Yes. If you qualify for a bank personal loan, choose this over a moneylender. That's because moneylenders charge an interest rate so high, it actually becomes impossible for you to repay your debt.
In Singapore, moneylenders are allowed to charge interest rates as high as 48% p.a. This is almost twice what a credit card cash advance costs (usually 25% p.a.), and around 8 times the interest rate of the average bank loan. So if you were to borrow S$1,500 from a moneylender at 48% p.a., you will need to repay S$2,400 in 12 months. After 3 years, the amount you owe will be S$6,155 - more than 4 times what you initially borrowed.
The one advantage to borrowing from a moneylender is that they offer fast loans, which are meant to be paid in full within a short period. Regardless, if you have access to bank loans, it is still a far better option than turning to a moneylender. Not only do you get a lower interest rate, but repayments are as easy as allowing the financial institution to debit the amount from your savings account. Some personal loans even have welcome offers that help you save money, such as cash credit or vouchers.