singaporeans or Permanent Residents under the age of 65. Depending on the bank, a minimum yearly income requirement may be as high as $30,000. To get started, some may need as little as $20,000. You must also prepare an NRIC or a recent computerised payslip, or a statement of CPF contributions within the last 12 months, during the application process.

The bank generally requires foreigners to have an annual income of at least $40,000, but the amount can vary. The Singapore work permit, your passport, and utility bills must be prepared.

Documentation required to apply for a personal loan in Singapore includes:

  • Proof of identity – This can include your Singapore Identification Card or Permanent Resident Card if you are a Singaporean or PR, or an Employment Pass with Passport if you are a foreigner.
  • A utility bill, for example, may be used as proof of address.
  • Documentation of income – This can be a recent Central Provident Fund (CPF) contribution history record, a notice of assessment for income tax, or a computerised payslip.

While approval times vary by bank, the average is about three business days. However, some banks provide quick loans.  

Instant loans are the most well-known service offered by licensed moneylenders. They may approve your personal loan in minutes, allowing you to get your funds the same day. 

Approval times vary by bank, but on average they take about three business days. There are, however, some banks that provide quick loans.

The most popular service offered by licensed moneylenders is instant loans. You can receive your funds the same day if your personal loan is approved within minutes.

A foreigner can also apply for a personal loan in Singapore. Foreigners can obtain loans from certain banks. A work permit and a minimum income of $40,000 are required.

Foreign nationals can apply for a quick cash loan from licensed moneylenders without a minimum income requirement. You may be able to get a personal loan even if you make less than $10,000 per year. Moreover, a work permit, passport, payslips, tenancy agreement for leased property, bank statement showing salary credit, and employment contract are required.

In addition to the processing charge, there are other costs associated with applying for a personal loan with a bank. Fees include:

  • Each month of late repayment incurs a late payment fee
  • In the event that you terminate your loan, you may be charged a cancellation or termination fee
  • Early repayment charges apply when you choose to repay early
  • The term of a loan can be modified by changing its tenor.
  • An annual fee is payable every year, which may change from year to year

The following points should be kept in mind if you’re considering a quick cash loan from a licensed moneylender:

  • There will be an administrative fee of no more than 10% of the outstanding loan amount
  • A late repayment charge of no more than $60 per month

The method for calculating the amount of your loan varies depending on the lender. While licensed moneylenders consider your annual income, banks consider a variety of factors, including your credit score, debt servicing ratio, and current debt.

A personal loan is still possible even if you have a low credit score. Regulated moneylenders may be able to provide you with financial assistance. Secured loans require you to pledge an asset as security.

People with bad credit may have difficulty getting loans due to banks’ normal lending criteria. In contrast, licensed lenders have more liberal lending standards.

The maximum loan amount depends on the type of loan (secured or unsecured) and your credit score. To prevent the institution from seizing your collateral, you should repay a secured loan promptly.

With an unsecured personal loan, you can consolidate your credit card bills. Banks and registered moneylenders offer this type of personal loan. The option of transferring your balance or consolidating your debt is available to you. Furthermore, it can be used for any kind of debt. It is likely that you will be able to repay your loan on time if you have a set interest rate and monthly payment plan.

In times of financial difficulty, borrowing money is always an accessible option. Prior to making a commitment, it is important to research and evaluate your options. In addition, personal loans have fees, penalties, and repayment conditions that you should be aware of before signing the contract.

You should make it a point to consider the repayment plan offered by your lender or financial institution once you have decided that a personal loan is the best option for you. To determine the potential costs associated with the loan, visit lenders’ websites and use their online loan calculator. Never borrow money impulsively without considering your options.

If your credit rating has remained stable, you can apply for a personal loan directly with a bank or a registered money lender. Remember that banks require borrowers to have a higher income. In contrast, licensed lending institutions have a more flexible policy regarding income categories. You must meet their qualifications.

Obtain a background check on the company’s reputation and legal status before applying for a loan. It is recommended that you only deal with licensed money lenders registered with the  Ministry of Law (MINLAW) or the Monetary Authority of Singapore (MAS).

A bad credit history can lead to a customer’s loan application being rejected. In the same way, banks cannot assess the ability of an individual with no credit history to repay a loan. Additionally, banks may reject your application if your salary is insufficient (does not fall within the income band) or if you owe any debts.

In addition, banks ensure that your repayments don’t exceed 60% of your net income. Fortunately, banks use a variety of methods to assess a customer’s creditworthiness. Having your application denied by one bank does not necessarily mean you will face the same fate with others.

You have another option if a bank declines to lend you money: a licensed moneylender. The institution may still reject your application, and your credit rating will determine your ability to repay the loan.

During the loan application process, licensed moneylenders typically check the Credit Association Singapore (CAS) online site to verify the borrower’s credit report provided by the Moneylenders Credit Bureau.

When choosing the right institution, people can save more money by refinancing their personal loans. Therefore, you should research the refinancing process. Most of the time, refinancing is a wise move if an institution offers a lower fee or minimal interest rate.

Once you have taken out a new loan, make sure you review the repayment fees and ongoing charges. Comparing your loan options with a repayment calculator can help you make the best decision.

If you are certain that you will be able to save more money over time or if interest rates have dropped, refinancing your loan might make sense. You can calculate your potential savings using a loan repayment calculator, but be sure to include important details such as the refinancing option and loan details. You can then calculate the total cost and potential savings of each loan.

For new loans that you wish to take out from an institution, you might be able to apply online. Refinancing your loan through the same institution may allow you to close the previous loan with the funds available from the new contract. The funds for closing the loan must be wired to the original lender if you choose a different institution. Keep the original loan account documents as proof that you have paid your loan in full.

There are a number of financial institutions that can help you obtain a fast personal loan. It is offered by banks and licensed moneylenders. It is particularly noteworthy that the latter gave it. Visit their website and fill out the online application form to apply for a quick personal loan. EasyFind can help you become more efficient. You can begin by filling out our online form.

We cannot always depend on our cash reserves or savings to cover all our needs, and sometimes, even our little luxuries. It may seem sad, but this is the truth we are trying to hide. Some people are willing to lend us money to help us make ends meet in order to save us from our misery. It is because of them that we are able to survive for the day. However, this simple reality has now become a lucrative industry. Private and public institutions have come up with solutions to our momentary difficulties, which we call loans.

It has never been easier, more affordable, or more flexible to get a personal loan in Singapore with the lowest interest rate! With the number of banks and licensed money lenders offering varied loan options, money lenders offering competitive payment schemes, and public sectors offering personal loan packages, Singaporeans now have access to loans that meet their needs. In Singapore, the loan industry addresses not only personal needs, but also those of businesses, housing, and education. Although there are other types of loans available, we will focus on personal loans.

Singapore's Personal Loan Borrowers' Notes

It is essential to know the interest rates charged by licensed moneylenders before applying for a quick cash loan. It is therefore advisable to compare rates and guidelines to see if they are compatible with your current financial situation.

Be sure to read the agreement before signing. Make sure there are no hidden costs, conditions, or other information. Choose lenders with competitive interest rates and repayment plans. You should clarify any questions you have about the contract with your lender before submitting your loan application.

Before signing anything with money lenders, make sure you understand the contract completely. It must be explained in a language you understand. If you need assistance, you can also consult a lawyer. Any contract you sign rashly can lead to serious problems down the road. You can easily walk away from a contract if it has any questionable terms. In the end, it’s up to you whether to borrow money from a specific lender or another that matches your needs.