The Best Expense Tracker Apps That You Should Have This 2021

A lot of people are having issues in managing their monthly budget. After all, it is easy to lose track of the money that you can afford to spend especially if you are not keeping track of your expenses. Tracking all of your expenditures can be very meticulous and time-consuming, especially if you don’t have a lot of time to spare. Luckily, there is a solution to your budget planning problems without hiring a professional budget planner (which will also cost money on your part). There are applications designed for mobile devices that will help you in keeping track of your expenses.

In this article, we will list out some of the best mobile applications that you can start using this 2021 to manage your budget better.

Without further ado, let’s start:

  1. Mint

Mint has set the bar for the budgeting applications on smartphones, and with proper reason. This cost management application will automatically sync with the accounts on your mobile device, which will provide automatic tracking of your expenses. Without requiring input from the user, Mint will automatically update and group your expenses by their category, allowing you to see a real-time visualization of your expenses. 

Mint also allows users to put in their particular groups, keep tabs on bills, break up purchases and set up an alarm that will go off whenever the total expenditure has nearly reached its limit. The app also offers credit ratings and credit history tracking free of charge. The best part about this application is that it is free to download, which means that you will not have to add another item to your expenses for an app supposed to help you trim down your spending.

  1. YNAB

If you are always finding yourself in situations where you are struggling to survive on your income for the last month, YNAB will do you wonders. YNAB is structured on the zero-based budgeting. If you are not acquainted with that term, be sure to familiarize yourself first before spending money on this application.

Even though YNAB is a paid application, there are many features that will help you greatly in managing your money in zero-based budgeting style. You can hook up your bank accounts, create goals, put money automatically on your savings account and personalize spending classes. You can even gain access to resources, such as advice for budgeting, user guide for the YNAB application, and budgeting training courses.

YNAB will cost you $11.99 per month, or $84 per year. There is a free 34 days trial though so you can decide at that time period if this application suits you or not. Additionally, students will be provided with free access to the application for a year, provided that they submit the required proof of enrollment first.

  1. EveryDollar

Every Dollar

EveryDollar is a budget planning app that boasts its ability to provide users with a budget within just 10 minutes. It is a cost management application available for Android and iOS devices that assists people in keeping tabs on their expenditures. Similar to the app featured above, EveryDollar is designed for zero-based budgeting which provides a nice alternative to YNAB. EveryDollar is free if you are satisfied with the basic features. If you want full access to the full range of functions, you will have to pay $129.99 per year for the plus version.

The basic features include automatic transaction creation every time you made an expense. If you want more advanced features like connecting to your bank account, you will need to pay for the plus version.

  1. Personal Capital

Personal Capital Apps

Personal Capital is mainly an app for managing your investments. However, it still has features that assist users when it comes to budget spending. As such, this app is handy for people who are also managing investments in addition to managing their budgets.

Personal Capital can be downloaded for free, with a few budget management features such as connecting to bank accounts, monitoring expenses, linking to credit card accounts. You will also be able to check your mortgages, loans such as personal loans, and other bill payments.

The software offers an expenditure overview by indexing new financial transactions by group. It is possible to personalize those groups and find out the proportion of each group with your total budget for the month. Personal Capital also works as an assets and portfolio monitoring platform.

  1. Clarity Money

Clarity Money is an application lauded for its ability to track and manage your expenses and monthly subscriptions that are eating through your budget. Clarity Money is an extensive cost management and savings application. It provides you with the ability to hook up your financial accounts from a large number of organizations, providing you with a venue to organize all of your accounts in a single place. Similar to every other application featured on this list, you will be able to manage expenditures, keep tabs on your expenses and categorize the expenses into different groups, whether pre-determined by the app or personalized.

Additionally, there are other useful features such as the ability to monitor and cancel monthly subscriptions from various services that you signed up for in the past. There is also the ability to monitor your own credit score, allowing to see the impact of your budgeting in a much clearer picture.

Did you exceed out on the personal budget set on your budget planner again and need some extra cash? Get a loan now from 356 Credit, licensed money lender! Providing personal loans, payday loans, business loans, and foreigner loans, 356 Credit has all the loan types that you will ever need. They also feature fast loan approval and online applications, just to name a few.

A Beginners Guide to Cryptocurrencies

Combining the world “cryptic” and “currency” sounds a little bit strange. Encrypting a currency seems like a counterproductive activity because you can’t spend it if no one can recognize it.

However, thriving models of cryptocurrency show the digital currency markets existing nowadays hold great value for investors. You’re on the right track if you’re interested in investing in cryptocurrencies. Here is everything you’ll need to know!


A man holding a mobile phone and bitcoin

What Are Cryptocurrencies?

These encrypted currencies that use digital technology to store undecipherable information called a blockchain. Unless the right private key deciphers it, the data remains unreadable and can be lost forever. Cryptocurrencies are decentralized currencies, meaning no government or national central bank governs and regulates it.

It is in contrast with traditional currencies. Every nation has its legal tender. In our country, it’s the Singaporean Dollar, which holds its own against the US dollar and even Euro. The demand for Singaporean currency is high thanks to the country’s high foreign traffic. Using basic economic laws, the higher the demand for Singaporean Dollars, the higher its price will be its value. But the value equity will still depend on the quantity of currency circulating worldwide today. 

Similarly, the price of cryptocurrencies depends significantly on demand. The main difference is all existing cryptocurrency accounts, each with its respective values, public exchanges post real-time. These are where owners buy or sell their currencies. 

This technology allows the currency to remain decentralized and unregulated. Still, only a private key from a registered user can retrieve and withdraw their stored cryptocurrencies. If hackers alter the nature of a transaction, the private key changes as well. The dynamic and adaptive security acts as one of the best measures against modern digital theft.


Business growth graph

Why Many Are Investing In These Currencies

Traditional currencies have their fixed systems. These arrangements, governments, and central banks have established through decades play a huge role in regulating the printed amount of money. In doing so, they have some sort of control over national currency values, which can help the country’s economy if needed.

However, it presents a series of limitations for some foreign exchange investors. New policies from Singapore or other nations can impose threats to the currency’s value. This results in cryptocurrencies becoming more attractive because of their decentralized and unregulated nature.

Bitcoin, the oldest and first cryptocurrency, rose to fame in 2017 for being the first digital currency to reach USD$19,783 in value. While its prices have become rocky in the last few years following its peak, other cryptocurrencies had helped stabilize the digital cryptocurrency exchange prices. As we can see from crypto’s past performance, the demand for alternative digital currencies with impressive security will continue to grow despite setbacks. In turn, many investors see this as an opportunity to snap up cryptocurrencies while the prices are still young.


What Do You Need to Get Started?

Now that we have the hard stuff out of the way let’s get to the easy part: getting started on your first cryptocurrency adventure. However, easy is relative because you might need to borrow some extra cash from a trustworthy licensed money lender, such as us at 365 Credit Solutions, to get started. Fortunately, with all your possible cryptocurrency profits, you can address your repayments in no time at all. Here are a few things to know to get started on cryptocurrencies.


Cryptocurrencies came from thin air – relatively. If crypto does not have its regulating body, it uses other means to regulate the production of currencies. It does this through crypto mining. 

In-game currencies you receive in most games are similar to cryptocurrencies. If you use cheat codes to get infinite money, then you can devalue all the in-game items available and disrupt the game’s overall balance and experience. This event is catastrophic if it happened to any real-world cryptocurrency.

Therefore, mining exists to regulate the number of cryptocurrency supplies. Almost every cryptocurrency uses specialized miner computers to restrict supply, secure the network, and process crypto transactions simultaneously. 

Miners uncover new cryptocurrencies by having computers use their every resource to solve computational problems. The algorithmic issues they mine are actually the publicly published blockchains. Every transaction grants miners a portion or entire cryptocurrencies (for example, a “Satoshi,” which is the smallest unit of a Bitcoin).

With many racing towards creating new full cryptocurrencies (a full Bitcoin in the case of Bitcoin), the mathematical computations become more complex. The best-performing miners receive new whole cryptos every ten minutes – a fixed issuance rate. In turn, the “miner race” explains the high-value miners place on graphics cards, high-powered processors, and digital mining rigs.

We don’t advise you to start your own mining rig because you will be competing against warehouse-sized servers worldwide! Therefore, it’s better to trade in cash for cryptocurrencies, knowing that these powerful miners and their rigs secure the network for you.

Crypto Wallets

When you register in a cryptocurrency exchange, you’ll need to pay using your real-world currency. For example, Binance will store your new crypto in an automatically generated wallet. Then, you can withdraw it or re-invest it on the platform.

Hot Wallets

Binance’s crypto wallet is an example of a hot wallet. It generates a digital signature that acts as your private key and has ample protection. It requires internet-connected devices to perform transactions. However, because it consistently needs net connection, it isn’t 100% hacker-proof. It’s great to deposit small amounts of crypto if you make frequent payments because of its fluidity and integration with most exchange centers.

Hardware Wallets

Think of a USB drive. However, instead of just being a plain storage device, it has the coding security to protect your private key from anyone who attempts to snag it. You can only store your key in a USB. Still, you won’t have any ample protection if you accidentally plug your USB with a private key in an infected computer. 

Additionally, if your USB gets stolen, the robber can just access your private keys quickly without added PIN protection. Hardware wallets protect your private keys against all manners of threats, but they’re not free.


Different Types of Coins Available

If you’re asking for the total number of cryptocurrencies or “coins” available today, there are more than 3,000 currently existing as of this writing. Furthermore, it’s easy to start your own cryptocurrency if you have a community willing to use it as something similar to legal tender. However, most cryptocurrencies fail to become popular because they are a copy of an existing cryptocurrency, limited markets, or people just don’t like using it for personal reasons.

In this section, we’ll list the most popular, best, and highest-rated cryptocurrencies available in the market. These cryptos have a significant following, have garnered the attention of investors, and will thrive for decades to come with their popularity and stable value.

Golden bitcoin coin


In October 2008, a Japanese man named Satoshi Nakamoto (which many assume to be a pseudonym of a US-based programmer) published a paper called “Bitcoin: A peer-to-peer electronic cash system.” While he didn’t mail the study to a cryptography mailing list, it garnered significant attention. The same publisher mined the first Bitcoin block number zero, which yielded him 50 bitcoins. Nakamoto sent programmer Hal Finney the very first Bitcoin peer-to-peer transaction as it was proof of concept in January 2009.

Bitcoin has gone through some rough patches until it became the stable currency many know and value today. It held one of the highest importance in cryptocurrency history in 2017 at USD$19,783. It can be expensive to own a single Bitcoin. Hence, investors purchase the smallest value of Bitcoin, Satoshis (named after Nakamoto), instead.

A golden coin with ethereum symbol


Vitalik Buterin saw the potential of Bitcoin as a future currency but found that it had its limitations. He believed the existing currency can improve with advanced features, which led to his development of the Ethereum Virtual Machine (EVM), a decentralized system that uses an international network of private nodes.

Buterin’s long-term research received online crowdfunding and has more quantity than Bitcoin with over 72 million minted coins. By 2020, Ethereum vastly circulates online and uses the same technologies of blockchain and private keys as Bitcoin. However, it improves Bitcoin’s 10-minute transactions into 14-15 seconds. It gives miners better options by offering computational complexity and digital “effort” in transaction fees.

Litecoin coin with wireframe chain


An open-source crypto currency, Litecoin differs from Bitcoin significantly. Additionally, it is born earlier than Ethereum. Established in October 2011, this Ethereum’s predecessor was on speeding up Bitcoin’s 10-minute transaction processing into 2 minutes and 30 seconds. It has a different algorithm to mine Litecoin, which miners find to be more expensive than Bitcoin.

Neo cryptocurrency tokens


It is formerly known as AntShares, which was made by Da Hongfei and Erik Zhan in China in 2014. After their successful experiments with the cryptocurrency, the two rebranded it to NEO in 2017. It bears similarities to the pioneering Bitcoin by using blockchain. 

However, it added a new feature to the list of cryptocurrency and blockchain benefits: smart contracts. In doing so, it can link physical assets with a digital equivalent with their respective signature and private key (as per cryptocurrency). In doing so, the smart contract can protect assets, which invoke country-of-origin laws and a validated digital identity. 

Stellar golden coin with wireframe chain


Similar to Litecoin, Stellar is an open-source blockchain-based cryptocurrency using Lumen. It operates parallel to Ethereum but is less flexible because of its enhanced security features. Ethereum has adopted smart contracts similar to NEO, but its flexibility gives hackers room to intercept. Stellar’s multi-signature, batching, and various nodes of payment help transactions secure intelligent deals in Stellar efficiently, giving it great value for many of its users.


Stack of money coin with trading graph

Marketplaces For Coins

Now that you know more about cryptos and their origins, it’s time to learn more about places you can buy and sell. Relatively, it’s the natural part. A single search engine query can give you a huge list of online marketplaces. Because of cryptocurrency’s open and decentralized nature, you might be using sham marketplaces. Here are four great markets you can trade your coins for excellent value.


You’ll want to be part of an economy that uses cryptocurrencies as their primary mode of payment. OpenBazaar is an eCommerce-centered marketplace that offers excellent solutions for online sellers who wish to earn in cryptocurrencies. If you want to make your first cryptos by selling some of your old stuff, use OpenBazaar.

The platform currently supports buying and selling in Bitcoin, Bitcoin Cash, Litecoin, and Zcash. If you plan to use other currencies in the future, you’ll need to exchange them into any of the prior currencies. The platform promises to accommodate more cryptocurrencies in the future. 


If you want a traditional meat-and-potatoes approach to buying and selling your cryptocurrencies, then Coinbase is the perfect platform for you. The platform makes it easy to register. You’ll need to open an account in the open-ledger financial system. Then, you can use different traditional modes of payment (such as credit cards, PayPal, or other legal tender methods offered, including bank deposits) to purchase your first cryptocurrencies. Coinbase stores your cryptos in an automatically-generated Hot Wallet. The platform offers wallets, a vast marketplace to exchange different kinds of cryptocurrencies, and merchant tools for sellers.


One of the oldest yet most reliable cryptocurrency exchange markets today, Binance began its roots in China, then moved to Malta recently. Its use soared during Bitcoin’s gigantic rally in 2017. When many people become interested in cryptocurrencies, Binance took that chance. It became the best gateway to exchanging cash for cryptocurrencies.

If you’ve invested in traditional markets with your own portfolio, Binance’s interface should appear similar to graphs and currency movements displayed in a grid-style fashion. It’s free to use, and its Hot Wallet is one of the most secure ones around.


Founded in Spain, Bit2Me is the leading buyer and seller of cryptocurrencies in the country. However, it offers its services worldwide. The platform operates like Binance, but with fewer available cryptocurrencies (namely Bitcoin, Ethereum, Litecoin, and Stellar as the most outstanding currencies in their roster).

However, they’re well known for providing excellent customer support that helps cryptocurrency beginners to deal with the problem encountered in the system.


The Process of Crypto Buying and Selling

With knowledge about existing cryptocurrencies and markets that buy and sell them, you’re ready to buy your very first cryptos and sell them afterward for a profit. We’ll guide you through the entire process from opening your primary account to selling them. 

Buying Your Coins

Before you can trade cryptocurrencies and coins, you’ll need to buy them with real-world currencies first. Marketplaces and currency exchanges, such as Binance and Coinbase, update their ledgers with real-time information. Displaying all existing transactions, they show you the latest currency prices as opposed to traditional currencies. 

Open an Account At Crypto Exchanges Listed Above

Only Binance, Coinbase, and Bit2me are exchange-focused cryptocurrency markets that we’ve listed above. You can register an account by entering your email or phone number and a password. Make sure you keep your password greatly unique and offline. These marketplaces will ask you to confirm your email by clicking on a link they’ll send through a confirmation email.

Woman hands holding smartphone with paypal apps on the screen.

Pay With Your Preferred Method

Next, you’ll need to buy your preferred cryptocurrencies to ride the ebbing and flowing values and prices. Binance, Coinbase, and Bit2me provide you with conventional means of payment. With a secure SSL encryption on all these websites, you can trust them to take in your credit card information and keep it safe. However, if you wish to keep your credit card privacy, you can use PayPal and other online payment facilities too. 

Coin ATMs

In some places in Singapore, you can find Coin ATMs that conveniently allows you to exchange your cash into cryptocurrencies. However, you’ll need a hardware wallet to use the ATMs comfortably. Most of these use open ledger information that is readily available from the Internet.

Exchanging Them For Profit

You’re seeing a massive increase in cryptos you’re currently holding. To profit, you’ll need to sell them when their value is high and buy when the crypto value is low. The crypto market bears plenty of resemblance to current-day stock markets. However, it has no brokers due to its decentralized nature, making it easier for anyone to just pick up and make profits.

Bitcoin ATMs

You can use your hardware wallet to exchange your existing cryptos for real-world cash from the same ATMs you purchase your coins. Unfortunately, it’s likely ATMs cannot provide crypto-to-crypto exchanges. Still, we believe those features will surely materialize in the future.

Mobile app running on smartphone

Log Into Currency Exchanges

First, log into your Binance, Coinbase, Bit2me, or other online cryptocurrency exchange accounts. Next, find the sell option in your initial display or account interface. Once done, you’ll be asked which currencies and quantities of the latter would you like to sell. The interface displays the total amount you’ll earn, and you’ll be asked for confirmation.

Buy Other Currencies

The exchanges we listed above provide you with real-time values of all of the platforms’ supported currencies. While you can exchange them for traditional legal tenders, such as Singaporean or US dollars, you can purchase other cryptocurrencies through your platform. However, the platform limits your options only to the currencies it supports. 

Direct Selling

If you want a better wiggle room with the currency you currently hold, you can try direct selling. These are great, especially if you find buyers willing to purchase highly in a single transaction. However, just like in real life, be wary of buyers because some might be out to scam you. So make sure you’re familiar with the common cryptocurrency fraudulent activities and sham methods existing today.


Speakers on the stage with rear view of audience in the conference hall

Your Investment Behavior

Now that you’re at the end of the article, congratulations! You know everything there is about cryptocurrency, markets, and buying and selling. However, you’ve likely heard from friends and enthusiasts that you can turn a huge profit using cryptocurrencies.

The truth is you won’t right away. Like investing in stocks and bonds, you’ll need to learn the supply and demand of currencies and reasons why investors value specific cryptos. In doing so, you can use great investments to get huge returns on investment with cryptocurrencies.


The World of Cryptocurrency Opens a Whole New World of Possibilities

It’s never wise to touch your savings when you need to buy high-performing cryptocurrencies, which currently have a low price, as soon as possible. Luckily, licensed moneylenders, such as 365 Credit Solutions, can provide you a personal loan to jump-start your cryptocurrency adventure. Contact us or head to our branch to apply for an easy and one-week release urgent loan Singapore today!

Is an Education Loan in Singapore Worth It?

Parents of college students in Singapore should expect to spend more on the education of their children in 2021. Singaporean universities have increased tuition fees by 38% since 2007, according to ValueChampion. The sudden impact of COVID-19 on the economy could be an indirect factor in why it might be more necessary to apply for an education loan.

Those who have set up a college fund may be forced to use the money to cover the emergency expenses brought by the coronavirus outbreak. As school fees increase and savings dry up, it becomes more prudent to consider a student loan.

Piggy Ban with graduation cap

What’s Your Purpose for Getting an Education Loan?

Before you look for the right kind of education loan, Singapore has certain requirements that you need to meet when applying for financing. You also need to think about the purpose of the loan. Are you planning to study here or overseas? Does your income fall within the low-income status set by banks and licensed money lenders? These are some of the questions that you need to answer when planning to secure a study loan.

Singapore’s money-lending requirements for students, however, tend to be clearer than applicants who wish to use the money for further studies or work-related education.

Coins on the table with cap

Choosing the Right Study Loan in Singapore

The Ministry of Education’s (MOE) tuition fee loan program is one of the most common ways to borrow money for education in Singapore. The ministry conducts the program through DBS Bank and OCBC Bank. Citizens, permanent residents and even international students can apply for the subsidy. You need to apply in person at any branch of either bank. The program allows you to receive up to 90% of the payable tuition fee as the maximum loan amount.

For example, the average cost of tertiary tuition in Singapore is approximately $30,000. If you gain approval for a study loan, Singapore will effectively shoulder up to $27,000 of the tuition expenses. Singaporean citizens pay a different amount than permanent residents and international students, although it’s safe to assume that the latter two only receive a smaller subsidy. While there are no minimum income and age requirements, applicants must have guarantors for their student loans.

The guarantor must be between 21 and 60 years old and have a clean financial record. Singaporeans must only have fellow Singaporeans as their guarantors, while permanent residents can either have a Singaporean or a permanent resident as guarantors. International students can have guarantors of any nationality. Interest rates are another thing to consider when choosing the right education loan.

The MOE’s tuition fee subsidy carries a payable interest of less than 5% per annum, which is based on the average prime rate of DBS and OCBC. Student borrowers can repay the principal and interest for up to 20 years. Only DBS administers student loans for students of the following major universities:

  • Nanyang Technological University
  • National University of Singapore
  • Singapore Institute of Technology
  • Singapore Management University
  • Singapore University of Social Sciences
  • Singapore University of Technology and Design

OCBC only administers loans for students of Nanyang Technological University and National University of Singapore. Take note that repaying the interest starts after you finish your studies. The minimum repayment amount costs $100 per month, which should begin not later than two years post-graduation. The following are also exempted from applying for an MOE tuition loan:

  • Students who receive any kind of scholarships for tuition expenses
  • Recipients of MENDAKI’s full tuition subsidy
  • Applicants who use CPF savings to cover the full cost of subsidized tuition fees

If you don’t meet the listed requirements or prefer borrowing a bank, then you should take note that the terms will be different. A shorter loan tenure or repayment period will be among the discrepancies when borrowing from banks, but you could pay lower interest rates by doing so. The average interest rate per year for an MOE tuition loan is within 5.25% as of December 2019. By contrast, the average interest rate for a student loan from a bank is 5.10%.



Maybank charges an interest rate of as low as 4.45% for student loans. Keep in mind that the bank advertises this rate as a promotional offer that runs for a limited time. The bank’s student loan promo normally has a processing fee of 2% for a maximum principal amount of $200,000, which is payable for up to eight years. Your guarantor must also have a minimum income of $30,000 per year.

Part-time students who need financing should consider Maybank’s loan for low-income applicants. The loan tenure and maximum principal amount are the same as the bank’s promotional offer, but the differences lie in the interest rate and processing fee. Maybank charges between 1.5% and 2% as the processing fee for the low-income student loan, while interest rates range from 4.5% and 4.78%.



Those who plan to borrow money for local studies should consider the OCBC’s FRANK Education Loan. It’s one of the best offers given the 4.5% interest rate and 2.5% processing fee. The guarantor’s required income is also lower at $24,000. The bank may approve a loan amount of up to $150,000 or 10 times the guarantor’s monthly income. OCBC also happens to be one of the cheapest options for a student who plans to study overseas.

The bank is also among the best choices for an interest-only study loan. Borrowers only need to pay the interest over the course of their university education and focus on paying the principal after their graduation. Take note that this means a longer repayment in exchange for not worrying about hefty monthly payments during your studies.

As an example, a person who borrows $25,000 payable over six years can expect to pay almost $400 in monthly installments while attending school, while they will also pay the same amount post-graduation if they apply for a standard OCBC loan. The OCBC FRANK Graduated loan only requires a monthly payment of $94 for a $25,000 principal with a six-year term. The monthly payments after school will cost around $1,091.

RHB Bank


If you’re keen on just focusing on your university education, then RHB’s Deferred Repayment loan is a good choice. Based on a principal loan amount of $25,000 over a six-year term, you don’t pay anything while you attend school. The monthly payments after you graduate, however, may cost almost $1,400 every month.



The bank’s Further Study Assist loan is a bit more affordable than OCBC. The average interest rate of POSB’s student loan is just 4.38% with a more common processing fee of 2%. Applicants can repay their loans from 12 months to 10 years, although it has a lower principal amount of up to $80,000. Your guarantor’s annual income should be at least $24,000. Consider this option if you want to avoid paying penalties on late payments or wish to pay before the monthly due date.

Don’t make it a habit of repaying your loan, though, even with POSB’s flexible terms. Your credit score will take a negative hit once you purposely pay beyond the due date. Payments that are one or two days may seem fine since that’s the feature of this loan, but you should remember that paying after several weeks can affect your cash flow since the payable amount would snowball into the next scheduled monthly payment.

On the other hand, POSB’s Further Study Assist loan is a good option for people who want to diminish their outstanding balance as soon as possible. The bank doesn’t charge a fee for early repayment, unlike other banks that require an additional 1% fee for each premature payment. Based on the information above, it seems that POSB has the cheapest cost of applying for an education loan in Singapore.

It may only cost roughly $3,980 to get a $25,000 loan over six years. Maybank’s promotional offer, if the bank still offers it, ranks next at a total cost of $4,032. OCBC’s standard loan costs almost $4,200, while RHB’s standard loan costs $4,306. On average, it costs $5,250 in Singapore to apply for education loans.

What Would Most Education Loans Cover?

The loan coverage depends on the type of financial instrument. If you get an MOE tuition subsidy, you will still have to pay for the remaining tuition amount since the subsidy only covers up to 90% of the cost. You will also need to cover miscellaneous expenses such as books and other recurring costs. Students who successfully borrow money from the bank may not have to pay for anything more, as the maximum loanable amount could be enough to cover all expenses.

In case you choose a CPF education scheme, your options for a university become narrow because CPF has a list of approved schools. Even if you find an accredited institution, you will still need to check if the course also falls under the CPF’s approved list. Banks seem like the best option at this point when it comes to loan coverage, but it can be challenging to gain approval because of a strict credit check. This begs the question of whether there is another option when you aren’t eligible for a student loan from the bank, CPF or MOE. The short answer is yes.

Coins and statistical diagram

What Happens When You Can’t Find the Right Financing?

Best personal loan Singapore are the better option for students of a short-term course, particularly professionals who only need the education to improve their skills. An example involves a marketing employee’s desire to learn web design for e-commerce. This type of course usually lasts for just 10 weeks at the most, so it doesn’t seem prudent to borrow money with a long repayment period even if it’s just for a year.

Imagine if you weren’t satisfied with the course; 10 weeks have passed and you’re still repaying the loan with interest! The minimum loanable amount is another problem when borrowing money from a bank. Most traditional lenders require applicants to borrow a certain figure. In other words, it can be difficult to borrow money from banks if you only need $1,000 for a vocational course. Personal loans from licensed money lender are your best option, especially if you or your chosen course and school don’t qualify for an education loan from the government.

While licensed moneylenders are regulated by the Monetary Authority of Singapore, many unscrupulous individuals and companies keep on exploiting the desperation of many borrowers. Most of them have no other choice but to borrow from loan sharks due to a poor credit score. In reality, some licensed lenders can offer personal loan Singapore bad credit for clients who struggle with poor credit histories.

Aside from paying exorbitant fees and interest, the biggest risk of transacting with illegal money lenders is harassment because of not paying on time. It’s easy to know if you are dealing with a reputable money lender in Singapore. The Ministry of Law of Singapore keeps a record of around 160 licensed companies. You can check the list from time to time to see if your chosen company remains in compliance with industry- and government-mandated regulations. Another clear sign that you’re dealing with a trusted lender is the monthly personal loan interest rates.

Licensed money lenders in Singapore aren’t allowed to charge more than 4% per month on interest. Keep that in mind when applying for an education loan Singapore from an alternative source. Reputable companies will also require you to apply in person, instead of facilitating your applications over the phone or text.


The best way to choose an education in Singapore requires you to decide if you can afford a deferred payment scheme like the MOE tuition loan. Otherwise, a standard payment structure might be better. Each one will have its pros and cons, so it’s up to you to determine if a certain loan type’s advantages outweigh the drawbacks. Not eligible for a conventional student urgent loan Singapore? Contact 365 Credit Solutions today to find out an alternative option.

Moneylenders vs Banks Legal Loans: How the Rates Compare

In Singapore, the colloquial term for a loan shark is Ah Long, illegal moneylenders who prey on those clients who are not qualified for a licensed loan from licensed money lenders or urgently need fast credit cash from any moneylender. 

According to the Anti-Crime, Drug, and Social Development Voluntary Organisation of Singapore and the National Crime Prevention Council, these illegal moneylenders charge about 40% of the unsecured loans they release with a payment schedule per month or fortnight, significantly higher than the credit taken from a licensed money lender. 

The best way to prevent yourself from falling into debts from the loan shark lending is not to engage with their loan services in the first place. It is crucial that you, no matter how hard your financial difficulties, not support this unlicensed moneylending service. 


4 Types of Personal Loans

If you are in a pinch and decide to take out a personal loan from licensed moneylenders under the Singapore Ministry of Law, you are free to do basically anything you want to do with the cash loan. 

To help you make that decision, the following are the four types of personal loans in Singapore that are legal.

1. Unsecured Personal Loans

These loans are approved without you, the applicant, having to present collateral to the money lender. The money lender in Singapore decides whether or not to allow you to borrow money from them based on certain terms and conditions. 

If you have a good credit history, then the personal loan can be approved by the credit company or licensed moneylender faster. These personal loans pose high risks for the money lender in Singapore, which needs to be compensated by charging a higher amount interest.

Despite the name, there is no rule that states the need for customers who avail of these loan options to use it strictly for loan personal activities. There is no need to get a licence for using it as a business loan addressing the needs of your company in Singapore. 

The money you receive when you apply for a loan can be spent on your current business interest, no approval is needed from the loan officers. The loan personal money is a flexible credit from money lenders in Singapore, with all rights reserved for the borrower.

2. Secured Personal Loans

On the other hand, secured personal loans are those where moneylenders in Singapore need to be presented with a valuable asset as collateral during loan application. 

This could be your house, your car, jewelry, basically anything that the legal money lender gives the approval on to be made as collateral. 

These loans have the lowest interest rates due to the lower risks for the moneylender in Singapore. However, you should be careful to note and pay the installments for the loan on time, for when you default, licensed moneylenders in Singapore have their rights reserved by the Registry of Moneylenders allowing them to seize and take ownership of your collateral.

3. Fixed-Rate Loans

As can be sourced from its name, fixed-rate loans are those that have a fixed monthly repayment and corresponding interest rate within their loan tenures, regardless of whether they are a business loan, a cash loan, or are simply loans personal. 

Throughout your loan tenure, you will be paying the exact amount agreed in your payment plan when you submitted your application forms, hence it is crucial to take note of this detail. 

This is helpful for those who want to budget their financing solutions into a loan plan to address problems in their loans personal credit, credit checks, cash flow, and fast cash loans and mold it into their monthly expenses. However, you cannot benefit whenever there are service promos for a decrease in interest rates.

4. Variable-Rate Loans

Opposite that of the previous type is the variable-rate loans, where you pay varying interest rates throughout the entirety of your loan tenure with licensed money lenders in Singapore. 

This can make budgeting your needs and debt consolidation a challenging task as your loan application repayments are fluid and depend on the market conditions of the present. You can benefit from falls in interest rates of loans in Singapore however, so if you want to take the risk, you can opt to get these cash loans.


Pros and Cons of Taking Loans

There are two options that you can choose from when you need to take out a personal loan here in Singapore, both of which have a legal licence to operate. 

You can either apply to a bank, or you can apply to a licensed moneylender. Both of these credit institutions are licensed to give you credit, and whatever choice you follow, you can be ensured of your safety. 

However, there is a stark difference between the two, and it is crucial that you know of their credit privacy policy (Pte Ltd), processing fees, and competitive rates before making your decision.


Banks offer loans (loan business, loan foreigner, and other cash loan types that address their clients’ credit needs) with a higher amount and longer tenure, but need an exemplary credit history as part of their privacy policy. 

They also offer more credit options and licence for what you want to do with your money, whether you want to receive it in cash or invest it somewhere else. Banks have higher loan amounts that give you more opportunities to invest and secure your finances. However, these perks come at the price of having your credit score extensively scrutinized by their staff, and thus approval for bank loans also takes longer.


On the other hand, personal loans from licensed moneylenders are delivered quickly to their customers, you can access the credit money within an hour or so after application, as long as your documents are complete. 

These moneylender institutions in Singapore have fewer licence requirements compared to banks, thus if you have a lower credit score, all hope is not lost in getting a loan as you can choose to borrow from the moneylender and other types of credit lenders instead. 

However, moneylenders charge higher interest rates than banks, and for a relatively shorter time period as well. Also, they typically have a maximum loan amount for their customers, as their business runs on higher risks due to their lower standards for who can be approved in them.


Comparison Table

To better understand how banks and licensed moneylenders really fare against each other in terms of customer service quality, the following table is presented. You can choose which credit option here in Singapore is best for your current financial situation.

Banks Licensed Moneylender
Application Process Slow (about 24 hours or more) Quick (within an hour with the loan disbursed within the day)
Loan Amount Higher Lower (regulated by the government)
Interest Rate Low High (regulated by the government)
Tenure Long Short
Charges and Other Fees Low High


How to Find the Best Personal Loan

Deciding where to get your licensed personal loan to get money for your new business interest can be challenging, especially when you are new to the landscape of borrowing money. 

However, you do not have to do your research for the best money lender and make sense of it alone. 

There are business sites whose staff offer customer service advice on these topics about money and interest to ease their clients’ burden of looking for the best personal loan on their own. They are called loan comparison business sites and they are your best friends when you want to borrow a legal moneylender loan.

In Singapore, one of the best licensed moneylenders to pursue your business interest and money concerns is 365 Credit. 

They have an Orchard branch and have one of the most promising Google reviews from their past clients. 365 Credit aspires not just to help clients find the best financial plan that can solve their money issues. They also aspire to educate and make you understand the wonders of financial planning, and have years of business experience backing their advice.



There are a variety of legal loans you can avail of from a money lender where you can even get a foreigner loan. The licensed money lender offers credit and loans with an interest rate that is legal and well-regulated in Singapore. 

Regardless of whether you want to take out a personal loan now or you will do it later, remember that it is crucial to borrow your credit money from a licensed money lender in Singapore. 

It may not seem much of a threat but there are lots of risks that you do not want to put yourself into if you do moneylending illegally. 

Get your legal money from the loan application portal of 365 Credit Pte Ltd and be safe and secured while you enjoy your opportunities from taking a leap forward on your financial decisions

How To Find Best Moneylenders In Singapore

With over 150 licensed moneylenders in Singapore, it might seem daunting to find the most competent licensed lender. To help you with tons of research and to get through the legwork, we lay down the rules and regulations being implemented by the Ministry of Law and discuss how to find the perfect loan provider for your financial needs.


What is a Licensed Moneylender?

The number one criterium of the most reliable moneylender is its license. Licensed money lenders operate legally and are being regulated by the Ministry of Law. The MinLaw provides a list of moneylenders registered in Singapore that must be scrutinized by every borrower to avoid loan sharks.

Loan sharks are illegally operating and offer loans at extremely high interest and may harass you if you fail to repay the loan on time. There are also some instances in Singapore that loan sharks have come and sprayed red paint at a family house in Johor Jaya due to loans that they did not pursue or took.

So the rule of thumb is to always check the license number of the moneylender and check against the updated list of the Registry.


Types of Loans in Singapore

After checking the license, it’s now important to understand the type of loan that you need. Depending on your budget and goals, there are different types of loans being offered by money lenders in Singapore

Here are the usual loans being offered at a low interest by licensed moneylenders, such as 365 Credit Solutions:

Personal loan – This is for any personal reasons, such as for emergency expenses, home renovation or improvement, dream wedding, among others.

Foreigner loan – Especially catered to foreigners, this is also a personal loan specifically target at expatriates looking for financial buffer during the settling in period

Payday loan – If you can’t wait for your payday to make the ends meet, you may opt for a payday or a cash advance. You can pay it on your next paycheck or payday.

Business loan – To keep your business afloat, especially during the economic downturn brought by the pandemic, an MSE is something that you can count on.

Bridging loan – If you are buying a new property, but still waiting for the sale proceeds from your old property, you may take a bridging so you can already purchase the new property, especially if it’s pre-selling.


Things to Consider When Applying For a Loan

The next step when applying for a loan is to consider the following: the amount you can borrow, the interest rates, fees, and other charges, how many months you can pay the loan, and of course customer reviews to check the clients’ satisfaction.

1. Loanable amount

Moneylender showing loanable amount to borrower

The loanable amount refers to the maximum amount of loan that you can borrow from licensed moneylenders. It varies depending on your income or whether you have collateral.

For secured loans, you can obtain a loan of any amount from lender in Singapore. While unsecured personal loans let you borrow up to 6 times your monthly salary if your annual salary is at least $20,000.

Borrower’s annual income Singapore Citizens and Permanent Residents Foreigner residing in Singapore
Less than $10,000 $3,000 $500
At least $10,000 and less than $20,000 $3,000 $3,000
At least $20,000 6 times monthly income 6 times monthly income

2. Repayment period

The repayment period refers to the amount of time you have to pay back the loan (applies to either business or personal loan) and all its associated costs including the interest rate charged.

Licensed money lender in Singapore repayment period may vary, from 6-12 months, subject to the terms and conditions of the agreement.

Find a licensed lender whose repayment period you are comfortable with. That way, you won’t feel so much financial strain when paying back what you owe.

3. Interest rates, fees & other charges

Taking a loan is not free. You also need to pay interest rate, administrative fees, and other charges. Regulated money lenders are limited to charging interest rates of 4% monthly or less.

With effect from 1 October 2015, all licensed money lenders are only permitted to impose the following charges and expenses:

• 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 loan.

4. Reviews & Reputation

Your chosen licensed moneylender reputation matters. That’s why you should pay attention to Google ratings and reviews concerning licensed moneylender. It gives you a more accurate idea of the quality of loan products and services provided in reality.

The more reputable a company is, the more likely you are to be happy with its services.


How to Find the Top Licensed Moneylender, loan offer?

There are several loan comparison sites in the search engines, such as Loan Advisor and Instant Loan. All you have to do is put your chosen loan, the loan amount you’d like to borrow, and how many months you intend to pay the loan.

You will then receive free quotes to compare your options. You may also use a loan calculator to check your monthly payment and interest rate.

Note that it’s important not to apply to multiple moneylenders, as multiple hard inquiries may show up on your credit report and may affect your credit score. This is because too many inquiries in a short time (14 to 45-day period) could make it look like you’re “loan hungry” and seeking many loans that you may not afford.


Eligibility and Requirements

Before you get excited over the thought that you can now finally get financial help from the top licensed moneylender, please don’t forget the documents that must be submitted to avoid delays in the processing.

By the way, the usual approval is only within an hour. So be ready to prepare the following: identity card, proof of residence, proof of employment, recent payslip for the last 3 months, and your SingPass to log into the CPH, HDB, and IRAS website.

For foreigners, there are additional documents that must be presented, such as passport, work permit, and proof of income such as bank statements.

Licensed money lenders also require that you must be at least 18 years old, although some licensed moneylenders require that you must be at least 21 years old. For citizens and permanent residents, your minimum salary must be S$1,500, and S$2,000 for foreigners.



In general, when finding the most dependable money lender Singapore, your chosen loan provider must consider your budget and goals. If they can personalize the loan offer according to your requirements, that would be a great indicator that the lender also takes into consideration your financial situation, not just lending for the sake of it.

The most trustworthy moneylender Singapore that is worth considering is the 365 Credit Solutions Pte Ltd. It is among the top 10 moneylenders in Singapore, according to Loan Advisor, and rewarded as the most reliable Singapore money lender by Top Brands.

365 Credit has been in the business for over a decade and has established a solid and unparalleled reputation. With an excellent rating of 5.0 stars from nearly 300 reviews on Google, you can be confident that their loans are reputable and trustworthy.

Don’t just take our words for it, check out their Google Reviews and get in touch with their professional and friendly loan officers via phone at 6222 5500, or through email at [email protected]

How Much Can You Borrow With Best Personal Loan?

A personal loan can be used for any of your personal needs. From emergency bills to home renovation,  to taking a vacation, you can use it as you see fit.

Most personal loans are unsecured loans or do not require collateral and the amount of loan you can borrow depends on your creditworthiness.

Generally speaking, you can loan up to 10 times your salary when getting a loan from a bank. The borrowed money can be paid over a set term, usually one to five years.  For money lenders, you can loan up to six months’ worth of your income and must be paid within six months.

Aside from the loan amount, you must also consider the interest rates and repayment period or tenure.  Licensed moneylenders in Singapore charge up to 4% interest rates monthly, while banks charge from nearly 4% per annum. That’s because personal loan amount depends on several factors: who you are, how much you want to borrow, and the repayment period


Types of Personal Loans: Secured vs Unsecured

An unsecured loan is a type of personal loan that does not require the pledging of collaterals. If you would like to borrow a higher amount of money, you may opt for secured loans to pledge one of your assets as collateral for the personal loan.

Secured loans typically offer lower interest rates than unsecured loans. This is because the lender won’t have to take on financial risk.

Take note that when you choose secured loans and you fail to pay the loan, the lender may seize your pledged property.


How to Apply


In most cases, you are eligible to apply for personal loans in Singapore, if you are:

  • At least 18 years old (moneylenders); at least 21 years old (banks)
  • For permanent residents, you should have an annual income of at least S$18,000 (moneylenders); S$20,000 (banks)
  • For foreigners, you should have a minimum annual income of at least S$24,000 (moneylenders); S$40,000 (banks)



If you are qualified to apply for personal loans Singapore, your next step is to complete all the requirements. It will make your loan application a lot easier and faster if you have all the documents you need, such as:

For Permanent Residents:

  • NRIC or Identity Card
  • Proof of your residence, if possible a recent bill or letter with your address, or your Tenancy Agreement
  • Employment letter and three months of your recent payslip
  • You should also know your SingPass

For foreigners:

  • Work Permit, S-Pass, or an Employment Pass
  • Your Passport
  • A proof of your employment, such as Staff or Company Pass or, three months recent payslips and employment letter
  • Up-to-date bank statement from the account where your salary is credited
  • Download IRAS NOA using your SingPass


Things to Consider

Regardless of why you need cash right away, a personal loan is a quick and convenient solution to your money problem. Whether for an emergency medical bill, home renovations, a wedding, etc., there are numerous licensed moneylenders and banks. So, how do you know which one has the best offer? Here are four points you have to consider before taking out your loan.


1. Interest Rate

As discussed earlier, banks and moneylenders have different interest rates. 

The maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. 

Banks’ interest rate, on the other hand, is from nearly 4% or more. The interest you pay varies upon factors such as your credit score.

When comparing interest rates for personal loans in Singapore, you may have come across these two types of interest rate, namely:

  • Annual Interest Rate

As the term suggests, your loan is the total interest you pay per year. So, if your loan charges 4% p.a., you have to pay back the total amount you borrowed plus 4% within that year. If your term lasts for two years, you would now have to pay double the amount of interest.

  • Effective Interest Rate

EIR is much higher than your annual interest rate because it takes into account other fees, including an administrative fee, processing fee, number of installments, etc. It gives you the total amount you’ll be paying, which is the principal amount plus interest and other charges.


2. Additional Fees And Charges

Banks’ fees are usually between 1% to 3% (and typically up to $200) and as high as 10% for licensed money lenders.


3. Payment Flexibility

An excellent advantage of a personal loan in Singapore is its flexible repayment option. You can decide how much you are going to borrow and how long you plan to repay it. These options allow you to take out the best loans that you can afford and pay when you can.


4. Ease Of Application

Reputable licensed moneylenders and banks provide reasonably quick loan approval processes. If you have an excellent credit history and have met all their requirements, your loans should be approved immediately. So, if you want your loan application to get done fast and smoothly, come prepared. You have to be sure that you organize all your essential documents and papers that you might need.


young couple happy for getting loan


Maximum Personal Loan Amount In Singapore

When taking unsecured loans, such as personal loans in Singapore, you can borrow an amount based on your monthly salary. Knowing how much you can borrow will help you determine where to apply for the best loan in Singapore.  Not all banks and licensed money lenders will offer you the same amount.

The following should give you more detailed information about personal loans in Singapore from different banks and moneylenders:


1. Citibank Quick Cash

 Citibank offers a maximum personal loan amount equal to four times your monthly salary to their clients. For a minimum of S$20,000 personal loan, you get a 3.99% interest rate and 7.5% annual EIR, for three years. The Citibank Quick Cash loan tenure ranges from 1 to 5 years. 

They offer it to their Singaporean customers with a minimum annual income of S $ 30,000 and to foreigners with S $ 42,000 yearly salary. There are no processing fees, and you can get your cash loan within 1 to 5 days upon approval.

Citibank Credit Card and Ready Credit holders can apply for personal loans using their Citibank mobile app or their website. 


2. DBS Personal Loan

You can get your monthly salary four times or up to ten times if your annual income is S $ 120,000. DBS Personal Loans come with a 3.88% fixed interest rate per year and only a 1% processing fees. They have an annual EIR from a minimum of 7.56%. Choose monthly installments in a minimum of one year or up to five years.

All Singaporean or permanent residents ages 21 to 65 with S $ 30,000 and above annual income are eligible. If you are an existing customer, there are no documents required. What you’ll need to do is log in to your online banking account and submit your application.


3. OCBC Personal Loan

Do you have an existing OCBC Bank account? OCBC offers a personal loan of up to three times your monthly salary. If your annual income iS $ S $ 120,000 and above, you can borrow up to six times your monthly income. What’s more, they have a fixed monthly rate of 10.08% per year and a one-time processing fee of 1%. 

You can choose to repay your loan for up to 5 years. Also, their yearly EIR can get as low as 10.96%. You are eligible to apply for this loan if you are 21 years old and above. Applicants should also be a Singapore permanent resident, with a minimum of S$20,000 annual income. Or, a foreigner that has a yearly income of S$45,000.


4. Standard Chartered Personal Loan

With Standard Chartered, you can borrow up to four times your monthly salary or a maximum of S$250,000. That is if you have an annual income of S$30,000 and above. They can offer you a low interest rate of 3.48% per year and EIR starting at 6.95% per year.

Just be reminded that they charge you with an S $ 199 annual fee inclusive in the EIR. However, it is only applicable for the first year of your loan’s term. They deduct this yearly fee from the amount of the approved personal credit. For the second year of your loan term, they only charge you with S$50 for failure to send payments on time.

For this loan, you must be between the age of 21 to 65 years old. You’ll also need a yearly income of S$20,000 minimum for Singapore citizens and S$60,000 for foreigners. All current customers need no documents to submit. 


5. Maybank Personal Loan

Maybank has four types of personal loans to offer. It includes Debt Consolidation, Personal Line of Credit, Education Loans, and Renovation Loans. Depending on what type of personal loan you choose, you can borrow as much as four times or up to 8 times your monthly income. That amount should fall between S$30,000 and S$200,000. 

Also, they offer low interest rates starting at 2.88% per annum. Moreover, their loan tenure can go as long as 10 years.


6. 365 Credit Solutions Personal Loan

The 365 Credit Solutions personal loans let you decide on the amount you want to borrow. You can get their application process done in under one hour. It is fast, easy, and they have very low interest rates, too up to 4% only monthly.

They are also very transparent. A detailed repayment plan is presented to you straight away. In this method, you can be sure that there would be no hidden charges. It is also convenient because you have multiple payment options via cash, GIRO, or bank transfer. You would only need a minimum annual salary of S $ 1,500 for permanent residents and S $ 2,000 for foreigners. 

The processing fee permitted by the Ministry of Law is up to a maximum of 10%. For further information about money lenders rule on taking out a loan, please refer to the MinLaw FAQ.



How much you can borrow from financial institutions may differ. Aside from the loan amount, you must also consider the low interest rate, processing fees, tenure, and It’s reviews and established reputation.

It may sound like a daunting task, but a loan comparison site and loan calculator may help you weigh in your best options. You may check Loan Advisor or Instant Loan to help you sift through the best personal loan in Singapore for you.

Among the top licensed money lender in Singapore, 365 Credit Solutions offers one of the best personal loan in Singapore. It offers efficient and fast processing of applications, low interest rate, flexible payment terms, and excellent 5-star reviews.

Lastly, make sure to only borrow what you can afford. Late repayments may get you in financial trouble. Feel free to talk to the loan staff about your goals and budget to keep yourself safe from financial worries.


How To Improve Bad Credit to Get A Personal Loan In Singapore?

We’re living in a world run by money, and almost everything that we do and need needs money for it to go through properly. But what if we run short of it? What to do? Well, good thing there are personal loans in Singapore and the world over. It is good to mention that there are different plan types for personal loans.

These help fund expenses and consolidate your existing debts without using any credit cards. There are even some unsecured loans where you don’t have to turn your car or home as collateral.

Unfortunately, it’s hard to get a personal loan if you have got a poor loan credit because this means you’re most likely to not be capable of repaying your credit card debt Singapore on time. But that doesn’t mean there’s no chance of getting a successful application. It’s just that you have fewer loan choices.

Hands open the empty purse after calculating the bill

What does bad credit mean?

Having a bad credit score refers to your Credit Bureau Singapore (CBS) Credit Scores. It is a scoring model that considers bad loan credit to anyone below a certain threshold, with a sliding scale of 1,000 to 2,000 points with 1,000 is the lowest credit rating while 2,000 is the highest credit rating.

Your credit scores are graded between AA to HH. AA being the highest and HH the lowest. Grades BB and CC are indications of late repayments and delinquency, and grades D and below are caused by defaults.

Singapore banks will seldom vary their interest rates based on your bad credit score or credit history, though they will give you a smaller loan amount or reject your application outright.

This model is widely used in Singapore to evaluate the eligibility of borrowers. Your main goal is to have a higher loan credit rating so that it’ll be easier for a customer to avail of a loan. Having a high score means that you’re more capable of paying off the full loan payment on or before the deadline. Most licensed lenders in Singapore will approve your application if you have good credit.

Credit rating, pen, glasses, notebook and calculator on a yellow table

Can you get a personal loan with a lower credit score?

If you have a credit score below CC, that means that you have defaulted on your loan repayments before. This makes it harder for you to avail a personal loan and get new credit. But that doesn’t mean getting a loan in Singapore is difficult. In fact, you can still get the best personal loan Singapore.

In fact, there are a number of urgent loan Singapore providers that cater to those having lower credit ratings. Learn the requirements and their terms first so that you know the payments to make. They are important for a customer that has poorer credit scores. The usual loans in Singapore that accept ratings of CC and below are mostly unsecured credit cards that have high APR and low credit limits.

Will banks give loans with bad credit?

Businessman calculating costs and holding cash notes.

1. Apply for a minimum amount

Yes, banks can consider giving you a loan as long as you apply for a small amount. Low scores usually dictate the inability to repay debt. Thus, borrowing a small amount lowers down the risk.

You can also try getting a smaller personal loan first. And then pay back with the debt in as early as possible, and then apply for a bigger loan. This helps improve your credit scores.

White blocks with the word debt free on table

2. Settle outstanding debts

Do you have an outstanding loan? Settle your current debts and don’t get a loan application from lenders if you still have an outstanding balance. This is especially true if you’re going to borrow a big amount and you have poor credit. Finish off your payment first.

There are also some banks that consider restructuring your current balance. This means that they can lower your interest rate so that you can pay your outstanding balance and apply for a bigger loan. Besides, this is a nice way of improving your credit score.

Which lender is easiest to get a personal loan?

There are a number of banks where you can get a personal loan easily, even with a low credit score. However, the process can be so complicated or the interest rates can be higher. There are certain bank loan products that maximize rebates on daily expenditures without any annual fee. Some will even allow you to earn rebates when you spend. However, since they will look at your credit scores, you will have to be careful with your scores.

That’s where a licensed moneylender comes in, with 365 Credit Solutions being one of the best ones. You can even get a best personal loan Singapore with an uninsured amount of $10,000 to $50,000 and repay it by monthly instalment or depending on your terms. This is your best choice if you have a bad credit and want to have low personal loan interest rates and still have your rights reserved.

Why choose 365 Credit Solutions?

365 Credit Solutions is a licensed money lender, one of the best choices if you’re looking for a personal loan in Singapore that has a low-interest rate. It’s great for personal loans with bad credit because you don’t have to worry about getting huge interests.

365 Credit Solutions is also one of the most credible moneylenders in the industry because it has been credited by the Registry of Moneylenders.

The Bottom Line

Nearly all financial institutions will look at your credit history when you send a loan application. You may be discouraged in case you have a bad credit score. However, there are still many financial institutions that lend to people with lower ratings like licensed money lenders – 365 Credit Solutions. This will allow you to obtain funds you need even if you are unable to take out a personal loan in Singapore.

Head on to our website to find out more!

6 Best Qualities Of A Good Private Money Lender in Singapore

If you find yourself in a troubling situation where you need to take out a sum of cash for emergency purposes, you might want to consider getting financial assistance from a licensed money lender. 

Singapore citizens should note that the decision to choose lenders in Singapore should not just come from a simple Google search. Continue reading to find out all about licensed money lenders in Singapore.

Moneylender talking with clients

Who are licensed money lenders in Singapore? What do they do?

Essentially, licensed money lenders are individuals or non-banking entities which offer money loan services to those in need. They generally provide a short term loan and flexible repayment term. They also offer a variety of loans such as personal loan, payday loan, foreigner loan, bridging loan and business loan.

Traditionally, loans are often offered by financial institutions or creditors like major banks or credit unions. However, licensed money lenders are entities lending money with their own wealth to those seeking to use the financial help for their own personal agenda. 

Unlike the traditional method of borrowing money, going for licensed money lenders would not require a middleman as the process will only include the borrower and the lender directly.

The loans offered by licensed lenders often have loan terms which would be a sizable return for the lender. This could be in terms of a relatively higher interest rate compared to traditional financing, a cut from the profit of the loan, or from the collateral pledged by the borrower. 

Next, how do licensed money lenders operate?

Similar to traditional financing, the three main aspects of licensed money loans include a borrower, a lender, and also a contract. The contract is there as a form of protection for both parties where the loan amount, personal loan interest rates, and other additional details of the loan are all entailed in the contract. 

Should there be a breach of contract, the party responsible is liable for punishment by the law. Moreover, if you are planning to take out a loan from licensed money lenders based on collateral, the institution will have your property examined first to determine your asset’s value. 

Licensed money lenders are also more interested in the purpose of your loan proposal rather than who it’s for. This is also why there are different types of loans offered by licensed money lenders such as personal loan, payday loan, business loan, in house renovation loan Singapore, and etc. So be sure to analyze the use of the loan that you’re opting for and apply accordingly.

What are the qualities of a good licensed money lender?

Now, you might be wondering what are the qualities of a good licensed money lender? Let’s dive into the 6 best qualities that a licensed money lender should have in the list below:

smiling woman talking with customer for assisting to resolve the problem with pose thumbs up

1. Responsive to your queries and concerns

Loan terminologies can be overwhelming and complicated for the common people. Hence, if you do not understand any of the terms, do not hesitate to ask questions! A good sign that a lender is credible is their ability to explain all the terms and conditions thoroughly and comprehensively. 

Their representative should be able to give a clear walk-through of the loan you’re applying for by explaining all the pros and cons that come with the loan. It is also of paramount importance for a loan provider to be highly responsive to your queries and concerns. Their prompt assistance is a good indicator that they are highly responsible, and most importantly, reliable.

Thus, should there be any problems relating to the process of the loan, or if you need to inform them regarding late payments, they are always ready to help by providing various alternatives.

Open days neon signs style text

2. Open 7 days a week

There will be times when you stumble on a financial bump in the road and need to take out extra cash at the most unexpected time. Hence, a lender that operates 7 days a week is definitely a life-savior. Being open everyday is a good indicator that the lender is reliable and trustworthy. This is because they are always available when you need them most especially in emergency situations.

You don’t have to wait for weekends to pay a visit to money lenders, just simply go to any licensed moneylender’s website and submit your loan application! These money lenders are always ready to cater to your loan applications.

Credit rating paper, calculator, pen, and glasses on a blue table.


3. They take a look at your credit health

The prime feature of most licensed money lenders in Singapore is their claim to conduct minimal credit reports. If you possess a legitimate and steady income, you will typically be qualified to take out loans. However, this doesn’t mean your credit score will not be accessed by the money lenders. 

Although your credit score or loan history wouldn’t have bad repercussions in your loan application process, the money lenders are still liable to carry out a history credit check. At the very least, the money lenders should take a look at your credit background for safety purposes. 

It is imperative for them to do a little bit of background checking to ensure you are able to do the repayments. Hence, it goes without saying that a money lender that cannot be bothered to even check the reliability of the people they loan to is definitely a red flag.

4. The lender should not try to persuade you to borrow more

A good lender will try to work out a loan contract that is reasonable for you. To that end, they will not try to convince you to take out a higher loan amount than intended in case you are unable to do the repayment. 

There are instances where some money lenders will offer you a high loan amount – more than the amount you initially intended. In most cases, these lenders are only trying to milk more money out of you in the form of interest payments and higher fees and charges due to the increased loan amount. 

Most licensed money lenders would put emphasis on how much you need, rather than how much money you want. To note, lending money is definitely a cautious and prudent business. 

Thus, these money lenders would need to have certainty that you are able to provide them with repayments and no other hidden agenda. Hence, if there are money lenders that keep pursuing you to take out a loan amount that is beyond your capabilities, you might want to stay away from them.

5. Transparency on loan fees

Loan companies must be up-front regarding the charges they impose for you to be able to assess the entire loan expenses. This is to help you compare and contrast with other loan plans that would best suit your needs and capabilities. The usual charges that you can expect are administrative fee, interest, late interest and late fee.

A licensed lender can only charge up to 4% interest rate per month and an administrative fee of up to 10% only. These fees are fixed and will not move regardless of the amount taken. Hence, it is best for you to avoid taking out a loan from a money lender that is not fully transparent on the fee charges to obtain the loan or during the settlement procedure. 

On another note, be wary of loan sharks masquerading as loan providers that will charge unexpected surprise fees during the loan application procedure. These loan sharks tend to include “surprise charges” only later after you have selected a loan. Thus, read thoroughly all the terms and conditions of a loan contract prior to taking out a loan. 

However, we’d advise you to always go for money lenders that are transparent about the fees incurred for the loan from the get-go.

loan application form


6. Provide reasonably fast approvals

A good licensed lender also tends to have a quick process of approving loans. As soon as your credit history check and other requirements have been met, the approval for your loan should be made so that you can get the money in a speedy manner.

It goes without saying that the prime reason for most people to take out a loan is simply because they need money, and they need it fast! There are plenty of reasons why one needs to get immediate cash – be it for urgent medical bills, in house renovation loans, or even wedding expenses. 

For whatever reason that may be, one thing is clear and that is, the faster you get the money, the better.

So, the best thing to do is to opt for money lenders which can offer you fast approvals. There are many licensed money lenders in Singapore that can access loan applications in just one hour, but be sure to check out the reviews first to know that you are in safe hands.

What is the difference between licensed and unlicensed lenders?

According to Singapore’s Moneylenders Act, no entity can offer money lending services in Singapore unless they are:

  • authorized by a license
  • an excluded moneylender
  • an exempted moneylender

So before you weigh your choices on which money lender you should go for to get loans, make sure you opt for a licensed moneylender. It is crucial for you to only deal with licensed money lenders especially if you want to get financing because it is very unlikely for a licensed moneylender to perform fraudulent services. Here are some of crucial differences between a licensed and unlicensed lender: 

Lawyer checking legal document


1. The lender is registered with the Registry of Moneylenders

So, the number one criteria that a money lender should have is to possess a license. If you want to check out a list of licensed moneylenders in Singapore, the Ministry of Law has gathered a comprehensive list here: List of Valid Moneylenders in The Republic of Singapore. Ensure that the money lender service you’re dealing with is listed in ROM’s list of licensed moneylenders to refrain yourself from engaging in fraudulent schemes.

If the lender is not on the list, do not engage with them. 


2. How they attract their customers

Another major difference is that most unlicensed money lenders operate using shady schemes which include sending unsolicited messages to potential victims. 

These messages are often sent via WhatsApp, supposedly from the Monetary Authority of Singapore or the Ministry of Law, requiring the borrowers to pay a deposit amount and a 7% GST from the loan amount. 

Licensed money lenders are forbidden from the Ministry of Law to engage in cold calls or sending unsolicited messages to the public. As such, they would not reach out to you randomly for loan application persuasions.

Male Hand Holding Id Card With Photo Vector Illustration


3. Identity verification

Licensed lenders will require the loan applicants to pay a visit to their business space to verify the individual’s identity. Always be extra cautious when dealing with money lending activities. 

In summary, always be extra vigilant and careful when engaging with a lender. Know who is licensed and who isn’t before you take any further steps.


If you need financial assistance, 365 Credit Solutions is a reliable licensed money lender, ready to cater to your needs. Head on over to our website to find out more!

Applying For Your HDB Loan Eligibility (HLE) Letter

Planning to buy a house is already a struggle; let alone actually buying it. It is very important that one has a strategic plan to make the purchase of an asset. If you are looking out to apply for an HDB Housing Loan, you will need to attain your HDB Loan Eligibility (HLE) letter, a crucial document for reference that could help you go through the process because “no letter, no loan” basically.

How to get it, you ask? Keep on reading.

#1 What is an HDB HLE Letter

First and foremost, the HDB HLE letter is a document that states the necessary reference for HDB to know one’s financial standing and condition before lending the fund to buy the HDB flat. The HLE letter will supply you with the mandatory information that you need to get ownership of a flat or helps you in setting up a personal budget. Also, it could function as a financial planning apparatus.

Listed below are the particulars that are provided in the letter:

  • Eligible loan amount
  • Monthly installments
  • Repayment period
  • Amount of cash proceeds from the disposal of your existing or previous flat to be used to pay for the next flat (if applying for second HDB concessionary housing loan)
  • Other terms and conditions

The validation of this letter may last up to 6 months and the HLE letter may need up to 3 weeks to get to you starting from the date it was issued. Furthermore, re-assessment is not required within this period so long as there is no alteration in financial position and family members. Moreover, you may apply for a new HLE letter once the existing one is a week away from its expiration.

Loan Application papers

#2 Eligibility to Make an Application

In order to be eligible to apply for HDB Housing Loan, and thus be eligible for an HLE application, one must fulfill these criteria listed.

CitizenshipAt least one buyer has Singapore citizenship
Household Status• Have not gotten 2 or more housing loans from HDB
• Have gotten 1 housing loan from HDB and the latest owned asset is not a private housing property (local or overseas) such as:
o HUDC flat
o Gifted property
o Inherited property as a beneficiary of a will or through Intestate Succession Act
o Property owned through a nominee
Income CeilingAverage gross monthly household income is not more than:
• $14,000 and above for families
• $21,000 and above for extended families
• $7,000 and above for singles buying a 5-room or smaller resale flat or a 2-room new flat in a non-mature estate, under the Single Singapore Citizen (SSC) Scheme
If an applicant has been unemployed for under 3 months, his/her average gross monthly income will be valued based on the number of months worked.
Ownership/ Interest in Property1. Cannot own or sell any private housing property in the last 30 months prior to the date of application of an HLE letter.
2. Must not own or have disposed of any private residential property in the 30 months before the date of application for an HDB Loan Eligibility (HLE) letter. A private residential property (local or overseas) will include:
o Gifted property
o Inherited property as a beneficiary of a will or through Intestate Succession Act
o Property owned through a nominee
3. Not an owner of more than 1 market or any industrial property
4. If any 1 market or any industrial property is owned, one should have no other sources of income
Remaining Lease• The loan amount depends on the longevity the remaining lease able to cover from one’s youngest age to 95 years old.
• You can use these online calculators to plan your budget:
o Resale Financial Plan
o Sales Financial Plan

Home key

#3 3 Types of Loans: LTV, MSR, TDSR

Loan-to-value limit (LTV limit)

LTV limit is the maximum percentage of one’s property worth value you are permissible to pay with loan funding. Generally speaking, it could be equal to 90% of property value inasmuch as the remaining lease of the assets you wish to buy is sufficient for you to depend on until 95 years old. If you are going to apply for a BTO flat, your LTV limit will most definitely equate to the 90% of property value. This is because a BTO flat comes together with a 99-year lease.

Mortgage servicing ratio (MSR)

For MSR, an applicant is only allowed to pay off the 25-years HDB loan with up to 30% of income. You can ask advice from a mortgage broker for a guide with regards to MSR.

Total Debt Servicing Ratio (TDSR)

The rule-of-thumb with TDSR is that, if you are free from any debts, this will not be applicable to you and your application. By right, not any more than 60% of your monthly income should be set aside in paying off debts. This includes most (if not all) an ordinary Singaporean commitment such as; housing loan, car loan, credit card instalment even.

Hence, if let say you are earning a fixed income of $5000 per month, your TDSR will be:

60% of %5000 = $3000

From the amount of your TDSR, if you are already committed to paying off debts up to $1200 monthly, this brings to $1800 left. Meaning to say, you are only eligible to apply for an HDB loan with a maximum of $1800 repayment per month. If we were to assume you are taking the HDB loan for its full term 25 years long tenure, the maximum amount you will be able to borrow is:

$1800 x 12 months x 25 years = $540,000

Bear in mind, similar to the MSR, only 70% of your variable income will be included towards the TDSR.

Happy family

#4 Now… How do I apply for the Letter?

Now, your HLE letter application will start logging onto the HDB website. In the process, you will be required to fill in your necessary particulars along with the needed documents. This may include your payslip in order to prove your income or a record of your CPF contribution history.

When you want to apply for your HLE letter, do it at the right time. Overall, the complete application may take a span of time of 2 weeks, for this reason, it is best and highly recommended for you to apply it in advance before you decide to reach a verdict for your dream HDB flat.

Next, when your application has finished, went through and succeeded (hopefully), you may have a look and retrieve your own copy of the HLE letter from this link. If you wish to keep track of your application process, you may do so on the same platform.

Loan application folder

#5 What Documents Should I Prepare When Applying?

For the inquiry, below are the documents you are expected to present when making your application for HLE letter:

Before that – one thing to be noted, before settling HDB downpayment it will require different types of documents with people from different backgrounds and commitments. Therefore, to make it easier, just get this – the lower your income is, the more documents will be needed by HDB to approve your loan.

For applicants who are an employee with CPF contributions:

  • Latest three months’ payslips
  • 15-month CPF history

For applicants who are an employee without CPF contributions

  • Latest 12 months’ payslips
  • Latest 12 months’ bank statements
  • Credit Bureau report

For applicants who are self-Employed

  • A valid Accounting and Corporate Regulatory Authority (ACRA) Business Profile computer or a valid license of business/trade
  • Latest notice of assessment from the IRAS or a Certified Annual Statement of Accounts from an audit firm

For applicants who are commission-based and part-time workers

  • The Commission statements and payslips for the last 12 months
  • Latest 15 months’ CPF history
  • Credit Bureau report
  • Latest 12 months’ bank statements

For odd job workers

  • Latest Notice of Assessment from the IRAS or a recent letter from the employer certifying your job designation, commencement date, and your commission/salaries for the last 12 months
  • Latest 15 months’ CPF history
  • Credit Bureau report
  • Latest 12 months’ bank statements

For applicants who are a pensioner

  • Latest 3 months’ payslips or a recent letter from the previous employer stating the monthly pension received for the last 3 months
  • Credit Bureau report
  • Latest 12 months’ bank statements

For applicants who are

  • If you have been unemployed for under 3 months, you are to prepare the previous pay slip of your gross monthly income from the months you were still working and state the last day of your service with the last 15 months’ CPF history
  • If you have been unemployed for more than 3 months, you are required to submit a Statutory Declaration, which is attainable through the HBD hub loan counter or from any HDB branch

With that said, below are the important reminders for you. Be VERY sure to apply your HLE letter as early as you can, this because, it is very much needed when you:

  • Reserve a new flat from HDB
  • Wants to purchase from a resale flat seller
  • Applies to take over the ownership of a flat (by way of transfer)

Important to note, there will be no mortgage loan financing for an applicant who wishes to buy a 2-room Flexi flat on a short lease coverage. This is because you will have to go to the place with your own cash or CPF savings. To add to that, couples who fulfill the criteria of applicants and are applying for the first time – those who are both full-time students or National Servicemen, or completed their studies or National Service in the last 12 months before their application, they may be exempted from any income assessment by HDB until just before key collection.

Loan Papers

#6 If I have Gotten My Letter, What’s Next?

Firstly be reminded that if you are to apply for an HDB flat without the letter, or a letter that is validated, you will not be eligible to apply for an HDB housing loan in the future. Secondly, as said earlier on, your HLE letter has a lifespan of 6 months before it expires from the issuance date.

Now, how are you going to put your letter in use? This is how:

  • When you buy an HDB flat
  • When you resell an HDB flat

Specifically, your HLE letter will be much needed when you book your BTO flat. Also, within the period, you will also need to settle your down payment and other miscellaneous fees. Your down payment cost is usually more or less of 10% of the overall purchase price.

Going forward, when you can finally collect your keys – which may take about 2 years (or more), your existing HLE letter may be expired. Of course, you will have a validated one – hence, be alerted of when your first letter expires and apply for a new one when the time comes. Be sure that by then, you are still financially stable and meet the criteria.

The loan funded to you is repayable by cash or through your CPF account. The important details you will be aware of are:

  • Total loan amount
  •  Amount of monthly repayment
  • Period of tenure
  • Interest rate

By now, we would assume you are quite ready to apply for your urgent loan Singapore and grab your dream house! As hassling as all of this process may be, it is just as essential as getting the home you dream of owning. With no further ado, you can now go house-hunt! We wish you the very best of luck with it!

If you enjoy your read, don’t forget to share the article on your other platforms. With all that said, if you are in any circumstances needing immediate cash or financial help, you may visit 365 Credit website – one of the most trustworthy moneylenders in Singapore.

A Guide On Choosing The Best Insurance Companies In Singapore

There are many insurance companies out there that are all vying for you to avail of their products that it can be confusing to find out which one is perfect for you. If you can relate, we got you covered. Listed below are some tips that will be helpful if you are looking for the best insurance companies in Singapore.

Without further ado, let’s start:

  1. Check out the insurance company’s history

When deciding for which insurance company to get your insurance coverage from, it is important to look past their advertising material and delve deep into the company’s history. Of course, every insurance company will have something good and appealing to show on their marketing strategies. The information that you need to see cannot be found in their tailored adverts, but rather on the track record of the insurance company. Look up how many years the insurance company has been in business, the amount of clients that they have, and the insurance types that they offer.

Another important thing is the claim to settlement ratio of the company. You can generally find this information on insurance regulatory boards. Respectable companies will also offer this information, along with their insurer ratings on their own website. The claim to settlement ratio is important since it will allow you to have a quick look on whether the company actually pays out to their insurance holders or not.

  1. The price of the insurance and your budget

Although you should not cheap out on your insurance policies, signing up for one that is out of your budget is one of the worst things that you can do. If you get an expensive insurance policy that you cannot afford to pay, you will have to compromise on your other expenses or skip out on paying the insurance. Either way, you will lose out.

Getting an affordable insurance will be better for you in the long run, since you will be able to comfortably pay for its monthly premium without having to worry about running short of cash. Ensure that the insurance provider you end up picking provides an insurance with a pricing model that suits your personal budget. This will keep you from overshooting with your expenses.

  1. The size of the company

Young Asian Entrepreneurs Meeting In Office

The reliability of an insurance company will ultimately depend upon its size. Look into the important figures like the assets of the insurance company, their market share value, as well as their growth ratio. By doing this, you will be able to assess if the insurance company has the ability to fulfill the claims as stated by your insurance policy in case you need to make a claim. A big company is also more reliable, and you will be rest assured that they will still be around by the time your insurance plan matures.

  1. The insurance provider’s quality of service

The quality of service that the insurance company provides is another important aspect of deciding on an insurance provider. One way of finding out the quality of service they provide is by calling the insurance provider themselves. See how they treat prospective customers who call their line. Is the insurance company open to responding to your questions, whether on a phone call or personally at their office? You might be wondering about the importance of this, so let us shed light on the fact. It is inevitable that you have to make a phone call to your insurance company, especially if you have to make a claim. If they are hard to reach, you will have a hard time sorting out your insurance, especially on events where you have to act fast such as accidents, hospitalization, etc.

Do they provide you with a customized insurance offer based on your needs, or are they just giving you a generic sales pitch without even knowing your financial situation? These are a few of the common factors about quality of service that you should be aware of before making any decisions regarding your insurance.

  1. Reviews and complaints about the company

Young Business People At Meeting In Office

People normally overlook this part of researching for the company, since they feel like the reviews and complaints are not really accurate. However, even though some of the complaints and reviews in an insurance company might be isolated scenarios or planted by their competitors, you must still read them. You can easily distinguish planted reviews since they tend to be repetitive and gives unreasonable low reviews. Pay attention only to the in-depth reviews and ignore reviews that don’t make sense.

Additionally, an insurance company with a lot of clients will surely have a lot of reviews that will dwarf the fake reviews. If a company has no or little reviews, it means that they don’t have a lot of clients. This will certainly provide you with a good idea with regards to which insurance company should you consider and what you should avoid.

  1. Get recommendations from your friends or family members

Deciding on an insurance company at this time might not be easy due to the sheer amount of insurance providers out there. In case you are still having difficulty in choosing an insurance provider on your own, you can get help from a reliable member of the family or a good friend who is proven to make good decisions regarding insurances themselves. You can also make use of your network to find good insurance agents in your area who might be available for a consultation.

If you are looking for a licensed money lender in Singapore to fund your insurance premiums, look no further than 356 Credit. Providing the best personal loan interest ratesUrgent loan Singapore fast application and approval process, and lastly, they are open even on Sundays. You can give them a call at 6222 5500 for more information about personal loans, or email them at [email protected].