As one of the most trusted personal loan providers in Singapore, we have disbursed more than 200,000 loans since 2011. We have won an award from Singapore's Prestige Brand Awards 2019, and will continue to provide high-quality service and care for our customers.
Every step of our loan process is tailored to your convenience. We have digitalised everything from application to credit scoring to payment. Repayments are even simpler. Just pay through any SAM/AXS machines and you’re good to go.
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Found yourself stuck against a wall financially? Overwhelmed with bills and the debt you need to pay, and the money you have saved or earned just isn’t enough to cover everything?
Here are some scenarios where a personal loan will be helpful:
One of the most appropriate times to get a personal loan are during medical emergencies.
Personal loans can help cover the medical costs entirely or even partially, which can be enough to tide you over until the next paycheck, or until you or your family get back on your feet.
Besides emergencies, a personal loan can also be used to pay for one of the biggest events in your life!
For instance, you can use a personal loan to help you cover the costs of renting out the wedding venue, catering, wedding packages, and in some cases, the dowry.
Speaking of weddings, taking a personal loan can also help cover the expenses for your honeymoon trip.
It doesn’t even have to be limited to a honeymoon, you can go on a dream vacation with your partner anytime!
You can use this to your advantage by simply paying off your high-interest credit card bills using a lower-interest personal loan.
This is a great way to manage your debt since you’re not only buying yourself extra time to pay them off, but you’re also reducing the strain interest rates have on your savings.
Getting a personal loan in Singapore may come in handy, be it to help you achieve your financial goals or to tide over a temporary cash flow crunch. If you need fast cash and it is your first time borrowing money from a licensed money lender, you may be feeling overwhelmed and unsure of the process.
Here are the things you need to know before taking a personal loan.
A personal loan is an unsecured amount of money taken from banks or licensed lenders to support your needs. You don’t need any collateral to get this type of loan. This means that the lender does not possess the right to seize your assets when you cannot pay back the loan.
You can use a personal loan for various reasons such as weddings, medical and family emergencies, etc.
There are many reasons why you might need a personal loan in Singapore. Although it is often negatively associated with loan sharks and vices, that is not always the case. It can be a useful source of funds, especially during emergencies.
For instance, you may take a personal loan to fund your planned life events, such as a wedding, home renovation, or even a family vacation. A personal loan can also help you pay off your educational bills. It is also crucial to tide you over difficult times such as emergencies or paying for unexpected medical bills. You may also take out personal loans to pay off your credit card bills. A personal loan simply comes in handy to support your financial needs.
With so many personal loans offered in Singapore from banks and private lenders, it might seem so hard to choose the right one for your needs. Moreover, there are various things that you need to consider before taking up a personal loan. First, you must ask yourself if there is really a need to apply. And, if there’s a need for urgent cash, such as for your unexpected medical bills, you must consider four important factors.
One of these factors is interest rates which affect the total cost you’ll have to pay for the personal loan. The higher the interest rate, the higher the total cost that you need to repay. So, it is essential to shop around for the best rate before applying. At Crawfort, we offer an interest rate starting from 1.8% per annum.
When taking up a personal loan in Singapore, you have to ensure that you have the ability to repay the loan. The total cost of the personal loan includes the principal amount, the interest, and any administrative fees. Be sure to calculate the interest payable beforehand to work out the total costs of borrowing. Also, remember that each late repayment will incur additional late fees. If you’re planning to borrow from a licensed moneylender, make sure that you have checked that the late fee must not exceed S$60 and 4% per month for late interest.
Another important factor you must take into consideration is the loan tenure. It refers to the amount of time you are given to repay a personal loan. Your chosen loan tenure will affect the instalment amount, interest, and total costs. So, make sure that you can comfortably meet your chosen loan tenure before taking the loan. Also, remember that the frequency of repayment depends on the terms of your loan contract. At Crawfort, you may choose a weekly repayment plan, a biweekly repayment plan, or a monthly repayment plan.
This might seem obvious, but you need to match the lender’s eligibility criteria in order to take up a personal loan. Among the common criteria to qualify for a personal loan in Singapore is that you must be at least 21 years old. Also, most banks require you to have an annual income of at least S$30,000. If you can’t meet that annual income, don’t worry, there are licensed moneylenders, like Crawfort, that have less stringent criteria.
Applying for a personal loan in Singapore is simple. Many lenders provide online applications. Getting instant approval is also easy, especially with licensed moneylenders. At Crawfort, you may complete the quick personal loan application in just 3 simple steps. There’s no minimum monthly income required, and with our tech-enabled algorithm, it will just take 8 minutes to get your personal loan approved.
If you are borrowing from banks, do take note that their standard annual income requirement is at least S$30,000. This may also vary depending on your citizenship. There is a much higher income requirement for foreigners compared to Singaporean and Permanent Residents. Also, if you need to borrow a higher amount or about 6 times your monthly income, you need to have an annual income of at least $120,000.
However, with licensed money lenders, you can borrow even if your annual income is lower than S$30,000. In addition, they have less stringent requirements than banks. All that is required is your proof of income such as the latest payslip, CPF contribution, or income tax statement.
Taking a personal loan in Singapore can help you to achieve your goals. It is also an ideal solution for your immediate need for cash. But, if this is your first time to take a personal loan, it is essential to get guided.
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