Personal loans are loans, which are availed by you for a private purpose, only known to you. In Singapore, you can approach the Financial Institutions like a bank, or licensed money lenders to borrow. The loan could be unsecured (without asset mortgage) or secure (asset mortgage). But all large loans should be backed by some security. Let us examine the two sources, from which you can avail a personal loan in Singapore,

1. The Government Banks:

Banks in Singapore are keener to lend to their citizens and PRs. The other lots who avail personal loans are the foreigners, and the bank has various guidelines/rules to be followed. For example, a foreigner’s income should be more than $3000 per month, to be viewed in equal status as that of a Citizen. Moreover, if the amount sought is high, asset security may be sought along with a guarantee from their company. 

Therefore, the chances of obtaining a personal loan Singapore from a bank are lesser.

2. The licensed Moneylender:

In Singapore, the moneylenders are required to be registered by the Government, under the registry maintained by the Ministry of Law. They are called licensed moneylenders and would charge more interest than the banks but under the watchful eye of the Ministry. The Ministry publishes the name of, such moneylenders, every month, and the person who wants a personal loan can choose which lender would suit his needs. The moneylenders may not be very strict with the norms, like a bank, but they would charge more comparatively. The condition of security, a guarantor is their decision. If the terms are not clear, or hazy, the borrower can opt for the next licensed lender. The Lenders are to follow the law, by detailing the loan they have approved or sanctioned every month, with the Effective rate, and the advertised rate also mentioned.

The borrowers can access the site of the lenders, to find out if they are authentic. This can be done by comparing the license number on the site, and the lender giving you a proof of it.

The borrower can visit the lender’s office, to submit the documents or fill up an online form, and attach a note. 

These are the various steps involved in seeking personal loans in Singapore.

It has to be mentioned here, that securing personal loans at very loans has never been so easy in Singapore, through one source or the other.