1 Fullerton Credit Pte Ltd is a licensed moneylender (License No. 100/2023) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Where to Borrow Money in Singapore?

Borrow Money Singapore

If you’re looking to borrow money Singapore, you’re in a country that’s full of lenders asking for your attention at every corner. Exempting licensed money lenders, banks, and other financial institutions strive to grab your attention through the internet and outside advertisements. However, they’re not your only option to find high-quality financing.

Singapore’s micro-lending community has undergone better regulation thanks to the Moneylenders Act of 2008. The Ministry of Law allows licensed money lenders to provide a competing lending service. While it has smaller offers, the money lender’s accessibility makes it the best choice for borrowers across Singapore.

You can use either a licensed money lender or a bank to fulfill your financing needs. Each one has its respective advantages and disadvantages. Continue reading to learn more about them and find the best options for your financing quickly.


One of the most convenient options to borrow a personal loan is to use a bank. These financial institutions have their doors open for any borrower with excellent credit history and stable income. Additionally, banks offer the highest personal loan and credit rates available nationwide. If you plan to use banks, you’ll have a higher personal loan offer if you compare the amount to licensed moneylenders.

We’ve listed the best bank loan options you can have in Singapore from its different banks. These are great loan options, especially for borrowers who plan to receive up to S $10,000 and pay it within three years.

Best Bank Loan Choices


  1. CIMB Cashlite Personal Loan

The offer from CIMB’s Cashlite is remarkable because of its starting interest at 3.5%. However, as with any bank-offered loan, it’s wise to remain cautious. Its effective interest (EIR) can reach 6.6%, which can turn off some borrowers who can’t handle the enormous rate.

Additionally, if you’re an existing CIMB customer, your starting rate is at 4.5% automatically and can reach an EIR of 8.21% yearly. However, CIMB’s offer has zero processing fees, and you’ll pay about S $307 per month to address your financing. You can pay your debts early if you’re willing to pay 3% of your outstanding loan total or S $250.


  1. OCBC Personal Loan

Like CIMB’s Cashlite, OCBC’s personal loan starts you off at 3.5% interest with an EIR of 6-7%. You’ll be paying S $307 as well, plus a S $100 processing fee. You can borrow up to six times your salary if your yearly income reaches s $120,000 and beyond.

Once again, if you’re an existing OCBC customer, you will have a starting interest of 4.7% with an EIR of 9.06%. This rate can potentially turn off some prospective borrowers despite the six-time salary benefit.

OCBC’s Personal Loan terms are fair. For Singaporeans and PRs, the minimum yearly income requirement is S $30,000. Foreign workers have to earn S $45,000 a year to use this service.


  1. UOB Personal Loan

With UOB, Singaporean borrowers will enjoy a starting 3.68% interest with effective rates of 7.53% using their personal loan service. Additionally, the product’s requirements are fair in asking Singaporeans and PRs to have at least S $30,000 income per year. On average, borrowers will pay S $307 per month and only pay S $100 as a processing fee.

However, foreign workers in Singapore cannot use this service. Even if they’ve successfully borrowed and paid loans from other banks, foreigners are automatically disqualified from using the service. Then again, foreigners will find plenty of loan application alternatives in this list.


  1. HSBC Personal Loan

While it has a familiar 3.7% starting interest, its effective interest rate only reaches 7%, making it one of the best options for Singaporeans, PRs, and foreigners when it comes to personal loans. Additionally, you won’t be paying additional processing fees and only have to pay (a familiar) S $309 monthly repayment, like other notable personal loan products in this list.

Furthermore, HSBC’s personal loan gives you a loan tenor of up to seven (7) years. The minimums are fair for Singaporeans and PRS, which HSBC sets at S $30,000 per year and foreigners at S $40,000. Lastly, you can borrow up to four times your salary if you’re earning beyond S $30,000 and eight times if you earn more than S $120,000 per year. This benefit is available for foreigners too.


  1. DBS Personal Loan

Personal loans from DBS are borrower-friendly, having interest rates of 3.88% with an EIR of 7%. However, it can get a bit complex, especially for foreign workers. Borrowers need to have an existing DBS or POSB credit card and cashline account plus a DBS or POSB deposit account to become eligible for loan application.

Additionally, the monthly repayments are higher than anything on this list so far at S $310 per month. Like HSBC’s personal loan, you can borrow beyond four times your salary if you earn S $30,000 and up yearly and eight times your salary if you are making S $120,000 and beyond a year.


  1. POSB Personal Loan

UOB and POSB’s personal loan services have similar requirements: you’ll need to have a DBS/POSB credit card or cashline account and a DBS or POSB deposit account before you can use their personal loan service. Truthfully, it’s a carbon copy of the UOB personal loan because it has an interest rate of 3.88% and EIR of 7%.

You can borrow up to four times your salary if you have an income that goes beyond S $30,000 per year. A personal loan eight times your salary is available for borrowers whose income reaches S $120,000 and further. Plus, you can pay for your financing early, but you’ll have to pay S $250 upfront.


  1. Citibank Quick Cash Loan

When you first see Citibank Quick Cash Loans’ starting interest of 4.55% and EIR of 8.5%, it seems daunting. You have other bank personal loan products with lower interest values. Additionally, the S $316 monthly payment isn’t helping set it apart from the competition.

On the other hand, if you’ve successfully finished transactions with Citibank in the past, it becomes easy for you to receive loan application approval. It’s convenient for Citibank users who already have a Citi Ready Credit account to quickly apply for financing.

  1. MaybankMaybank CreditAble Loan Term

Maybank’s personal loan offer might be on the lowest rung among its peers regarding interest and loan limits. Still, many Singaporean borrowers have found success using the service by considering it as revolving credit. With a 5.86 starting interest rate and 12% EIR, many borrowers will be easily put off. The 2% loan amount processing fee and S $327 a month repayment minimum can still roll heads.

Additionally, you can only borrow up to two times your monthly salary with CreditAble. If you have a higher CreditAble limit by being a long-term Maybank user, you can borrow up to those limits.

Bank Of China

  1. BOC SmartLoan

Bank of China’s SmartLoan is also in the lowest rung, but many Singaporeans swear by its usability and capability. Many will want to consider other options upon seeing a starting interest rate of 6.52% with an EIR of 14.9 or even 15%. However, borrowers receive a MoneyPlus revolving credit for their emergencies, which offset these disadvantages conveniently.

However, the high processing fee of S $300 can still make some borrowers reconsider. Additionally, it has a high regular monthly payment of S $332 too.

Eligibility and Requirements

While these aren’t universal requirements, most banks and financial institutions will ask you to prove the following:

  • Age
  • Citizenship
  • Employment
  • Income
  • Payslips or Bank Statements

Therefore, you might need to get the following documents ready:

  • NRIC (Applicable working passes for foreigners)
  • Payslips
  • Employment Letter of Offer
  • Bank Statement
  • A good credit report (Banks will procure this on your behalf)

Banks may ask you for additional documentation during your application. The best way to know is to visit their financing application portals, which will list specific sets of requirements you’ll need.

Application Steps

Thanks to the internet and financial technologies, borrowers can easily apply for financing online. A few clicks can send them to the bank’s loan platform, allowing them to send scanned documents where needed.


Singapore’s licensed moneylenders offer various options for borrowers. While it might not reach loan limits with heights that banks can offer borrowers, moneylenders are quickly accessible. They offer ample loans, especially for low-income and poor-credit Singaporeans and foreign workers.

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Only Use Licensed Moneylenders From The Registry’s List!

In the past, Singapore’s loan sharks dominated the microlending market. The Moneylenders Act of 2008 had invalidated and helped identify them for borrowers. You can only find all licensed moneylenders in Singapore in the Registry of Moneylenders, which is under the Ministry of Law’s guidance.

Trust only moneylenders you’ll find in the Registry’s list of licensed moneylenders. Additionally, avoid any outreach messages, chats, and other offers you receive. 1 Fullerton Credit is one of the best licensed moneylenders in Singapore with a proven track record of providing high-quality personal loans for Singaporeans and foreigners.

Personal Loan Features

Truthfully, licensed moneylenders in Singapore can only offer personal loans with a maximum interest rate moneylenders can provide at 4%. Additionally, this serves as its EIR.

While a licensed moneylender cannot provide promotional products, such as lower interest rates or higher loan offers, it can offer you a maximum of six months of your income as your loan limit. However, you’ll need to pay your financing within 12 months.

Lastly, licensed moneylenders can change your regular monthly payments, which is convenient. Their priority is to provide an affordable and accessible service that suits you and your current financial capabilities.

Eligibility and Requirements

Licensed moneylenders mostly need the following documents for most loan applications:

Local and Permanent Residents

  • Identity card
  • Proof of residence (utility bill, a letter addressed to you, and or tenancy agreement)
  • Proof of employment (certificate of employment if your job is less than 3 months)
  • Recent 3 months payslip


  • Minimum Salary of S $3,000
  • Passport
  • Work Permit / S-Pass / Employment Pass
  • Proof of residence (utility bill or tenancy agreement)
  • Proof of employment (certificate of employment if your job is less than 3 months)
  • Recent 3 months payslip
  • Proof of income, such as bank or account statement

Application Steps

Like banks and financial institutions, licensed money lenders have online portals allowing borrowers to apply and submit everything through a web portal. Alternatively, you can head to their physical branches to apply.

Loan Amount Interest Rates Loan Tenure Miscellaneous Charges
Banks 4-6x your monthly salary 3.5-6.89% with EIR of 7-15% per year 3-5 years 1-3% processing fees

Early payment penalty fees

Late payment penalty fees

Moneylenders 6x your monthly salary 4% interest rate 12 Months not exceeding 10% of the principal of the loan when a loan is granted

No early payment fees

A fee not exceeding $60 for each month of late repayment

Which Can Work Well For Your Situation?

Banks are convenient if you need higher loan limits or want to take advantage of promotions. Licensed money lenders will always help low-income Singaporeans and foreigners, or if you find their terms suitable for your needs. For the majority of Singaporeans, these two financial institutions are excellent loan options with their respective ease and difficulties.

It’s Easy To Get The Best Financing In Singapore

1 Fullerton Credit is Singapore’s finest licensed moneylender with the best interest rates, terms and conditions, and friendly staff. Visit our website today to learn more about our loan offers.

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