GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Best Personal Loans in Singapore (2021)

We’ve spent hours reviewing personal loans to find the best options so you don’t have to.

The best personal loan is the one that meets your needs and circumstances. With a large number of options available, we have done the research for you and compiled the best personal loans in Singapore based on a number of factors.

Best personal loans in Singapore

Best for competitive interest rates: UOB Personal Loan

UOB Personal Loan

Go to site on UOB's website
Enjoy a low interest rate of 3.4% (EIR 6.22%) and loan tenors up to 5 years with UOB. T&Cs apply.

UOB Personal Loan Summary

Name Product Interest Rate From Loan Amount Processing Fee
UOB Personal Loan
3.4%

EIR: 6.22%

S$1,000 – Up to 95% of your available credit limit
S$0
Get up to S$600 Cashback with processing fee waived if you choose a loan of S$30,000 or more with a term between three and five years. This online offer ends on 31 August 2021.
loading

Compare up to 4 providers

Best for cashback: Standard Chartered CashOne Personal Loan

Standard Chartered CashOne Personal Loan

Go to site on Standard Chartered's website
Get up to $1,288 cashback and Interest Rate as low as 3.48% p.a. (EIR 6.95% p.a.). T&Cs apply.

Standard Chartered CashOne Personal Loan Summary

Name Product Interest Rate From Loan Amount Processing Fee
Standard Chartered CashOne Personal Loan
3.48%

EIR: 6.95%

S$1,000 – Up to 4x your monthly salary, subject to a cap of S$250,000
S$0
Get up to $1,200 cashback and Interest Rate as low as 3.48% p.a. (EIR 6.95% p.a.). T&Cs apply. Valid till 30 September 2021.
loading

Compare up to 4 providers

Best for lower earners: DBS Personal Loan

DBS Personal Loan

Read review
If you earn at least S$30,000 p.a. you can apply for a loan with a term of up to 5 years.

DBS Personal Loan Summary

Name Product Interest Rate From Loan Amount Processing Fee
DBS Personal Loan
3.88%

EIR: 7.56%

S$500 – Up to 10x your monthly salary
1% processing fee
Apply today and receive an interest rate from 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee. Loans of up to 10x your salary may be available.
loading

Compare up to 4 providers

Best for personalised loans: Lendela Personal Loan

Lendela Personal Loan

Go to site on Lendela's website
  • Personalised offers from multiple lenders
  • Receive an EIR when you’re matched with a lender
  • Borrow up to S$100,000

Best for fast approval: POSB Personal Loan

POSB Personal Loan

Read review
Existing customers of POSB or DBS could take advantage of a very quick approval process. Everything is done online. You can receive instant approval upon meeting the requirements.

POSB Personal Loan Summary

Name Product Interest Rate From Loan Amount Processing Fee
POSB Personal Loan
3.88%

EIR: 7.56%

S$500 – Up to 10x your monthly salary
1% processing fee
Enjoy a fast approvals service and an interest rate starting at 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee.
loading

Compare up to 4 providers

3 steps to finding the best personal loan in Singapore for you

  1. What do I need? Decide why you’re taking out the loan and what you need from it. For example, you might need the loan to buy furniture as well as a car and you want to be able to make additional repayments.
  2. What personal loan types are available? Compare the types of loans you want to apply for. Personal loans can be secured or unsecured and can be taken out in the form of a line of credit or an overdraft facility. Compare different loan types according to their features and find one that offers you everything you need. Then, check the eligibility criteria to make sure you can apply for it.
  3. What does my loan cost? You need to find a loan you can afford. Look for upfront and ongoing fees and see how flexible the repayments are. Make sure the ongoing repayments will be manageable on your budget.

How to compare personal loans

When you want to apply for a personal loan, you should first compare multiple offerings so you can track down the right product. Ask yourself:

  • Do I want a secured or unsecured loan?
    If you get a secured personal loan, you stand to lose the asset you’ve used as a guarantee in the event you miss repayments. An unsecured personal loan, on the other hand, offers no such risk – if it turns out that you can’t meet your repayments, a lender can’t repossess your car or home. Unsecured loans typically attract a higher interest rate.
  • What is the interest rate? The interest of a fixed-rate loan will not change for the life of the loan, so you can compare the rates of similar loans. Even a small difference in interest rate can save you hundreds of dollars over the life of your loan.
  • What are the fees and charges of my loan?
    Some personal loans attract prepayment penalties, late charges that vary from loan to loan, and some even require you to pay application fees. Compare these extra costs as they are important when you’re trying to determine the true cost of the loan.
  • How much can I borrow? The amount you can borrow should also factor into your decision. You will not find out how much you will be approved for before you apply, but lenders will have a set minimum and maximum borrowing amount. Ensure how much you want to borrow falls within these limits.
  • What will the term of my loan be?
    While a lower interest rate might seem promising at first, you should also compare loan terms. Personal loan terms vary depending on the type you take out and the provider you choose, but it could be anywhere from one to 10 years. The shorter the loan’s duration, the less you pay in the form of interest over the lifetime of the loan.

Pros and cons of personal loans

  • Online applications are easy and can offer a quick turnaround
    The application process is quick and the majority of lenders allow you to complete the whole process online. Some lenders, including major banks, offer same-day turnaround for personal loans.
  • Range of personal loans available
    You can choose from secured and unsecured personal loans as well as lines of credit, car loans and even peer-to-peer loans.
  • You can get access to a competitive interest rate
    If you compare the interest rates between personal loans and credit card, you’ll see why some people prefer personal loans over credit cards.
  • There is no guarantee you will be approved
    As some personal loans do not require any form of security, you can expect strict eligibility criteria. If you don’t have a good credit rating, your chances of approval are slimmer.
  • The loan purpose might be restrictive
    Depending on the type of personal loan you choose, you may be restricted as to how you can use it.

3 key things to know when looking for the best personal loan

While personal loans are helpful in many scenarios, it’s in your best interest to avoid certain traps and pitfalls.

  • Read the fine print.
    Scrutinise all your options carefully right from the start and remember to look for ongoing account-keeping fees, early repayment fees and late payment fees. Read the terms and conditions document from start to finish.
  • Check if the lender is licenced.
    There are some credit brokers and providers in Singapore that operate illegally. If you wish to safeguard your interests, it is best that you do your research to avoid borrowing from these lenders.
  • Don’t take on a loan you can’t afford.
    When borrowing money, it’s important to understand exactly what your repayments will be and for how long you will need to commit to repaying the loan. If you can’t comfortably afford a loan, don’t be tempted to consider this type of borrowing.

How to apply for a personal loan

You can use Finder Singapore to compare personal loan rates, fees, charges and term periods of different personal loans. Once you find a loan you wish to apply for, proceed to the lender’s website by clicking Go to site’ and start the application process.

Remember that lenders will want to ensure your ability to repay a loan before they lend you any money. As a result, they might want to take a look at your credit file and may also ask for copies of your payslips, details of other loans you have, credit card bills and bank account statements.

The questions we’ve been asked about finding the best personal loan

What can I use a personal loan for?

That’s up to you to decide. You can use a personal loan to cover almost any large expense or even to consolidate your debt. A loan can help you reach your next goal, whether it’s buying your dream car or boat, taking care of financial obligations like bills, or funding your next big purchase.

What exactly is the Effective Interest Rate (EIR)?

The Effective Interest Rate (EIR) offers a more complete picture of the total cost of your loan. It’s the loan’s rate of interest, plus any other fees charged. Also, EIR takes into account your repayment schedule and considers how much of your monthly repayment goes to paying off the money you borrowed, and how much goes to paying off interest.

Why is the interest rate different from the EIR?

The interest rate is more simplistic and doesn’t take into consideration how much fees – such as a processing fee – impact your repayments. That’s why you’ll see it expressed as a lower percentage than the EIR.

What other charges should I be aware of with a personal loan?

Late payment fees, insufficient funds fees and early repayment penalties are just some of the charges you could face. It’s really important to read the terms and conditions of any loan you are considering so that you understand both the overall cost of your loan and all fees and charges.

What personal loan feature should I care about the most?

Do you care the most about rates? Monthly repayments? What’s the overall loan cost? Consider what matters the most to you and your financial circumstances and start comparing lenders based on that feature.Back to top

More guides on Finder

Go to site