HomePERSONAL LOANS IN SINGAPORELife happens.
Life happens.
Know your
options.
Explore personal loan options from licensed lenders in Singapore, including banks. Compare the repayments, fees and terms before choosing your next move.
Start Your ApplicationFree quotes · No obligation · Your choice
COMPARE.THEN DECIDE.
THE BASICSWhat is a
What is a
personal loan?
A personal loan is usually unsecured: you generally do not pledge a home or car as collateral. You repay the borrowed amount, plus interest and applicable fees, over an agreed period.
Your income, existing commitments, credit history and documents help the provider decide your eligibility and terms.
Explore the repayment calculator ↗︎LIFE, IN ALL ITS SHAPES
What can a personal loan be used for?
From an unexpected bill to a planned milestone. Start with your budget, then consider your options.
Medical & healthcare
Weddings & engagements
Travel & relocation
Home renovation & repairs
Credit card repayment
Education costs
Major household expenses
Short-term cash flow
A loan adds a repayment commitment. Consider savings or other support before borrowing.
WHY EXPLORE WITH LOANOVA?One place to start.
One place to start.
More clarity to decide.
Options, side by side.
Compare available offers from participating licensed lenders in Singapore, including banks.
The details that matter.
Look at instalments, fees and total repayment together.
Free to explore.
No upfront fee to Loanova for checking your options.
Your decision, always.
Review first. There is no obligation to accept an offer.
YOUR APPLICATION AT A GLANCE
What will a provider look at?
Requirements vary. These are the details to have ready before starting.
Age & residency
Identification and citizenship or valid pass details.
Income
Payslips, CPF records or other income evidence.
Employment
Your work arrangement and employment details.
Credit profile
Repayment history and existing commitments.
Supporting records
Bank statements and any requested documents.
Repayment ability
What fits after essentials and current debts.
| What to check | Banks | Licensed moneylenders |
|---|---|---|
| Eligibility | Product-specific age, income and residency criteria | Provider assessment and applicable lending rules |
| Credit checks | Income and credit assessment | Credit and affordability assessment; approval is not assured |
| Loan amount | Bank criteria and applicable rules | Income- and residency-based legal limits |
There is no single eligibility rule for every personal loan. Confirm the provider’s current criteria.
KNOW THE FRAMEWORK: BANKS & MONEYLENDERSHow much
How much
can you borrow?
Your approved amount depends on the lender assessment. Banks apply their own lending criteria. For unsecured borrowing from licensed moneylenders, the limits below apply across all moneylenders combined.
| Annual income | Citizens & PRs | Foreigners residing in Singapore |
|---|---|---|
| Below S$10,000 | S$3,000 | S$500 |
| S$10,000 to below S$20,000 | S$3,000 | S$3,000 |
| S$20,000 and above | 6× monthly income | 6× monthly income |
Banks apply their own lending criteria. A limit is not a guaranteed offer.
DECODE THE SMALL PRINTRates are only
Rates are only
part of the picture.
Compare the repayment schedule and the total cost, alongside the headline rate.
Flat rate
Interest is calculated on the original principal, even as you repay it.
Effective Interest Rate
EIR reflects the timing of repayments and how interest is calculated. Use it to compare costs.
Monthly or annual?
A monthly rate is not an annual rate. Check the quoted period, fees and total repayable.
Annual Percentage Rate
APR expresses borrowing costs annually. Check its calculation basis and do not assume it is interchangeable with EIR.
BanksCompare the advertised annual rate, EIR and product fees.
Licensed moneylendersCheck the monthly rate, permitted fees and full repayment schedule.
BANKS & MONEYLENDERS: RATES & CAPS
Know the rates, fees and maximum charges.
Banks
Set by each bank
- EIRCompare the effective interest rate each bank quotes, not just the flat rate.
- VariesInterest rates, processing fees and late fees differ by bank and by product.
- No set capThe moneylender caps on this page do not apply to banks, so check the bank's current fee schedule.
Licensed moneylenders
Legal maximums
4%Interest per month
4%Late interest per month, on the overdue amount only
10%Loan-granting fee, of principal
S$60Late fee per month
Bank rates and fees change, so check the quoted EIR, the fee schedule and the total repayable before you apply. For licensed moneylenders, interest is charged on outstanding principal, and combined interest, late interest, administrative and late fees cannot exceed the principal. These are legal caps, not advertised offers.
CONSIDER YOUR ALTERNATIVES
When might you look beyond a bank?
Compare bank products and available assistance first. A licensed moneylender is another type of licensed lender to assess carefully, with its own costs and obligations.
Your income is assessed differently.
Check the actual requirements rather than assuming an application will be approved.
Your credit history needs context.
A different provider does not remove credit checks or repayment responsibilities.
The need is smaller or short term.
Check that the due dates and full cost fit your income cycle.
Already struggling with repayments? Speak to your lender early and consider Credit Counselling Singapore before taking on more debt.
HOW LOANOVA WORKSThree steps.
Three steps.
You stay in control.
- 01
Tell us what you need.
Start one application with your loan preferences and details.
- 02
Review your options.
Compare available rates, fees and repayment schedules.
- 03
Choose your next move.
If an offer suits you, complete the lender’s checks and next steps.
Banks and licensed moneylenders each have their own verification steps. For licensed moneylenders, face-to-face verification at the registered premises is required before granting a loan.
PUT A NUMBER TO ITWhat could your
What could your
repayment look like?
Move the sliders to explore an illustrative monthly repayment. Try a shorter and longer period to see the trade-off.
A longer term can lower each instalment while increasing total interest.
A FEW GOOD QUESTIONSBefore your
Before your
next move.
Who can apply?
Eligibility depends on age, residency, income, employment and credit profile. Selected providers consider eligible foreigners with valid passes.
How long does approval take?
Timing varies with the provider and completeness of your documents. Applying does not guarantee approval or a disbursement date.
What interest and fees should I check?
Banks set their own rates and fees, so compare the quoted EIR and total repayable. For licensed moneylenders, interest is capped at 4% per month. A loan-granting fee may be up to 10% of principal and late fees up to S$60 per month. Review the full contract and repayment schedule.
Is Loanova a lender?
Loanova is a matching platform. Participating licensed lenders, including banks and licensed moneylenders, decide loan approval, rates and final terms.
Do I have to accept an offer?
No. Review your options and proceed only if the terms suit your needs and budget.
Which personal loan should I choose?
Compare the same amount and term, then check total cost, repayment dates and flexibility. The lowest headline rate may not mean the lowest overall cost.
Can I apply with poor credit?
Credit history can affect the decision and terms. Be accurate about existing commitments; no provider should be treated as a guaranteed approval route.
Can foreigners apply?
Some providers accept eligible foreigners. Check pass, income and residency requirements for the specific product.
Do I need collateral?
Most personal loans are unsecured. You still have a legal obligation to repay them.
What documents should I prepare?
Have identification and recent income evidence ready. Depending on your work arrangement, a provider may request payslips, CPF records, bank statements or employment documents.
How should I check a lender?
Check that the lender is licensed or regulated: banks on the MAS Financial Institutions Directory, and moneylenders on the official Registry of Moneylenders list. Verify the name, website and registered address before sharing details.
Can I repay early?
Ask how early repayment changes your total cost and whether any permitted charges apply to the specific product.
Is checking options the same as approval?
No. A provider must assess your application and documents before offering final terms.
How do I start an application?
Select Start Your Application to enter the four-step form. Your lender will confirm any further checks required.
How much will I be offered?
A borrowing limit is a maximum, rather than an entitlement. The provider assesses income, current obligations and your ability to repay.
YOUR NEXT MOVEMore clarity.
Start Your ApplicationMore clarity.
Less guesswork.
Start with your needs. Decide on your terms.