Credit Culture Personal Loan Review (2020)

Best for users who need cash fast



  • Available for all income segments
  • Instant approval upon application with Credit Culture’s proprietary decisioning engine
  • Personalised rates with transparent loan terms
  • No late interest and early settlement charges


  • Not available for foreigners
  • Additional requirement of face-to-face verification
Summary of Product
Interest Rate: Up to 1% per month
Loan Tenures: Between 1 year to 3 years
Max. Loan Amount: S$50,000
Turnaround Time: Instant approval with instant loan disbursement upon face-to-face verification

Table of Content

Who is Credit Culture?

Credit Culture is the first Fintech company that provides a digital solution for personal loans in Singapore. They are one of only six entities selected by the Ministry of Law as part of a pilot program to professionalise the personal loans space through:

  • Granting of better terms with early or on time repayment
  • More comprehensive use of data to access creditworthiness
  • The use of digital processes to lower costs and pass the savings on to consumers
  • Why should you choose Credit Culture?

    Instant approval with instant disbursement allows you to get your cash fast

    Credit Culture’s digital solution allows customers to get instant loan approval, thanks to their proprietary decisioning technology that instantly retrieves and analyses CBS data. This helps consumers save time upon application as MyInfo fields are pre-filled and there is no need to upload any additional documents.

    In addition to instant approval, customers also enjoy the convenience of being able to receive the loan amount immediately via their preferred bank account. The only condition is that customers will have to head down to the Credit Culture office at Craig Road for a face-to-face verification. This is part of the protocol as required by the Ministry of Law.

    Personalised interest rates starting from 0.8% per month

    Credit Culture uses credit reports from CBS and analyses them with their proprietary credit scoring and decisioning engine to determine personalised interest rates for every consumer. Interest rates go up to 1% per month. And with their digitised, straight-through application process that helps reduce manpower costs, Credit Culture is able to pass on the savings to their customers.

    Do note that in general, customers with an annual income of more than $30,000 are typically granted lower interest rates than customers with an annual income of between $20,000 and $30,000.

    No early settlement fee, late interest charges, or other hidden charges

    When you do not pay your monthly instalments on time, banks usually charge a late payment fee with late interest charges. However, Credit Culture does not charge any late interest on overdue balances – only a late payment fee of $60. Additionally, unlike banks, Credit Culture does not charge an early settlement fee should you decide to pay off your debt early.

    Credit Culture is upfront about their charges, so there are no hidden caveats or overly complicated terms and conditions. This transparent fee system allows you to prevent snowballing of your loan so that you can better manage and clear your debt.

    Open to customers with an annual income of less than $20,000

    The majority of banks in Singapore only offer personal loans to those who draw an annual income of $30,000 or more, with a few that caters to the income band between $20,000 and $30,000. Credit Culture offers loans to all who need a loan to finance any life events or emergencies, as long as they are employed, and subject to credit scoring.

    In addition, if you earn $20,000 and $30,000, customers can only borrow up to a maximum of $5,000 from the banks. With Credit Culture, this cap may be higher, depending on their credit profile.


    Who can apply?

    Age Requirement Minimum 21 years old
    Income Requirement No minimum income so long as you are employed
    Nationality Singaporeans and Singapore Permanent Residents

    What charges or fees should you look out for?

    Processing fee 1%-3% of approved loan amount
    Late Monthly Fee $60

    How to apply?

    Application Process:

    1. Log in to MyInfo using SingPass on the Credit Culture website, which will help to prefill the application form (no uploading of documents is required).
    2. You will be redirected to the CBS website where you will be asked to retrieve your credit report (cost of $6.42 will be fully reimbursed to you).
    3. Upon approval, your personalised loan amount and interest will be calculated and shown to you on the spot.
    4. Head down to Credit Culture office for a face-to-face verification (as required by MinLaw).
    5. Approved loan amount will be disbursed to your bank account immediately.


    Illustration of Interest Rates for all tenures

    Loan Tenure Flat Interest Rate (per month) Processing Fee Monthly Instalments Total Repayment
    1 year 0.8% 1% $913.33 $10,960
    2 years 0.8% 1% $496.66 $11,920
    3 years 0.8% 1% $357.78 $12,880
    *Note that the above monthly repayment is based on the calculation of S$10,000 loan amount, unless otherwise stated.
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