What’s the best way to borrow money (online) in Singapore?
By
Wally Wong
|
Updated 22 Apr 2024
3 minutes
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At a glance...
In the past, the thought of borrowing money was associated with stress, inconvenience, and long waiting periods. It caused a lot of discomfort to potential borrowers and discouraged customers who were often in a desperate situation. Banks created online forms to curb this problem. Still, it only solved some of the issues. Customers still experience unnecessary stress before getting their loan approved.
However, with the growth of innovation, new lending platforms, are launching, they provide fast and accessible personal and cash loans.
In this article, we provided all the necessary information on the best way to borrow money in Singapore.
Common Reasons for Borrowing Money Online
Borrowers obtain loans to settle various issues. Based on our business expertise, we see the following 6 reasons as most common to borrow money online.
1. Renovating
Several years after buying or building a home, many homeowners will likely want to improve the appearance of the house. The facelift could comprise a total repainting of the building, changing the furniture and kitchen model, or adding new features like a gym or recreation site to their estate.
Although these are nice options, the money for this work may be a limiting factor. So, at this point, taking a loan could make their desires a reality.
2. Cars and Vehicles
A car is a convenience that everyone should enjoy. Obtain a personal loan for your new car and use it to express commitment or for a one-time payment in Singapore. You could also use this loan to get any automobile of your choice.
3. Merge Debts
In a scenario where you have multiple debts or an outstanding debt history with separate charges. You could use a personal loan to merge or consolidate these debts. It will help you to quickly clear them out within an acceptable period. Merging your debts will also improve your focus and help you achieve more with little resources.
4. Credit card trouble
Have multiple bills kept you in a state of confusion? Do you have an outstanding credit balance with high rates? A personal loan is an excellent option for you! You can cover the outstanding debt, merge them into one and reduce the interest rate. Effective debt management will reduce anxiety and give you rest from various lenders.
5. Holidays and Trips
A glamorous holiday means you spent it in an exotic place, or you visited all the luxury locations you dreamed of visiting. Or do you want your destination wedding to be a preview of your honeymoon? The best holidays and trips require a lot of money, you may not get the optimal experience with low finances. So, to enjoy yourself in every way possible and have the best trip, you can get loans to cover the bill on the ROSHI platform. While looking at these loans, select the one with the most convenient duration.
6. Education
The price of Education is costly. Many individuals are fortunate to have the support of their families. On the flip side, others find it difficult to survive and have to shoulder the financial burdens of education on their own. Although student loans are available, certain requirements have to be met which discourages many undergraduates. So to settle the bills, they take loans from banks and other creditors which favour them. With these loans, they can study any discipline, choose comfortable refund periods, compare rates and build their credit score.
Current Personal Loan Rates
Below is an overview of all current personal loan rates in Singapore. The interest rates below are applicable as of Monday, April 22, 2024 and are subject to change.
| Lender | Annual Interest Rate | Effective Interest Rate | Processing Fee |
|---|---|---|---|
| CIMB Bank | 3.38% | 6.32% | $0 |
| Citibank | 3.45% | 6.50% | $0 |
| Standard Chartered | 3.48% | 6.95% | $0 |
| OCBC Bank | 3.80% | 7.49% | 1.0% of approved loan |
| DBS | 3.88% | 7.56% | $100 |
| POSB | 3.88% | 7.56% | $100 |
| Maybank | 3.88% | 7.29% | $200 |
| HSBC | 4.00% | 7.50% | $0 |
| OCBC Bank | 5.42% | 12.11% | $200 |
List of Reputable Licensed Moneylenders
Below is a summarised overview of reputable moneylenders in Singapore. The information below has been updated on Monday, April 22, 2024 and is subject to change.
| Moneylender | Max. Loan Amount (Singaporeans) | Max. Loan Amount (Foreigners) | Monthly Interest Rate |
|---|---|---|---|
| 1 Fullerton Credit | 6 times monthly income | 6 times monthly income | 1-4% |
| 1st Credit SG | 6 times monthly income | 6 times monthly income | 1-4% |
| 365 Credit Solutions | 6 times monthly income | 6 times monthly income | 1-4% |
| Orange Credit | 6 times monthly income | 6 times monthly income | 1-4% |
| Quick Credit | 6 times monthly income | 6 times monthly income | 1-4% |
| Raffles Credit | 6 times monthly income | 6 times monthly income | 1-4% |
| A1 Credit | 6 times monthly income | 6 times monthly income | 1-4% |
| Abm Creditz Singapore | 6 times monthly income | 6 times monthly income | 1-4% |
| Bugis Credit | Up to $50,000 | Up to $30,000 | 1-4% |
| Capital Funds Investments | 6 times monthly income | 6 times monthly income | 1-4% |
Singapore’s 1st Loan Marketplace
ROSHI’s loan marketplace (which is one of the leading lending platforms in Singapore) allows borrowers to see loan offers from various financial institutions and moneylenders without directly applying with them or negatively affecting their credit score.
Singapore’s 1st
Loan Marketplace
The platform gives borrowers the power of choice in seconds. Conveniently via their mobile device or computer, customers can quickly get a loan via the ROSHI loan marketplace, the platforms AI enabled smart software screens offers from multiple commercial banks and moneylenders which in return adds all qualifying offers automatically to the applicant’s dashboard in seconds.
Considerations
When you use ROSHI the probability of getting your loan approved at a lower interest rate is significantly higher. You can compare provided options and pick one which suite your financial needs the best. The platform was specifically designed to provide borrowers with a complete picture of all financing options in the market. Simply put it allows you to borrow money and settle emergencies without giving out your credit score right away. So, your privacy and anonymity are kept until you decide to move ahead.
Benefits of Borrowing Money Online
Your full application details determine the personal loans available to you. ROSHI gives you access to the best loan offers suitable for your financial needs. Since your application is send directly to our smart software you get offers within minutes, Our AI enabled lending platform was developed with machine learning capabilities hence you can be assured of a realistic matching system.
We also allow you to pick the interest rate and repayment tenure that is most convenient for you but keep in mind the qualifying amount and tenure is decided by the lender.
The ROSHI marketplace provides borrowers with the following services:
- Loan amounts of up to $200,000 (depending on approval)
- Fast and easy online application process (less thann 30 seconds)
- Zero charges (you do not incur any extra charges when you use our platform. Processing fees are 100% free of charge
- Access to the most competitive interest rates in Singapore
- Flexible repayment periods: 3 – 72 months
- High Loan Approval Rate
How do I Get the Lowest Interest Rates
Personal loans in Singapore, incur fixed interest rates, especially cash loans. Most Singaporeans are aware of this fact, so they are careful to procure loans because of the interest and stipulated time for repayments. To stay true to our mission we always make sure to provide borrowers with various options from both banks and moneylenders.
