The Best Ways to Borrow Money in Singapore
Updated: 10 Dec 2025
Needing extra funds can be a tough reality, but understanding your borrowing options is key.
Borrowing money should ideally be a last resort, but life sometimes presents situations where it becomes necessary. When that happens, understanding the diverse ways to borrow money in Singapore is crucial to navigating your options wisely and avoiding potential financial difficulties.
This guide will walk you through some of the quickest and most cost-effective methods available, empowering you to carefully weigh the pros and cons of each, considering factors such as cost, convenience, and your individual eligibility, before making a decision on how to borrow money in Singapore.
» Read more: Best personal loans in Singapore
Borrowing options at a glance
Fastest ways to borrow money
Affordable ways to borrow money
Fastest ways to borrow money
When urgent financial needs arise, these borrowing methods offer the quickest access to funds, albeit often with higher associated costs.
1. Online personal loans
Online lenders in Singapore offer a convenient and often speedy way to borrow money online. With a fully online application process and quick approval times, they can be faster than traditional banks that may require in-person visits.
» Read more: Best online loans
Online loans in Singapore offer flexibility with loan amounts typically ranging from S$1,000 to S$50,000 and repayment terms spanning two to seven years. Remember to pre-qualify and compare licensed lenders on SingSaver to find the best Effective Interest Rate (EIR).
» Read more: Pros and cons of personal loans
2. Mobile loan apps
Cash advance apps available in Singapore provide a convenient way to access small amounts of funds quickly, often offering instant advances on your paycheck. These apps typically integrate with existing digital banking platforms, streamlining the application and loan management process.
Examples of borrow money app options in Singapore include DBS Digibank, OCBC App, SC Mobile App, Citi Mobile® App, Trust Bank SG, and MariBank.
While these apps offer convenience, be aware of potential fees, including processing fees, prepayment fees, and in some cases, subscription or service charges. Loan amounts are generally smaller compared to personal loans, and repayment terms are shorter.
3. Credit card cash advances
Cash advances from credit cards in Singapore allow you to borrow money by withdrawing cash from ATMs or banks using your credit card’s PIN. However, this convenience comes at a cost. Be aware of cash advance fees, ATM charges, and significantly higher interest rates that start accruing immediately, without a grace period.
4. Loan from family or friends
Borrowing from family or friends can be a quick and affordable way to access funds in Singapore, often resembling a traditional lending circle where trust and informal agreements prevail, typically without credit checks or formal applications. However, even within these close circles, it's crucial to formalise the agreement to avoid potential conflicts.
It's also recommended to put terms such as interest rates (if any) and repayment schedules in writing and consider having the agreement notarised to ensure clarity and legal standing within Singapore's culturally sensitive financial environment.
5. Pawnshop loan
Pawnshop loans in Singapore offer immediate access to funds by pledging valuables such as jewellery, gold, or electronics as collateral. While the process is quick and doesn't involve credit checks, be aware of the costs involved.
Interest rates and additional fees for storage, appraisal, and insurance can lead to high Effective Interest Rates (EIRs). Failure to repay the loan within the agreed timeframe can result in the loss of your valuable item.
Affordable ways to borrow money
For those prioritising lower interest rates and manageable repayment terms, these borrowing methods offer more cost-effective solutions, though they may require a stronger credit profile or a longer approval process.
1. Bank or co-operative personal loans
Banks and cooperative societies in Singapore generally offer the lowest Effective Interest Rates (EIRs) for personal loans. Many banks in Singapore offer personal loans with varying eligibility criteria, which may include specific requirements for foreigners seeking a personal loan. It's essential to check with individual banks on their specific policies.
» Read more: Best bank loans in Singapore
While cooperative societies may offer even lower rates, particularly for those with lower credit scores, you typically need to become a member to apply for a loan from them.
» Read more: Requirements for a personal loan
2. 0% EIR credit cards
A 0% Effective Interest Rate (EIR) credit card can be a cost-effective way to borrow money in Singapore if you are disciplined about repaying the balance within the introductory period, which can range from 15 to 21 months. However, you typically need good or excellent credit to qualify for these cards.
A 0% EIR credit card can be useful for managing unexpected expenses such as medical bills or car repairs, provided you have a plan to repay the borrowed amount before the promotional period ends.
» Read more: Best 0% EIR credit cards
3. Buy now, pay later
Buy Now, Pay Later (BNPL) plans available in Singapore allow you to purchase items and pay for them over several weeks or months, usually without interest or fees if you adhere to the repayment schedule. Services like Atome and hoolah offer zero-interest options at many major retailers. However, be cautious of the risk of overspending and the late fees that may apply if you miss payments.
» Read more: Compare buy now, pay later apps
4. Secured loans against fixed deposits
A secured loan against your fixed deposit in Singapore allows you to borrow money by pledging your fixed deposit account as collateral. These loans typically come with lower interest rates compared to unsecured personal loans because the bank has security in the form of your fixed deposit.
However, remember that this reduces your fixed deposit balance, impacting your savings, and the bank has the right to seize your fixed deposit if you fail to repay the loan on time. Therefore, carefully assess your ability to repay before opting for this borrowing method.
It's also worth noting that while not a direct loan, CPF funds can sometimes be used for specific borrowing purposes like housing; however, direct personal loans from CPF are not a common offering.
5. Personal line of credit
A personal line of credit in Singapore functions as a hybrid between a personal loan and a credit card, offering flexibility to borrow funds based on your credit profile and income. You can draw money as needed, up to a pre-approved credit limit, and you only pay interest on the amount you use. This option is ideal for borrowers who need flexibility in accessing funds and are unsure of the total amount they will need. However, good or excellent credit is usually required to secure the lowest interest rates.
6. Home equity financing
Home equity financing in Singapore allows you to borrow against the value of your home, minus your outstanding mortgage balance. This can take the form of a home equity loan, which provides a lump sum payment to be repaid over a long term, or a home equity line of credit (HELOC), which allows you to borrow as needed during a draw period (typically up to 10 years) and only pay interest on the amount used. Home equity financing often comes with lower interest rates compared to unsecured loans or credit lines because it is secured by your property. However, the significant risk is that you could lose your home if you fail to make payments on time.
Key considerations before borrowing money
Before you decide on a borrowing method in Singapore, it's crucial to take a step back and carefully assess your individual circumstances and financial needs. Rushing into a loan without considering the key factors below can lead to unnecessary costs and long-term debt.
-
Loan amount: The amount you need to borrow should guide your choice. Small amounts might be best suited for cash advance apps or credit card advances, while larger sums may necessitate personal loans or home equity financing.
-
Loan purpose: The reason for borrowing can influence the most suitable option. A 0% EIR credit card might work for planned purchases, while a personal loan could be better for debt consolidation or larger expenses.
-
Repayment terms: Consider how quickly you need to repay the borrowed funds and what your budget allows for monthly payments. Short-term options like payday loans require fast repayment, while personal loans offer longer terms.
-
Personal preferences: Your comfort level with different borrowing methods, your risk tolerance, and whether you prioritise speed or cost will also play a significant role in your decision.
Borrowing options to avoid
1. Payday loans
Payday loans in Singapore offer a very quick way to borrow small amounts of cash until your next paycheck. However, they come with extraordinarily high fees (e.g., a fee for every S$100 borrowed) and sky-high Effective Interest Rates (EIRs). If you are unable to repay the loan quickly, these high costs can easily lead to a cycle of debt.
2. High-interest instalment loans
High-interest instalment loans in Singapore, often offered by non-bank lenders, may seem appealing with their longer repayment periods. However, their interest rates can be significantly higher than those of bank personal loans, making them difficult to repay and potentially trapping you in a cycle of debt. Avoid these if possible.
Paying back borrowed money
After you borrow money in Singapore, creating a clear and realistic repayment plan is essential to avoid long-term debt and maintain a good credit standing. Consider using budgeting rules like the 50/30/20 rule, which allocates 50% of your income to needs, 30% to wants, and 20% to savings (including your emergency fund) and debt repayment.
This framework can help you balance your living expenses, debt obligations, and savings goals, ensuring you have a clear path to paying back any money you borrow online or through other means and providing a financial buffer for unexpected events.
Best Personal Loans In Singapore
Loan | Monthly Repayment | SingSaver Reward | Annual Interest Rate | Total Cost of Loan | EIR | ||
|---|---|---|---|---|---|---|---|
 | UOB Personal Loan | S$429 | S$430 | From 1.00 % | S$450 | From 1.93 % p.a. | |
 | Trust Bank Instant Loan | S$436 | S$410 | From 1.56 % | S$702 | From 3.00 % p.a. | |
 | DBS Personal Loan | S$435 | S$650 | From 1.48 % | S$666 | From 3.47 % p.a. | |
 | Standard Chartered CashOne Personal Loan | S$430 | S$602 | From 1.08 % | S$486 | From 2.09 % p.a. | |
 | GXS FlexiLoan | S$430 | S$400 | From 1.08 % | S$486 | From 2.02 % p.a. | |
 | MariBank Instant Loan | S$440 | S$210 | From 1.86 % | S$837 | From 3.56 % p.a. | |
 | CIMB Personal Loan | S$437 | - | From 1.60 % | S$720 | From 3.07 % p.a. | |
 | EZ Loan | S$540 | - | 9.88 % | S$4,446 | 9.88 % p.a. |
1. Click “Apply Now” on UOB's website
2. Fill out the application and upload all necessary documents
3. Wait for an offer from UOB
Note: Get instant approval and cash disbursed into your UOB accounts for applications submitted between 8am and 9pm
- Enjoy interest rates as low as 1.00% p.a (EIR from 1.93% p.a.)
- No processing fees
- Get instant approval and cash disbursed into your UOB accounts for applications submitted between 8am and 9pm
- Min. loan amount of S$1,000
- Min. income for Singaporeans/PRs: S$30,000 p.a.
- Read our full review of the UOB Personal Loan
- Foreigners are not eligible for UOB Personal Loan
- Cancellation fee: S$150 or 3% of outstanding approved loan amount, whichever is higher
- NRIC (Front & Back)
- For salaried employees: Last 3 months’ computerised payslip; or Latest Income Tax Notice of Assessment with latest 1 month’s computerised payslip; or latest 6 months’ CPF statement (for Singaporeans or PRs)
- For self-employed persons: Last 2 years’ Income Tax Notice of Assessment
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
1. Download the Trust App and navigate to the Instant Loan section
2. Fill out an application and submit all required documents
3. Wait for approval of personal loan
- LOWEST Interest Rates in the Market from 1.56% p.a. (EIR 3.00%* p.a.) with no processing or hidden fees (until further notice)
- Flexible repayments. Choose your desired personal loan amount and tenure. Repay with fixed instalments over 3 to 60 months.
- Fast approval in 60 seconds.
- *EIR calculated based on loan amount of S$90,000 and tenure of 60 months from 1 Jan 2024. Maximum EIR may be up to 22.34% p.a. based on your personal credit profile.
- Deposit Insurance Scheme: SGD deposits of non-bank depositors are insured by the SDIC, for up to S$100,000 in aggregate per depositor per Scheme member by law.
- Min. age requirement: 21 years old
- Minimum annual income of S$30,000 for Singaporean citizen or PR or S$60,000 for foreigners with valid work pass
1. NRIC (Front & Back)
2. Salaried employees: Latest month’s computerised payslip or latest 6 months’ CPF contribution history statement
3. Self-employed individuals: Last 2 years’ Income Tax Notice of Assessment
4. Commission-based earners: Latest 3 months payslip or latest 6 months' CPF contribution history statement
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider's approval.
1. Go to DBS site and click “Apply now” under Personal Loans
2. Log in using your card or ibanking details
3. Fill out and submit all required documents
4. An SMS will confirm if your loan has been approved
5. An approval letter will be mailed to you as well
Note: Applications can be done also via Singpass Myinfo on DBS' website
- Enjoy personalised rates from as low as 1.48% p.a. (EIR 2.84% p.a.) with full processing fee rebate
- Borrow up to 4x your monthly salary if you earn less than S$120,000 annually, or up to 10x if you earn more than S$120,000 annually
- Min. loan amount of S$500
- Tenure: 6 months to 5 years
- Min. income for Singaporeans/PRs: S$20,000 p.a.
- Apply via SingSaver and get your loan approved and disbursed instantly into your DBS/POSB account
- Processing fee: From 1% of the approved loan amount
- Early repayment fee: S$250
- Late payment fee: S$100 for personal loan on DBS/POSB credit card, S$120 for personal loan on DBS/POSB Cashline
1. NRIC (Front & Back)
2. CPF contribution history statement (latest 12 months)
3. Latest 1 year Income Tax Notice of Assessment (NOA)
4. Latest computerised payslip or salary crediting into a DBS/POSB account
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
1. Go to Standard Chartered's website and click "Apply Now” button under Personal Loans
2. Fill out an application and submit all required documents
3. Wait for approval of personal loan from Standard Chartered
- Enjoy low interest rates from 1.80% p.a. (EIR: 3.44% p.a.) for longer tenures. Get instant loan approval and cash disbursement in as quick as 15 minutes to your designated bank account.
- Enjoy a 5-year annual fee waiver on your Standard Chartered Platinum Visa credit card
- Min. loan amount of S$1,000
- Max. loan amount of up to S$250,000
- Allow for change of loan tenure.
- Allow for flexible repayment without late fees.
- Waiver of S$50 annual fee (from 2nd year till expiry of loan) if all instalments for the year are paid on or before the due dateMax. loan amount of up to 4X monthly salary, capped at S$250,000
- Read our full review of the Standard Chartered CashOne Personal Loan
- EIR calculated is not yet inclusive of the first-year annual fee of S$199. Interest rate in your application will be based on your credit profile as determined by Standard Chartered.
- First year annual fee: S$199
- Early repayment fee: S$150 or 3% of the outstanding principal, whichever is higher
- Change of tenure: S$50 per change
- Late payment fee: S$100
- Copy of Passport (with at least 6 months' validity), including the page with address displayed (where applicable)
- Copy of your Employment Pass
- Any ONE of the following documents:
- Latest utility bill, rates or tax bill
- Latest bank / credit card statement (e-Statements are accepted)
- Rental agreement showing your address
- Latest mobile phone statement or pay-TV statement
- Letter from employer stating current address
- Government-issued document stating current address (e.g. IRAS, CPF, ICA)
No documents required for Singaporeans / PRs applying via SingPass.
For foreigners applying via SingPass, please prepare the following:
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider’s approval.
1. Download the GXS app.
2. Click "Sign Up" for GXS FlexiLoan
3. Get your funds within minutes upon approval.
- No Fees Interest Rates from 1.88% p.a. (EIR from 3.47% p.a.).
- Apply in-app and get your funds in minutes
- A standby revolving credit line which you can draw multiple loans from, from as low as S$200
- Customisable loan tenure from 2 to 60 months depending on loan amount selected
- Flexibility to select your preferred repayment date
- No early repayment fee, plus save on interest when you repay early
- Interest is computed on a daily non-compounding basis
- In-app reminders to repay on time and avoid late interest charges
- Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 36-month repayment period, from 1 Jan 2023 to 1 Jan 2026. T&Cs apply.
- Late interest is chargeable upon late repayment
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider's approval.
Existing MariBank Customers:
- Log in to the MariBank app.
- Tap Instant Loan on the home screen → Apply.
- Register via Singpass.
If eligible, Instant Loan access is granted immediately. Upon approval, a virtual Mari Credit Card (and Savings Account if not held) is issued
New Users:
- Download the MariBank app.
- Register with a valid Singapore mobile number.
- Select Instant Loan during onboarding.
Apply via Singpass, and receive a virtual credit card & Instant Loan access upon approval
- Lowest interest rate starting from 1.86% p.a. (EIR 2.79%*) with short term repayment (less than 1 year) options available
- Flexible repayment options with tenure up to 60 months
- Fast disbursement within 10 seconds
- Loan drawdown size available from as low as S$100
- Once Interest Loan is approved, a Mari Credit Card will also automatically be issued
- *EIR is calculated based on 3 months tenure with lowest Nominal Interest Rate (NIR) at 1.86% p.a., customer’s NIR and EIR may vary based on individual’s personal profile
- Min. age requirement = 21 years old
- One-time early repayment fee of $100 or 3% of the remaining unpaid principal amount, whichever is higher (or such rate as MariBank may determine) will apply. Interest beyond the current billing cycle will no longer be charged.
- Singpass for digital identity verification (required in the app).
- Mari Savings Account and Mari Credit Card will automatically be opened/issued once Instant Loan is approved.
- Click "Apply Now" on CIMB Personal Loan Listing
- Complete the application via Singpass Myinfo and submit the required documents
- Wait for approval for CIMB
- Receive cash instantly upon approval
- Enjoy attractive interest rates from as low as 1.60%* p.a. and zero* processing fees (EIR from 2.80% p.a.) for 2-5 years
- Min. loan amount of S$2,000
- Min. income for Singaporeans/PRs: S$20,000 p.a.; Min. income for Malaysians (Non-PR): S$30,000
- Early redemption fee of 3% or S$250, whichever is higher.
- Late payment fee: S$100
- NRIC (Front & Back)
- Salaried Employees: Latest computerised payslip or latest CPF/NOA statements
- Self-Employed: Latest 2 years' NOA
- Commissioned/Variable Income Earners: Latest CPF/NOA statements
- Malaysian NRIC
- Passport (minimum 6 months validity
- latest 3 months pay slip
- Foreign Exchange Notice Declaration Form
For Malaysians, you will need to provide the following supporting documents in the application:
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider's approval.
- Enjoy the lowest interest rates in Singapore
- Get your loan disbursed in just 3 minutes
- Borrow up to 6x your monthly income
- No early repayment fee
- Conveniently located branches
- Trusted and reputable personal loan provider
- Fully licensed & regulated by the Ministry of Law
- Subject to 10% admin fee
The information displayed above is for reference only. The actual rates offered to you will be based on your credit score and is subject to the provider's approval.
Explore personal loan options in Singapore
Need a flexible way to borrow money for larger expenses or debt consolidation? Compare personal loans from Singapore's leading banks and online lenders to find the best interest rates and repayment terms for your needs.