Credible.sg Personal Loan
Credible.sg Personal Loan
- From 14% p.a.
- Interest Rate
- S$11,400
- Total Amount Payable
- S$0
- Processing Fee
All Details
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Credible.sg Personal Loan Benefits 2025
Unlike traditional bank loans, Credible.sg offers a unique personal loan alternative by acting as a direct bridge between borrowers and lenders themselves—eliminating the need for Credible.sg to own a license. Each certified lender adheres to Credible.sg’s proprietary credit engine, which enforces fair and transparent pricing along with manageable repayment plans to ensure competitive personal loan rates always.
Best of all, you don’t need a perfect credit score to qualify for a personal loan from Credible.sg’s lender partners. If this sounds promising, explore the pros and cons in this guide to determine if a Credible.sg personal loan is the right fit for your financial needs.
Pros and Cons of Credible.sg Personal Loan
| Pros ✅ | Cons ❌ |
|---|---|
| Loan centralisation platform to act as an alternative to traditional bank loans | Relatively higher interest rates from 14% p.a. (EIR: 16%) |
| Receive up to 6X monthly income with flexible loan repayment methods | Relatively higher total amount payable of $11,400 (Monthly payment: $950) |
| Same day approval and fund disbursement | Varying eligibility criteria across lenders such as minimum income threshold, credit score, and debt-to-income limits |
| No processing fee, cancellation fee, partial or full repayment fee penalties | |
| Reviews full financial history, not just credit score—good for borrowers who do not have a good credit score or meet minimum income requirement for a bank loan | |
| Straightforward terms and conditions for fair and transparent personal loan | |
| Straightforward terms and conditions for fair and transparent personal loan | |
| Rigorous and frequent screening and training of lenders to ensure strict standards for fair practices are met | |
| Efficient digital application via SingPass (takes less than 5 minutes) | |
| No hidden fees | |
| Maximum loan tenure of up to 2 years |
Credible.sg Personal Loan Requirements
| Citizenship status | Singaporeans and PRs | |
|---|---|---|
| Minimum age | 21 years and above | |
| Employment status | Employed | |
| Minimum annual income | $20,000 | |
| SingPass compatible? | Yes |
Credible.sg Personal Loan Interest Rates & Fees
How exactly does Credible.sg compare against other bank loan options like SCB CashOne Personal Loan and UOB Personal Loan? These 2 are also popular personal loan options offering competitively lower interest rates and lower monthly instalments.
Key factors that we’ll look at are interest rates, minimum annual income, monthly instalments & total amount repayable, and maximum loan amounts.
Comparison: Credible.sg vs SCB CashOne vs UOB Personal Loan
| Credible.sg | SCB CashOne | UOB Personal Loan | |
|---|---|---|---|
| Interest rate | From 14% p.a. | From 2.88% p.a. | From 2.88% p.a. |
| Effective interest rate (EIR) | 16% | 5.84% | 5.43% |
| Annual fee | $0 | $199 for first year | $0 |
| Monthly instalment | $950 | $857 | $857 |
| Total amount payable | $11,400 | $10,288 | $10,288 |
| Maximum loan amount | Up to 6X monthly income | Up to 4X monthly income, max $200,000 | Up to 6X monthly income |
| Minimum annual income | $20,000 | $20,000 | $30,000 |
| Maximum loan tenure | Up to 2 years | Up to 5 years | Up to 5 years |
| Loan disbursement speed | Instant approval | Instant approval | Instant approval |
| Processing fee | $0 | $0 | $0 |
| Cancellation fee | $0 | $150 or 3% of outstanding principal | $150 or 3% of outstanding principal |
| Late payment fee | From 2% | $100 | $100 |
Based on this table, it’s evident that although Credible.sg dishes out markedly higher interest rates (from 14% p.a.), it’s more forgiving in its loan eligibility criteria. Adopting a holistic approach to a borrower’s full financial history, Credible.sg does not scrutinise credit score. Instead, their lending engine serves a wide range of credit scores, price matching a fair and appropriate loan offer based on a borrower’s credit profile.
It’s an ideal personal loan alternative for not-so-good credit.
How to Apply For Credible.sg Personal Loan?
Apply via MoneySmart’s Credible.sg Personal Loan page
You may begin your application clicking on the Credible.sg Apply Now button.
If you choose to apply online via SingPass MyInfo, Credible.sg will pull your identity and income data from SingPass (which is already verified), thus cutting short the processing time. The approval-in-principle page will appear within minutes of submitting your MyInfo.
Provide all necessary documentation
The required documents are subject to the Credible.sg Lender's discretion. But in general, apart from SingPass details, other possible documents required include:
For full transparency, please check with your designated personal loan lender.
Receive your cash disbursement instantly
The cash loan amount should be disbursed to your savings account upon successful approval.
Frequently Asked Questions About Credible.sg Personal Loan
What are the annual fee and processing fees payable if I take up the Credible.sg Personal Loan?
- There are no annual fees or processing fees.
Am I eligible for the Credible.sg Personal Loan?
- If you’re a Singapore Citizen, Permanent Resident (PR), you’re eligible to apply for the Credible.sg Personal Loan, as long as you’re aged 21 and above, and earn a minimum annual income of $20,000.
Are there any late payment penalties if I miss my monthly installment?
- Late payment charge starts from 2% of the missed monthly installment amount.
When will I receive the approved loan amount?
- Receive a same day loan offer where loan approval and disbursement are almost instantaneous.
Do I have to go down to the lender in person for loan disbursement?
- Yes, the Ministry of Law regulates that all licensed lenders are mandated to meet the borrower in person in order to verify identity, explain all loan terms fully, and prevent fraudulent activities.