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Best Personal Loan Rates in Singapore: Compare and Choose
Credible.sg is a loan-matching platform, not a lender. The lowest advertised rate isn't always the best price, so we help you compare real offers from licensed lenders side by side, see the effective cost, not just the headline number, and choose with confidence.
- See the effective interest rate (EIR), not just the flat rate lenders advertise
- Compare offers from multiple licensed lenders in one place, for free
- No pressure to accept anything, ever
Sample figures. Your offers depend on your profile.
2 regulators MAS-licensed banks and Ministry of Law moneylenders
EIR shown so you compare the real cost
S$0 cost to compare offers
< 5 min to see your matches
How it works
From one application to money in hand
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Tell us what you need
Share the amount and tenure you're looking for. It takes about five minutes and costs nothing.
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Get matched with licensed lenders
We share your request with vetted lenders whose criteria fit your profile.
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Compare the real cost
See each offer's flat rate, EIR, and fees side by side, not just the number in the ad.
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Choose with confidence
Accept the offer that actually gives you the best price, then verify your identity to receive funds.
Plan before you borrow
Estimate your monthly repayments
Move the sliders to get a feel for what a loan would cost each month. The calculator tops out at 4% a month because that is the legal cap for licensed moneylenders in Singapore. Your actual offers will state their exact rates and fees.
Get real offers insteadGet A Credible Loan
Estimated Monthly Payment SGD 337
How pricing really works
Why the advertised rate isn't the real price
Lenders advertise a flat rate because it looks smaller, but the effective interest rate (EIR) is what you actually pay once fees and the repayment schedule are factored in. Here is what to compare, and why each one moves the real price.
| What you compare | What it actually means | Why it matters for price |
|---|---|---|
| Flat rate | The interest lenders advertise, calculated on the full original amount for the whole tenure | Looks lower than it is — ignores that your outstanding balance shrinks every month |
| Effective Interest Rate (EIR) | The real annualised cost once fees and the declining balance are factored in | This is the number that reflects what you'll actually pay — always ask for it |
| Processing / admin fees | A one-time charge taken from or added to your loan | A lower rate with a high fee can cost more than a higher rate with no fee — compare the total |
These are general explanations, not a quote. Each lender calculates and discloses its own EIR — always ask for it before you compare offers, and never rely on the flat rate alone to judge price.
Who can compare and apply
You can apply if you are…
- You'll need to be at least 21
- A Singapore Citizen, PR, or foreigner on a valid employment pass
- Meet the lender's income requirements. This is exactly why comparing matters — different lenders set different bars
Documents to have ready
- Valid NRIC or passport
- Proof of income — payslips, CPF statements, or your latest Notice of Assessment
- Proof of residential address
Why Credible.sg
Borrowing, with the guesswork removed
EIR shown alongside flat rate
You see the number that actually reflects what you'll pay, not just the number in the ad.
No single lender's markup
Because you compare multiple offers, no one lender sets your price by default.
What actually determines your interest rate?
Your rate depends on more than the lender's headline offer. Banks and finance companies weigh your income, credit score, and existing debt through the Credit Bureau Singapore (CBS) system. Licensed moneylenders look more at your current ability to repay, within the borrowing caps set by the Ministry of Law. The same person can receive very different offers from different lenders, which is exactly why comparing matters more than picking the first offer you see.
Loan amount and tenure affect price too. A shorter tenure usually means less interest paid overall, even if the monthly instalment is higher. A longer tenure lowers your monthly payment but usually costs more in total interest.
Flat rate vs Effective Interest Rate (EIR): the real cost
A flat rate is calculated on your original loan amount for the entire tenure, even though you're paying that amount down every month. That makes it look smaller than what you actually pay. The Effective Interest Rate (EIR) accounts for the declining balance and any fees, which is why it is almost always higher than the flat rate quoted in an ad.
When you compare two offers, always ask for the EIR. A loan advertised at a lower flat rate can carry a higher EIR than a competitor's offer once fees are included — the only way to know is to ask both lenders directly and compare the same number.
How to actually get the best price
Apply to more than one type of lender. Banks tend to offer lower rates to borrowers who meet their income requirements; licensed moneylenders are more flexible but charge more for that flexibility. Comparing both tells you where you actually stand.
Read past the interest rate. A processing fee, a late payment charge, or an early repayment penalty can change the real cost of a loan more than a percentage point of interest. Ask for the full fee schedule before you decide, and use it to figure out the true cost, not just the sticker rate.
Common questions
Compare Personal Loans FAQs
Still unsure about something? Message us on WhatsApp and a real person will walk you through it.
What's the cheapest way to borrow money in Singapore?
It depends on your profile. If you meet a bank's income requirements, a bank loan is usually the lowest-cost option for larger amounts over a longer tenure. If you need a smaller amount quickly or don't meet bank criteria, a licensed moneylender may work out cheaper once you account for approval speed and flexibility, even though the rate is higher. Comparing offers is the only reliable way to know which is cheaper for you specifically.
Is a lower flat rate always a better deal?
No. A lower flat rate can still carry a higher effective interest rate (EIR) once fees are added, or a shorter grace period on late payments. Always compare the EIR and the full fee schedule, not the flat rate alone.
Do banks or licensed moneylenders offer better pricing?
Banks generally advertise lower headline rates but have stricter income and credit requirements. Licensed moneylenders are regulated by the Ministry of Law with a legal cap of 4% interest per month, and tend to be more flexible on eligibility at a higher cost. Neither is universally cheaper — it depends on whether you qualify for the bank rate.
What fees should I compare besides the interest rate?
Ask about processing or admin fees, late payment charges, and early repayment penalties. A loan with a slightly higher rate but no early repayment penalty can end up cheaper than one with a lower rate and a heavy penalty if your plans change.
Does comparing offers through Credible.sg affect my credit score?
Applying through Credible.sg does not itself lower your score. Credit checks that individual lenders run as part of assessing your application are a normal part of borrowing, and checking your own credit report never affects your score.
How many lenders should I compare before deciding?
There's no fixed number, but comparing at least two or three offers — ideally a mix of a bank and a licensed moneylender if you qualify for both — gives you enough to judge whether a rate is actually competitive rather than just the first number you saw.
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