Singapore’s household debt has reached 75.4% of the country’s GDP. This is the highest level since 2009. It’s no wonder that Singaporean households are borrowing more money. Home loans are increasing due to rising property prices. People are also borrowing more money for cars and other big-ticket items.
If you are looking for a loan, you need to know what types of loans are available. You also need to know where to find a reliable Singapore loan provider. This guide will help you to find the best loan providers in Singapore.
Get a Personal Loan from a Licensed Moneylender in Singapore
If you’re a foreigner or don’t have the best credit, you might have a hard time getting approved for a loan in Singapore. Luckily, there are licensed moneylenders that offer personal loans to people who might not get approved by a bank or credit union.
Licensed moneylenders can approve loans faster than traditional lenders, and they have more flexible credit requirements. However, moneylenders can still charge high interest rates, so it’s important to compare your loan options to find the best loan for you.
Get a Personal Loan from a Bank in Singapore
Banks are the most traditional option for getting a personal loan. They offer a variety of loan products and have a reputation for being safe and secure. Here are the top banks in Singapore and their personal loan offerings.
CitiBank Personal Loan
CitiBank offers personal loans with interest rates as low as 3.99% and loan amounts of up to 10x your monthly salary. You can choose to repay your loan over a period of 1 to 5 years, and you can get approved in as little as one hour.
HSBC Personal Loan
HSBC offers personal loans with interest rates as low as 3.7% and loan amounts of up to 8x your monthly salary. You can choose to repay your loan over a period of 1 to 7 years, and you can get approved in as little as one minute if you’re an existing HSBC customer.
Standard Chartered Personal Loan
Standard Chartered offers personal loans with interest rates as low as 3.48% and loan amounts of up to 4x your monthly salary. You can choose to repay your loan over a period of 1 to 5 years, and you can get approved in as little as 60 seconds if you’re an existing Standard Chartered customer.
DBS Personal Loan
DBS offers personal loans with interest rates as low as 3.88% and loan amounts of up to 10x your monthly salary. You can choose to repay your loan over a period of 1 to 7 years, and you can get approved in as little as one minute if you’re an existing DBS customer.
Get a Personal Loan from a Credit Union in Singapore
Credit Unions are not-for-profit financial cooperatives where you can get personal loans, among other financial products. They are member-owned and offer loans at competitive interest rates.
In order to get a personal loan from a credit union in Singapore, you must be a member. You can become a member by purchasing shares of the credit union or paying a membership fee. Each credit union has its own requirements for membership and loan eligibility.
Credit unions are a great option if you are looking for a personal loan and are open to becoming a member. You can benefit from competitive interest rates and other perks that credit unions offer.
Get a Personal Loan from a Peer-to-Peer Lending Platform in Singapore
Peer-to-peer (P2P) lending platforms allow you to borrow money from individual investors instead of traditional financial institutions. Because of this, you may be able to get a personal loan with lower interest rates and fees.
P2P lending platforms have become increasingly popular in Singapore, so you have many options to choose from. However, the best P2P lending platform for you will depend on the loan amount you need, your credit score, and other factors.
If you’d like to see what P2P lending platforms are available to you, you can use our free loan-matching tool. In just a few minutes, you can get matched with the best lenders in Singapore.
You may be a little hesitant to take out a loan in Singapore. But with the right strategy, you can secure a loan that will help you meet your goals.
One of the most important steps you can take is to compare as many loan providers as possible.
To help you get started, we’ve compiled a list of the best loan providers in Singapore.
Conclusion
There are many different Singapore loan providers out there, and the right one for you will depend on your specific needs. We hope this article has given you a better understanding of the options available for your next loan.
