How Much Personal Loan Can I Get in Singapore
Getting a personal loan isn’t as easy as asking for money. You need to go through a complex process to get things done, not to mention that you need to pass all the needed requirements. But that doesn’t mean getting one is hard.
In fact, it’s all a matter of having the right resources and being in the right company. So, how much money can you get from personal loans Singapore? Well, the loan amount depends on a variety of factors. Some of which are your income, credit rating, and overall background.
What are the best Singapore banks for personal loan?
1. DBS Bank
DBS bank’s DBS POSB personal loan base your account either on your personal credit line for your loan or your credit cards. What’s great about this bank is that you can easily apply a loan using their internet banking feature if you’re on a DBS POSB plan. Loan processing is also fast and the funds are credited directly to your loan account.
Citibank offers one of the best Singapore personal loan because of its low interest rates. You also don’t have to pay for loan processing fees.
If you’re one of those who need money ASAP, then a Citibank loan is for you. You can even just wait for the personal loan Singapore processing to finish as it only takes around an hour. Loan funds are deposited the next day for Citibank loan accounts, and up to five working days for other bank loan accounts. It’s also a bit similar with the DBS POSB loan conditions.
Compare interest rates.
There are a lot of loan providers in the market and you can easily get confused in all of it. This is why you need to be careful in choosing the right loan for you. Take 365 Credit for example. It is one of the leading companies providing personal loans in Singapore because of its low-interest loan rates and appealing personal loan tenure deals. This makes it a great choice for local and overseas clients, instead of getting credit cards as credit cards get complicated loan tenure such as 60 months duration, especially if you have many.
What is the best place to get a personal loan?
365 Credit Solutions is one of Singapore’s leading and premier personal loan providers because of its established credibility and experience in the industry. The company is accredited and licensed by the Singaporean Registry of Moneylenders.
The company specializes in offering different kinds of loan such as, personal loan, business loan, and even the best payday loan Singapore and bridging loan, both to Singaporeans and overseas clients alike. This makes it one of the best credit cards and loan of choice of many looking to get a loan, along with debt consolidation plan loan.
365 Credit also has its own credit cards which they call as the OCBC 365, which can be used to avail a loan. It is an all-around cashback credit cards for those who spend money on everyday items. It even has a bonus cash feature where you can earn from 3% up to a maximum of 6% on grocery, online shopping, dining, and gasoline bills.
How 365 Credit works?
365 Credit works by no longer splitting dining rebate tiers by weekdays and weekends with a rate of just 6%. It even covers food delivery apps such as FoodPanda and Deliveroo. A 3% loan rate on groceries is also included in its terms conditions.
This is one of the many reasons why it is one of the most sought-after credit cards by most Singaporeans. Meanwhile, bonus cash backs for loan include online travel bookings, electric bills, as well as public transport, and each still having a 3% rate, according to a review. Take note, though, that you can get extra loan rebates on gasoline spent from your personal car and not from public commute. This is great if you need to invest loan funds for your investment scheme.
Can you get a personal loan with 550 credit score?
Yes, you can. But you’ll have a harder time than if your credit score is higher than 550. Most Singapore personal loans prioritize applicants who have credit rating of 600 and above. While there are some accepting a minimum of a 550 credit rating, expect that you’re going to have to present more documents such as income statements to prove that you can repay the amount. There are also times when you get a shorter loan tenure. Don’t worry if your salary is only S$30,000 because you can still get one, though.
Which moneylender in Singapore has the lowest interest rate?
365 Credit Solutions
365 Credit Solutions offers one of the lowest personal loan interest rates in Singapore. It has an effective interest rate EIR of 3.5%, which actually is the lowest rate in the current market.
Though there’s a 1% processing fee for your initial personal loan application, it isn’t really that bad knowing that you’re free from paying any fee for your next personal loan application. It’s also very similar with a DBS personal loan and OCBC personal loan. Also review your balance first before availing to avoid issues.
Along with the loan, you can also avail its credit card. It’s a great choice of entry-level cardholders or those that have minimum annual income of S$30,000. Take note, though, that the minimum OCBC expenditure is $800, with no maximum amount stated. Not hitting the $800 mark means that you’re only getting a minuscule OCBC 0.3% personal loan rate, which is a bit similar to a DBS personal loan.
This is a great card to use on many different things, except for retail shopping and leisure. It’s because restaurants are the only qualified venue to get a cashback. Pubs, bars, and amusement parks aren’t included.
If you are looking for a credible and established professional money lending service in Singapore, then 365 Credit should be your number one choice. We offer the lowest interest rates for personal loan in the market. We are also licensed under the Registry of Moneylenders in Singapore, assuring you that you are in safe hands. Contact us now and learn more about our appealing offerings.