Is it possible to obtain a low interest personal loan in 2021?

best moneylenders offering low interest personal loans in 2021 in singapore

Personal loans are basically multi-functional unsecured funds that can be used for literally anything ranging from medical bills, education, wedding expenses, vacation and the list goes on. Sometimes you need help to reach your goals in life and taking a low interest rate personal loan from an licensed money lender may just be the solution. Do bear in mind that money lenders will look at your monthly income source, credit score and some might even look further into your debt to income ratio.

Here’s why getting a lowest interest rate personal loan from an licensed money lender would be beneficial to you in the short run.

Online Application Process

Nowadays with the use of technology, you can apply for an online personal loan from any money lender from the comfort of your own home. It’s a quick, easy and hassle free process. For example, if you decide to take a personal loan from Soon Seng Credit you just need to follow a few simple steps to complete their online application form. It’s really that simple. Plus they offer the lowest interest rate personal loan in Chinatown vicinity.

Fast Approval

Compared to other types of loans, personal loans are much easier to secure as they do not have a stringent application process. Most of the licensed money lenders are able to provide instant approval for their low interest personal loans if their basic requirements are met and dispense the funds to their clients almost instantly.


If you need funds for a few reasons then it’s best to get a personal loan with the lowest rates as it offers versatility. There are no restrictions on the usage of the personal loan, you are free to use it for almost anything unlike certain kinds of loans, e.g. car loans.

High Loan Limit

The beauty of a personal loan is that the sky’s the limit – you can apply for any quantum of the loan depending on your personal needs. Personal loans can offer a high financial limit to the borrower based on their income eligibility. Most borrowers are eager to take up a personal loan as they are able to borrow any amount of money, at their convenience. Even people with not high income levels are able to apply for a personal loan. Do bear in mind that for a bigger loan amount, factors like your proof of income and credit score will be taken into consideration to determine whether you are able to service your monthly repayments.

When the Unexpected Happens

Accidents and disasters may happen anytime, anywhere and to anyone. So when it strikes you suddenly and you need instant cash for emergency purposes, getting a low interest personal loan from an licensed money lender could be a life-saver. For instance, you might need to foot a huge medical bill resulting from an accident.

Fixed interest rates

When you take up a low interest personal loan, you don’t need to worry about the interest rates as they are fixed rates throughout the loan term. Most borrowers prefer to take loans from money lenders as compared to banks because banks charge a variable interest rate which is a big disadvantage to the borrower in the long run. As a result, the borrower will end up paying much more than the principal sum. All licensed money lenders will inform you upfront about all other costs involved in taking up the loan.

No collateral

Collateral or security is a form of assurance that is given by the borrower in the event of a default loan payment. Secured loans require collateral whereas unsecured loans do not require any. This is especially helpful for the normal income group as they are able to obtain a personal loan with their normal income level as they are not asset-rich. An unsecured low interest personal loan is the most common choice for borrowers who require urgent cash and have no valuable asset that can be used as collateral.

Wide Range of Choices

Since low interest personal loans are becoming a popular trend among borrowers, you will find various financial institutions like credit unions, banks and licensed money lenders in Singapore offering such loans at competitive rates. Remember to evaluate all your options carefully before deciding on the best offer.


If you are looking for a personal loan to ride you through a rough time, visit Soon Seng Credit or call for a private discussion now. We are one of the best money lenders in Chinatown as we offer the lowest interest rate personal loans with flexible repayment schedules. So why wait? Contact us today for all your cash needs.

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