19 August 2024

Written by Alwin Goh

Whether it’s buying that dream HDB flat, sending your kid to a good school, or starting your own business, sometimes personal loans are the way to go. But remember, loans aren’t free money, got interest to pay one!

Which is why this article on how to calculate interest rates for loans is useful for anyone in Singapore who wants to borrow money wisely.

Interest is basically the extra cost you pay for borrowing money. Sounds simple, but the calculations can get a bit tricky with things like your loan amount, interest rates, and how long your loan is for. If you don’t know what you’re doing, you might end up paying way more than you realised. That’s why in a high-cost city like Singapore, being financially savvy is crucial.

For example, a loan with a low advertised rate might sound good, but when you add on all the other fees and charges, ouch! Or you take a longer loan, thinking the payments will be smaller,

Understanding Interest Rates on Loans

When you borrow money, be it for a new car, a house, or any personal reason, you’re not just paying back the principal amount. There’s an extra charge on top, known as interest.

This is essentially the cost of borrowing money, a percentage charged by banks, financial institutions, or licensed money lender in Singapore.

The interest rate you end up paying is influenced by several factors, including your credit score, your income, the amount you’re borrowing, and the terms of the loan.

Breaking Down Interest Rates

Interest rates on loans come in two main types, and understanding how they work is crucial for making smart financial decisions. These rates directly affect your monthly payments and the total amount you’ll repay over the loan’s lifetime. Let’s break down the two primary types:

Advertised Rate

This often referred to as the nominal rate, this is the basic interest rate your loan starts with, not accounting for inflation. Within this category, you might encounter:

  • Flat Rate: The interest stays the same throughout your loan period, commonly seen in car loans and personal loans.
  • Monthly Rest Rate: This is calculated on the remaining balance of your loan, meaning as you pay off the loan, the interest decreases. It’s a common approach for home loans.

Effective Interest Rate (EIR)

The Effective Interest Rate or EIR is a bit more comprehensive. It includes additional fees like processing charges and considers the loan duration and repayment frequency, reflecting the compound interest effect. Essentially, the EIR gives you the real cost of your loan in Singapore, helping you to compare different loan options accurately.

  • Floating Rate: Linked to a benchmark rate (e.g., SIBOR or SOR), floating rates change daily. They’re suitable if you expect rates to drop and are comfortable monitoring market trends. Some floating rate loans may have a lock-in period.
  • Fixed Rate: As the name suggests, fixed rates don’t change during the lock-in period, which can last from one to five years. After this period, the rate might switch to a floating rate based on a benchmark. Fixed rates are ideal if you prefer stable monthly payments or expect interest rates to rise.

Understanding these terms and how interest rates work can demystify the borrowing process, making it easier to manage your finances and choose the loan that fits your needs best.

Whether you’re drawn to the predictability of fixed rates or the potential savings of a floating rate, being informed will help you navigate the loan landscape with confidence.

How Interest Rates From Banks Are Calculated

Having a firm understanding of how to calculate the interest on loans from banks is vital when it comes to managing your monthly spending. This is because the interest on loans from banks can be rather high.

This helps you determine whether or not the loan is within your financial means. Moreover, it gives you a clear image of what you are committed to doing on a monthly basis.

In Singapore, both car and personal loans typically use a flat interest rate, meaning the rate doesn’t change over the life of the loan.

To calculate your monthly interest payment, you can use the formula:

Monthly Interest Amount = (Interest Rate/Number of Payments) × Principal

For example, consider you take out a car loan of S$80,000 for 5 years at an annual interest rate of 2.5%, with payments due monthly.

(0.025/12)× 80,000 = S$166.57

This means you would pay S$166.57 in interest each month. By knowing how to calculate this, you can better plan your finances and ensure that the loan you’re considering is affordable for you.

Payments 5-year loan
Monthly payments S$1,499.90
Total amount paid S$9,994
Interest paid S$9,994

 

You may use a loan calculator to solve this.

On the other hand, the loan may be computed in a different manner by the bank or the lender. In order to obtain a more precise figure, you should check with them.

Understanding The Calculation Of Interest Rates By Licensed Moneylenders

Opting for a loan from a licensed moneylender in Singapore means you’re subject to an interest rate that can go up to 4%, a cap set regardless of your income or whether the loan is secured or unsecured.

For instance, consider taking a personal loan of S$2,000 with a one-month tenure at an interest rate of 3.92%. The interest you’d owe is S$78.40.

However, licensed moneylenders might use various formulas to calculate interest, so it’s advisable to consult directly with the loan officer for precise figures.

Influencing Factors on Interest Payments

Ever compared loans and thought, ‘Why does this one cost so much more?’ It all comes down to the factors that affect your interest payments.

Loan Amount

The principle here is simple – the larger the loan, the more interest you’ll end up paying. This is because larger loans represent greater risk to lenders, who in turn seek higher returns. It is wise to borrow only what you need.

For instance, borrowing S$8,000 over five years at a 2.5% interest rate results in S$1,000 in total interest. Doubling the loan amount to S$16,000, with all other factors constant, would double your total interest to S$2,000.

Interest Rate

The interest rate significantly affects the overall cost of your loan, with various factors influencing rates. A lower credit score, for instance, might result in a higher interest rate. Using the same example as above, an S$8,000 loan over five years, but with a focus on how the rate itself impacts total interest, highlights the importance of understanding and negotiating the best possible rate for your financial situation.

Payments 2.5% p.a. 4% p.a.
Interest paid S$1,000 S$1,600

 

Additionally, it is crucial to understand the type of interest rate applied to your loan.

For example, with a floating interest rate, your interest expenses could fluctuate throughout the duration of your loan, potentially increasing or decreasing based on market conditions.

Loan Duration Considerations

The length of time you’ll be repaying the loan is another important factor. Opting for a shorter loan term usually means you’ll face higher monthly payments, but you’ll also pay less interest overall, offering savings in the long run.

Conversely, a longer loan term spreads out your payments, making them more manageable month to month. However, this approach also means you’ll accrue more interest over the life of the loan, affecting the total cost.

Let’s put this into perspective with an example comparing two scenarios: a 5-year vs. a 7-year loan term, assuming you’ve borrowed S$8,000 at an annual interest rate of 2.5%.

This comparison will help illustrate how the term length directly influences both your monthly payments and the total interest paid.

Payments 5 years 7 years
Interest paid S$1,000 S$1,400

Understanding Your Repayment Plan

How To Calculate Interest On A Loan - Repayment Plan

When it comes to the total amount of interest that you wind up paying, the frequency of your loan repayments might be a significant factor. Because you are able to make payments on a more regular basis, you will be able to reduce the amount of the loan’s outstanding balance on a more frequent basis.

By increasing the frequency of your payments, you may be able to save a large amount of money on interest over the course of the loan’s lifetime, particularly if your lender processes interest calculations using a compounding method.

Choosing Your Repayment Amount

How much you choose to repay each month is equally crucial. Just like making payments more frequently, opting to pay a bit more each month can reduce the overall interest you’ll pay.

This is because you’re directly reducing the loan’s outstanding balance quicker.

In the event that you are considering increasing the amount of your monthly repayment, it is essential to be certain that these additional payments are being allocated to the reduction of your main balance.

When your extra payments are reducing the principal, you’re not just getting closer to being debt-free; you’re also reducing the total interest cost.

Navigating your repayment schedule and amount wisely can make a tangible difference in managing your loan efficiently and economically.

Figuring Out Your Total Repayment Sum

Now that you’ve got a handle on calculating total interest, it’s equally important to know how to work out your total repayment amount for a loan.

The formula is straightforward:

Total Repayment Amount = Principal Amount + Total Interest Amount + Any Additional Loan Fees

Remember, banks and lenders may tack on various fees and charges, which will increase the overall cost of your loan.

If you’re finding these calculations a bit daunting, don’t worry. You can make use of online personal loan calculators.

Most major banks offer these tools on their websites, allowing you to easily estimate your total repayments right from the comfort of your home.

How To Secure Favourable Loan Interest Rates

Imagine saving a ton of money just by getting a good interest rate on your loan. That is totally possible. But how do you actually make it happen? Check out this quick guide to getting the best deal possible.

Boost Your Creditworthiness

In Singapore, your credit score is a key indicator of your financial health, derived from your past credit activities. You can get a detailed credit report from the Credit Bureau of Singapore (CBS) for a nominal fee of S$8.

A good credit score not only shows you’re a reliable borrower but can also unlock benefits like lower interest rates, more substantial loan amounts, or more extended repayment periods.

To improve your credit score, consider these practical steps:

  • Always pay your debts on time.
  • Avoid loan defaults at all costs.
  • Keep your number of credit facilities reasonable.
  • Limit your loan applications within a short timeframe.
  • For those with a less-than-ideal credit history, consolidating your debts and maintaining consistent repayments can help repair your score.

Learn about other ways to boost your credit score.

Opt for a Shorter Loan Duration

Short-term loans may have higher monthly payments, but you’ll save money on interest overall. If you can afford it, a shorter loan term is a smart financial choice

Align with Total Debt Servicing Ratio (TDSR) Guidelines

​In Singapore, Total Debt Servicing Ratio or TDSR ensures borrowers don’t take too much debt.

It limits how much you can borrow based on your income. Staying within this limit is smart financially and can even get you better loan terms.

Aim to keep your total monthly debt payments under 60% of your income.

Struggling to meet TDSR criteria? Here are some alternatives:

  • Increase your down payment.
  • Consider a longer loan term or a more budget-friendly option.
  • Disclose any additional income sources, like bonuses or rental earnings, to your bank.
  • If co-borrowing, reevaluate if your partner’s debt levels are adversely affecting your loan conditions.

Navigating these steps can significantly enhance your chances of securing a loan with favourable interest rates, setting you on a path to financial success.

Other Costs To Consider

Embarking on a loan journey involves more than just managing interest payments. You may be subject to a number of additional fees and charges, all of which have the potential to impact the total cost of your loan.

Here’s a rundown of potential extra costs to keep in mind:

Processing Fee

Often charged right after your loan gets approved, this administrative fee covers the cost of processing your loan application.

Amendment Fee

If there’s a need to tweak your original loan application, an amendment fee may apply.

Cancellation Fee

Deciding against the loan after agreeing to the terms? Watch out for cancellation fees.

Excess Charges

Borrowing beyond your approved overdraft limit incurs excess charges.

Late Payment Charges

Missing the payment deadline? Late fees will be added to your bill.

Default Charges

These are levied if you fail to make payments as per your loan agreement.

Early Repayment Charges

Opting to settle the remaining loan balance before the end of your loan term can lead to early repayment fees.

In order to have a complete understanding of the total cost of the loan, it is essential that you incorporate these additional fees into your financial planning.

Having everything in place guarantees that you are completely ready for the financial commitment that you are about to make.

Smart Tips for Comparing Loan Offers

Understanding the ins and outs of loan interest can significantly influence your financial decisions.
However, when it’s time to sift through various loan offers, remember that patience and attention to detail are your best allies.

Each loan comes with its own set of terms and monthly payments, so finding the one that best suits your needs is key. Beyond just the interest rates, here are some other crucial elements to weigh:

Flexible Loan Duration

The length of your loan can greatly affect both your monthly payments and the total interest you’ll end up paying.

While a longer loan period might offer the appeal of smaller monthly outlays, it also means shelling out more in interest over time.

If your budget allows, opting for a shorter loan duration can save you money in the long run by reducing the total interest paid. Yet, if a shorter loan term comes with a steeper interest rate, consider a longer-term loan but try to make larger repayments when possible.

Total Loan Cost

Look beyond the monthly payments and calculate the total cost of the loan, which includes the principal, interest, and any additional fees. This total figure is what you’ll ultimately pay back to the lender, assuming you avoid any late or early repayment penalties.

Monthly Repayment Amounts

The monthly payment is a critical figure; it’s essential to ensure it’s something you can comfortably manage without overextending your finances.

Avoid situations where your payments are going solely towards interest, leaving the principal amount untouched.

How to calculate your monthly loan payment:

  1. Find the total interest: Multiply the loan amount by the annual flat interest rate, then multiply that number by the loan length in years.Example: Loan of S$8,000 at 2.5% interest for 2 years = S$8,000 x 0.025 x 2 years = S$400 total interest
  2. Add the interest to the loan amount: Take the original loan amount and add the total interest you just calculated.Example: S$8,000 + S$400 = S$8,400
  3. Divide by the loan length in months: Take the total from step 2 and divide it by the number of months in your loan term.Example: $8,400 / 24 months = $350 monthly payment

The Bottom Line

Before you sign a loan agreement, be sure you fully understand the terms, including the interest rate. Several things affect how much interest you pay on a loan, including your income, loan amount, repayment length, and credit score. While shorter loans often have higher monthly payments, you’ll usually pay less interest overall.

Never forget that interest calculations could vary throughout financial institutions. A loan calculator can simplify these calculations for you, making them easy and accurate.

Always check the whole cost of a loan, including interest, processing fees, and any other associated expenses, before signing any paperwork. Knowing all of the financial details of the loan you’re thinking about is the first step in making a smart decision.

So, are you ready to take out a personal loan? Let Crawfort help you with your loan needs. It only takes 8 minutes to approve your loan application. Apply for a loan now!

A Personal Loan In 8 Minutes.
That’s how fast it takes.

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Personal Loan
Moneylenders Credit Bureau (MLCB) Singapore: What You Need To Know?

Thinking about borrowing money in Singapore? There are rules in place to help you avoid getting into too much debt. The Moneylenders Credit Bureau (MLCB) is in charge of setting these rules. The MLCB assists the lender in tracking a borrower’s credit history. It acts as a central repository of credit information, wherein you can […]

Blogs and Opinions
8 Effective Tips to Save Money in Singapore

Singapore’s a fantastic city, but let’s be honest – it can be tough on your wallet! Even with a decent paycheck, those living costs add up fast. But don’t worry, this post is all about changing that. We’ve got a bunch of tips to help you save, even if you’re not rolling in cash. You […]

Personal Loan
Getting A Line of Credit Online: What You Need To Know?

If you need extra cash but want the flexibility to use it when you really need it, a line of credit might be helpful. Think of it like a credit card with a ‘tap’. Once approved, you can spend up to that limit. It’s perfect for those home improvement projects you’ve been eyeing or when […]

Personal Loan
How Much Loan Can I Get From A Bank In Singapore?

For many Singaporean homebuyers, the issue of “How much loan can I actually secure from a bank?” arises as an urgent concern. Because it depends on so many different personal details, this question doesn’t have a universally correct response. To properly prepare for a house purchase, you must have a firm grasp of how financial […]

Personal Loan
Ultimate Guide To Getting A Personal Loan In Singapore With Bad Credit

Need a personal loan with bad credit score?  It’s tough to get a personal loan in Singapore with bad credit. With a bad credit score, you automatically leave a poor impression on financial institutions, lenders, and banks. The truth is that having bad credit can happen to anyone. A job retrenchment, a wrong choice in […]

Personal Loan
Loan Tenure In Singapore: What You Need To Know?

Getting a loan? Don’t forget to think about the payback time – this one is very important! You want to pick a loan with a repayment period that works for you. Make sure you’re able to pay it back without stressing yourself out financially. This article will tell you about loan tenure, how it affects […]

Personal Loan
Guide on Borrowing Personal Loan from Toa Payoh Money Lender

Toa Payoh, one of the first HDB (public housing) areas in Singapore, started in the 1960s to sort out housing for a lot of people. Before it got built up, the place was like a big swamp, which is what “Toa Payoh” means in Hokkien. It was part of Singapore’s rich past because it was […]

Personal Loan
What Are The Differences Between Recourse And Nonrecourse Loans?

In Singapore, borrowers are familiar with various loan options like personal, business, payday, and fast cash loans, commonly offered by banks and licensed money lenders without the need for collateral. While many have navigated auto or HDB loans successfully, the distinction between recourse and non-recourse loans might not be as clear. These often-ignored terms have […]

Personal Loan
Is It Possible To Find Personal Loans With Guaranteed Instant Approval In Singapore?

Need some quick cash? Feeling tempted by those flashy ads promising “easy money, no hassle“? Hold on right there! Before you jump into the arms of a loan shark (or their slick online equivalent), let’s break down the real deal on personal loans with “guaranteed instant approval” in Singapore. Spoiler alert: It is not always […]

Personal Loan
What You Need To Know About Interest-Free Loans In Singapore?

You’ve probably seen those ads popping up everywhere, claiming they can give loans without any interest, right? Sounds almost too good to be true, doesn’t it? Well, are these zero-interest loans real or not? What’s the actual deal behind these offers, and what catch should you be looking out for when it comes to these […]

Personal Loan
Guide to Borrowing An Instant Loan With A Chinatown Money Lender

Facing financial challenges can seem daunting, but accessing the right support can make a world of difference. In Singapore, particularly in Chinatown, there’s a myriad of lenders offering instant loans to help those who need to fill gaps in their budget. This guide simplifies the process of getting a fast cash loan from a Chinatown […]

Personal Loan
How To Apply For An Instant Loan From A Changi Money Lender?

Life in Singapore can be fast-paced and unpredictable, and there are times when you might find yourself in need of quick financial assistance. This is where a Changi money lender comes into the picture. These loan providers offer various loan options to help you manage unexpected expenses or financial emergencies. Whether you’re a local resident […]

Personal Loan
Borrowing From Bugis Money Lender: What You Need to Know?

Bugis, situated in the heart of the Central Business District (CBD) in Singapore, is home to the renowned Bugis Street. Recognised as the largest street shopping destination in Singapore, Bugis Street attracts both locals and tourists alike. In addition to the Bugis Street Market, it is home to two of the most well-known retail centres: […]

Personal Loan
Guide To Borrowing Personal Loan From Bishan Money Lender

Bishan, also known as Bishan New Town or Bishan Town is among the mature residential towns in Singapore. It is an urban planning area that is situated in the central region of Singapore and encompasses a total area of 743 hectares. Due to its size and the fact that it is one of the more […]

Personal Loan
Guide To Borrowing From Ang Mo Kio Money Lender: How To Avoid Illegal Lenders

Ang Mo Kio, situated in the northeastern region of Singapore, derives its name from Hokkien, translating to “red-haired man’s bridge.” As a planning area and residential town, Ang Mo Kio is located approximately 11 km north of the Downtown Core district. Positioned at the south-western corner of the North-East region, it shares borders with Yishun […]

Personal Loan
Can I Take Home Loan After Personal Loan In Singapore?

Picture yourself in this situation: after taking a personal loan for an urgent need or a significant life event, you’re now eyeing your dream home. Because of this, you find yourself facing a common problem experienced by many Singaporeans – balancing dreams and financial commitments. As you weigh your options, understanding the intricacies of managing […]

Personal Loan
10 Essential Things You Need To Know When Borrowing A Personal Loan From Hougang Money Lender

Singapore’s northeastern residential district, Hougang, borders Punggol to the north, Upper Serangoon Road to the south, Sungei Serangoon to the east, and Yio Chu Kang to the west. As of 2015, over 51,000 housing units are Hougang New Town, Singapore’s largest public housing estate by land area. This self-sufficient community has several amenities nearby and […]

Personal Loan
Your Comprehensive Guide To Getting A Loan From An Ubi Money Lender

As one of Singapore’s premier subzones, Ubi is a hub of economic activity. From the moment you step onto its streets, you are instantly surrounded by a multitude of shops, restaurants, and office buildings. In an area like Ubi, the need for financial support should be as diverse as its residents and workers. That’s where […]

Personal Loan
How To Get A Personal Loan From A Clementi Money Lender

Life has its own set of obstacles and surprises in the bustling town of Clementi, which can be found away in Singapore’s easternmost in the West Region. While family and friends might be the first line of support in times of unexpected emergencies, situations may arise where additional financial assistance becomes imperative. Whether it’s a […]

Personal Loan
Why Take A Personal Loan From A Licensed Money Lender in Tampines?

Situated in the eastern part of Singapore, Tampines stands as the third-largest new town, a product of strategic urban planning. Once a landscape dominated by forests, swamps, rubber plantations, and sand quarries, the town’s name, Tampines, originates from the indigenous Ironwood trees, also known as “tempinis,” which once flourished in abundance in the area. Aligned […]

Personal Loan
Secured Vs Unsecured Personal Loan In Singapore: Which One To Take?

If you’re facing some kind of financial difficulty, getting a personal loan in Singapore could help improve your situation. Whether you choose to borrow from a bank or a licensed money lender in Singapore, you have a decision to make: you’ll need to decide whether to take out a secured personal loan in Singapore or […]

Blogs and Opinions
Personal Loan In Singapore: What’s A Debt Consolidation Plan?

With the lure of credit cards and their rewards (think airmiles, cashback, free luggage), many Singaporeans end up with large credit card debt. Swiping the card is so easy and convenient, that many fall into the endless debt trap. If you find yourself struggling to make timely credit card and personal loan repayments in Singapore, […]

Personal Loan
Everything You Need to Know About Bedok Money Lender

Bedok is known for its incredible community, but it is also a place where unexpected financial needs can arise. Be it for an unforeseen medical expense, a sudden business requirement, or a personal emergency, the traditional banking route’s complex procedures and strict criteria may not be enough for the average Bedok resident. This is where […]

Personal Loan
How to Get An Instant Cash Loan From Orchard Money Lender?

Sometimes, unexpected events are bound to happen where you need money right away. These emergency situations are unavoidable. If you are in Singapore’s retail heart, which is Orchard Road, you might be looking for some quick options where you can borrow money. However, borrowing from a friend or a relative may not always be a […]

Personal Loan
Your Guide To Getting Fast Cash Loans With Yishun Money Lender

Yishun, formerly known as Nee Soon, is one of the best spots in Singapore that offers a perfect mix of tradition and modernity. But it isn’t just a place – it’s a community. And just like any community, especially one that is part of the most expensive city in the world, financial hurdles are part […]

Personal Loan
Taking Control Of Your Finances Through MLCB Self-Exclusion

Have you ever felt trapped in a debt cycle? If so, you already know that it can take its toll on your life and relationships. Borrowing can be an addiction that causes harm not just to your finances, but also to your well-being. If you need a way to break free from this compulsive behaviour […]

Personal Loan
How Does Bridging Finance Work in Singapore?

As your family grows, you might plan to buy a bigger property and sell your existing home. As you are still in the process of selling your property, your funds may not be enough. Your savings might not be enough to cover the expenses of buying a new home. Moreover, borrowing from family members or […]

Blogs and Opinions
Guide To Finding Best Cheap And Good Renovation Contractors In Singapore (2024)

When it comes to home renovations, choosing your contractor can make or break the entire project. Contractors manage projects, coordinate with skilled workers, and monitor that the renovation work is completed on time and within your budget. Considering its importance, picking out the affordable and reliable contractor is something you shouldn’t take lightly especially because […]

Personal Loan
Licensed Moneylender In Jurong East: Go-To Guide Borrowing A Personal Loan

Jurong East is a small yet vibrant neighbourhood in Singapore. This is among the places in Singapore that boast attractions like the renowned Jurong Bird Park, home to over 3500 birds, and the Singapore Discovery Centre. Delight in family-centric amenities, such as KidSTOP at the Science Centre, a dedicated play zone offering various activities and […]

Personal Loan
What Are Monthly Instalment Loans In Singapore?

Ever heard the term “instalment loan” thrown around but wondered what it means? Don’t worry, you are not alone. Borrowing can definitely be overwhelming at times, especially when you encounter unfamiliar terms and concepts. However, understanding the ins and outs of instalment loans is essential for anyone seeking financial assistance in Singapore. To better understand […]

Personal Loan
What Are The Interest Rates and Fees A Private Moneylender Can Legally Charge?

Sometimes, we may face financial emergencies or require quick cash for unexpected expenses. In these challenging times, borrowing from a moneylender can be an ideal way to get the needed funds. However, before taking out a loan, it is vital to understand the interest rates and fees that private moneylenders can charge in Singapore. In […]

Personal Loan
How To Check Credit Score In Singapore?

When it comes to loan applications, your credit score or credit rating significantly influences the likelihood of approval. Major loan providers such as banks consider it a primary factor in assessing your eligibility for a loan.  A favourable credit score suggests a high likelihood of loan approval, whereas a low credit score makes it challenging […]

Personal Loan
Complete Guide To Short-Term Loans In Singapore

There could be a situation where you urgently need cash to tide over an unforeseen situation. One solution to consider is applying for a short-term loan in Singapore. In this article, we’re going to share with you all you need to know about short-term loans in Singapore. What’s A Short-Term Loan? A short-term loan usually […]

Personal Loan
How Personal Loans In Singapore Can Be Useful For Grab And Taxi Drivers

The past few months have been difficult for many people in various industries. Most businesses, especially in the service industry, have been badly affected by the COVID-19 social distancing measures. Taking a personal loan in Singapore is one option to get through this tough time.  Ever since the outbreak began, less people have been going […]

Personal Loan
Renovation Loan Vs Personal Loan In Singapore For Home Renovation: What’s The Difference?

The priciest thing you can buy in Singapore is probably your home. Even if you don’t mind a rugged aesthetic, minimalistic, or industrial look, basic renovation is still necessary for installation of electrical endpoints, tilework, paintwork, and so on.  If you’ve done the maths, you’ll realise that renovations can cost an arm and leg. However, […]

Blogs and Opinions
How To Get An Instant Cash Loan In Singapore

Are you going through an emergency that requires quick cash? Then you might want to consider getting an instant cash loan in Singapore. Getting an instant loan can help to solve your urgent financial needs. Since you can get them fast, you’ll be able to solve your issues as quickly as possible.  How do you […]

Personal Loan
An Essential Guide To Personal Loan In Singapore: What It Is And How To Apply

Whether you need a helping hand to achieve a resolution you’ve set for the year, or you’re in urgent need of money, getting a personal loan in Singapore from a licensed moneylender may come in handy.  But before you apply for a personal loan in Singapore, here are some important things that you need to […]

Personal Loan
4 Types Of Personal Loan In Singapore You Should Know

It is tough sometimes when we land ourselves in unexpected situations that require immediate financial assistance, such as medical emergencies or investment opportunities. At times like this, taking out a personal loan in Singapore could be a viable option to ease your financial burden.  A personal loan is a type of unsecured loan that does […]

Personal Loan
Tuition Fee Loan In Singapore: What Is It And How Does It Work?

Despite the government’s provision of a tuition fee grant, the cost of tuition continues to rise annually. In fact the average annual education inflation rate in Singapore was about 2.86% for a 20-year period (2002-2022). Moreover, it was reported that the school fees will increase from 2024 to 2026 for PR and international students. So, […]

Blogs and Opinions
Saving Money In Singapore: Easy Ways To Grow Your Savings

If you often find yourself living paycheck to paycheck despite your best budgeting efforts, you’re not alone in this situation. Overspending is a common challenge that many individuals face. No matter how meticulously you track your expenses, the temptation of impulse buying might occasionally mislead us. The fact is that since we are all imperfect, we […]

Personal Loan
Guide to Peer to Peer (P2P) Lending in Singapore

Peer-to-peer lending or P2P lending is a part of financial innovation that originated in the UK in 2005. It has become an investment and lending platform that has reached major financial markets worldwide, and Singapore is no stranger to P2P lending. It has adopted this FinTech tool for borrowing and lending money. In this guide, […]

Personal Loan
How Do Home Renovation Loans Work In Singapore?

Considering a home renovation project this year, but falling short on your savings? You might consider getting a home renovation loan. Without sacrificing your objectives, this type of loan is designed to assist you in funding your home improvements. But, how do home renovation loans in Singapore work, and what should you take into account? […]

Blogs and Opinions
When Should You Consider Taking A Personal Loan Over A Renovation Loan In Singapore?

Now that you’ve collected the keys to your new home and browsed countless web pages for decor inspiration, it’s time for the next step. Imagine, after a long day at work, going back to a home that’s furnished and personalised just the way you like it. Isn’t that exciting? That is until you realise the […]

Personal Loan
Emergency Payday Loans from Direct Lenders: A Comprehensive Guide

Life is full of challenges and unfortunately facing sudden financial trouble is part of it. You may be facing a sudden medical emergency, car repair or the need to replace a broken appliance which may require quick cash to cover these emergencies. In these unexpected events having an emergency payday loan from a direct lender […]

Personal Loan
Should You Take A Personal Loan In Singapore For Home Renovation?

Whether you want to increase your property value or simply enhance the aesthetics of your house, you need a home renovation. However, loan renovations can be costly and you may not be able to do up your dream house should you lack funds. Now, the good news is that you have alternative options to help […]

Personal Loan
How To Pay Off Multiple Payday Loans

When your bills and emergency expenses pile up, it can be hard to resist the temptation of payday loans. Although these loans can be a helpful remedy for tough times, they also have the potential to trap you in overwhelming debt. Thankfully, there are tons of ways to help you get back on track financially. […]

Personal Loan
How To Clear Credit Card Debt With A Personal Loan In Singapore

Credit cards have a lot of benefits. Not only do they boost your spending power, but they’re also very convenient since you don’t need to keep drawing and carrying cash. However, for the convenience they offer, you run the risk of incurring high interest and accumulating debt quickly. What should you do when you find […]

Personal Loan
What Are The Alternatives To Personal Loans In Singapore For The Unemployed?

When we need cash, some of us consider taking personal loans to get through the tough period. Unfortunately, it can be difficult to get a personal loan in Singapore when you’re unemployed.  Don’t worry, though. There are alternatives to personal loans in Singapore that you can take up, even if you’re unemployed. This article is […]

Blogs and Opinions
How Does Credit Counselling And Debt Management Programme Work?

Have you ever found yourself struggling in debt, with no one to turn to, and all hope seems lost? In those situations, where can you get help? Well, there’s an answer for that: credit counselling. It’s alright if you don’t really know what it is. Not many Singaporeans are familiar with the concept of credit […]

Personal Loan
Total Debt Servicing Ratio (TDSR): What Is It and How It Affects Your Personal Loan Application?

One major factor that makes a huge difference in whether you get approved for a personal loan is your total debt servicing ratio. If you haven’t heard this concept before, it might seem complicated, but don’t let it scare you. To put it simply, your TDSR is just a way to figure out if you […]

Blogs and Opinions
Licensed Money Lender Vs A Pawn Shop In Singapore: What’s The Difference?

Something sudden happens and you find yourself in urgent need of cash. You might be considering borrowing from the bank, but they might take a long time to approve your loan. So, you start looking for alternatives to get a fast loan in Singapore. When it comes to getting quick cash in Singapore, 2 options […]

Personal Loan
Loan Scams In Singapore: How to Protect Yourself from Personal Loan Scams

As of 14 October, the police warned the public about the return of loan scams involving fake emails from banks and government agencies in Singapore.  Between 1 September and 4 October 2021, there were 17 victims losing a total of over $130,000. While the Police have suggested ways to help combat scams, it is important […]

Personal Loan
Financing Your Home Renovation: Personal Loans In Singapore, Renovation Loans, And More

Just collected the keys to your new house? Buying a house is most likely the largest purchase in your life. After getting the keys, you’ll want to renovate it to turn it into your dream home. In this article, we look at renovation costs, what affects it, as well as financing options like a renovation […]

Personal Loan
How To Get The Best Personal Loan In Singapore To Help Make Your Dream Vacation A Reality

Are you planning your next dream vacation as more countries now allow tourists for the first time in two years since the start of the COVID-19 pandemic? Did you then realise that you may need extra cash as your travel funds are insufficient? If so, you’ve come to the right place! Read on. You will learn […]

Personal Loan
6 Tips To Avoid Being Rejected For A Personal Loan Application In Singapore

It’s never a nice feeling being rejected for anything, especially when it comes to a personal loan application. If you’ve ever been in this position before, you will know how discouraging this can be. So, why are personal loan applications in Singapore rejected? And what can you do to avoid it happening to you? Keep […]

Media
Singapore Fintech Startup Capital C Scores $54m in Fresh Funding

DealStreetAsia Capital C Corporation, a Singapore-based financial services provider, has announced raising S$74 million ($54 million) in a mix of pre-seed equity and debt funding rounds. The fundraising exercise was participated by Phillip Capital, Luminor Capital, Paradise Group, Citystate Group, family offices, and ultra-high-net-worth individuals, according to the announcement. With the fresh funding, the company, […]

Media
Singapore’s Capital C Corporation Bags SGD74 Million in Funding

Finextra Capital C Corporation, a Singapore-based financial services provider, bags SGD$74 Million in their recent fundraising exercise with PhillipCapital, Luminor Capital, Paradise Group, Citystate Group, various family offices and Ultra-High-Networth-Individuals. The fresh injection of funds will serve to fuel their lending capabilities and expand their digital financial platform offerings to provide a seamless experience and […]

Personal Loan
When Can Personal Loans In Singapore Be A Better Option Than Credit Cards?

Personal loans and credit cards are two popular credit options in Singapore. For instance, if you are short of cash to pay your monthly bills, getting a personal loan in Singapore or paying through your credit card can be a viable option. Both provide easy access to money when in need but getting a personal loan can […]

Company News
Capital C Corporation in DocuSign Momentum 2022

Celebrates the achievements of 10 businessmen and women who prove to have what it takes to break boundaries and emerge as winners of Singapore’s Entrepreneur of the Year Awards (EYA).

Personal Loan
Should You Take Out A Personal Loan in Singapore For The Holidays?

Have you been thinking of taking a break for this coming holiday season? Are you also considering rewarding yourself or your family with a memorable holiday gift? As the country eases the travel restrictions especially to fully vaccinated Singaporean residents, traveling to your dream destinations is now possible. Regardless of the plans you have for […]

Personal Loan
How To Manage Your Personal Loan In Singapore More Effectively

Taking a personal loan in Singapore from licensed moneylenders can help you manage your unexpected expenses, such as medical bills. Moreover, it can help you in fulfilling your life goals. While it can make a huge difference in managing your financial situation when it matters most, it is not a permanent solution. Although you are free to use […]

Personal Loan
Why Taking A Personal Loan In Singapore Is The Best Option For Emergency Expenses?

In the time of a pandemic (like now), you need to be prepared for emergency expenses. However, if you are someone who does not have savings or is hesitant to borrow money from friends or family, then you could be in trouble when an emergency arises. But, don’t worry, getting a personal loan in Singapore to tide […]

Personal Loan
Top 6 Life Goals You Can Achieve With Singapore Personal Loan For 2022

Having sufficient money can help you achieve your New Year’s goals.  However, if you don’t have enough cash, taking a personal loan in Singapore is something worth considering. With a personal loan, you can get a relatively substantial sum of fast cash, and this is useful if you already have big goals and plans for New Year. […]

Personal Loan
Licensed Moneylenders Vs Banks: How Long Does It Take To Get A Personal Loan In Singapore?

If you are currently in need of quick cash for emergencies or holiday spending, you might consider taking a personal loan either from a licensed moneylender or bank. You might wonder how long it takes to get a personal loan from these credit facilities. How fast does it take to get your loan application approved with a licensed […]

Personal Loan
Is It A Good Idea To Take Out A Personal Loan In Singapore To Invest?

According to the latest Finder’s survey, nearly 1 in 3 (that’s 32% or 928,000 Singaporeans) have taken out a personal loan in the past 12 months. Some of the key reasons why people are taking out personal loans in Singapore include, covering daily expenses, helping out a friend or family, and financing a mortgage.  But […]

Company News
Crawfort Is Honoured To Be Awarded The Singapore Quality Class Certification

Crawfort is honoured to be awarded Singapore Quality Class certification. This certification, by Enterprise Singapore, recognises organisations that have attained robust business fundamentals and met standards for good business performance based on the internationally benchmarked Business Excellence Framework. This certification serves as a recognition of our commendable management capabilities and commitment towards continuous improvement and sustainable […]

Personal Loan
6 Must-Know Tips To Get The Best Personal Loan In Singapore

You might be looking for a personal loan to help you cover some financial needs. But with the overwhelming amount of loan products and choices out there, how do you find the best personal loan in Singapore?  Financial institutions in Singapore offer loan discounts and promotions periodically; it’s important that you learn how to compare […]

Blogs and Opinions
7 Things You Should Know About Loan Sharks In Singapore

Commonly known as “ah longs” in Singapore or unlicensed moneylenders, a loan shark is a person or entity that lends fast and easy money at sky-high interest rates. These interest rates are typically far above any established legal rates.  They are infamous for their harassment tactics and threats of violence as a means of forcing […]

Personal Loan
5 Tips On Taking A Personal Loan In Singapore When You’re Unemployed

Life is always unpredictable, and there may be times when you need to take up a loan to tide through unexpected financial difficulties. It could be medical emergencies, debts, bills to pay, or simply urgent cash needs. And if you’re unemployed, getting a personal loan in Singapore can be difficult. In Singapore, banks and financial […]

Personal Loan
Scam Alert: Fake Site!

RED ALERT: crawforts.com is a SCAM site posing as us. Apart from using a web URL that bears close resemblance to ours, this website also displayed our previous brand logo and company information that are stolen from us. Please be informed that this site has no relations to us and are likely to be operated […]

Blogs and Opinions
3 Reasons Why You Should Never Borrow From A Loan Shark In Singapore

If you’ve ever found yourself in a tight financial spot and have considered borrowing from a loan shark in Singapore, think twice. There are many risks involved when you borrow money from an unlicensed money lender like a loan shark. This includes high processing fees and interest rates, and continuous harassment to you and your […]

Personal Loan
5 Tips For Short-Term Course Remote Learning And How A Personal Loan In Singapore Can Help

Maybe you’ve already been sitting on the idea of taking the plunge into the world of short-term courses. Whether it’s learning a new design software or discovering a different industry, short-term courses are all the rage for both working professionals and students alike to upgrade their skills. But maybe you’re hesitant because of many factors, […]

Personal Loan
Loan Scams – Do Not Be A Victim

Loan scams are on the rise now. Please stay vigilant and beware of scammers who may approach you with attractive loan offers through calls, SMSes or any other media forms. Don’t be impulsive and fall into their traps. Learn to differentiate between a licensed and unlicensed money lender in Singapore. Crawfort Finance will only advertise […]

Blogs and Opinions
3 Alternatives To Filing For Bankruptcy In Singapore

Filing for bankruptcy in Singapore can stir up feelings of stress, anxiety, depression, and failure. Let’s face it, the process of filing for bankruptcy is also a tedious affair combined with the social stigma that comes with it. So before you decide to file for bankruptcy, why not consider other alternatives that are more desirable […]

Personal Loan
The 2 Types Of Personal Loans In Singapore To Consolidate Your Debt 

Besides being symbolic of financial independence and adulting, owning a credit card is a great way to earn rewards and cashback on your spending as long as you pay your bills dutifully every month. But what if you’re unable to pay your bills on time? With sky-high interest rates and a few late payment fees, […]

Blogs and Opinions
10 Travelling Tips For Your Next Trip And How A Personal Loan In Singapore Can Help

In a world where everything has its price, your dream of travelling the world can seem far and out of reach. Especially when you have daily expenses to account for and pressing bills to pay. Travelling can be expensive. However, the experiences you gain and memories forged from travelling is oftentimes invaluable. Though travelling can […]

Personal Loan
Should You Take A Personal Loan In Singapore For Your Vacation?

Have you been toying with the idea of taking a good break for a while? And when we mean a break, we mean a good, quality break that’s going to give you a good reset. Maybe it’s been something on your mind for a while now but you haven’t gotten around to it because it’s […]

Personal Loan
Why You Should Upgrade Your Skills And How A Personal Loan In Singapore Can Help

According to Robert Kiyosaki, a successful businessman and author of Rich Dad Poor Dad, continuous learning is the key to getting rich. If you want to be successful in life, you need to have the right attitude, the right mentality, and seek continuous learning. Even after graduating, you should continue to upgrade your skills, which […]

Personal Loan
3 Ways To Reduce Your Wedding Costs And How Getting A Personal Loan In Singapore Can Help

Your wedding day is undoubtedly one of the most important days of your life. If you’ve been saving diligently after meeting “the one”, kudos for planning in advance! However, it may be the case that your savings still aren’t enough to cover the costs of your dream wedding.  To help you along on your journey, […]

Personal Loan
2 Types Of Personal Loans In Singapore To Consider In Times of Emergency

It’s always good when we receive a heads up before something happens, so that we can prepare for it.  But that doesn’t happen all the time. You can never predict when something unexpected crops up, and when you need extra cash urgently. In such times, a personal loan can be a viable option.  Types Of […]

Personal Loan
When Should You Take Out A Personal Loan In Singapore To Upgrade Your Skills?

We’re often told to continuously upgrade our skills because we need to stay relevant in times of changing needs. And one way to do that is through taking up courses. Plus, doing so can be helpful when we choose to switch careers. But taking up courses in Singapore can be quite expensive. For instance, a […]

Blogs and Opinions
8 Reasons Why You Have Low Credit Score In Singapore

Looking to purchase a home, car, or paying for that dream wedding? High costs of living in Singapore can make that hard to achieve. In fact, taking on personal loans to make those dreams a reality is not uncommon. Before applying for a loan, you should look at a few key considerations banks and financial […]

Blogs and Opinions
7 Things You Didn’t Know About Licensed Money Lenders In Singapore

Getting married, buying a home, or furthering your studies are major milestones in life. And these milestones usually come at a hefty price. Remaining debt-free becomes increasingly difficult as you move up the different stages of life; the last thing you want is to be trapped in a financial emergency. Turning to loved ones or […]

Blogs and Opinions
Licensed Money Lenders In Singapore: What Are Your Options If You Can’t Repay Your Loan?

Some of us encounter financial difficulties at different junctures in life. In such situations, borrowing from lenders like banks or licensed money lenders in Singapore would be among the available options to help get you back on your feet. Whether you borrow from a bank or licensed money lender, you’re of course obligated to make […]

Blogs and Opinions
4 Things To Consider When Borrowing From A Licensed Money Lender In Singapore

Whether it’s taking out a loan to renovate your brand new home or financing an unexpected medical emergency, there may come a time when you need some financial assistance. Taking out a personal loan to fund such expenses is a common option.  As a borrower, you’re usually faced with 2 main options: a bank or […]

Company News
Leveraging On Digitalisation To Simplify Loan Application

Singapore — (19 May 2020) — Staying ahead of the digital economy, we at Crawfort, the consumer loan subsidiary of Capital C Corporation, have incorporated digitalisation strategy to introduce a new loan platform with an improved user interface and experience on our website, alongside a new brand name and logo. In line with our goal […]

Personal Loan
6 Reasons Why You May Need A Personal Loan In Singapore

Have you ever found yourself stuck against a wall financially? When you have so many bills to pay, then suddenly, you or someone you know gets into an accident or gets sick. You are then overwhelmed with bills and the debt you need to pay, and the money you’ve saved or earned just isn’t enough […]

Personal Loan
Personal Loans In Singapore: What To Consider When Applying

Personal loans can seem like a mystery. What are they? When should you take them? How do you go about applying for personal loans in Singapore? A personal loan is a lump sum of money borrowed from a bank or licensed money lender, which you have to pay back in instalments (fixed payments) over a […]

Blogs and Opinions
Licensed Money Lender in Singapore Vs Bank: Key Differences

Getting married and buying a home are some of the most significant milestones and expenses you’ll incur when adulting. The last thing you want is to be strapped for cash. When that happens, most people think of borrowing money to tide them through the rough patch. You’re usually faced with two choices – should I […]

Personal Loan
Top 5 Personal Loan in Singapore Myths Busted

It’s pretty common to take up a car loan and/or a housing loan, especially since it’s costly to own a car and a home in Singapore. But when it comes to taking a personal loan in Singapore, it’s usually perceived as the result of poor financial management.  Depending on the circumstances, taking a personal loan […]

Company News
Advisory on COVID-2019

In light of the COVID-19 situation, Crawfort Singapore has stepped up and implemented additional precautionary measures at our outlet.

Media
单枪匹马赴菲“拓荒”寻商机

一般人对菲律宾的印象,总停留在治安欠佳和交通拥堵。然而,不能忽视的是,菲律宾有上亿人口,而近年经济增长也保持强劲,可谓商机处处。Crawfort正是看到了这个商机,希望能够为那些懂得数据科技,却无法充分从传统金融机构获取服务的消费者提供服务。

Company News
Crawfort Is Awarded
ISO 9001 : 2015

Crawfort is proud to be awarded the TUV ISO 9001 mark of quality, and will continue to provide excellent quality of services.

Company News
Crawfort Is Honoured To Be Awarded The Singapore Prestige Brand Award (SPBA) 2019

We are pleased to announce that Crawfort has been awarded The Singapore Prestige Brand Award (SPBA) 2019 – Promising Brands. Into its 18th year, SPBA seeks to recognise and honour distinguished brands for their outstanding achievements in branding. Our team went through rigorous rounds of judging by stellar industry professionals who evaluated us based on […]

Media
10 Business Leaders Recognised As Entrepreneur Of The Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

Media
The Breakfast Huddle

Find out how we can help F&B SMEs scale their businesses.

Media
CEO Conversation: Transforming Into A Digital Financial Services Provider

Find out how our Group is leveraging technology to serve underbanked customers in the region.

Media
The Case For Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

Media
How Fintech Is Driving Innovative Lending?

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth. And if these firms can’t get funding, their failure to thrive has a dampening effect on the larger economy.

Company News
Crawfort Joins Singapore’s Fastest Growing Businesses

Crawfort rewrites the rules when it comes to moneylending solutions.

Media
Crawfort: Breaking Stereotypes Through Innovation

Innovative business Crawfort is rewriting the rules when it comes to moneylending solutions

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