Consolidate Your Debt with a Personal Loan in Singapore: With One simple repayment

💎 Enjoy cashback worth up to S$1,800 (limited time only). Consolidate all into one manageable monthly repayment at lower interest rates. Trusted by 1.3M+ Singaporeans.

🔎 Find the Fastest Loan for You 

Getting the best offers for you...

🔎 Find the Best Loan for You

Enjoy low interest rates and up to 💎 S$1,800 in cashback! (limited time only!!)

Product   Interest Rate
(p.a.)*		 EIR
(p.a.)		 Est. Savings vs
Credit Card (26% p.a.)**		 Est. Monthly** SingSaver
Reward
uobUOB
Personal Loan		 Apply Now 1.85% 3.40% ✅ ~S$3,945 S$293

💎 Up to S$1,800
GXS Logo small2GXS
FlexiLoan		 Apply Now 1.88% 3.47% ~S$3,926 S$293

🎁 Up to S$1,700
scb-logoStandard Chartered 
CashOne Personal Loan		 Apply Now 1.90% 3.63% ~S$3,908 S$294

🎁 Up to S$1,200
trustTrust Instant Loan Apply Now 1.99% 3.80% ~S$3,872 S$294

🎁 Up to S$1,700
JD credit LogoJD Credit Pte Ltd Apply Now 25% 25% ~S$3,486 S$397.60

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lendela logoLendela Free Loan
Matching Service		 Apply Now 18.23% 18.23% ~S$4,744 S$362.68

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*Interest Rates and EIR stated are of a minimum loan amount of S$8,000 with minimum 36 months tenure.
**Using a S$10,000 loan over 3 years as the benchmark.

💳 You will have higher chances of approval!

If you have a credit card with UOB, SCB, Trust Bank or GXS. Don’t skip this advantage!

🏦 Lower Monthly Repayments: Standard Chartered, Trust Bank & GXS

These options offer the lowest estimated monthly instalments, making them ideal for users who want to reduce their monthly financial burden.

Why pick Standard Chartered, Trust Bank or GXS?
  • Offer lower interest rates or monthly repayments to ease your debt burden
  • Flexible options with varying loan tenures and approval criteria to fit different debt situations
  • 🎁 Rewards worth up to S$1,700 to offset your payments
Getting the best offers for you...
Getting the best offers for you...

Thinking About a Personal Loan? Here’s Why It Could Work

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Lower Interest, Predictable Payments

Enjoy lower rates than credit cards and fixed monthly repayments — ideal for managing your budget with peace of mind.

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Fast, Flexible Funding

Get approved quickly with no collateral needed. Use it for anything — from emergencies to renovations or debt consolidation.

smart finance choice

Smarter Financial Control

Consolidate high-interest debts or fund big goals without draining your savings — borrow wisely, repay steadily.

💰 Highest Interest Savings vs Credit Card (26% p.a.): UOB

These products deliver the biggest total savings when users consolidate credit card or other high-interest debt:

Why pick UOB?
  • Lower your interest payments with rates from 1.85% p.a. (EIR from 3.40% p.a.)
  • Streamline multiple debts into one easy monthly repayment
  • Enjoy fast approval from a trusted bank with flexible loan tenures

Loan Need-to-Knows

number 1

Only borrow what you really need — and repay it as fast as you can

Taking the full loan amount you’re approved for isn’t always smart. Borrow just enough for your actual need (e.g. renovation, medical), and choose the shortest tenure you can comfortably manage to save on interest.

number 2

Credit history matters, but income affects how much you can borrow

Your credit score (CBS report) helps determine approval and rates, but your monthly income and existing debts (TDSR ratio) are what determine how much you can actually borrow from banks in Singapore.

number 3

Always check the EIR, not just the advertised interest rate

The flat interest rate might look low, but it’s the Effective Interest Rate (EIR) that reflects the true cost of your loan — including fees and compounding. All banks in Singapore are required to show EIR, and so do we.

number 4

You may be able to repay early — but check for penalties

Some banks in Singapore allow early repayment without penalty, but others may charge early redemption or processing fees. Always review the loan terms if you plan to pay off the loan sooner.

SingSaver’s Take on Personal Loans

Here’s what we like about personal loans — and a few things to keep in mind before you apply. We’ve broken it down simply so you can decide if it’s the right move for your financial goals.

Pros

✅ Lower Interest Rates (vs Credit Cards)

Personal loans typically start from 1.85% p.a., making them much cheaper than credit cards, which can charge over 20% p.a. in interest.

✅ Fixed Monthly Repayments

Enjoy predictable payments with a fixed schedule, making it easier to budget and avoid surprise charges.

✅ Longer Tenures Available

Flexible loan durations — from 1 to 7 years — allow you to manage repayments at a pace that fits your financial situation.

✅ No Collateral Required

Most personal loans are unsecured, meaning you don’t need to pledge assets like your home or car to borrow.

Cons

❌ Requires Good Credit Score

Your credit history and income level will affect approval chances and the interest rate offered.

❌ Fixed Commitments

Unlike credit cards, personal loans have fixed monthly payments. Missing payments can lead to penalties or impact your credit score.

❌ Fees May Apply

Some loans come with processing fees, early repayment charges, or late payment penalties — always read the terms.

❌ Borrowing Temptation

Easy access to funds might lead some borrowers to overborrow or use the loan for non-essential spending.

A personal loan can be a powerful financial tool when used responsibly — especially for large, planned expenses or debt consolidation. But it’s important to compare offers and ensure you can comfortably manage the repayments.

Benefits of Personal Loans Over Other Options

Options Rates Borrowing Methods Repayment Flexibility
🏦 Personal Loan 🏆 Lower interest rates (from 1.85% p.a.) 🏆 Fixed repayments 🏆 Up to 7 years tenure
💳 Credit Card Higher rates (20%+ p.a.) Revolving credit, harder to manage Pay minimum or full each month
💰 Licensed Moneylender Regulated but higher rates (max 48% p.a.) Shorter tenures, smaller loan sizes 1–2 years tenure max
Getting the best offers for you...
🏢 Lender Options with High Savings: Lendela & JD Credit

If you're facing urgent financial needs and don’t meet the income or credit requirements of a bank, licensed lenders offer quick loan approvals — sometimes within hours.

Why pick Lendela or JD Credit?
  • Ideal for users consolidating multiple credit cards or loans, especially if you’re looking to take up to a S$200,000 loan.
  • Perfect for urgent debt payoff situations
  • Higher than bank loans but still cheaper than credit cards (26% p.a.)
Getting the best offers for you...

Why Apply Through SingSaver

SingSaver isn’t just another comparison site — we’re Singapore’s leading financial marketplace, built to help you find the best deals quickly, securely, and transparently.

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Trusted by 1.3M Singaporeans

Join over 1 million Singaporeans who’ve used SingSaver to compare, apply, and save.

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Exclusive rewards

Save up to S$1,700 in interest and rewards, simply by picking the best deal for your needs.

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100% Free & Secure

Free to use, with bank-level encryption and data protection, so your personal information is always safe.

Are You Eligible for These Loans?

🏦 Loans from Licensed Banks:

For loans with UOB, Standard Chartered or Trust Bank, check if you meet the basic criteria to apply and start saving today.

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Eligibility

Open to Singaporeans, Permanent Residents and Foreigners*.

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Minimum income

You must earn at least S$20,000** annually, though requirements may vary by provider.

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Healthy Credit Score 

A good credit score helps you qualify for better rates.

*Foreigners with a valid employment or employment pass may apply. Do note that additional income** criteria may apply based on the provider.
Are You Eligible for a Licensed Lending Option Loan?
  •  • Must be at least 18 years old
  •  • Must have a valid NRIC (for Singaporeans/PRs) or valid work pass (for foreigners)
  •  • Must meet the minimum income requirements, depending on your residency status
  •  • Must provide the following required documents:
              •    • Proof of identity (e.g. NRIC, work pass)
    •    • Proof of income (e.g. payslips, CPF, or bank statements) 
    •    • Proof of residence (e.g. utility bill or tenancy agreement)

As regulated by the Ministry of Law, all licensed Lending Option must:

  •  • Conduct in-person identity verification at their physical outlet
  •  • Complete verification before any loan can be disbursed
  •  
Borrower’s
Annual Income		 Singapore Citizens
and Permanent Residents		 Foreigners residing in Singapore
(with valid pass)
Below S$10,000 and above S$3,000 S$500
At least S$10,000 and less than S$20,000 S$3,000
At least S$20,000 6 times monthly income 6 times monthly income
These limits are set by the Ministry of Law
*Required documents include: NRIC, work pass, payslips, CPF, bank statements, utility bill, or tenancy agreement
 

Trusted by 1.3 Million Singaporeans

⭐⭐⭐⭐⭐
“I managed to consolidate my credit card debt with a personal loan I found through SingSaver. The rate was lower than expected, and I got approved the next day!”

 
— Jeremy L

⭐⭐⭐⭐⭐
“Simple n seamless process in getting a loan from the Licensed Lenders! Very professional process was fast.”

 
— Seet Q

⭐⭐⭐⭐⭐
“Got my loan from Trust Bank within minutes after applying through SingSaver. Whole process was super smooth — no hidden fees.”

 
— Ahmad R

Frequently asked questions about personal loans in Singapore

Understanding Personal Loans

How do personal loans work?

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A personal loan provides you with a lump sum of money that you repay with interest over a set period. You'll make regular monthly repayments until the loan is fully repaid.

What’s the difference between advertised rate and EIR?

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The advertised interest rate shows the base cost of the loan, but the Effective Interest Rate (EIR) includes fees and reflects the true yearly cost — making EIR the better figure for comparing loan offers.

What’s the total cost after fees and charges?

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The total cost varies depending on the bank and their specific fees.

Understanding Licensed Lenders

Key Facts About Lenders in Singapore

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A lender is a licensed or private individual or company that lends money to borrowers, usually at higher interest rates than banks. In Singapore, moneylenders are regulated by the Ministry of Law (MinLaw) under the Moneylenders Act, and only those listed on the Registry of Moneylenders are legally allowed to operate.

Difference between Licensed vs Unlicensed Lenders

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  • Licensed moneylenders are officially approved by the government.
  • Unlicensed moneylenders (also known as loan sharks) operate illegally — and should be avoided at all costs.

🔗Always check the Registry of Moneylenders before borrowing.

How do personal loans from lenders work?

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Licensed lenders provide small to mid-sized loans with fixed repayment terms. You’ll receive a lump sum and repay it in monthly instalments over a fixed period, typically 6–24 months, along with interest and fees regulated by Singapore law.

What’s the difference between advertised rate and actual cost with lenders?

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While advertised rates may seem low, licensed lenders in Singapore can legally charge up to 4% per month in interest, and up to 10% in one-time admin fees. Always check the total cost of borrowing — not just the monthly repayment.

Understanding Debt Consolidation

What is debt consolidation?

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Debt consolidation means combining multiple debts — like credit cards, personal loans, or credit lines — into a single loan with one monthly repayment. This helps simplify your payments and may reduce your overall interest rate.

How does debt consolidation save me money?

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Most credit cards charge ~26% p.a. in interest. Personal loans for consolidation typically have much lower EIRs (e.g. 3%–8%), meaning you’ll pay less in total interest over time — sometimes saving thousands.

Can I use a personal loan for debt consolidation?

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Yes — many people use personal loans to consolidate their debt. It gives you a fixed interest rate, clear monthly repayments, and a set timeline to become debt-free.

Will Debt Consolidation affect my credit score?

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It can help! By paying off multiple debts and making consistent repayments on your personal loan, your credit score may improve. Just make sure to avoid late payments and new borrowing while you repay.

 

How much can I save every month by using Personal to pay off my debt?

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By consolidating your debts into one personal loan, you’ll likely enjoy a lower monthly repayment compared to juggling multiple cards or loans. With a lower Effective Interest Rate (EIR) and fixed tenure, your payment is often more manageable — and easier to budget for.

Is it cheaper than paying multiple cards?

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Yes. Credit cards typically charge ~26% p.a., while personal loans used for consolidation often offer EIRs from ~3%–8% p.a.. That can mean hundreds in savings each month, and thousands over the life of the loan.

Can I just deal with one bank?

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Yes. When you consolidate your debt, one loan pays off all your other debts — and you only repay the new provider (e.g. SCB, Trust, GXS). This means fewer bills, fewer dates to remember, and less risk of late fees.

Will this help me stay on top of my finances?

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Definitely. Having just one repayment to manage makes budgeting easier and helps you regain control — especially if you’ve been overwhelmed by multiple credit lines or card payments.

Application & Approval Process

How long does it take to get a personal loan?

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When it comes to how long it takes to get a personal loan, approval and disbursement time can vary between lenders. Some lenders offer same-day or next-day approval and disbursement, while others may take a few days to process your application. However, before taking on a loan, it is important to know if you’re eligible. Pre-qualify with SingSaver to save time and avoid applying for loans you’re unlikely to get.

Which bank is most likely to approve my application?

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Approval depends on your credit score, income, existing debt, and the bank’s internal criteria. While no bank can guarantee approval, applying to one where you already have an account or history may improve your chances.

Will having an existing credit card or savings account with the bank help my chances?

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Yes, it can improve your chances of approval and may lead to faster cash disbursement, as the bank already has your account and credit history on file.

Is the bank reputable and trusted?

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Yes, all banks listed are licensed and regulated by the Monetary Authority of Singapore (MAS), ensuring they meet strict standards for security, transparency, and consumer protection.

What happens when I click Apply?

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1. You’ll be redirected to the bank or lender’s secure site.
2. Fill out your application and submit the required documents.
3. The provider will review your details and contact you with the outcome.
4. It’s fast, secure, and you’ll hear back directly from the lender.

How long does it take to get a loan from a lender?

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Many licensed lenders offer same-day approval and disbursement, especially if your documents are complete. The process is typically faster than banks, with fewer requirements, making it suitable for urgent needs.

Eligibility Requirements

Can foreigners get a loan in Singapore?

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Yes, foreigners can apply for personal loans in Singapore, but they may have to meet additional eligibility criteria, such as having a valid work pass and a minimum income.

Which bank gives personal loans very easily?

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Different banks have different eligibility criteria for personal loans. Some banks may have more lenient requirements than others. However, as a general rule of thumb, banks require a minimum annual income of S$30,000 for Singaporean citizens. Online lenders may also have more flexible criteria compared to traditional banks.

Interest Rates & Costs

Which bank has the lowest interest rate?

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Please refer to the table above for the most up-to-date interest rates.

How does SingSaver find the best rates?

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SingSaver partners directly with banks and licensed lenders, using proprietary comparison tech to scan real-time offers — so you always see the lowest available rates, all in one place.

Can rewards lower my overall cost?

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Yes, rewards can help offset your overall cost by reducing your effective monthly repayment, especially when they come in the form of cash.

Credit Score Considerations

How does a personal loan affect your credit score?

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Taking out a personal loan can affect your credit score in both positive and negative ways. Making timely repayments can improve your credit score, while late payments or defaulting on the loan can negatively impact your score.

Will checking rates affect my credit score?

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No, checking rates on SingSaver won’t affect your credit score — it’s a soft inquiry, so you can compare offers freely without any impact. For more details, do visit our page to know more information.

Will checking rates affect my credit score?

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No, checking rates on SingSaver won’t affect your credit score — it’s a soft inquiry, so you can compare offers freely without any impact. For more details, do visit our page to know more information.

Credit Score Not a Dealbreaker for Lenders

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Unlike banks, licensed lenders can still approve your loan even if you don’t have a perfect credit history. What matters more is your ability to repay — shown through your income and basic financial health.

Will a lender loan affect my credit score?

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Yes. Just like bank loans, repaying your loan on time can help your credit score, while late payments or defaults will hurt it. Licensed lenders report to the lenders Credit Bureau (MLCB), which tracks your loan history.

Will Debt Consolidation affect my credit score?

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It can help! By paying off multiple debts and making consistent repayments on your personal loan, your credit score may improve. Just make sure to avoid late payments and new borrowing while you repay.

Repayment & Loan Management

What’s my monthly repayment amount?

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Your monthly repayment amount depends on the loan amount you choose. To calculate your exact repayment, please use the toggle in the table above.

Can I stretch repayments over a longer tenure for affordability?

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Yes, many banks offer flexible loan tenures, allowing you to extend the repayment period for lower monthly payments. However, keep in mind that longer tenures may result in higher total interest paid over time.

Should I choose a fixed repayment schedule or more flexible repayments?

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Choose a fixed schedule for consistent monthly payments and easier budgeting. Go for flexible repayments if you want the option to pay more or less depending on your cash flow. It depends on your financial stability and discipline.

Others

Is a 0% balance transfer better for short-term needs?

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Yes, if you can repay the debt within the 0% promo period. It helps save on interest, but watch out for transfer fees and higher rates after the offer ends.

Is same-day disbursement possible?

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Yes, but it depends on each bank's terms, conditions, and eligibility criteria.

Why apply through SingSaver?

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SingSaver gives you more with your application — enjoy exclusive perks like cashback, vouchers, and gifts!

How does SingSaver help you find the best licensed lender?

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We work only with MinLaw-approved licensed lenders, and show you transparent rates, tenures, and fees. Our comparison tool helps you identify which lenders best fit your needs — securely and in minutes.

 

💵 Consolidate Your Debt Fast – Get up to S$1,700

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