Personal Loans

Get cash for a medley of needs – as quickly as you need it.

You never know what life will bring your way, so you might be caught off guard when an emergency crops up. You can use the money for anything and you won’t need to pledge collateral. Win.

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Best Personal Loans in May 2024

* About The Interest Rates Shown

The rates provided to you are customised based on a loan amount of S$10,000, and might differ from what is displayed here if your desired loan amount is different.
Interest Rate* Minimum Annual Income Maximum Loan Tenure Processing Fee
CIMB Personal Loan
3.38% (EIR: 6.38%) S$20,000 5 Years S$0
HSBC Personal Loan 2.92% (EIR: 5.5%) S$30,000 7 Years S$0
UOB Personal Loan 2.88% (EIR: 5.43%) S$30,000 5 Years S$0
Standard Chartered CashOne 2.88% (EIR: 5.84%) S$20,000 5 Years S$0
DBS Personal Loan 2.68% (EIR: 5.43%) S$30,000 5 Years S$100
POSB Personal Loan 2.68% (EIR: 5.43%) S$30,000 5 Years S$100
OCBC ExtraCash Loan 5.43% (EIR: 11.47%) S$20,000 5 Years S$100
Maybank CreditAble Term Loan 3.28% (EIR: 6.14%) S$30,000 5 Years S$0

The tables and data presented are meant for illustrative purpose only. While we strive to keep our information accurate and updated, our partners, service providers, and third-party sites may compute the data differently. As such, we cannot guarantee its absolute accuracy at all times. You may receive loan offers from other financial institutions, including licensed moneylenders which interest is based on the calculator below. Unless otherwise stated, the views we express are of our own and the result of unbiased analysis, curation, and research.

What is a personal loan?

A personal loan can be used for a range of different purposes, from home renovations to covering medical bills or wedding expenses. They can also be used to consolidate existing debts into one monthly payment, helping you manage your finances more efficiently.

Personal loans also help build your credit score if payments are made on time, making them a great option for anyone who needs access to finance but wants to improve their credit rating at the same time.

Personal Loan Calculator


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* The minimum period for repayment is 1 month and the maximum period for repayment is 36 months (3 years).

Pros and cons of a personal loan

Personal loans can be an effective way to supplement financial needs, especially when other sources are not available. However, it is important to consider both the pros and cons of obtaining a personal loan before making a commitment.

  • Personal loans offer flexible repayment terms and a fixed interest rate. This allows you to budget for your repayments without worry.
  • A personal loan can help you consolidate debt, make a large purchase, or cover an emergency expense.
  • Personal loans are not secured by collateral, so if you default on the loan, the lender can't take your home or car like they could with a secured loan.
  • Personal loans comes with relatively high interest rates, so it’s important to understand the terms carefully.
  • If you have a low credit score, you may not be able to qualify for a personal loan or get a good interest rate.
  • If you miss an installment payment or make a late payment on your loan, you are subjected to additional fees and charges.

What can a personal loan be used for?

Whether it's for a personal project, a big purchase or just to make ends meet, personal loans can be used for a wide range of things.

Some uses for personal loans include paying for utility bills, rent, holidays, emergency medical expenses, home renovations or wedding banquets. With so many potential uses, personal loans are a great way to get the financial assistance you need when you need it most.

When you are in need of additional funds quickly and with limited hassle, the option of a personal loan could be the best choice to fit your needs while you strive to meet elevated dream goals.

5 things to do before taking out a personal loan

  1. Make sure that you really do need a personal loan and can afford to repay it.
  2. Do your research about how it works.
  3. Compare interest rates, repayment terms, fees and charges offered by different lenders.
  4. Understand the repayment terms.
  5. Ensure that you can afford to make the monthly payments on time.

What should I keep in mind when applying for a personal loan?

1. Consider all potential implications, and be certain that you can afford the monthly payments

Take time to consider the interest rate, the amount of the loan, and whether repayment terms are achievable. Ensure that you can meet any loan payments before taking out a loan. Likewise, understand if any extra charges will be applied such as late payment fees or prepayment penalties. Be aware of your credit score and take steps to improve it before applying if need be.

2. Ensure that you can fully understand the specific terms of the loan agreement

It's essential to consider how much you are able to repay on a monthly basis, both in terms of the amount, length of loan period and other repaying criteria. Taking time to do your research and double-check everything carefully should result in making sure that the loan is a good fit for your current situation.

3. Research different lenders and compare their rates and borrowing limits

Make sure to look into the terms and customer service levels of each so you can find one that best meets your needs. It is also wise to select a lender with excellent customer service and clear terms so you can access help should any concerns arise. Furthermore, remember to consider any additional fees or charges associated with the loan, such as the origination fee and late payment penalties, to ensure that you pick the right option. Finally, always read all documents thoroughly before signing.

How to choose the best personal loan

Choosing the best personal loan is an important decision, as it will determine how much you pay in interest and fees over the life of your loan. To make sure you get the best deal possible, here are some steps you should take when selecting a personal loan.

Rates: Start by researching potential lenders to find out who offers the most competitive rates, terms, and benefits for what you need. Compare their interest rates and fees to make sure you're getting a good deal. Consider licensed moneylenders as well - they offer great deals with reasonable interest rates.

Costs: Figure out what total cost of borrowing means for your individual situation so that you can compare different loans on an even playing field. Total cost includes all fees charged by a lender such as origination fees, prepayment penalties, late payment charges, etc., as well as interest rate risk premium (as opposed to advertised APR).

Repayment: The length of repayment period directly affects how much creditors charge in total costs because longer periods mean more months where borrowers will be paying compound interest accruing on the unpaid balance each month—which adds up rather quickly. Be realistic about what type of payment schedule makes sense for your financial situation so that monthly payments won’t be too hard on budgeting goals (or too easy allowing debt balances never go down) .

Reviews: Ask family or friends if anyone has recently taken out a personal loan, online forums and review websites. Check ratings mention customer experiences. Do thorough research until you are satisfied with the results. These platforms contain valuable information gathered from people who already had experienced taking such loans and would be able to give you sound advice.

Frequently asked questions

Should I get a personal loan with a fixed or variable interest rate?
When making the decision of what type of personal loan to get, there are a few items to consider, such as the anticipated length of loan and future budgeting goals. A personal loan with a fixed interest rate gives you the security and peace of mind in knowing that your payments will remain constant throughout the life of the loan.

Variable interest rates, on the other hand, may allow you greater flexibility depending on certain market conditions but can also increase unpredictably over time - meaning that you could end up paying much more than originally expected in total. That's why it's important to understand your personal finances so you can make an informed decision that best fits your individual needs.
Can I get a loan with bad credit or no credit?
Just because your credit score isn't the envy of monetary professionals doesn't mean you can't gain access to a loan. With loan services now available that doesn't look at your credit score, you can say goodbye to time-consuming applications and long waits for approval, so there are definitely still several options out there for those with a less than stellar credit report.
What do I need in order to qualify for a personal loan?
To a bank, your credit score is an important factor. To increase your chances of being approved, you will need a good credit score that comes close to 2,000. Other factors that affect your eligibility for a personal loan include:
  • Annual income
  • Debt-to-income ratio
  • Employment status