Best Personal Loans in Singapore 2024

Lendela is an online loan provider that helps borrowers find the best personal loans for their needs.

The platform tailors personal loan recommendations from various MAS regulated banks and financial institutions in Singapore, which often come with lower eligibility requirements compared to traditional bank loans. This makes Lendela a suitable alternative for those who do not qualify for a personal loan from a bank.

Note that the loans are provided by the banks and financial institutions, and not Lendela itself.

HSBC's personal loans typically charge the lowest effective interest rates in the market (from 7.5% EIR). Additionally, HSBC is the only lender that provides 7-year personal loans in Singapore, which can reduce the burden of your monthly repayments by spreading them out over a longer period of time. HSBC also boasts a quick 1 minute in-principle approval time and you can receive cash by the next day for successful loan applications of less than S$100,000. Finally, the bank is a great option for foreigners living in Singapore, as its income requirement for foreigners (S$40,000) is the lowest of any bank in our review.

Standard Chartered is currently offering some of the best cashback promotions for personal loans in Singapore. For instance, the bank is offering up to S$2,400 cashback. On top of their competitive rates (starting at 3.48% p.a.), these promos make the CashOne personal loan a great fit for those seeking loans of at least S$15,000 with tenures of 4 to 5 years. Finally, approval takes 15 minutes, after which funds are disbursed instantly. However, it is important to keep in mind that other loans may be cheaper if you do not qualify for Standard Chartered's lowest rates and current promotions.

CIMB personal loans offer one of the lowest promotional rates for new customers, making it an attractive option for those who want to borrow cash inexpensively. CIMB offers 1 - 5 years loans. Their current promotional rate of 3.38% interest p.a. for new customers is the lowest in the market for a loan of 3 - 5 years tenure. For its existing customers, CIMB charges a flat annual interest rate of 4.50%, which is middle-range compared to the market average.

The CIMB personal loan also has no processing fees at the time of application, but does have a late payment fee and an early termination fee should you end your contract early.

POSB and DBS charge some of the most competitive interest rates (from 3.88% p.a., 7.56% EIR) for personal loans in Singapore. Not only that, the banks' loans are particularly useful for individuals that need cash immediately. While most banks take at least a day to disburse personal loans, POSB & DBS instantly provide funds to their credit card and credit line customers, as well as new customers that credit their salary into a POSB or DBS deposit account.

Note: The interest rate and processing fee offered to you is based on your personal credit and income profile. It may differ from the published rate and the rate offered to other borrowers.

For people who need a small personal loan and expect to be able to pay it off within 3 years, Citibank's Quick Cash Personal Loan (formerly Ready Credit PayLite) is one of the best options in the market. Citibank's effective interest rates of 6.50% for new customers are among the lowest in Singapore for 1-3 years. Additionally, Citibank's Personal Loan does not charge a processing fee. Finally, Citibank’s minimum loan amount is only S$1,000, making it very accessible for anyone who may need to borrow just a few thousand dollars.

Additionally, Citibank's Personal Loans now offer competitive interest rates for loans with longer tenures, making even more of an attractive option for borrowers. However, while Citi's application decision is made within one hour, cash is disbursed more slowly, for new Citibank customers, (1-5 days) than other banks.

Due to its exclusive rate offered through ValueChampion, OCBC's Cash-On-Instalments are a great option for individuals seeking an alternative to other personal loans. The bank is currently offering an exclusive interest rate of 3.50% p.a. (EIR 6.96%-8.27%) and cashback promotion when you apply for Cash-on-Instalments online.

These loans are unique in that they allow consumers to convert their available credit limit into a fixed monthly installment loan. This feature can be quite useful for those who need a relatively small sum of cash. Their 1-year loan is also relatively cheap, with a one-time processing fee of 1% of the principle amount. However, OCBC's Cash-On Instalments can be quite expensive for loans of longer durations.

For individuals who make less than S$30,000 per year, Standard Chartered CashOne is the best personal loan available. For people who make between S$20,000 and S$30,000 per year, Standard Chartered offers loans with flat rates of 9.8%-10.8% and an administrative fee only for the first year. This translates to an effective interest rate (EIR) of 20%-27%, depending on the loan tenor. In comparison, other personal loans offered to lower income borrowers charge flat rates of 11%-13% in addition to processing fees (up to 4%) with EIR of around 30%. As mentioned before, approval is within 15 minutes with funds disbursed once approved.

A downside of the Standard Chartered CashOne is that it has a maximum loan cap of S$5,000 or 2x your monthly salary, whichever is lower. However, if you make less than S$30,000, we strongly advise you against borrowing more than this amount in the first place.

TCC Credit Cooperative Limited is a non-profit lending institution whose loans can be beneficial for low-income borrowers. This is largely because their minimum monthly salary requirement is S$1,200, which is much less than other banks, who typically have minimum income requirements of S$20,000 per annum. Moreover, since the firm is not a bank, there are less restrictions regarding the loan details. For example, loan repayments can be negotiated depending on unforeseen circumstances. Thus, those with low income or those looking for a more flexible loan could benefit from TCC's services.

To apply for a loan, you must be a TCC member and membership is free. Obtaining a membership will qualify you for a variety of loans they offer, from education to marriage loans, and give you access to other perks such as academic funds and discounts on healthcare providers. While TCC may be a good option for those who want low rates and flexible conditions, it's important to mention that it might not be the best option for people who are looking for a loan larger than S$50,000.

For Singaporeans with less than perfect credit looking for a personal loan from a credible lender, Friday Finance is a good option. Friday Finance offers low monthly interest rates (between 1%-3% per month) and they will work with you to create a custom weekly or monthly repayment plan. Loan approval is short, within 1-2 hours, with disbursement within a day. They even incentivize on-time payments by refunding 50% of the administration fees when you fully pay off the loan, either by GIRO, PayNow or bank transfers. In the event you can't pay back the loan due to an accident, Friday Finance also offers personal loan protection and insurance.

Since Friday Finance takes into consideration the current and future earning capacity of each applicant, we recommend it for people who have trouble getting a loan due to a lower credit score, particularly those who make good income now but had an incident that affected their credit scores in the past. Due to this type of credit checking, it's also a great option if you don't have a fixed income stream (i.e. you are a freelancer, or entrepreneur).

According to our analysis HSBC offers the best personal loan for foreigners/expats living in Singapore. Foreigners can also take advantage of 1 minute approval with disbursement within a day. Furthermore, HSBC has the lowest interest rates (6% EIR) and income requirements for foreigners (S$40,000). Finally, HSBC offers the longest personal loan tenures (7 years), which can reduce the cost of monthly instalments.

To learn more about the best personal loans available to foreigners living in Singapore, refer to our full guide.