Your Personal Loan Info Hub
Discover practical guides, expert tips, and everything you need to navigate personal loans with confidence—all in one place.
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Personal Loan 101
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1. Introduction
2. Important Key Terms
3. Frequently Asked Question
Introduction
A personal loan is a lump sum of money that you borrow and repay in fixed monthly instalments over a set period.
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Frequently Asked Questions
What is a personal loan?
A personal loan is short to mid-term debt from banks, credit unions, or licensed lenders, repaid in monthly instalments. It's typically unsecured and can be used for purposes like debt consolidation, emergencies, or weddings. Since personal loans are costlier than other types of credit, they should be used judiciously. In Singapore, providers include OCBC, DBS, UOB, and Standard Chartered.
How to borrow money in Singapore?
If you're looking to borrow money in Singapore, you can either apply for a personal loan through a bank, or a licensed moneylender which is authorised by the Ministry of Law.
Which banks offer personal loans for foreigners in Singapore?
Major banks like OCBC, Citibank, Standard Chartered, and UOB offer personal loans for foreigners, but eligibility depends on factors like work permit status and annual income. For details, check our guide on personal loans for foreigners.
How does the US Fed interest rate hike affect personal loans rates?
Most personal loans have fixed interest rates, so existing borrowers aren’t affected by Fed rate hikes. However, new borrowers may face higher rates but can still secure good deals by improving their credit scores and comparing offers.
What loan amount should I take on for my personal loan?
Since each borrower’s needs and capacity differ, you can consider using free online tools like UOB or DBS personal loan calculators to estimate your loan affordability.