Nothing beats our best personal loan offers when you have emergency financial issues troubling you
The Loan You Not Only Deserve but Personalized to Your Needs
One never knows the misfortune that awaits ahead. Whether it is sudden unemployment, medical emergency, ballooning of high-interest rate debts, or the struggle to sustain our daily expenses.
It is life, it is normal, and it is understandable. Nonetheless, if you are in such a position, if you are looking for the best personal loan Singapore, we are here to help you.
All of these can be solved with a personal loan. It is a safety net that is much needed in times of your financial difficulties.
Want to Get a Personal Loan With Us?
Follow These Simple Steps Below!
Call or Apply Online
Visit Our Offices
Visit our office and create a customized loan plan specially for yourself
Sign the Loan Agreement
Understand the terms & conditions and then sign the loan agreement
Receive Your Cash
Receive your cash loan within an hour!
At Least 18 Years Old
Minimum Salary of SGD1,500 for Singaporean Locals & PRs
Minimum Salary of SGD2,000 for Foreigners Working in Singapore
Foreigners Working in Singapore
Fortunately, 365 Credit is opened on Sundays because I really needed cash urgently that day. Their service is excellent and Dan helped me a lot. He is friendly and efficient. Recommended!
Thanks for granting me the loan 365 Credit! My friends spontaneously decided to go on a short trip and I was short of cash. Luckily I could get a loan of $800 and joined my friends for an amazing trip to Bangkok! It was a fuss free experience
-Toh Cai Lin
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Frequently Asked Questions
Personal loans in Singapore are an amount of cash loan you can borrow for any kind of purpose. As the name suggests, you can use the personal loan amount you borrowed for almost anything, from paying off your dream wedding or vacation, a medical bill, or even an unexpected emergency you are currently facing.
Licensed moneylenders like us will not solely use your credit scores as a reference. Instead, we also consider your monthly income and loan you the amount based upon your repayment capabilities.
Moneylenders are more flexible than banks and can provide a personal loan up to 6 times of your monthly salary. You are expected to pay back the borrowed personal loan for a period of time within the agreed tenure. The payments may vary – a fixed monthly payment or installments.
The main distinction between personal loans and payday loans in Singapore is typically the payback period. Generally speaking, you repay payday loans approximately a month after you receive your salary – in lump-sum payments. For personal loans, you can repay it over a longer period of time.
Your own priorities are an important factor. If you are taking out a personal loan so you can enjoy a vacation while other more urgent bills are unpaid, it is a direct path to being further indebted.
When taking out a Singapore personal loan, consider your repayment capabilities, the terms and conditions of the personal loans, its interest rate, and if taking the loan would be sufficient for all your needs when making your monthly loan repayment. This helps you avoid financial strains and snowballing interest.
Do speak to our knowledgeable loan officers who will be able to assist you if you find yourself needing a higher loan amount . They would be glad to customize your loan plans, based on your budget, goals, and repayment capability.
There are a number of factors that determine how much you can borrow from us. For secured personal loans, a borrower can borrow a larger personal loan amount of money from us.
An unsecured personal loan taken out would be subject to a few restrictions. Singapore citizens or PRs with an annual income of less than $20,000 can only loan up to $3,000 with us. If your annual income is $20,000 and above, you would be able to get a personal loan up to six times monthly income.
Foreigners or expats working in Singapore would only be able to get a personal loan up to $500 with us if you are earning less than $10,00 a year. If your annual income is above $10,000 but less than $20,000, you would be able to take out a personal loan up to $3,000 with us. If your annual income is $20,000 and above, you would be able to get a personal loan up to six times of your monthly income.
A licensed moneylender in Singapore can only charge a maximum interest rate of 4% per month for a personal loan. This maximum applies regardless if the personal loan is secured or unsecured.
In addition, a lender can also only charge a maximum late interest rate of 4% per month for each month the personal loan is repaid late. The interest rate can only be charged based on the principal remaining after deducting the original payments made.
For example; Mrs. X has taken out a personal loan of $20,000 and has repaid $4,000. Only the remaining $16,000 can be taken into account for the computation of interest rate.
Also, the late interest rate can only be charged on a personal loan amount that is repaid late. The moneylender cannot charge on a personal loan amount that is outstanding but not yet due to be repaid. For example, Mr. Y takes a personal loan of $20,000 and fails to pay for the first installment of $2,000.
The lender can only charge the late interest rate on $2,000 but not on the remaining $18,000 as it is not due yet.
Second, only the following processing fees and other fees can be charged:
- A fee not exceeding $60 for each month of late repayment;
- A fee not exceeding 10% of the principal of the loan when a loan is granted; and
- Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the personal loan in Singapore
The total charges imposed by a moneylender on any loans, consisting of interest rate, late interest rate, upfront administrative and late fee also cannot exceed an amount equivalent to the principal of the loans. [To illustrate, if X takes a loan of $10,000, then the interest rates, late interest, 10% administrative fee, and monthly $60 late fees cannot exceed $10,000.]
Very quickly indeed! We pride ourselves on giving you excellent service with quick and high approval rates. Once you’ve submitted all the necessary documents along with your loan application, it would only take us half an hour to approve your application.
You could even receive your money within the hour in some cases!
Having collateral such as properties, real estate, bonds, collections and other items and objects of value can help lower your personal loan interest rates.
In addition, if you have good credit scores and decide to work with 365 Credit Solutions, you can have lower interest rates too. However, we will never require that you have a good credit score — we’ll give you a loan amount you can safely borrow based on your income.
Yes, it can! We do not solely focus on your credit history and scores, merely your ability to service your loans. However, we would also like to add that having higher credit scores would allow you to receive better or relatively low interest rates and higher loan amounts when taking out the best personal loans with us.
Yes, you can! Having another loan in Singapore will not be an issue when taking out loans with us as we understand that many of us have more than one loan to our names these days.
When approving your loan, we would only look at your net income after the deductions are made to your loans. While this would lower the loan amount we can offer to you, it would ensure that you would be able to meet all your financial obligations instead.
365 Credit Solutions should also gently remind all our customers that taking on too many loans can lead to financial hardship, so do be mindful of taking on further unnecessary loans that you might not need.
There are strict rules governing money lending Singapore. A Singapore moneylender must follow all the rules and regulations set forth by the Moneylenders Act.
365 Credit Solutions strongly suggests that you do not borrow from unlicensed moneylenders. You must always verify that a moneylender is licensed by checking the list of licensed money lenders by the Singapore Ministry of Law. Click here to access the list of licensed moneylenders.
A licensed moneylender will not engage in the following behavior:
- Use abusive language or behave in a threatening manner towards you.
- Ask for your SingPass user ID and/or password.
- Retain your NRIC card or any other personal ID documents (e.g., passport, work permit, employment pass, or ATM card).
- Ask you to sign on a blank or incomplete Note of Contract for the loan.
- Grant you a loan without giving you a copy of the Note of contract for the loan and/or without properly explaining to you all the terms and conditions or exerting vicious interest rates.
- Grant your personal loans without exercising due diligence (e.g. SMS or email before even receiving your loan application form and supporting documents, such as the income tax assessment and payslips).
- Withhold any part of your principal loan amount for any reason.
Such practices are not acceptable. If you encounter them, you should report the moneylender to the Registry of Moneylenders, with information such as the moneylender’s business name, license, and contact numbers.
To find out more about unlicensed money enders, click on this link: http://www.spf.gov.sg/ahlong/
Under the advertising rules made under the Registry of Moneylenders, a licensed Singapore moneylender is permitted to advertise only through these three channels:
- Business or consumer directories (in print or online media);
- Websites belonging to the moneylender; and
- Advertisements placed within or on the exterior of the moneylender’s business premises.
All other channels are prohibited.
That means a moneylender in Singapore like 365 Credit Solutions would never give out flyers, SMSs, or any other form of advertising not permitted under the rules.
If you’ve encountered any advertisements bearing our name on a flyer, or SMS, please contact the Registry at 1800-2255-529 or the Ministry of Law website.
There are plenty of places to get the best personal loans Singapore has to offer. However, not every moneylender is licensed and registered in the Registry of Moneylenders. This means that if you are looking for the best Singapore personal loans, you need to know which lender is licensed, reliable, and highly rated. In that case, you should go online to find out if the lender you are looking to borrow is trustworthy.
365 Credit Solutions is both.
We are not only licensed and offer low interest rates but also voted as one of the best licensed money enders in Singapore, both on loan comparison sites and review sites.
There are several reasons why you should think of getting the best personal loan in Singapore with us.
We Are Rated Very Well on Google Reviews and Loan Advisor
We are regularly given 5 stars on online reviews, most prominently on Google reviews and Loan Advisor making us one of the best and most trustworthy lenders out there. All of our reviews are from happy customers that have repeatedly returned to us over the decade we have been in business. Trust is our number one priority and we take it seriously.
Our Clients Come First; You Are Our Top Priority
We’ve made a name for ourselves in the industry serving and helping individuals and companies out financially. We will always ensure that you are given the best advice and help, every step of the way.
Safe and Secured Business Transaction
Your information is secure with us. We do not share it out with any third parties. All transactions done are treated with the utmost respect.
Convenient and Quick Cash for Your Personal Loan
As part of our mission to keep you as our top priority, the speed of processing and application is a must. Once you have applied with us, it only takes us half an hour to approve your application, and less than an hour to disburse the money to you. Simple, convenient, easy.
Can I Rely on the Content of an Advertisement to Take up a Loan from a Moneylender?
You are advised to seek clarifications on specific terms of the loan contract before signing up with a licensed moneylender, and not to rely solely on the content of advertisements from the moneylender.
In the Event That I Am Standing as a Surety for a Loan, What Should I Look Out For?
You should ensure that:
- You understand your responsibilities as a surety;
- You receive a copy of the Note of Contract at the time that the loan is granted to the borrower;
- The moneylender has explained the terms in the Note of Contract in a language that you understand; and
- The moneylender does not keep your NRIC card or any other personal ID documents (e.g. driver’s licence, passport).
- The moneylender does not acquire any information that contains passwords to your user accounts (e.g. Singpass account, Internet banking account, email account).
- Make sure the moneylender delivers to you the correct principal amount of the personal loan. The moneylender is only permitted an upfront deduction of a personal loan approval fee of up to 10% of the principal amount.
- Pay the personal loan installments on time to avoid incurring late payment fees and late interest rate fees.
- Make sure the moneylender issues you a receipt every time you make any repayment towards your personal loan, and check it for correctness (e.g. name, amount, date).
- Make sure you receive a statement of account for all your personal loans at least once every January and July and check it for correctness (e.g. name, amount, date); and
- You should retain all statements of accounts and receipts of payments, as documentation and evidence of payments.