Best Co-signed or Joint Loans in Singapore in 2025

QUALIFICATIONS

Overview:

The DBS Personal Loan offers competitive rates and flexible terms. In certain cases, adding a guarantor may enhance loan approval chances, especially for applicants who may not initially meet all criteria.

Qualifications: 

• Singapore Citizens or Permanent Residents

• Foreigners with existing DBS Cashline/Credit Card accounts

• Aged 21 to 70 years old

• Minimum annual income of S$20,000

• Potential for a guarantor to strengthen application (subject to DBS approval)

Available term lengths:

• 6 months to 5 years

Fees and charges:

• 1% processing fee

• Interest rates from 1.99% p.a. (EIR 4.17% p.a.)

• Other fees as per DBS terms and conditions

PROS & CONS

Pros: 

• Competitive interest rates

• Flexible loan tenures

• Potential to improve approval with a guarantor

• Fast online application and disbursement

• Cashback promotions

Cons:

• Guarantor option may have specific requirements

• Loan approval subject to DBS's discretion

• Requires existing DBS/POSB account

DISCLAIMER

Disclaimer: 

Loan approval, including the use of a guarantor, is subject to DBS's terms and conditions and credit assessment.

Read our full review

QUALIFICATIONS

Overview:

The OCBC ExtraCash Loan offers quick access to funds with flexible repayment options. In certain circumstances, adding a co-signer may strengthen loan applications, especially for those who might not meet standard criteria. 

Qualifications: 

• Singapore Citizens or Permanent Residents (21+ years, S$20,000 annual income)

• Foreigners (21+ years, S$45,000 annual income)

• Potential for a co-signer to enhance application (subject to OCBC approval)

Available term lengths:

• 12 to 60 months

Fees and charges:

• Processing fee: S$200 or 2% of the approved loan amount (whichever is higher)

• Interest rates vary based on income and tenure (EIR includes processing fee)

• Late fee: S$80

• Early repayment fee: 3% of amount repaid

• Restructuring fee: 3% of outstanding loan amount

PROS & CONS

Pros: 

• Fast approval and disbursement via Myinfo

• Flexible loan tenures

• Potentially improved approval chances with a co-signer

• Convenient repayment options

• Relatively high loan amounts

Cons: 

• Co-signer option may have specific requirements

• Loan approval subject to OCBC's discretion

• Processing and other fees apply

• Interest rates can vary

DISCLAIMER

Disclaimer: 

Loan approval, including the use of a co-signer, is subject to OCBC's terms and conditions and credit assessment.

QUALIFICATIONS

Overview:

The Standard Chartered CashOne Loan offers competitive rates and quick disbursement. In certain circumstances, adding a co-borrower or co-signer may improve loan approval chances, especially for applicants who may not initially meet all criteria.

Qualifications: 

• Singapore Citizens or Permanent Residents: 21+ years, minimum annual income S$20,000

• Foreigners: 21+ years, minimum annual income S$60,000, valid Singapore Employment Pass

• Potential to include a co-borrower or co-signer to strengthen application (subject to Standard Chartered approval)

Available term lengths:

• 1 to 5 years

Fees and charges:

• First-year annual fee: S$199

• Early redemption fee: S$150 or 3% of outstanding principal

• Change of tenure fee: S$50

• Late payment charges and default interest apply

PROS & CONS

Pros: 

• Competitive interest rates

• Quick approval and disbursement

• Potential to improve approval with a co-borrower or co-signer

• Application via Myinfo for eligible applicants

• “No late penalties" feature (with conditions)

Cons: 

• Co-borrower/co-signer option may have specific requirements

• Loan approval subject to Standard Chartered's discretion

• First-year annual fee

• Other fees apply

DISCLAIMER

Disclaimer:

Loan approval, including the use of a co-borrower or co-signer, is subject to Standard Chartered's terms and conditions and credit assessment.

Read our full review

QUALIFICATIONS

Overview:

The HSBC Personal Loan offers flexible options with competitive rates. In certain cases, adding a co-signer or co-borrower may improve loan approval chances, especially for applicants who may not initially meet all criteria. 

Qualifications:

• Singapore Citizens or Permanent Residents: 21-65 years old, annual income S$30,000 (salaried) or S$40,000 (self-employed/commission-based)

• Annual income S$40,000, valid employment pass (6+ months)

• Potential to include a co-borrower or co-signer to strengthen application (subject to HSBC approval)

Available term lengths:

• Instalment Plan: 1 to 7 years

• Personal Line of Credit: Ongoing

Fees and charges:

• Instalment Plan: EIR includes a 1% processing fee (minimum S$88)

• Personal Line of Credit: Annual fee S$120 (first year waived), minimum monthly repayment, minimum interest charge, late payment fee

• Other fees as per HSBC terms and conditions

PROS & CONS

Pros: 

• Competitive promotional interest rates

• Flexible loan tenures

• Potential to improve approval with a co-borrower or co-signer

• Fast online application and approval

• Convenient access to funds

Cons: 

• Co-borrower/co-signer option may have specific requirements

• Loan approval subject to HSBC's discretion

• Fees apply

• Requires existing HSBC Personal Line of Credit for Instalment Plan

DISCLAIMER

Disclaimer: 

Loan approval, including the use of a co-borrower or co-signer, is subject to HSBC's terms and conditions and credit assessment. 

Read our full review

QUALIFICATIONS

Overview:

The UOB Personal Loan offers competitive rates and instant approval. In certain cases, adding a co-borrower may improve loan approval chances, especially for applicants who may not initially meet all criteria. 

Qualifications:

• Existing UOB Credit Card/CashPlus customers

• Singapore Citizens or Permanent Residents: 21-65 years old, minimum annual income S$30,000

• Potential to include a co-borrower to strengthen application (subject to UOB approval)

Available term lengths:

• 1 to 5 years

Fees and charges:

• No processing fees

• Cancellation fee of S$150 or 3% of the outstanding balance

• Late fees and finance charges from UOB Credit Cards apply

PROS & CONS

Pros: 

• Instant approval

• Competitive interest rates

• Waiver of processing fees

• Cash rebate offers

• Flexible tenors

• Potential to improve approval with a co-borrower

Cons:

• Co-borrower option may have specific requirements

• Loan approval subject to UOB's discretion

• Loan usage restrictions apply

DISCLAIMER

Disclaimer: 

Loan approval, including the use of a co-borrower, is subject to UOB's terms and conditions and credit assessment.

QUALIFICATIONS

Overview:

Citi Quick Cash offers a convenient way to access cash using existing Citi credit facilities. In certain situations, a co-signer may potentially improve loan access, especially for applicants who may not initially meet standard criteria.

Qualifications: 

• Existing Citi Credit Card or Citibank Ready Credit holders

• New customers:

• Singaporeans/PRs: 21+ years, minimum annual income S$30,000

• Foreigners: 21+ years, minimum annual income S$42,000, valid employment pass

• Potential to include a co-signer to strengthen the application (subject to Citibank approval)

Available term lengths:

• 12 to 60 months

Fees and charges:

• No processing fees

• Cancellation fee: $100 or 3% of the outstanding loan amount, whichever is higher

• Late payments incur standard credit card finance charges

PROS & CONS

Pros: 

• Convenient access to cash using existing credit facilities

• Competitive interest rates for new customers

• No processing fees

• Flexible repayment options

• GrabGifts Vouchers for existing customers

• Potential to improve access with a co-signer

Cons: 

• Co-signer option may have specific requirements

• Loan approval subject to Citibank's discretion

• Requires existing Citi credit facilities or application for new ones

• Loan amount is limited to credit limit

DISCLAIMER

Disclaimer:

Loan access, including the use of a co-signer, is subject to Citibank's terms and conditions and credit assessment.

Read our full review

In Singapore, where financial prudence is valued, understanding the roles of co-signers and co-borrowers is crucial for those seeking personal loans. Both can improve loan eligibility, but their responsibilities and access differ significantly.

Co-signer: A co-signer in Singapore essentially acts as a guarantor. They lend their creditworthiness to the primary borrower's application, agreeing to repay the loan if the borrower defaults. However, they do not have access to the loan funds, nor do they automatically receive information about the loan's progress, like payment history, unless they specifically request it. In Singapore, lenders might require co-signers to have strong credit profiles and stable incomes to mitigate risk.

Co-borrower: A co-borrower in Singapore is a joint applicant who shares equal responsibility for the loan's repayment from the start. They have full access to the loan funds and all loan-related information. This arrangement is typically seen in joint loans where both parties benefit directly from the funds and share the financial obligation. Lenders in Singapore will assess both applicants' credit and financial stability, as they are equally liable for the loan.

Securing a personal loan in Singapore can be challenging if your financial profile isn't strong enough. Adding a co-signer or co-borrower can significantly improve your chances, but it requires careful planning and understanding of the process:

1. Evaluate your financial situation: Begin by assessing both your and your co-applicant's credit scores, incomes and existing debts. Lenders in Singapore scrutinise these details to determine loan eligibility and risk. Understanding your combined financial standing will help you set realistic expectations for loan amounts and interest rates.

2. Choose the right lender: Different lenders in Singapore have varying requirements for joint loans or to co-sign a loan. Some may specialise in these arrangements, while others may have stricter criteria. Compare the various loans available as well as the interest rates, loan terms and eligibility requirements from banks, financial institutions and licensed moneylenders to find the best fit.

3. Gather documents: Get all necessary documents ready for both applicants, including NRICs, proof of income (payslips, CPF statements) and bank statements. Having complete and accurate documentation will streamline the application process and prevent delays.

4. Submit the application: Apply for pre-qualification with multiple lenders to compare potential loan offers without impacting your credit score. Once you've chosen a lender, submit a formal application, which will trigger a hard credit check for both applicants.

5. Wait for approval: Lenders in Singapore will thoroughly review your application, considering both applicants' creditworthiness and financial stability. Approval times can vary, so be prepared to wait a few business days for a decision.

6. Sign the agreement: Carefully review the loan agreement, including interest rates, repayment terms and any fees, before signing. Ensure both you and your co-applicant fully understand the terms and conditions of the loan.

>> Read: Pre-qualify on SingSaver

In Singapore, financial institutions carefully evaluate your credit and income to determine loan eligibility and terms. Including a co-signer with a robust financial profile can significantly strengthen your application.

A co-signer or co-borrower can be particularly useful if:

• Your credit score is low: While some personal loans cater to those with less-than-ideal credit, many Singaporean lenders prefer applicants with higher scores. A co-applicant with a strong credit history can improve your chances.

• You require a larger loan amount: Lenders in Singapore typically offer higher loan amounts to applicants with strong financial backgrounds. Adding a co-signer can help you qualify for a more substantial loan.

• You desire a lower interest rate: A lower Annual Percentage Rate (APR) translates to lower monthly payments. Securing a co-signer with excellent credit can potentially lead to a more favorable interest rate.

The extent to which a co-signer assists depends on:

• The co-applicant's Credit Bureau Singapore (CBS) score

• The co-applicant's credit history

• The co-applicant's debt-to-income ratio

• The specific lending criteria of the Singaporean financial institution

While adding a co-signer can improve loan approval chances in Singapore, it's crucial to acknowledge the potential risks involved, including:

• Shared responsibility: A co-signer in Singapore is legally obligated to repay the loan if the primary borrower defaults. This shared responsibility can strain relationships if financial difficulties arise, as both parties are held accountable.

• Impact on credit scores: Both the borrower's and co-signer's credit scores in Singapore can be affected by the loan. Late payments or defaults will negatively impact both credit reports, potentially hindering future loan applications.

• Personal relationships: Financial disputes related to the loan can damage personal relationships. In Singapore, where social harmony is valued, it's essential to have open and honest discussions about potential risks and repayment plans before entering such an agreement.