Best Short-Term Personal Loans in Singapore

Need quick cash for a big purchase? Here's a quick guide to the best short-term loans in Singapore that will help you save hundreds of dollars in interest.

Balance transfer is a type of short-term loan facility that allows you to transfer your existing balance credit limit to any other bank account, credit card or credit line, usually at 0% interest rate. This is a great source of short-term liquidity as long as you're confident of paying your debt off at the end of the loan period, which is usually 6 or 12 months. If you don’t, you’ll get hit by high interest rates on your unpaid credit card or credit line balance.

While the short-term personal loan is usually interest-free, banks will typically charge a processing fee, which ranges between 1% to 6% of the approved loan amount.

Depending on which bank, the minimum balance transfer amount can be as low as $500. This processing fee will be charged to the balance transfer account which is opened upon approval.

Also read: Top 6 Myths About Personal Loans, Busted

Pros	Cons
0% promotional interest rate. Every month, you can pay the minimum amount which is typically 1-3% of the remaining balance every month	A processing fee will be charged.
Higher chances of eligibility as loan is on credit card or credit line application	Short repayment period of 6 months
Transfer up to 95% of the available credit limit	High interest rate kicks in immediately after the tenure ends.

⚡Flash Deal⚡: For a limited time only, apply for selected personal loans to stand a chance to have your full interest covered (worth up to S$3,000) on top of existing cashback & rewards. Valid till 2 June 2025. T&Cs apply.

SingSaver Exclusive Cashback Offer: Enjoy the following rewards when you sign up for a CIMB Personal Loan:

Get up to S$1,350 Cash, an Apple iPhone 16 Pro 128GB (worth S$1,599), an Apple Watch Series 10 GPS + Cellular 42mm (worth $739), a Dyson SSHD (worth S$599), or an Apple iPad (A16) 11" Wi-Fi 128GB (worth S$499) when you get approved for a loan of min. S$8,000 with a minimum loan tenure of 3 years. Available to new and existing customers. Valid till 1 June 2025. T&Cs apply.

Apply Now

Balance Transfers on Credit Card

This loan facility uses the available credit on your credit card. You pay a one-time processing fee and enjoy a very low or 0% interest rate for between 6 to 12 months. After this, you either settle the total amount outstanding or you end up being charged interest rates between 17% to 28%. Balance transfers are best for consolidating repayment on multiple credit cards or if you have a major expense coming up on the horizon.

Here's a quick summary of the best 6-month balance transfer offers (credit card):

Guide to the best short-term loans

*Available only via SingSaver

Compare Balance Transfer

Line of Credit

A line of credit is an overdraft facility that only charges interest when you withdraw from the account. It’s also one of the best four ways to better manage credit card debt. The credit line usually gives you a lower interest rate compared to your credit card and offers a flexible repayment period to clear off unpaid credit card debt. Treat the line of credit as a standby cash facility for emergency use, as it’s available for immediate withdrawal should the need arise.

Here’s a quick summary of the best 6-month line of credit offers and their prevailing rate:

Note that the minimum income requirement for Singaporeans/PRs is $30,000.

Compare Best Personal Loans

SingSaver Exclusive Cashback Offer: Enjoy the following rewards when you sign up for a UOB Personal Loan:

Get up to S$1,300 Cash, an Apple Macbook Air 256GB 13.6" (M4 Chip) (16GB) (worth S$1,499), a Dyson Airstrait (worth S$799), a Dyson SupserSonic Hair Dryer (worth S$599), or an Apple iPad (A16) 11" Wi-Fi 128GB (worth S$499) when you get approved for a loan of min. S$8,000 with a minimum loan tenure of 3 years. Available to new and existing customers. Valid till 1 June 2025. T&Cs apply.