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| Moneylender | Max. Loan Amount (Singaporeans) |
Max. Loan Amount (Foreigners) |
Monthly Interest Rate | Google Reviews | ROSHI Approved
|
|---|---|---|---|---|---|
| Best Licensed Moneylender | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 |  |
| Orange Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| 1 2 Lend | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| EZ Loan | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| 1 Fullerton Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| 1st Credit SG | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| 365 Credit Solutions | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| Quick Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| Raffles Credit | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | |
| 1 Cash | 6 times monthly income | 6 times monthly income | 1-4% | 5.0 | Close More Moneylenders |
*Today's Moneylenders Rates - 25 April 2025
A $20,000 loan is ideal for managing major financial commitments, whether you’re funding a home renovation, expanding your business, covering medical expenses, or consolidating large debts. Here’s how to secure one successfully:
When applying for a $20,000 loan, take these important factors into account:
A $20,000 loan is a substantial financial responsibility and requires careful planning:
A $20,000 loan is ideal for significant financial needs such as major home renovations, business expansion, medical expenses, or consolidating large debts into a single manageable payment.
Eligibility depends on factors such as a stable income, a good credit history, and a demonstrated ability to repay the loan. Lenders may also consider your existing financial obligations.
Applicants typically need to provide identification, proof of income, bank statements, and documentation outlining the loan’s intended use if required by the lender.
Approval times vary, but most lenders process applications within 1 to 7 business days, with funds disbursed shortly after approval. Some lenders offer same-day approvals for eligible borrowers.
Yes, you may still qualify for a $20,000 loan if your debt-to-income ratio remains within acceptable limits and you meet the lender’s other requirements. Some borrowers use this loan to consolidate multiple debts for easier management.
Ensure you have a well-structured plan for how the $20,000 loan will be used to achieve your financial goals, whether it’s for home upgrades, business growth, or debt consolidation.
Research different lenders to find the best interest rates, minimal fees, and flexible repayment terms that align with your financial situation. A lower rate can save you thousands over time.
Review the loan agreement carefully, including repayment schedules, potential penalties, and any additional fees to avoid unexpected financial burdens.
A $20,000 loan often comes with a longer repayment period. Budget accordingly to ensure monthly payments remain manageable without straining your finances.
Use the $20,000 loan for meaningful financial commitments that bring long-term value, such as home improvements, career growth, or consolidating high-interest debt for better financial stability.
Mastering your loan moves starts with understanding the real cost of borrowing. We believe in empowering you with the right knowledge to make smart financial choices, not quick fixes that lead to debt traps. Our commitment is helping you borrow wisely and stay in control of your money.
Read Our Borrowing Guide
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