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Once you have completed your loan application, customised offers & rates will start to appear on your dashboard and once you like the look of one, you can chat about details with one of our loan specialists. Your application stays on the platform and you get to watch offers fly in as it happens.

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Instead of breaking your back going from bank to bank, ROSHI sources bespoke lending solutions directly on our platform. Compare customised loan options and chat directly with loan managers to find the best rates in the market.

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  • Overview

  • Personal Loan Basics

  • Tips and Hints

  • FAQ

Personal Installment Loans in 2023

Unlike credit cards, personal loans provide borrowers with a one-time payment of cash. Repayments for such loans usually have to be made monthly via installments plus interest. Personal loans are usually unsecured, meaning there is no collateral against the borrowed amount. For lenders to determine whether to give someone an unsecured loan is based on several different factors such as the borrower’s credit score, credit history, debt-to-income ratio and available cash flow.

Due to the rise of licensed moneylenders as well as all the established banks there are literally hundreds of loan options available in Singapore today. While the application process might take less than 10 minutes the full approval process still takes several business days, depending on the processing time. Personal loans usually have a higher interest rate compared to other credit products hence they should only be taken out as a last resort or emergencies.

How do Personal Loans Work?

Such loans allows you to borrow a certain amount of money and pay it back over a fixed length of time. Most are paid back with a fixed interest rate, though there are some that are flexible.

The basic premise of a personal loan is an agreement between a lender and you, the borrower. You are agreeing to take an amount of money and pay it back with interest over time.

How can I Choose the Right Loan for Me?

Look into all the options you have before you do anything. Usually personal loans are cheaper to pay off than credit cards. That being said, interest rates tend to vary and you can only borrow a certain amount depending on your annual income.

Total Cost
This is the exact amount that you end up paying over and above the loan amount. If you take the amount you pay back overall and minus the loan you received, that would be your total cost.
Monthly Repayments
Your monthly repayment includes a set portion of the loan amount plus some interest. Make sure you work out how much this will be and whether or not you can keep up with it.
Your balance is what you have left after dealing with the above two numbers. You need to ensure that your balance is enough to deal with the rest of your monthly needs.
Lowest Personal Loan Rate in Singapore
Personal Loan Best For Min. Loan Amount
DBS Personal Loan Low Income Earners S$20,000
CashOne Persona Loan
(Standard Chartered)
Expats in Singapore S$30,000
OCBC Cash-on-Instalments Short Term Loans S$20,000
HSBC’s Personal Loan Fast Approval Time S$30,000
Citibank Quick Cash Low Effective Interest Rate S$30,000
Types of Personal Loans

Each option is categorized based on the length and amount. Some loans are instant while others are over time.

Short Term
Short term loans are easy to acquire and provide the means to make ends meet for a short time. You won’t have long to pay off a short term loan, so be sure that you will earn enough to keep up with it.
Cash Advance
A cash advance loan is essentially a means to get your salary a few weeks early. You can then spend it on what you need. However, the repayment of a cash advance loan tends to be quite high, so try to avoid it when possible.
Business loans are determined through the qualifications of the borrower, meaning you can’t expect a fixed interest rate. Generally, you would use this personal loan to help keep your business afloat during a time of lower profit.
A payday loan is similar to a cash advance. It is even easier to acquire but has a higher interest rate still.
You probably know of this one as a student loan. This is an essential loan to get you through college. It takes some to pay back but opens many opportunities for future work.
Should you need to make sudden renovations for any reason, a renovation loan is the way to go. Make sure to look around as some renovation lenders are quite expensive with their interest rates.
Vacation loans as great for those who have spare time coming up and want to get away for a while. Even if you haven’t saved up quite enough in time, you can still go and pay it off later.
How does Interest Work?
Each loan has a different form of interest rate. Here are the main ones:
Advertised Interest Rate
The advertised interest rate, also known as the flat rate, is the annual rate you need to pay. This rate isn’t always fixed and may change from time to time.
Effective Interest Rate (EIR)
The EIR must be displayed next to the advertised interest rate. The EIR accounts for other fees, such as processing fees, on top of the advertised rate. Basically, it shows you the true total that you will be paying in interest over time.
0% Interest Personal Loans
Some banks do offer short-term loans without any interest. The only extra fee you will need to provide is the processing fee. Generally, you pay it all back in one go when you choose this loan type.
Flat Interest Rate (FIR) VS EIR

As we already mentioned, the FIR discusses only the annual interest that you will need to pay off. EIR includes all other fees as well, giving you the true amount.

You must look into both rates when looking into a loan option. The loan may have a low flat interest rate but the other fees could be higher, causing you to pay more in the long run. The goal is to find an option that works well for both EIR and FIR.

Do I qualify for a Personal Loan??
Singaporean Citizens
Any citizen between the ages of 21 and 70 is considered eligible. You will need to prove your identity and residence. On top of that, you’ll need proof of employment, a copy of your NRIC, CPF statements from the 12 months, and your most recent payslips.With these, lenders will determine the maximum amount you can borrow and provide the best deal possible for you. They will also ask for your personal information in order to keep in touch with you.
Foreigners with a minimum annual income of $42,000 are also eligible. You will need your passport information, an employment pass, and the Latest Income Tax Notice of Assessment.
What if I Don’t Qualify?

Most Singaporeans will find it easy to get a personal loan. Foreigners will likely not qualify if they earn less then $3,000 per month.

If you are in this position, you should consider turning to a licensed moneylender instead. The law requires that any licensed moneylender must explain the terms and conditions in such a way that consumers understand them. Do not accept any agreement until you are certain that you know repayment arrangements, interest rates and total repayment amount.

Do your best to borrow as little as you can as you will need to pay back a significant amount of interest.

Make Sure You Really Need the Loan Before Applying

You shouldn’t rush the decision to take a loan. You need to make sure you really need it and can meet the requirements to get it in the first place. Consider whether you will be able to manage the monthly repayments.

If, for any reason, you feel like you may struggle or your other bills will be too much, do try to find another way.

Perform Thorough Research

Make sure you look into all options that are available to you before settling on a loan. Each loan option has pros and cons for you to consider. No matter how good the first offer sounds, you should make certain that it is the best offer for you before accepting it. On top of that, it must meet the requirements for your purposes.

Consider Your Credit Score

Credit scores have a large impact on what type of personal loan you can get. Most lenders won’t take the risk of lending money to someone with bad credit. The higher the credit score, the better your chances of getting approval.

If your credit score is above 750, you have a good shot at getting a decent loan deal. If you have less than 750, you may have to settle for a smaller loan that you wanted. Make sure to keep up with it so that you can improve your credit score for later use.

Lower Credit Scores Bring Higher Interest Rates

Even if you manage to find a lender who is willing to give you a loan with your low credit score, it will likely come with a higher level of interest. People with low credit scores are considered high risk as it means they likely haven’t been keeping up with their repayments in the past.

If you are confident that you can keep up with the repayments at this interest level, it may be worthwhile to do so for the sake of improving your credit score, as well as getting the loan that you need.

Locate the Best Interest Rates

Interest rates are the primary expense of personal loans. A slightly lower interest rate can save you a huge amount of money, in the long run. While you should check every aspect of the loan options you are looking into, a low-interest rate is one of the best things to find!

Ensure You are Eligible Before Applying

It is important to check that you are eligible for a particular loan before you apply for it. There is an application fee, meaning you will have to pay a small amount just to apply. There’s no point in wasting that little bit of money on an application that you were never going to get through. It’s always best to check that you qualify before you even try.

Utilize Pre-Payment

Loan pre-payment allows you to avoid high-interest rates. Make sure you discuss using pre-payment with your lender before taking the deal.

Only Apply for One Loan at a Time

If you try to apply for more than one loan at a time and end up getting two, it can be very dangerous and unnecessary. Not only will this force you to pay interest on two loans instead of one, but it will also cause your lenders to think you are desperate and doubt your ability to repay them. This will damage your credit score over time as well.

Triple Check Your Credit Details

If you were to accidentally make a mistake in your credit report, you will likely get a denied application. The smallest mistake will damage your credit score and potentially cause you to lose your loan entirely. It’s worth taking a few extra minutes to ensure that everything is in order.

Don’t be in a Rush to Reapply

In the event that your application gets rejected, don’t be in a rush to reapply. Even if you fix the problems with your first application, it is best to wait around six months before applying again.

During these six months, you can continue to improve your credit score. Rejections damage your credit score, so reapplying too quickly may cause it to go down even further.

What Exactly is a Personal Loan?

Banks and lending companies provide special loans, known as personal loans, to those who need help for several reasons. Some could be investments, keeping up with debt, wedding costs, etc.

Each type of loan is designed for a unique situation. Each lender will have a different set of offers and rates too. You’ll find the differences in their terms and conditions.

Does a Personal Loan Affect Your Credit Score?

You can use such loans to get rid of some older debt and keep up with the necessary payments. Doing so will keep your credit score from dropping. If you keep up with your repayments on time, that will also improve your credit score over time.

In What Instance is a Personal Loan Useful?

The main use is to keep up with other loans that you’re starting to fall behind on. Taking such a loan gives you time to find a way to make more money and keep up with further repayments.

Some other reasons could be unexpected costs, such as home renovations, medical bills, uninsured expenditures, etc

What Do I Need to Look Into Before I Apply?

The first thing to consider is whether such a loan is the right call for your situation. After that, look into the interest rates and other loan types that you could potentially use. If the personal loan rates are the best, you can move on.

The next thing to consider is whether or not you would be able to keep up with the payments for your new loan. Make sure you can afford the repayments on top of your other expenses. If you fail to do this, the late payment fees will put you further into debt as well as damaging your credit score.

What Makes You Eligible?

For a start, you need to be between 21 years old and 65 years old. You will also need at least an annual income of $30,000. On top of these, you will also need an NRIC document and three months-worth of payslips. If you are a foreigner, you will also need to provide your employment permit/pass type

What Lenders Offer Personal Loans?

A variety of financial companies and lenders offer such loans, including banks, credit unions, etc. They each have different terms and interest rates. Credit unions are easier to work with as they require less screening than most banks. Moneylenders and pawnshops are easier still, but their exchange rates tend to be higher.

How Will a Lender Decide How Much They Lend to Me?

Lenders will look into things, such as your credit score, annual income, TDSR, etc. Many factors determine how much you can borrow.

Is There a Maximum Amount That I Can Borrow?

The maximum amount varies depending on how much you earn each month. Typically, you can only borrow four months of salary at once. Other than that, some banks have a specific limit

How Long Will It Take to Get My Personal Loan Approved?

On average, you’ll hear back in three days. The loan takes another week or so to turn up. A few banks offer instant loans that turn up the same day you approve. Check the bank before making your request.

Secured VS Unsecured Loans
  • A secured loan requires that you have something that the lender can hold as collateral. If you fail to pay off your loan, the lender simply takes the collateral and you balance out the difference.• Unsecured loans do not require collateral but their interest rates are higher. If you fail to keep up with an unsecured loan, the interest will build up until you have to declare bankruptcy.

Obviously, a secure loan is best for those with a low credit score. Unsecured loans are best for people who can be certain that they will keep up with monthly payments.

How Can I Know the Minimum and Maximum Periods for Repayment?

There are different minimum and maximum periods depending on the loan requirements of the bank or loaner you choose to work through. Sometimes it is measured in days. Other times, it can be weeks or months.

Typically, your repayment period will be between one and seven years. Some banks do offer even longer periods, however.

Will I Need to Pay Any Fees for My Loan?

Obviously, you will need to pay an interest fee on your loan. Some lenders do allow you to pay back without interest for the first six months to a year, but you will still end up paying more than you originally borrowed. That is the cost required for an instant reward.

Interest Rates
Interest rates come with every loan. AIR, or applied interest rate, focuses on the amount that you actually borrowed. EIR, or effective interest rate, shows the additional charges that you will need to pay off by the end of the repayment period. This, effectively, is the interest rate.
Early Repayment Fees
Most lenders do allow early repayment. There are times when you will have to pay a fee in order to do that. The reason for this is that you avoid some of the interest by paying it off early.
Late Repayment Fees
Missing repayment times triggers another fee. This will increase the amount of interest you need to pay by the end of your repayment period. Make sure to avoid this late repayment fee as best you can.
Cancellation Fee
A cancellation fee occurs if you choose to cancel your loan before actually receiving any money. This would mean you have expended the loaning company’s time, causing them to need a fee from you to make that time worthwhile.
Processing Fee
A processing fee is charged for the processing of your application as well. This charge usually comes as an annual fee. You’ll see it added on at the end of each year.
Loan Conversion Fee
If you ever choose to change your loan plan, there is a loan conversion fee. Depending on the circumstances of your loan, the fee may reach up to 2% of your remaining balance.

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Quickly calculate your monthly and total repayments based on your loan period and average interest rate.
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Personal Loan Total Interest Payments Overview ($10,000)

Personal Loan Total Interest Payments Overview Singapore

"*Numbers are based on $10,000 personal loan amount and 3 years loan tenure with annual income of $30,000.

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What our customers say...
Junquan Yeo
a year ago

A big thanks for an easy & comfortable experience for arranging my home loan right from my application they kept me updated the whole way, highly recommended.

Christina SK Wong
a year ago

The Roshi home loan marketplace is such a convenient concept for borrowers. They search for all the mortgage options in the market and depending on your financial details they add them onto your dashboard. I enquired about two home loan offers and was assisted by their customer service team.

Charo _
a year ago

Excellent service. The loan specialist was very patient and explored all options with me to find the best one. They also took care of a very complicated process very easy. We couldn't be happier with the service and would not hesitate to recommend.

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