Personal Loan Guide Singapore (2026)
Updated Dec 2025 | 5 minutes
The most complete, up-to-date guide to personal loans in Singapore — with real rates, regulations, and step-by-step advice.
Finding the best personal loan in Singapore can be confusing. Different fast cash providers use different interest rates, fees, eligibility rules, and loan caps. This guide gives you clear, unbiased, Singapore-specific information so you know exactly how personal loans work — and how to compare them.
PickMeALoan helps you compare fast cash providers instantly, with no hidden fees and no impact on your credit score.
What Is a Personal Loan in Singapore? (Simple Definition)
A personal loan is an unsecured credit facility where you borrow a fixed amount and repay it in monthly instalments over a set tenure, typically between 6 to 60 months.
No collateral
Fixed monthly repayments
Based on income, credit profile & MLCB eligible capacity
Available from banks & fast cash providers
How Personal Loans Work in Singapore (Step-By-Step)
The standard process used by fast cash providers.
Submit your loan details to a fast cash provider
Borrowers typically provide income information, identification, and the loan amount they need.
This helps lenders understand your affordability and check your MLCB (Maximum Loan Cap).
Fast cash providers check your eligibility
Fast cash providers evaluate:
your monthly income
existing unsecured debt (MLCB)
credit history (if applicable)
employment stability
loan purpose
You receive loan offers & proceed with verification
If approved, fast cash providers provide a loan amount, interest rate, tenure, and total cost.
Borrowers then submit supporting documents for final verification.
Why people use personal loans:
- Debt consolidation
- Emergency cashflow
- Medical bills
- Education or skills upgrading
- Renovation
- Big-ticket purchases
Why many borrowers now use PickMeALoan instead:
- Compare multiple lenders at once
- Instant pre-checks without affecting credit score
- See your estimated rates and loan amounts upfront
- Offers delivered quickly through WhatsApp
Current Personal Loan Market Snapshot (Singapore 2026)
Updated with the latest publicly available fast cash provider benchmarks.
| Lender Type | Typical Interest Rate | EIR (Effective Interest Rate) | Approval Speed | Notes |
|---|---|---|---|---|
| Banks | ~3.0% – 12.0% annually | ~6.5% – 13% | 1–3 days | Lower interest, stricter eligibility |
| Fast Cash Providers | ~4.0% monthly | Varies (depends on fees & tenure) | Same day | More flexible, faster approval |
| Lendela | ~3.0% – 4.0% monthly | Varies by lender | Same day | One application → multiple options |
| LendingPot | ~3.0% – 4.0% monthly | Varies by lender | Same day | One application → multiple lenders |
| Roshi | ~3.0% – 4.0% monthly | Varies by lender | Same day | Compares bank + moneylender options |
| PickMeALoan | ~1.0% – 3.0% monthly | Varies by lender | Minutes | Lowest rates • Price matching • AI-powered matching • Discreet & private • PDPA-compliant |
Disclaimer: Actual rates depend on income, credit profile, existing loans, and fast cash provider risk policies.
Types of Personal Loans in Singapore
Below are the main types of loans available in Singapore. Each serves different financial needs depending on your income stability, assets, and borrowing purpose.
Secured Loans
Financial needs they support:
Lower interest borrowing
Larger loan amounts
Long-term structured repayment
Key characteristics:
Requires collateral (car, property, savings) or a guarantor
Lower risk for fast cash provider → lower interest
Longer approval time and more documentation
Asset is at risk if you cannot repay
Best for:
Borrowers with assets who want lower-cost financing.
Unsecured Loans
Financial needs they support:
Emergency expenses
General spending (travel, bills, medical, personal reasons)
Cash flow for freelancers or contract workers
Key characteristics:
No collateral required
Fast approval — often same day
Loan amount depends on income & MLCB
Interest rates higher than secured loans
Best for:
Borrowers needing quick, flexible cash access.
MLCB Explained (Maximum Loan Cap in Singapore)
Regulated by Ministry of Law (MinLaw) & Registry of Moneylenders.
Borrowers can owe up to 6× monthly income in total unsecured loans from fast cash providers
Example (Income: $3,000)
Total cap: $18,000
Owe $0 → Full capacity (ratio 1.0)
Owe $6,000 → 4× left (ratio 0.66)
Owe $12,000 → 2× left (ratio 0.33)
Owe $18,000 → Maxed (ratio 0.0)
Top 3 Personal Loans in Singapore (By Borrower Need)
We reviewed a wide range of personal loan options available in Singapore and identified the products that offer the strongest combination of value, transparency, and borrower-friendly features. Based on key factors such as interest rates, fees, loan amounts, repayment flexibility, approval speed, and overall borrower experience, the following options stand out as the most compelling choices.
PickMeALoan Personal Loan
1.88%
Monthly Interest Rate
48 Months
Loan Tenure (Up To)
$800,000
Loan Amount (Up To)
PickMeALoan offers personalised loan options with competitive rates ranging from 1.88% monthly, flexible loan tenures of up to 48 months, and loan amounts of up to $800,000. Our system compares multiple fast cash providers instantly to match you with the best available offer based on your income, MLCB usage and repayment profile.
With AI-powered matching, price-matching guarantees, and discreet processing, PickMeALoan simplifies the loan application process while ensuring borrowers receive the most affordable and suitable loan options available.
DBS Personal Loan
1.48%
Annual Interest Rate
$10,439
Total Repayment
$438
Monthly Repayment
DBS Personal Loan offers one of the most attractive bank rates in Singapore, with interest starting from 1.48% p.a. and an EIR from 2.84% p.a. Borrowers can choose flexible loan tenures ranging from 6 months to 5 years, with funds disbursed directly into their DBS/POSB account upon approval.
Applications are open to Singapore Citizens and Permanent Residents aged 21 and above, with a minimum annual income of $20,000. DBS accepts salaried workers, variable income earners, and the self-employed, making it a suitable option for a wide range of borrowers. Using Singpass MyInfo speeds up verification and helps applicants secure faster approval.
Borrowers can receive up to 4× their monthly salary if they earn below $120,000 annually, or up to 10× if they earn more. This makes DBS an excellent option for those needing higher financing limits.
Do note that DBS charges an annual processing fee of $199, which is deducted upfront from the approved loan amount. Early or late repayment fees may also apply, so it’s important to review all terms before committing.
Trust Bank Instant Loan
1.56%
Annual Interest Rate
$10,505
Total Repayment
$291.81
Monthly Repayment
Trust Bank Instant Loan is one of the fastest personal loan options in Singapore, offering approvals and disbursement in as little as 60 seconds. With interest rates starting from 1.56% p.a. and an EIR from 3.00% p.a., it is one of the most affordable digital loan products currently available. There are no processing fees and borrowers can choose repayment terms from 3 to 60 months.
The loan is open to Singapore Citizens and Permanent Residents aged 21 and above, with a minimum annual income of $30,000. Trust accepts salaried and commission-based workers, self-employed individuals, and variable-income earners. Applications are done fully through the Trust mobile app, allowing borrowers to apply, verify income, and receive funds quickly.
Because Trust does not charge processing fees, the overall cost of borrowing is lower compared to many traditional bank loans. However, interest rates may vary depending on your credit profile and income stability, so your actual approved rate may differ from the advertised benchmark.
Trust Bank is part of the SDIC Deposit Insurance Scheme, meaning eligible deposits are insured up to $100,000 per depositor per bank.
Who Qualifies for a Personal Loan in Singapore? (Borrower Types We Support)
Full-Time Employees With Stable Income
Fast cash providers offer their most competitive personal loan rates to salaried workers with stable monthly income and CPF contributions.
Self-Employed, Freelancers & Contract Workers
We connect gig workers, commission earners and business owners to fast cash providers who accept alternative income documents such as invoices, bank statements, or NOA.
Borrowers With High Existing Debt
(MLCB Constraints)
If your MLCB is above 2× your income, we match you to fast cash providers who still offer structured or smaller-ticket personal loans with realistic approval chances.
Foreigners & Work Pass Holders
We filter fast cash providers that specialise in foreigner loans and automatically calculate your eligible loan tenure based on your pass validity.
Low Credit Score or No Credit History
Some fast cash providers prioritise affordability over credit score. We show you which fast cash provider accept income-based assessments with higher approval likelihood.
Urgent Cash Needs
(Fast Approval & Same-Day Disbursement)
Fast cash providers can approve and disburse funds within hours. We highlight the fastest providers while still keeping costs transparent.
How to Compare Personal Loans in Singapore
(What Most Borrowers Miss)
Comparing personal loans isn’t just about finding the lowest interest rate. In Singapore, factors like EIR, fees, tenure, MLCB limits and approval likelihood dramatically affect what you’ll actually pay. Here’s what to check before choosing a fast cash provider and how PickMeALoan simplifies it instantly.
Check the Effective Interest Rate (EIR), Not Just the Monthly Rate
The monthly interest rate doesn’t show the true cost of your loan. EIR includes fees and compounding giving you the real cost comparison across fast cash providers.
Include All Processing & Admin Fees
A loan with a low advertised rate may still cost more once fees are included. Always compare total cost, not just the interest. Our platform calculates this for you.
Understand Your MLCB (Maximum Loan Cap)
Under MAS rules, you can only borrow up to 6× of your monthly income across all unsecured loans. Your current MLCB affects the maximum loan amount you can get.
Compare Tenure vs. Monthly Installment
Longer tenures reduce monthly payments but increase total interest paid. Shorter tenures cost more each month but save money overall, we show both options clearly.
Consider Approval Likelihood for Your Profile
Banks, fast cash providers, and alternatives assess income, credit history, pass type, and existing debt differently. PickMeALoan ranks fast cash providers by your actual approval probability.
Don't Overlook Speed of Disbursement
Some fast cash providers take days; others approve within hours. If you need funds urgently, sorting by fastest approval can matter more than a 0.1% rate difference.
How to Apply for a Personal Loan Through PickMeALoan
(Fast & Simple)
Tell us what you need
Securely connect with Singpass or answer three quick questions about your loan request.
We use this information to understand your affordability and match you to the right fast cash provider instantly.
Instant Loan Matches
Our system compares fast cash providers and identifies options based on:
the biggest loan amount you’re eligible for
the longest possible tenure
the lowest interest rate available
Get Funded
We’ll send your personalised offers directly via WhatsApp.
Choose the option you prefer and the fast cash provider will complete verification and disburse funds, often within the same day.
No need to return to the site — everything continues seamlessly through WhatsApp.
Ready to get your personalised loan offers?
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What our customers are saying..
Testimonials from our satisfied clients.
Frequently Asked Questions
Clear answers to help you secure the best personal loan deals in Singapore.
How does the personal loan process work from start to finish?
The process starts when you submit your loan details through the form.
Your information is reviewed to determine your eligibility, and you’re shown personalised offers based on your profile. Once you choose an option, you’ll complete verification and receive the funds after approval.
Why do I need to provide income or Singpass details?
Your details help determine the amount you may qualify for and the repayment plan suitable for your financial situation.
Using Singpass (MyInfo) speeds up the process, reduces errors, and increases the accuracy of your estimated loan options.
Does using this platform affect my credit score?
No. Viewing personalised offers or completing the initial assessment does not affect your credit score.
Only when you proceed with an application and the provider performs a full credit check will it appear on your record.
How long does it take to receive my personalised loan offers?
Most users receive their personalised estimates instantly after submitting their details.
You will see potential amounts, rates and repayment options upfront without needing to submit supporting documents immediately.
What factors influence the loan amount I may qualify for?
Your estimated loan amount is based on:
- Your income level
- Your repayment capacity
- Your existing monthly obligations
- Your overall financial profile
These help determine what is reasonable and sustainable for you.
Why are my loan offers different from someone else’s?
Every person’s financial situation is unique.
Your available options depend on your income, credit standing, existing borrowing, and monthly affordability, so two people with different profiles may receive different estimates.
How accurate are the estimated rates and repayment amounts?
The estimates are generated using the information you provide and common approval criteria.
Final numbers may vary slightly after full verification, but the platform aims to give you a clear and realistic preview so you can make an informed decision early.
Is Singpass required to use this service?
No, but it is highly recommended.
Using Singpass (MyInfo) allows your information to be retrieved securely, speeds up the process, and increases the accuracy of your personalised results.
Can foreigners or self-employed individuals use this platform?
Yes. The platform supports Singapore Citizens, Permanent Residents, and eligible foreigners with valid passes.
Self-employed or commission-based earners can also submit their details and receive personalised estimates.
How fast can funds be received after choosing an offer?
This varies by provider.
Some are able to complete verification and disbursement within the same day, while others may take 1–3 working days, depending on volume and supporting documents.
Is there any fee for using PickMeALoan to compare offers?
No. The service is completely free for users.
You only proceed if you find a suitable option, there is no obligation or upfront cost.
What should I prepare before applying?
To speed up approval, you should have:
1. NRIC
2. Recent income documents (payslip, CPF, or NOA)
3. Employment details
4. Bank account information for disbursement
If you use Singpass, most of these details will be auto-filled.
Can I apply even if I have existing financial commitments?
Yes, as long as your income and repayment capacity allow for it.
Your personalised results will already reflect what is realistically possible based on your current commitments.
What if I don’t receive any personalised loan results?
This may happen if the information provided is incomplete or outside typical approval conditions.
You can try again with updated details or contact support for guidance.
Skip the Hard Work! We Match You Instantly.
Tell us what you need and we’ll negotiate the best loan options on your behalf in minutes.
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