Best Online Personal Loans of 2025 in Singapore

This section summarises the key unique selling points of the various personal loans available in the Singapore market.

DBS Personal Loan: Best for online loans overall

The DBS Personal Loan stands out for its combination of competitive interest rates, high loan amounts (up to 10x monthly salary), and the convenience of instant cash disbursement, making it a strong all-around option for many borrowers.

CIMB Personal Loan: Best for online loans for excellent credit

CIMB's Personal Loan is tailored for those with excellent credit profiles, offering particularly low interest rates and flexible tenures, along with potential cashback rewards to enhance its appeal.

Citi Quick Cash: Best for online loans for good credit

Citi Quick Cash provides a convenient way for existing Citi customers with good credit to access funds, offering promotional rates for new customers and flexible repayment options.

UOB Personal Loan: Best for online loans for fair credit

The UOB Personal Loan is designed for individuals with fair credit, offering competitive interest rates, cash rebates, and no processing fees, primarily targeting existing UOB customers.

HSBC Personal Loan: Best for online loans for bad credit

HSBC's Personal Loan caters to borrowers with less-than-perfect credit, providing access to funds with potential cashback offers and flexible repayment terms, though it requires an existing HSBC Personal Line of Credit.

Standard Chartered CashOne Personal Loan: Best for online loans with no fees

The Standard Chartered CashOne Personal Loan is notable for its competitive interest rates and high loan amounts, and after the first year, it carries no annual fees, making it cost-effective for long-term borrowers.

Trust Bank Instant Loan: Best for online loans for fast funding

Trust Bank’s Instant Loan excels in providing rapid access to funds, with instant approval and disbursement directly into the Trust savings account, ideal for borrowers needing quick cash.

POSB Personal Loan: Best for online loans for joint borrowers

The POSB Personal Loan is structured to accommodate joint borrowers, with competitive rates and high loan amounts, and like its DBS counterpart, it offers instant cash disbursement and Myinfo application convenience.

OCBC ExtraCash Loan: Best for online loans for debt payoff

OCBC’s ExtraCash Loan is best suited for debt consolidation or payoff, offering high loan amounts and flexible tenures to help borrowers manage and reduce existing debt effectively, though it comes with higher fees.

>> More: Guide to personal loans in Singapore

Online personal loans in Singapore offer a convenient and efficient way to access funds, typically with a streamlined application process and disbursement within a few business days. These loans can be used for a variety of purposes, including debt consolidation, home renovations, unexpected medical expenses, or funding educational pursuits.

Lenders in Singapore evaluate your creditworthiness based on your Credit Bureau Singapore (CBS) credit score, income, and debt-to-income ratio to determine your eligibility and the applicable Effective Interest Rate (EIR). Generally, borrowers with higher CBS credit scores and stable incomes qualify for lower EIRs. While online loans are available to a wide range of borrowers, those with lower credit scores may face higher interest rates.

Financial experts in Singapore generally recommend that an EIR below 10% to 15% is considered reasonable for a personal loan, though this can vary depending on market conditions and the borrower's credit profile. Here's a snapshot of estimated average personal loan EIRs based on CBS credit score ranges:

Source: Average rates are based on aggregate, anonymised offer data from various Singaporean financial institutions. Rates are estimates only and not specific to any lender. The lowest credit scores are unlikely to qualify. Information in this table applies only to lenders with maximum EIRs below 18% (or higher, for HH).

Use this personal loan calculator to determine how much your monthly payments could be.

1. Check your credit score

While not mandatory, reviewing your credit report from Credit Bureau Singapore (CBS) before applying for a loan is highly recommended. Correct any inaccuracies or discrepancies to ensure a strong credit profile. A robust credit score can significantly improve your chances of securing favourable interest rates and loan terms.

2. Evaluate and compare loan offers

Many banks and licensed financial institutions in Singapore offer pre-approval assessments via a soft credit check, which won't impact your credit score. This allows you to compare loan offerings based on key factors like interest rates, repayment periods, associated fees, and flexibility options such as early repayment or payment deferral. Always prioritise lenders registered with the Monetary Authority of Singapore (MAS) to avoid unlicensed and potentially predatory practices.

>> More: Pre-qualify for a personal loan with SingSaver 

3. Complete and submit your loan application

After selecting the most suitable loan offer, prepare and submit your official application along with the required documentation:

• NRIC or other valid identification.

• Proof of income, such as recent payslips, CPF contribution statements, or IRAS tax assessments.

• Proof of residence, if requested by the lender.

Be aware that a hard credit inquiry will be conducted during this stage, which may result in a minor, temporary reduction in your credit score.

>> More: How do personal loans work in Singapore

4. Sign loan agreement and receive funds

Upon approval, carefully review the loan agreement's terms and conditions before signing. In Singapore, most online lenders typically disburse funds within 24 hours to a few business days. To maintain a positive credit history and avoid late payment penalties, set up automatic payment arrangements or reminders for your monthly instalments.

>> More: Managing a personal loan in Singapore

>> More: Guide to personal loans in Singapore

For Singaporean borrowers with CBS credit scores below 1911, obtaining loan approval can be challenging. However, some lenders consider factors beyond traditional credit scores, offering alternative pathways to loan access.

>> More: How to get a personal loan in Singapore with bad credit

Here are tips to enhance your loan application:

• Secure a joint applicant: Enlisting a co-applicant with a strong credit history can significantly improve your chances of loan approval and may also lead to more favourable loan terms.

• Explore secured loan options: Offering collateral, such as a vehicle or savings account, can mitigate the lender's risk, potentially resulting in lower interest rates and increased approval likelihood.

• Request a smaller loan amount: Lenders often perceive smaller loan amounts as less risky, which can increase your approval odds and potentially secure more attractive loan conditions.

• Prioritise credit improvement: If immediate loan acquisition isn't necessary, focus on improving your credit profile by settling outstanding debts and reducing your credit utilisation ratio before applying.

>> More: How to get a personal loan in Singapore

It's crucial to distinguish between reputable online lenders in Singapore and those engaged in predatory lending. 

Understanding the landscape helps borrowers make informed choices, ensuring they opt for MAS-regulated, safe borrowing options while avoiding scams and excessively costly loans.

Identifying and avoiding predatory lending practices

In Singapore, predatory lending often manifests in the following forms:

• Unlicensed moneylenders (loan sharks): These operators offer quick cash but impose exorbitant interest rates and often resort to aggressive collection tactics, posing significant risks to borrowers.

• "No credit check" loans: While appealing to those with poor credit, these loans typically come with Annual Percentage Rates (APRs) exceeding 100%, indicating extremely high borrowing costs and substantial financial risk.

• Online payday loans: These short-term loans, characterised by high interest rates, often require direct bank account withdrawals for repayment. They can trap borrowers in a cycle of debt due to the rapid accumulation of interest and fees.

Bank loans: Traditional bank loans in Singapore often offer competitive interest rates and personalised service, especially for existing customers. However, they typically require a strong credit history and may involve a more extensive application process compared to online lenders.

Credit union loans: Credit cooperatives in Singapore, while less common than banks, can provide favourable loan terms to their members. These institutions often prioritise member welfare and may offer more flexible lending criteria.

Zero-interest credit cards: Promotional balance transfer or 0% interest credit cards in Singapore can be useful for short-term financing, allowing you to spread out payments without incurring interest for a limited period. However, be mindful of the interest rates that apply after the promotional period ends.

Buy now, pay later (BNPL) services: Popular in Singapore, BNPL options allow for instalment payments at participating retailers, often without interest. While convenient, it's important to manage these payments carefully to avoid late fees and overspending.

Other ways to generate income: For those who can afford the time, supplementing income through freelancing, part-time work, or selling unused items online can help cover expenses without taking on additional debt. Platforms like Carousell, Grab, and various freelance websites are popular in Singapore.

>> More: Best credit lines in Singapore