When financial crises strike, some people rely on a licensed money lender in Singapore for a source of extra funds. Whether you approach banks or money lenders Singapore, local citizens or PRs often go to for their financial concerns, you have to do your homework and look for one with the most competitive rates and reasonable repayment terms. After all, your debts must be paid according to the timeline set by the lender, so you can avoid serious penalties. Also, choosing a loan provider includes determining the feedback or ratings that clients give to the lender, so you can avoid massive headaches once the payment period begins.
Here are some of the best loan providers in the country including essential details about each. Once you have discovered the best rates and deals that come with a personal loan Singapore banks and moneylenders offer, you can make a more informed decision along the way. But keep in mind that cheaper is not always better. More than anything, go for the one with a practical loan tenure length and a responsive customer service to get all your concerns straightened out immediately.
When it comes to a long term and large amount of money for a personal loan, HSBC loans may be worth considering. This product caters to individuals who require a large sum of cash, yet they are unable to make big monthly payments. What is good about this loan product from HSBC is the long loan tenure than can go up to about 7 years. This is much longer than what most banks offer, which is only up to a period of 5 years. Thus, it can minimize the burden on one’s finances because of the smaller payments that may be made throughout the term of the loan.
Aside from the long tenure of the loan, there is a low effective interest rate offered by HSBC at 9 to 10 percent. It is indeed low for a loan tenure that is within 3 to 7 years. The bank also waives the processing fee of $88, and there is a $50 cash back for loan applications made online.
But before you decide to submit your loan application, you may want to look into some points to consider with this loan product offered by HSBC. There is a minimum amount that you can loan, which is at $10,000, if you wish to receive these promos and best rates for your loan. Moreover, Advance or Premier customers may receive a better deal for their loan such as the zero minimum requirement for the loan and effective interest rates of 7 to 8 percent.
If what you need is just a small amount of money and a short repayment term, then the Citi Ready “Credit Paylite” by Citibank is a viable option available. The loan term is only for 3 years or even 1 year, and the 9 percent effective interest rate cannot be beat. The processing fee is waived, and the flat rate varies from 4.82 to 5.79 percent. The minimum amount you may loan is $1,000, so you do not have to worry about having to borrow a higher sum of money, unlike the minimal requirement from other banks.
To qualify, your annual income must be at least $30,000, but as much as $42,000 for non Singapore citizens or PRs. The minimum loan is at $1,000, but you may borrow up to 4 times your monthly salary’s worth, which is about $100,000. Approval is quick, which may only take within the same day.
CashOne by Standard Chartered is suitable for individuals who require more than $50,000 for their loan. The loan product is also reasonable enough in terms of the interest rate because it is at 5.68 percent that is an equivalent of 10.74 to 12.22 percent EIR. The higher your loaned amount, or at least once it reaches $50,000, the interest rate is only down to 3.98 percent or EIR that is between 9.29 and 9.82 percent. With this in mind, the features offered by CashOne may be easily comparable with what you can expect from Citi and HSBC, in terms of the affordability of the loan.
The bank also offers other promos including the $50 cashback and an additional $1,088 cashback, which is 1 percent for less than $50,000 principal loan and 1.5 percent for more than $50,000 loans. Online applications may also qualify for a waived annual fee that is at $199. With all these things in mind, if you borrow more than $50,000, CashOne appears to be much cheaper than the other two previous options.
But one important thing to remember is the higher installment costs due to the more expensive flat rate. The reason behind the cheaper overall cost is the fact that borrowers can expect to get the cash rebates only within 50 days that the loan is approved. The upfront cost is more expensive, and once the $199 processing fee is deducted, there is basically less loan received.
The requirement for foreigners is higher at $60,000 annual income, while Singaporean citizens and PRs may qualify if they make $30,000 per year. The loan size is twice the amount of your monthly salary if you earn under $30,000, but it can go to a maximum of $200,000 or 4 times your monthly income if you make over $30,000.
CashOne is also good for borrowers with a low income, but in need of a loan in a short amount of time. If you make under $30,000 annually, CashOne may be for you because of the lower interest rates that come with it. For instance, there is a flat rate of 7.5 percent if you make $20,000 to at least $30,000 annually. The processing fee is waived, as well. This means that the EIR is at 12 to 15 percent, but this still depends on the loan tenure.
There is a cap on the maximum loan for this type of loan product, which is at $5,000 or twice the amount of your monthly income – or whichever figure is lower. So, if you are making under $30,000, it may be worth borrowing a larger sum of money to get the best deals that will match your financial situation.
The eligibility for this loan includes $20,000 annual salary for Singaporeans and PRs. Foreigners may also apply for a personal loan, but the annual income eligibility is higher at $60,000. The amount that you may borrow is twice your monthly salary (if you make less than $30,000 per year) or quadruple your monthly income when you make over $30,000 annually.
For the fastest cash disembursement, DBS or POSB offer a great option for you. Usually, most banks approve loan applications within the same day. But the loaned amount is released only on the next day. So, if you want the money quickly, DBS and POSB can give you that chance because of the fast release of cash once your application is approved. The EIR is between 13 to 20 percent, which is more expensive than the other options featured above. The eligibility for minimum income is under $30,000, yet there are interest rates and processing fees that are about 40 to 98 percent higher than what other banks offer. With this in mind, taking out a loan should only be done if you really require the cash urgently.
The Cash-On-Instalment Personal Loan from OCBC is another reasonable choice for a personal loan because you may convert your existing credit limit to a loan with a fixed monthly installment plan. It is also suitable for small loans, with a 6 percent processing fee and zero percent interest for the 1 year loan tenure. If you are a foreigner, you may apply for a loan if you make $45,000 annually or $20,000 yearly salary for Singaporeans or PRs. The CapitaVouchers of $300 is also available, but it depends on the total loaned amount.
Be sure to compare the rates and terms offered by various banks before you apply for a personal loan. By doing so, you can get the best deals and rates that will help you with your loan repayments and financial situation.