In times of financial needs, we know what you need. We understand how valuable for you the existence of a fast personal loan. It is what we need, especially when we are short of funds and faces an emergency. Also, with the current pandemic, we know how valuable it is to find an instant loan.
To make your search easier, we have listed the fast personal loans in Singapore.
01. Crawfort Personal Loan
Crawfort Pte. Ltd is a licensed moneylender that can get a personal loan approved in just 8 minutes. You can get up to 6x your salary. They have a tech-enabled algorithm to provide the instant loan in Singapore. You can complete the application in just three easy steps. Start by applying with MyInfo. You may log in using your SingPass. Then receive the results via an SMS in the next 8 minutes. As soon as your application is approved, you can head out to their office for a face-to-face verification and collect your money.
Crawfort also provides support to low-income earners, especially those who can’t take a bank loan. You are eligible even if you have an outstanding loan or a bad credit history. Just remember that you need to meet timely repayments. Also, their consultant will provide a custom plan tailored to your capacity to pay.
Unlike banks’ fixed monthly repayment options, you can choose based on your needs. You may select a repayment schedule that is either weekly, bi-weekly, payday or monthly.
Approval Time: 8 minutes
Interest rate on loans: Nominal interest rates start from as low as 1.8% per annum.
Processing fee: A processing fee is deducted upfront from each loan and not exceeding 10% of the principal loan.
Website: https://crawfort.co/sg/
How much personal loan you can borrow?
- For Singaporeans and PRs – You can borrow up to S$3,000 if your annual income is less than S$20,000 and get up to 6 times your monthly income if you have an annual income of at least S$20,000.
- For Foreigners, you can get up to S$500 if you have an annual income of less than S$10,000. You are eligible for a S$3,000 loan if your annual income is between S10,000 to S$20,000.
02. Citibank Quick Cash
A personal loan option is available to Citi credit card holders and Citibank Ready Credit customers. Citibank Quick Cash allows you to convert your Citi Credit Card and Citi Ready Credit available credit limit into cash payable in monthly instalments. To be qualified, you need to have a minimum income of at least S$30,000 for Singaporeans and PRs and S$42,000 for foreigners. You can take Citi Quick Cash for any expenses.
With Citi Quick Cash, you can select a repayment option from 12 to 60 months with attractive rates. You may check the interest rates and repayment amount during your loan application.
To apply, if you are an existing Citi Credit Card/ Citibank Ready Credit customer, just log into Citi Mobile® App or Citibank Online. However, if you are new, you will first need to apply for a credit card or a Citibank Ready Credit. There are no additional documents required if you are an existing customer. If you are a new customer, you need to follow the requirements for applying for a Citi credit card or a Citibank Ready Credit.
Approval Time: 1 to 5 working days
Interest rate on loans: 3.4% with EIR at 6.5%
Processing fee: $0
Website: https://www.citibank.com.sg/loans/quick-cash.htm
How much can you borrow?
It will depend on your credit limit available.
03. Standard Chartered CashOne
This loan option is available to Singaporeans, PRs, and Foreigners with Singapore Employment Pass. You must be of legal age starting 21 -65. To be qualified, you must have a minimum annual income of S$20,000 for Singaporeans and PR and S$60,000 for foreigners. There are no documents required if you are an existing Standard Chartered Credit Cardholder. It provides a flexible repayment loan tenure from one to five years. You may take advantage also of their current promotion.
If you are an existing Standard Chartered Principal Cardholder or CashOne account holder, there’s no need for additional documents. You will be asked for additional requirements if you are a new customer.
Approval Time: As long as your application is complete, your loan can be approved instantly, and you received the funds within 15 minutes.
Interest rate on loans: 3.48% with EIR at 10.4%
Processing fee: $0
Website: https://www.sc.com/sg/borrow/loans/cashone/
How much can you borrow?
If you have an annual income of S$30,000 and above, you can borrow up to 4 times your annual income. And, if your annual income is between S$20,000 to S$29,000, you can borrow up to 2 times your monthly income.
04. HSBC Personal Instalment Loan
Another personal loan option is available for Singaporeans, and PRs have an annual income of at least S$30,000. It provides one of the most competitive interest rates in the market. It currently has advertising promotional interest rates that start from 3.4%, having an EIR of 6.5%. It has fixed monthly repayments. You can choose tenure between 1 to 7 years.
If you are an existing HSBC Personal Line of Credit customer, you will apply online. If you are a new customer, you may also need to apply via their online banking. Also, they have an option that allows you to apply via SMS and phone.
Approval Time: Up to 5 days
Interest rate on loans: 3.4% with EIR at 6.5%
Processing fee: 1% of approved instalment plan amount
Website: https://www.hsbc.com.sg/loans/products/personal-line-of-credit/instalment-plan/
How much can you borrow?
Depending on your annual income, you can borrow up to 8 times your monthly salary.
05. DBS Personal loan
It is a personal loan option opened to existing DBS customers. If you have a DBS Cashline or credit card or have DBS or POSB account, you are qualified for an instant loan. You can get up to 10 times your monthly salary. You can get instant cash when you apply online. Get affordable fixed repayment with fixed interest rates from as low as 3.88% per annum and choose from tenure between one to 5 years. Take advantage also of their promotional offers, such as receiving a 1% cashback.
To apply for a DBS personal loan, you’ll need to log in with an iBanking/mBanking/ ATM or credit/ debit card. There are no document requirements for existing customers. Then, you will choose your desired amount and tenure. Submit your application online and get instant cash.
Approval Time: Instant Approval
Interest rate on loans: 3.88% with EIR at 8.99%
Processing fee: 1%
Website: https://www.dbs.com.sg/personal/loans/personal-loans/dbs-personalloan
How much you can borrow?
With DBS Personal loan, you can borrow up to 10 times your monthly salary.
But always remember to repay on time.
Getting a personal loan can help you answer your finances quickly or consolidate your debt, but it’s also not a fun thing to do. Borrowing is a responsibility. To provide a positive result to your life, remember to repay your loans on time.
Also, before taking a loan, constantly reexamine if you can repay. Make sure that you are always ready for the responsibility.
Right now, you may be having a hard time balancing your finances, but remember to prepare for the future, start building an emergency fund.
By the way, paying on time can help you increase your credit score and have a good credit standing.