Boost Your Cash Flow With a Private Personal Loan in Singapore
Quick loan approval. Best interest rates. Customisable repayment.
A personal loan that’s fit for any, and every expense
What Is a Private Personal Loan in Singapore?
A private personal loan in Singapore is an unsecured loan that allows you to access a cash sum of up to 6 times your monthly salary when you apply with a legal money lender. You can use the loan for financing a wide variety of expenses such as buying a new vehicle or paying for a round-the-world trip!
Private loans in Singapore don’t require any collateral or guarantor — simply ensure you meet the basic eligibility criteria to qualify for a loan package tailored to your financial needs.
How Does a Private Personal Loan in Singapore Work?
A personal loan is a fixed loan sum borrowed from licensed lenders with terms that are mutually agreed upon by both parties — such as pre-determined interest rates and loan tenure. Personal loan repayment plans are also fully personalised to suit your specific financial requirements.
The Perks of a Private Personal Loan in Singapore
Can Be Used for Almost Any Expenses
Private loans in Singapore are popular amongst borrowers because of their versatility. You can use a personal loan to pay for expenses ranging from vehicle repairs, home renovations, weddings, to education.
Quick Approval and Fund Disbursement
You can expect fast personal loan approval and cash disbursement when you apply with an authorised lender. At Soon Seng Credit, we offer same-day loan approval and cash disbursement — expect it to be as quick as 30 minutes!
Reducing Interest Rates
The way licensed money lenders’ interest rates work for private loans in Singapore is through a reducing interest rate calculation method to tabulate the total cost of borrowing. Such a method is more favourable for borrowers than flat interest rates because you only pay interest on the outstanding loan balance.
No Collateral or Guarantor Required
A typical private loan in Singapore is an unsecured loan which does not require you to pledge any collateral. This means you will not run the risk of losing personal assets like your property or car, if you default on the loan.
Flexible Repayment Period
With a private personal loan, negotiate for a flexible repayment schedule that helps you manage your cash flow more effectively and avoid paying late fees or interests. The terms of a personal loan are tailored to your repayment capabilities, usually by extending the loan tenure or reducing interest rates to make loan repayments more affordable.
What Can a Personal Loan Be Used For?
A private personal loan in Singapore can be used to pay for personal expenses such as:
- Travel
- Medical emergencies
- Purchasing or repairing a car
- Home upgrades or renovation
- Weddings
- Funerals
- Day-to-day expenses
Eligibility Requirements and Essential Documents
Eligibility Criteria
- Singaporeans or Singapore PRs
- 21 to 65 years old
Documents We Require
- Proof of identity (e.g. IC or passport)
- Income statement (e.g. latest 3 months’ of payslips and latest income tax statement or CPF statements taken from the recent 3 to 12 months)
What To Know about Personal Loans in Singapore (FAQ)
When should I use a personal loan in Singapore?
Personal loans are useful for funding unplanned expenses and in situations where using other credit facilities, like credit card cash advances, is too expensive. Private loans in Singapore are commonly used to manage expenses incurred for weddings, repairs, hospitalisation, travel, and education. You can also use a personal loan to pay the down payment for a car or property.
Can I buy a car with a personal loan in Singapore?
Yes, you can use a personal loan to pay for a car. In fact, private personal loans in Singapore can be used for a wide range of expenses including but not limited to rent payment, mortgage instalment, utility bills, tuition fees, air tickets, home refurbishment projects, new furnishing, home appliances, wedding-related costs, and medical bills. The sky’s the limit!
How much monthly instalment should I pay for my personal loan?
Your monthly instalment depends on the total loan sum, interest rate and loan tenure you agreed on. You can tabulate your monthly instalment using an online loan calculator.
Can I fully pay up the personal loan or make advance payments without incurring penalties?
Yes, there is no penalty for repaying your personal loan ahead of schedule. You can also make as many payments as possible without incurring penalties.
I already have a bank loan, can I still apply for a personal loan?
If you need more financial help, you can still apply for a personal loan. Under MinLaw’s guidelines, you can borrow up to 6 times your monthly salary from money lenders in Singapore. This applies to unsecured loans like private personal loans.
What’s the borrowing limit for a personal loan in Singapore?
Minimum annual income | Loan limit for Singaporeans & SPRs | Loan limit for foreigners living in Singapore |
Less than S$10,000 | S$3,000 | S$500 |
S$10,000 to S$20,000 | S$3,000 | S$3,000 |
S$20,000 or more | 6 X monthly income | 6 X monthly income |
What documents are required for applying for a personal loan in Singapore?
These are the documents you’ll need:
- Proof of identity (e.g. NRIC, passport, Employment Permit for foreign applicants)
- Proof of income (e.g. Bank statement, CPF contributions, and payslips from the last 3 months, and latest IRAS income tax statement)
- Latest credit report
Why apply for a personal loan from Soon Seng?
Banks are popular personal loan providers, but one may not always be eligible for a bank loan due to their stringent eligibility criteria. This is when a money lender like Soon Seng Credit may be more suitable in alleviating your financial woes with a private loan in Singapore.
When it comes to money lenders vs banks, their loans vary in regard to criteria and terms and conditions, and the former is ideal for someone looking for a quick loan with more flexible requirements.
What’s the chargeable interest rate and fees for a personal loan at Soon Seng?
First and foremost, Soon Seng’s interest rates and fees are regulated by MinLaw and are within legal limits. The interest rates range between 1% and 4% per month, and chargeable fees are capped at 10% of the total loan sum. If you are late for your monthly instalment, you will be charged S$60 or less per month.
