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Best Short-Term Personal Loans in Singapore

Rohith Murthy

Rohith Murthy

Last updated 04 November, 2018

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.

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.


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

Receive an Apple iPhone 15 128GB (worth S$1,311) or a Dyson V12 Fluffy (worth S$969) or an Apple Bundle (worth S$737) [Apple iPad 10th gen 10.9 wifi 64 GB + Apple AirTag] or a Dyson AM07 (worth S$459) or up to S$1,200 Cash when you get approved for a CIMB Personal Loan with a min. loan amount of S$8,000 and tenure of 3 to 5 years. Applicable to new customers only. Valid till 21 April 2024. T&Cs apply.

Also, apply for a CIMB Personal Loan of at least $30,000 with tenure of 3 to 5 years and get approved by 30 May 2024 to enjoy 2.80% p.a. interest rate (EIR from 5.2% p.a.). Valid till 30 April 2024. T&Cs apply.

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


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.


SingSaver Exclusive Offer: Receive an Apple iPhone 15 128GB (worth S$1,311) or an Apple iPad 10th Gen 10.9 wifi 256 GB (worth S$925.50) or a Dyson SuperSonic (worth S$699) or a Nintendo Switch OLED (worth S$549) or a Sony WF-1000XM5 Wireless Noise Cancelling Headphones (worth S$429) or up to S$1,200 Cash when you get approved for a UOB Personal Loan with a min. loan amount of S$8,000 and tenure of 1 to 5 years. Applicable to new customers only. Valid till 9 May 2024. T&Cs apply.


Rohith is the Group General Manager of Hyphen Group’s SaaS platform that connects, powers and accelerates an ecosystem of consumers, financial institutions and the ‘Creator Economy’.


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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