What to Know About Personal Loan Interest Rates in Singapore?

Your eligibility for a personal loan in Singapore, provided by our lending agency, will be determined not just by your ongoing income, but also by your current credit score, past loan history, and the collateral you are willing to present when applying for the desired loan package.

A personal loan for low income in Singapore is definitely a solution to consider, but approval is not always guaranteed and will be dependent on several key eligibility factors that will be evaluated by our lending agents.

Even if your ongoing monthly income is below the conventional thresholds applied by banks, your eligibility for the low-income loans provided by our agency could still be valid, as long as your existing financial commitments allow for a new credit package, your credit history is positive, and your employment is stable. It’s not always black and white. Each application is different and will need to be thoroughly investigated by our professional loan agency.

Obtaining a personal loan for low income in Singapore can often be difficult, as the lending conditions applied by conventional banking institutions are not exactly advantageous for individuals with a monthly income below the average value for SG full-time workers.

Do you earn less than $5,775 per month? Then, there is a good chance that your loan application will be rejected, at least if you are going for the financial services of a conventional bank. Private lenders like us, on the other hand, are a bit more flexible.

• Our team doesn’t evaluate the eligibility of loan applications simply based on income. We take a more holistic approach to the application review process, and we often prioritise income stability rather than credit history and current monthly wage.
• You still need to pass a minimum income threshold and be eligible to borrow six times your monthly wage.  But as a general rule, we are more flexible with our criteria.
• Private lenders are faster with the approval times of received loan applications. With a conventional bank, the response to your credit inquiry might take more than a week to arrive, while with private lenders, such as we are, your application should be fully reviewed in less than 24 hours. Delays can occur, of course, but as a general rule, private lenders are faster than conventional banks.