Personal Loan Singapore

Apply now for a personal loan in singapore infographics

Personal loans are loans that are applied and taken for personal use in Singapore. 

Personal loans in Singapore are means of financing urgent personal needs and expenses. They can be taken out from anyone, be it the lower income group or the higher income group of people. We will not be able to predict the future nor any mishaps that may happen. But sometimes, accidents such as unforeseen car repairs or hospital bills to be settled for your loved ones can arise, and it is in these situations that personal loans in Singapore can help you.

As Banks become more stringent with loan disbursements, it is especially difficult for people with poor credit scores to access credit. 118 Credit can provide some financial ease, apply for a personal loan today!

Why choose 118 Credit?

Customized packages

Everyone has their own unique needs. That's why our team will customise one that takes into account your problems, financial situation, and future

No Hidden Charges...

We explain every detail, term and condition. And we definitely don't have hidden processing fees

Complete privacy & Confidentiality

Your personal details are 100% safe in our secured database

Easy Online Loan Application

With our online loan application, getting a personal loan has never been easier with Singpass Myinfo

Instant Approval, Instant Cash

Once your loan is approved, we'll disburse the cash within the same day

Low Interest Rate Loans

Interest rate for as low as 1% per month if all conditions apply. Choose from our wide selection of loan repayment and flexible repayment options

Eligibility and Documents for Individual Loans

For borrowers applying for a 118 Credit Personal Loan in Singapore, applicants must be at least 18 years of age and above and have to be either, a Singapore Citizen or Permanent Citizen or a Foreigner with a valid work passes such as Work Permit, S Pass or Employment Pass.

Identification Documents

  • Singapore Citizen / Permanent Resident / Work Pass
  • NRIC (front and back) OR a copy of Passport
  • Any of the following documents if you do not own a house:
    • Latest Utility bills (electricity, water, refuse collection), rates or tax bills
    • Latest Bank or Credit Card statements (including e-statement)
    • Copy of Rental Agreements showing your address
    • Latest Mobile phone statements / pay TV statements
    • Letter from Employer stating current address

Income Documents

  • Singpass mobile application for logging into CPF, IRAS and HDB
  • 3 Months Payslips
  • If any, other income documents
  • If any, sale and purchase agreements
  • If any, vehicle registration card / Log card
  • If any, application for Hire Purchase

Application Process

Apply for Money and Borrow from 118 Credit

Get An Instant In-Principle Approval for your Personal Loan And Collect Your Money On The Spot!

Apply for a Personal Loan with 118 Credit

Fees and Charges

Types of Personal Loans

Split your loan into monthly fixed repayments

With low monthly installments and fixed loan repayments, you never have to put your dream on hold because of money.

Cash you can use for anything, any time

Get instant cash with our low-interest personal loan packages. Whatever your short-term financial need is, we promise to help tide you over.

Loans that give peace of mind

Health comes first and we want to ensure both you and your loved ones receive the best treatments so that you can fully recover. Our payday loan packages got you covered.

How much can I borrow from a licensed moneylender?

Banks and licensed money lenders in Singapore offer both secured and unsecured loans.

In general, secured loans have no cap amount, but require you to provide collateral.

Unsecured loans, on the other hand, don’t require collateral. But the amount you can borrow varies.

For unsecured personal loans of up to S$3,000, you must have an annual income of at least $10,000 to $20,000. For unsecured personal loans exceeding S$3,000, you must have an annual income of at least S$20,000.

And if you earn more than S$20,000, a licensed money lender can give you a loan of up to 6 times your monthly salary.


Here are some of our Frequently Asked Questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!
  • Age requirement: At least 18 years old to qualify for a personal loan in Singapore.
  • Minimum annual income: Licensed money lenders in Singapore do not have the same restrictions and regulations as banks, making them a potential alternative for those who do not meet the minimum income criteria from banks.
  • At 118 Credit, you are qualified for a personal loan based on employment status and income proofs, rather than strict income requirements.

Adding on to the section above, the minimum salary required also varies depending on your nationality.

– Singaporeans and PRs only require a minimum annual income of at least S$10,000 and above.

– Foreigners will require a valid work pass, and 3 months’ pay slips to show annual income of at least $20,000

There are two main reasons why you may need a personal loan. Most borrowers either need cash or want to repay a debt. Here are some use cases and an explanation of how they work.

1. You need cash
This is the most common need when an emergency arises. When you apply for a personal loan the money is deposited directly into your bank account on the same day and can be used for whatever purpose you wish.

Whether it’s planning for a wedding, a vacation, settling medical bills or anything, we’ve got you covered.

2. You need to settle a debt
For those slapped with high interest rate debts, such as credit card loans, taking out a personal loan with a lower interest rate may be a good option.

After you pay off the debt burden, you’ll have less weight on your shoulders.

Contact us now for a free financial assessment with no obligations!

There are 4 charges that licenced moneylenders in Singapore are allowed to impose:

1. Up to 10% Administrative Fee (deducted upfront from your loan amount)

2. Up to 4% Interest Rate per month

3. Up to 4% Late Interest Rate per month

4. Up to $60 Late fee per month

Finance Options in Singapore

Other than personal loans in Singapore, we offer a range of different loan types based on your needs. It doesn’t matter if you have a bad credit history, or low-income, the best money lender for you is 118 Credit!

How to find us

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