Secure a low-interest personal loan in Singapore with transparent terms, fast approval, and repayment plans tailored to your financial situation. Our short-term interest rates are clearly explained upfront, so you understand your total repayment before committing with no hidden fees and no surprises.
Maximum loan amount:
Up to 6 times of monthly income*
Repayment period:
Up to 2 years*
Interest rate:
As low as 12% p.a.*
*Actual rate offered to you may differ. Subject to eligibility assessment.
A personal loan or private loan in Singapore is a type of financing that allows you to borrow a fixed amount and repay it over time through monthly instalments.
These loans are typically unsecured, meaning they do not require collateral, and can be used for various purposes such as home expenses, medical costs, education, and debt consolidation.
Personal loans are commonly structured with fixed repayment schedules, helping borrowers manage their finances more predictably.
A personal loan can be a practical solution when you need short term financial support for important life expenses. Here are common situations where applying for one may be helpful:
Unexpected breakdowns, urgent car repairs, or even situations related to COE renewal loans can disrupt your daily routine. A personal loan can help you manage these costs without affecting your immediate savings.
Medical treatments, check-ups, or emergency procedures can be costly. A personal loan provides immediate funds so you can focus on your health and recovery instead of financial stress.
Whether it’s enrolling your child in tuition or upgrading your own skills through professional courses, a personal loan can support important educational investments that lead to better opportunities.
Weddings, anniversaries, and milestone celebrations often come with significant expenses. Many couples in Singapore opt for a wedding loan to manage venue costs, packages, photography, and more.
Renovating your home, repairing built-in fixtures, or updating your space for comfort can be expensive. A personal loan or an HDB home renovation loan helps cover these costs, making it easier to create a safe and comfortable living environment.
If you’re planning a holiday, a family trip, or lifestyle upgrades, a personal loan can help you spread out the cost while enjoying the experiences that matter most.
Both banks and licensed moneylenders can provide personal loans in Singapore, but they assess applications differently. Banks generally place greater emphasis on your CBS credit history and their internal lending criteria, while licensed moneylenders also review your current income, existing commitments, repayment ability and MLCB records.
A bank personal loan may be suitable if you meet the bank’s credit and income requirements. If your CBS score makes bank approval more difficult, a licensed moneylender may assess your current financial circumstances differently. However, neither option guarantees approval, and you should only borrow an amount you can reasonably repay.
| Bank Personal Loan | Licensed Moneylender Personal Loan | |
|---|---|---|
| Credit assessment | CBS credit history, income, existing debt and bank-specific lending criteria | MLCB records, income, existing commitments and repayment ability |
| Low credit score applications | A weaker credit profile may make approval more difficult | A low CBS score does not automatically rule out an application, although approval is still subject to assessment |
| Interest rates | Set according to the bank and loan product | Capped by law at 4% per month |
| Regulator | Monetary Authority of Singapore (MAS) | Ministry of Law, through the Registry of Moneylenders |
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, a Permanent Resident, or a Foreigner with a valid work passes such as a Work Permit, S Pass or Employment Pass.
Before your appointment, having these ready can help your application move faster:
Depending on your employment status, you’ll typically need to show the following:
Applying for a short-term cash loans is simple, fast, and structured to ensure borrowers fully understand their loan terms before acceptance.
Complete your personal loan application online using Singpass MyInfo for faster processing. Borrow responsibly by applying only for the amount you genuinely need.
Based on your employment and income profile, you may need to provide the following documents when you apply for a personal loan in Singapore:
- Identification documents
- Proof of income (e.g., payslips)
- Billing or address proof, if required
Our team will guide you clearly to ensure your that the documents for your personal loan in Singapore is submitted correctly to avoid delays.
Once your loan eligibility verification hjas been completed, you will receive a full breakdown of:
- Approved loan amount
- Interest structure
- Repayment schedule
- Total repayment amount
This comprehensive personal loan approval process ensures transparency before you make any commitment.
After receiving your loan offer review, please visit our office near Rochor MRT for final verification. Loan officers will explain all terms before you sign. Upon acceptance, funds are disbursed via:
- Cash collection
- Bank transfer
We explain the interest structure, applicable fees and total repayment clearly before you commit to a personal loan. This helps you understand what you are agreeing to and what your repayments will involve, with no hidden borrowing fees.
118 Credit is a licensed moneylender in Singapore and operates under the regulations administered by the Ministry of Law’s Registry of Moneylenders. Borrowers can verify licensed moneylenders independently through the official Registry before applying.
Our application process is designed to make assessment more efficient, including the use of Singpass MyInfo to retrieve relevant applicant information securely. Final approval and disbursement remain subject to the required checks and in-person verification.
The loan amount offered is based on your eligibility, income and repayment ability rather than a one-size-fits-all figure. This allows the approved amount and repayment arrangement to reflect your current financial circumstances, subject to regulatory borrowing limits.
We assess whether the proposed loan is manageable based on your financial situation and repayment capacity. The aim is to provide a loan arrangement that you can reasonably service rather than encouraging you to borrow more than you can afford.
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!
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!
A personal loan is a type of unsecured loan that allows you to borrow a fixed amount and repay it through monthly instalments. Unlike loans that require collateral, personal loans are based on factors like your income, repayment ability, and financial situation.
A personal loan may be suitable for individuals who require short-term financial support, emergency funding, or structured repayment for general expenses not tied to asset financing.
Common situations include:
– Unexpected medical or healthcare expenses
– Temporary income gaps
– Urgent car repairs or transportation needs
– Consolidating existing payments
– Immediate personal financial obligations
For financing tied specifically to property renovation, weddings, or vehicle purchases, purpose-specific loan options, such as a marriage loan, may be more suitable.
Personal loans provide structured monthly repayments and clearer cost breakdowns, while credit cards may have revolving balances and higher interest if unpaid. Suitability depends on repayment ability and financial planning.
Loan applications and repayment history may be reflected in your credit profile. Timely repayments support a positive record.
Licensed moneylenders in Singapore are permitted to charge up to 4% interest per month. At 118 Credit, we offer competitive rates starting from as low as 1% monthly, subject to eligibility. Always review terms carefully to determine the total cost of borrowing and ensure repayments remain affordable.
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
For applicants exploring financing options such as home loan for foreigners, review the requirements before applying.
Yes, provided you apply through a licensed moneylender. Unlicensed lenders may advertise online but often operate illegally with unfair practices. Always check MinLaw’s Registry of Moneylenders or apply directly via trusted providers to ensure you’re borrowing safely and legally.
Yes. At 118 Credit, we do not charge penalties for early settlement. Paying off your instalment loans earlier can help reduce the total interest paid, making it a cost-effective option if you come into additional funds.
The amount depends on your income, credit score, and lender’s assessment. Banks may offer up to 4–6 times your monthly income, while licensed money lenders follow strict borrowing caps set by Singapore’s regulations. You can also use a loan calculator in Singapore to estimate possible repayments, but the final approved amount will still depend on your repayment capacity.
Yes, many borrowers use personal loans to combine multiple outstanding payments into one manageable monthly instalment. This can lower stress and improve repayment discipline. For structured solutions, you can also explore the best debt consolidation loans in Singapore.
In Singapore, “private loan” is not a separate formal loan category and is often used more generally to refer to borrowing from a non-bank lender, such as a licensed moneylender. A personal loan, meanwhile, refers to the type of loan itself, typically an unsecured loan repaid through agreed instalments.
If you are searching for a private loan in Singapore, check that the lender is licensed by the Ministry of Law and review the loan terms carefully before applying. The lender will still need to assess your eligibility and repayment ability, regardless of the term used to describe the loan.
Not exactly. A personal loan is a broad type of unsecured financing that can be repaid over an agreed period, while a short-term loan in Singapore generally refers to borrowing that is intended to be repaid over a shorter timeframe.
Some personal loans may therefore function as short-term loans or short-term cash loans, depending on the repayment period and loan amount. The right option depends on how much you need, how quickly you can repay it, and whether the monthly repayments are manageable within your current financial situation.
