Personal Loans Guides & Glossary: Everything You Need to Know About Personal Loans in Singapore

A payday loan in Singapore is a short-term, high-cost loan from a licensed moneylender, meant to tide you over until your next salary. Interest is capped by law at 4% a month, and you must verify your identity in person before the loan is paid out.

Refinancing your mortgage can help reduce monthly payments, shorten your loan term, or give you access to your home's equity.

The best time to refinance your mortgage in Singapore is when your lock-in period is about to end. Start comparing packages about four months beforehand, since most banks need three months' notice. With fixed refinancing packages starting from around 1.40% to 1.45% p.a. in September 2026, refinancing is especially worth considering if you're now paying your bank's board rate.

Before you take a home loan, decide between a fixed and a SORA-pegged floating rate, budget for one-off fees such as stamp duty and legal costs, get the right insurance in place, and plan to review or refinance when your lock-in ends.

When a study loan is not applicable, Singaporeans can use a personal loan to fund education and school fees

Securing a personal loan in Singapore involves meeting specific requirements, with lenders typically evaluating your credit score, credit history, income, and debt-to-income ratio.

Managing a personal loan well comes down to four things: know your exact interest cost (EIR, not the headline rate), pay off your highest-interest debt first, make extra payments whenever you can without triggering early repayment penalties you didn't budget for, and keep a small emergency fund so a surprise expense doesn't force you into new debt. Here's how to reduce debt with a plan that actually holds up month to month.