Compare the real cost
Effective interest rate helps you compare loan costs more fairly than a headline flat rate. Use the figures in your written offer and check fees, tenure and total repayment before accepting.
A flat rate is commonly advertised against the original principal, while repayments reduce the outstanding balance over time. Processing fees and the repayment schedule can make the real annualised cost higher than the headline figure.
EIR is useful for comparing offers, but it is not the only decision factor. Monthly affordability, total payable amount, late charges, early repayment terms and lender legitimacy also matter.
Use the principal, stated interest method, processing or admin fee, tenure and repayment frequency from the offer. Compare two offers at the same amount and tenure where possible. Treat any online calculator as illustrative and use the lender’s written agreement for the final figures.
A longer tenure may reduce the monthly instalment but increase total interest. A low rate with a large fee may cost more than a slightly higher rate with lower fees. Choose the offer that is affordable and clear, not simply the one with the smallest advertised number.
Verify before you borrow
Rates, eligibility, promotions and lender availability change. Check the Ministry of Law Registry of Moneylenders for licensed moneylenders and the Monetary Authority of Singapore for regulated financial institutions. For credit-report questions, refer to Credit Bureau Singapore.
Credible.sg is a loan-matching platform, not a lender. Applying is free, but approval and final terms are determined by the lender.
Common questions
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No. Credible.sg is a loan-matching platform operated by Simple Stack Pte Ltd. The loan, rate, fees, approval, and disbursement come from the matched lender.
Credible.sg matches applicants with lending partners that are screened for the platform. Always verify the final lender and its current status against the Ministry of Law Registry of Moneylenders or the relevant MAS register before signing.
No. Comparing an offer does not obligate you to accept it. Review the written rate, EIR, fees, repayment schedule, and lender details first.
No. Flat interest is a pricing method often shown in advertisements. EIR is an annualised measure intended to show the cost more completely, including repayment mechanics and applicable fees.
No. Any displayed or illustrative rate is not a guarantee. The matched lender confirms the final terms after assessment.
Make an informed choice
Submit one application and review the available terms. There is no obligation to accept an offer.
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