Personal Loans

Find the best personal loan rates in Singapore - in a few clicks!

Are you looking for a low-interest personal loan? Here at you can compare personal loans and bank loans from all major banks in Singapore and easily see the interest rate and calculate your monthly repayment.


Personal Loan Genius

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Personal Loans In Singapore

A personal loan is money lent to you personally - not to your company or business, but to you as a person. This kind of loan can help out when a business loan, car loan, education loan or other types of loans do not apply.

You may need a personal loan for, say, a holiday or paying back a high-interest credit card debt, or for a part-time course that you hope will help you in career advancement. Banks in Singapore frequently advertise personal loans with relatively low interest rates. Here at, we'll explain more in detail what personal loans in Singapore are and what kind of interest rates you can expect to pay.

  1. Why Get A Personal Loan?

    If you need a quick dollar in Singapore, you have 3 fairly simple options.

    You can use a credit card to get a cash advance to pay for something. This is a great solution for very short-term loans (under 1 month). But if you can't pay back the full amount by the end of the billing cycle, you will pay some nasty interest!

    Here you can read in detail whether you should use a credit card or bank loan to borrow money, fast.

    You could sweet talk a friend or relative into lending you the money. There is legal room for borrowing from someone who isn't a registered money lender, and recording the agreement with an IOU. But this kind of arrangement can get a bit ugly if things go pear shaped, and is a great way to lose friends.

    Then there is the option of a personal loan, which is usually the most sensible solution.

    A personal loan can be used to pay for a private investment, for example an investment in continuing education to further your career. But most lenders will give you a personal loan for anything you want, without asking a lot of questions about how the money will be spent.

    Money lenders are mostly interested in earning interest, so you will usually have to prove that you have a steady source of income before getting approved.

  2. How Much Interest Will I Pay?

    The amount of interest you pay every year will depend mostly on one factor: Do you need a short-term loan (1 year or less) or a long-term loan (more than 1 year)?

    Short-term loans usually have higher annual interest rates, because lenders want to make as much money of your loan before you pay it off (it has to be worth their trouble).

    Long-term loans are the solution of choice for large purchases. But because interest rates compound (usually every year), you will end up paying much more total interest for your loan. Also in Singapore, you often get just as good interest rates for short-term loans, unlike other countries where long-term loans come with much lower rates.

    Paying off a personal loan over several years may seem easier, and in some situations a long-term loan is the right solution. However, as a rule, you will pay less for a loan if you pay it off quickly. Here are 3 things to know before getting a personal loan.

    Interest rates in Singapore change pretty frequently, but they usually range from 5%-12% per year.

  3. Do I Have To Provide Securities?

    Unless you are a financial disaster, lenders will usually let you choose between a secured and unsecured loan for smaller amounts.

    A secured loan requires collateral, meaning you will have to offer something (a house, car or other assets) as a security. If you cannot pay back the loan on time, the bank has the right to take all or part of these securities to help cover your unpaid debt.

    Because lenders feel much safer knowing that they can recover the debt if you don't pay up, you can usually get lower interest rates for secured loans.

    An unsecured loan does not require securities. In other words, the lender has good faith that you will pay back the money you borrow.

    The Monetary Authority of Singapore (MAS) is phasing in laws that will eventually prevent you from getting unsecured loans worth more than 12 times your monthly income. That means that if you earn $4000 monthly, you will not be able to borrow more than $48,000 through unsecured loans.

    Unsecured loan limits are currently limited to 24 times your monthly income. From 1 June 2017, the limit will go down to 18 times your monthly income. On 1 June 2019, the 12x limit will come into effect.

    Because unsecured loans are more risky, they usually have higher interest rates.

Different personal loans could work well in different situations. Make it a point to ask the lender what the Effective Interest Rate (EIR) is when considering a loan. This rate takes into account the compound interest (interest on interest).

Don't be afraid to ask how much interest you will pay in total. Whether you take a short-term or long-term loan, you should know exactly how much money you will pay for the loan.

Make sure to compare personal loans from as many banks as possible. Never sign up for a loan in a hurry. At, we help you compare personal loans from many banks in Singapore, showing you the interest rates they charge.

A loan is a long-term commitment and you will want to get it right the first time.

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Disclaimer: As there are different types of credit scores and issuers could use any of them, cannot ensure you will be approved for the offers based on your credit score.