Compare personal loan options through PickMeALoan before you commit.
A headline rate is only one part of a personal-loan offer. The cheaper-looking option may leave you with less cash after an upfront fee, or a smaller monthly bill that costs more because the loan runs longer.
Short answer: compare the same amount and repayment period. Then check the rate basis, monthly instalment, total repayment, upfront fees and cash you will receive. A rate advertised as “from” or “as low as” is not a personal quote. The lender decides your final rate, fees, approval and payout after its assessment.
What should I compare before choosing a loan?
Start with the amount you actually need, then ask each lender or provider for these fields in writing.
Ask for these fields in writing
- Approved principal
- The amount the lender agrees to lend before any fee is deducted.
- Cash received
- The amount paid out to you after any upfront fee.
- Rate basis
- Whether the rate is monthly or annual, and flat or on the remaining principal.
- Instalments
- The number and amount of monthly repayments.
- Total scheduled repayment
- The sum of every instalment over the full term.
- Fees
- Upfront, administrative and late fees, stated in dollars.
- Early-settlement terms
- Any rebate and the conditions attached to it.
- Licence and place of business
- The lender's current Registry listing and approved address.
For licensed moneylenders, Singapore’s Registry of Moneylenders says the maximum interest rate is 4% per month. It also sets an upfront-fee limit of 10% of principal and a late-fee limit of S$60 for each month of late repayment. Total charges cannot exceed the principal. These are legal limits, not target rates or a reason to borrow. [1]
Friday Finance: a low starting rate does not settle the comparison
Friday Finance identifies itself as a product of IFS Consumer Services Private Limited. Its personal-loan page splits into three separate questions, and the 0.88% figure is a starting rate, not a promise that every borrower receives it. [2]
Friday Finance: three separate questions
Interest starts from 0.88% per month, subject to individual assessment and a tiered system. [2]
A 6 to 18 month tenure, an admin fee capped at 10% of the loan amount, and a 50% admin-fee refund after full and timely repayment, subject to terms. [2]
Your cash payout, total repayment after the fee, and whether you qualify for the refund. [2]
Friday Finance’s public pages do not show one consistent set of headline figures. The personal-loan page title and its personal-loan-types page also display 1.8%, 6% and a 24-month maximum in places. Ask Friday Finance to confirm the rate, fee, tenure and refund terms in the written offer before using any of those figures to decide. [2][3]
Singa Credit: ask for the repayment schedule behind the 1% headline
The 1% headline does not answer several cost questions on its own.
Singa Credit: known versus missing
- A "1% interest rate loan" advertised as a limited-time offer. [4]
- Applicants with annual income above S$20,000 may borrow up to six times monthly salary, subject to terms and conditions. [4]
- The homepage separately describes interest as low as 1%. [5]
- Tenure
- Administrative fee
- Rate method
- Effective interest rate
- Early-settlement treatment
- Whether 1% applies to every applicant
PMAL's public Singa Credit listing displays a starting rate from 2.00% per month, a different figure from the homepage's as-low-as 1%. These are not a personal quote and may not describe the same assessed offer. [6]
Ask Singa Credit for the monthly instalment, total repayment, fee and net cash payout in writing before deciding.
Best Licensed Moneylender: a PMAL partner you can also approach directly
Best Licensed Moneylender is one of the lenders named in PMAL’s public lender review. That listing says Best participates in PickMeALoan, displays a starting rate from 1.01% per month subject to assessment, and notes that no fee schedule appears in the public pages checked. [7]
This is a commercial partner relationship, not an independent review. PickMeALoan is a comparison and application platform, not the lender, and its public offer page says it earns a referral fee from a lender when a loan is funded. Best Licensed Moneylender makes its own approval and final-term decisions. [8]
Request offers, compare, choose, appointment
- Request offersPMAL: Takes one application and requests matched offers from its lender network.Lender: Reviews the request and decides whether to extend an offer.
- ComparePMAL: Shows the matched offers it receives so you can compare them.Lender: Sets the rate, fee and terms of the offer it is willing to give.
- ChoosePMAL: Helps arrange next steps for whichever lender you pick, including Best Licensed Moneylender if selected.Lender: Confirms whether it will proceed once you choose it.
- AppointmentPMAL: Helps arrange the in-person appointment.Lender: Carries out the assessment, signing and final decision at its approved place of business.
There are two ways to reach Best Licensed Moneylender: through a PMAL-matched offer, or by contacting Best directly. Neither path is presented as the better choice here.
You can contact Best Licensed Moneylender directly if you prefer. Request Best’s written offer, then compare it with other available offers for the same amount and repayment period. Check cash received, fees, instalments, total repayment and any early-settlement terms before signing. There is no rule that says you must use PMAL or accept a matched offer.
A lower rate can still mean less cash at the start
Here is a fictional S$10,000 example over 12 months.
Fictional example: S$10,000 over 12 months
| Offer | Rate & fee | Cash received | Monthly repayment | Scheduled repayment | Scheduled minus cash received |
|---|---|---|---|---|---|
| Offer A | 1.00% per month, 10% upfront fee | S$9,000 | S$888.49 per month across 12 instalments | S$10,661.85 | S$1,661.85 |
| Offer B | 1.50% per month, No upfront fee | S$10,000 | S$916.80 per month across 12 instalments | S$11,001.60 | S$1,001.60 |
Cash-received bars use a S$0 to S$10,000 scale. Scheduled-repayment bars use a S$0 to S$12,000 scale. Offer A and Offer B are fictional examples, not lender quotes from Friday Finance, Singa Credit, Best Licensed Moneylender or PMAL.
The right-hand column is scheduled repayment minus cash received: a cash-flow comparison, not a regulated EIR calculation. The example assumes a monthly reducing-balance rate, an upfront fee deducted from the approved principal, no late fees and no early settlement.
- Offer A: 1.00% per month with a 10% upfront fee. The monthly repayment is S$888.49, the scheduled total is S$10,661.85 and cash received is S$9,000.
- Offer B: 1.50% per month with no upfront fee. The monthly repayment is S$916.80, the scheduled total is S$11,001.60 and cash received is S$10,000.
Offer A has the lower rate and lower scheduled instalment, but it pays out S$1,000 less at the start. Scheduled repayment minus cash received is S$1,661.85 for A and S$1,001.60 for B. That last figure is a cash-flow comparison, not a regulated EIR calculation.
The example assumes a monthly reducing-balance rate, an upfront fee deducted from the approved principal, no late fees and no early settlement. Use the lender’s contract and repayment schedule when the lender uses a different method.
What if I need a lower monthly repayment?
A longer tenure can reduce the monthly instalment while increasing the total repayment. Do not extend the term just to make the monthly number look comfortable.
Example: shorter term versus longer term
| Term | Monthly repayment | Total scheduled repayment |
|---|---|---|
| 12 months | S$888.49 | S$10,661.85 |
| 24 months | S$470.73 | S$11,297.63 |
This example uses the same fictional S$10,000 principal and 1.00% per month reducing-balance rate as Offer A above, with no upfront fee, to isolate what a longer term alone changes. It is an example, not a lender quote.
Leave room for rent, bills, food, transport, existing debts and an emergency buffer. If an offer would leave too little for essential expenses, pause before borrowing. Consider speaking with a debt counsellor or looking for non-loan assistance where appropriate.
Already struggling with an existing loan? Read what to do if you cannot pay your licensed moneylender, including how to speak to your lender and when PickMeALoan can help you explore other options.
Can I compare offers through PMAL before choosing?
Yes. PickMeALoan’s current public offer page says one Singpass application can be used to request matched offers from 10+ licensed lenders. Comparing is free and there is no obligation to accept an offer. Each lender decides the rate, fee, approval and payout after its own assessment. [8]
PMAL says it helps arrange the in-person appointment for the chosen lender’s assessment and signing. The comparison step does not replace that lender appointment or the lender’s contract. Read the offer carefully, and choose whether to proceed with PMAL, a named lender directly or neither.
Check matched offers through PickMeALoan. Before signing, ask the chosen lender to confirm the approved principal, cash disbursed, rate basis, instalment, total repayment, fees and early-settlement terms.
Questions borrowers ask
Visible answers
Is the lowest advertised rate always the cheapest loan?
No. Compare the same principal and tenure, then include upfront fees and conditional rebates. A lower rate can still leave you with less cash than expected.
Is Singa Credit's 1% rate my rate?
No. Singa Credit presents 1% as an advertised offer and its pages say terms and conditions apply. Ask for the rate, fee and repayment schedule in writing.
Does Friday Finance's 0.88% rate apply to everyone?
No. The lender's page says the rate starts from 0.88% and is subject to individual assessment through a tiered system.
Is Best Licensed Moneylender the right lender for me?
There is no universal answer. Compare Best's written offer with other offers for the same amount and tenure.
Does using PMAL mean I must accept a loan?
No. PMAL says comparison is free and there is no obligation to accept an offer.
What should I ask before signing?
Ask for the approved principal, net cash disbursed, rate basis, instalment, total repayment, fees, early-settlement treatment and rebate conditions.
A simple checklist
- Decide how much cash you actually need.
- Compare the same amount and repayment period.
- Check whether each rate is monthly, annual, flat or reducing balance.
- Write down the monthly instalment and total scheduled repayment.
- Subtract upfront fees to find the cash you will receive.
- Treat rebates as conditional until the written terms confirm them.
- Verify the lender and place of business on the official register.
- Proceed only if the repayment fits your budget.
Information and lender advertising change. The named examples, PMAL listing and public terms cited here were checked on 15 September 2026. This article is general information, not financial advice, approval or a guarantee of any rate, repayment or outcome.
Sources
[1] Singapore Registry of Moneylenders: guide to borrowing from licensed moneylenders.
[2] Friday Finance: personal loan and About us.
[3] Friday Finance: personal loan types.
[4] Singa Credit: 1% interest rate loan.
[5] Singa Credit official homepage.
[6] PickMeALoan: Singa Credit review.
