18 January 2024

Written by Alwin Goh

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 an unsecured loan.

But what’s the difference between the two? And which should you take based on your current situation? 

Situations In Which You Might Need To Take A Personal Loan In Singapore

Woman taking down notes for her studies, which can be funded by a personal loan in Singapore

If you lack funds for a short-term course, taking a personal loan could be an option to explore.

Before we compare secured and unsecured personal loans, you need to understand that taking a personal loan in Singapore isn’t a decision to be taken lightly. After all, you need to make sure you can pay it back on time with interest, so it’s best to make sure you’re ready to take one.

Here are some situations in which taking a personal loan in Singapore can be a viable option. 

Unforeseen Financial Emergencies

Finding yourself in a financial emergency like being in an accident, experiencing a death in the family, or getting retrenched are some things that are beyond your control. Furthermore, you might still have to be responsible for ongoing financial commitments like bills and mortgage payments. 

If you find yourself in such a situation, getting a personal loan in Singapore could help tide you over a difficult time.

For instance, your Medisave account and health insurance may not be enough to cover the full medical bill. In this case, you can take out a personal loan to pay off the remaining balance. You may also use the loan to pay for the medical bill in cash first, before you receive your insurance payouts. 

Find out more about the types of personal loan that are suitable for emergencies here. 

Taking A Vacation

Everyone needs a time off, and in some cases, your work might require you to take a fixed number of days off per year. To make the best out of your time off, you could take a personal loan and go on a nice vacation with your friends or family. 

Taking A Personal Loan Can Help To Manage Your Expenditure

Another benefit of taking a personal loan for a holiday is that it makes it necessary for you to determine a budget. This may be useful in helping you plan and manage expenditure for your vacation, as well as ensure that you don’t spend beyond your means.  

Taking A Personal Loan Is A Better Alternative To Credit Cards

Taking out a personal loan can also be a better option than using a credit card to pay for your trip. 

While credit cards can provide you with the convenience of paying for something when you don’t have enough cash, especially local currency, they also make it easier for you to overspend. 

There’s no set limit to how much you can spend with a credit card, as you’re essentially spending “future money”. And psychologically, it’s less painful to spend with future money than cash on hand. This makes it easier for you to spend extravagantly.

If you have a tendency to overspend and miss your payment due dates, using a credit card to pay for your trip can lead to a higher credit card bill. 

On the other hand, having a fixed amount of cash from the personal loan can help reduce the chances of spending beyond your means. 

Going for a trip soon? Here are some travelling tips to help you make the best out of it. 

Having trouble paying off your credit card debt? You might want to apply for a balance transfer. Learn more about it here. 

With that said, it’s crucial that you exercise good judgment and financial management to make sure you’re able to repay the loan eventually and on time.

Paying For Education

It’s important to get a good education and continuously upgrade one’s skills to not miss out on opportunities like a promotion or making a career switch to earn better income. 

Given the changing needs of the economy and the recession, some jobs may also become obsolete. To remain employable, it’s recommended that you go for short courses to reskill. 

However, education can be expensive, and you might find yourself not having enough funds to finance it. This doesn’t have to stop you from giving you or your child the best education possible, though. For starters, you can make use of the SkillsFuture Credit to pay for short courses. 

The SkillsFuture Credit is only applicable for Singaporeans aged 25 and above. If you’re not eligible for the credit or have used up your allocated credit, taking out a personal loan to finance for short courses could be an option. 

Wish to learn how a personal loan in Singapore could come in helpful? Read this article here. 

Secured And Unsecured Personal Loans In Singapore: What’s The Difference?

Now that we’ve laid out a few situations in which taking out a personal loan can be a feasible option, let’s dive into the differences between secured and unsecured loans.

Infographic on the differences between secured and unsecured personal loans in Singapore

Personal loans generally fall under two main categories: secured and unsecured.

Secured Loans

Secured loans are loans that require some type of asset as a condition of borrowing. Examples of secured loans include car loans and home loans. Pawning your valuables at a pawn shop is also considered as taking out a secured loan.

The asset becomes collateral for the loan and can usually be anything of value that you own. This may include property, vehicles like cars or motorcycles, other high-value assets like expensive jewellery, or even a fixed deposit. Should you default on the loan, the financial institution or licensed money lender has the power to repossess the collateral and sell it to recoup the losses. 

Even after the lender has seized the collateral, it’s possible that this still doesn’t cover your loan repayment. This is known as a shortfall, which usually results with property or items that depreciate in value as time goes by.

Note that secured loans may have restrictions such as what you can use the funds for. If you’re planning on using the money to pay for a car, for example, you might be required to use the full amount to pay for it. 

Conversely, secured loans from pawn shops don’t come with restrictions on what you can use it for, although they will ask you on the purpose of the loan.   

Thinking whether you should take out a secured loan from a pawn shop? Learn more about the differences between borrowing from a pawn shop and a licensed moneylender here. 

Unsecured Loans

Unlike secured loans, lenders don’t require collateral when you’re taking out an unsecured loan. 

Since there’s more risk on the part of the lender, unsecured loans tend to have higher interest rates than secured ones. Failure to repay the loan on time will result in a low credit score, which can create serious problems for you in future. This includes a lower chance of future loan applications being approved, and being unable to get a credit card. In some cases, it might even make securing a job difficult, especially in the banking and finance industry.

There are generally no restrictions as to what you can use the unsecured loan for—whether it’s to pay for medical bills or a vacation. Examples of unsecured loans include personal loans and payday loans, both of which can be used for any purpose. 

One exception to this are renovation loans. While you don’t have to put up collateral to take out a renovation loan, there are restrictions on what you can use the money for. With a renovation loan, you can only use it to pay for renovation works such as electrical works, painting, and structural alterations. You won’t be able to use it for the purchase of new furniture. 

Wondering what else are the differences between a renovation loan and a personal loan in Singapore? Learn all about them here. 

Secured And Unsecured Personal Loans In Singapore: What Are The Pros And Cons?

Before you jump into applying for either a secured or an unsecured loan, it’s important to weigh each of their advantages and drawbacks. 

This table is a summary of the pros and cons of both types of loans to consider before you apply for one. 

  Pros Cons
Secured personal loan Approval chances are less affected by credit history
You can generally take a higher loan amount
Lower interest rate and fees
Possibility of losing your collateral if you default
You might still have to foot any shortfall after losing your collateral
Unsecured personal loan No collateral is at stake Higher interest rate
Tends to be more difficult to obtain 

Secured Personal Loans

A woman driving a car, which can be put up as collateral for a secured loan

You may risk losing your car if you put it up as collateral for your secured loan.

Pros

You Can Generally Borrow More Money 

By putting up a high-value asset like your house or car as collateral, you’re pretty much lowering the risk for the lender. This, in turn, means the lender would be more willing to lend you a greater sum of money.

Loan Access Is Less Affected By Bad Credit History 

Even if you have a bad credit history, your chances of getting a secured personal loan in Singapore might not be that affected. As putting up collateral lowers the risk for the lender, this makes secured loans a potential option for those who need money urgently but don’t have a good credit record.

Wondering what are the ways to improve your credit score? Learn more about them here. 

Lower Interest Rates And Fees

Due to lower risk for the lender, you’ll also get to enjoy lower interest rates compared to unsecured loans. Another advantage is that fees and charges for secured loans tend to be lower. 

Cons 

You Could Lose Your Collateral If You’re Unable To Repay Your Personal Loan

An obvious downside of secured loans is that if you fail to repay the loan, you could end up losing your collateral. If you put your car up as collateral, for example, the lender can sell it to pay off your debt should you default on your loan. 

You Might Still Have To Repay Any Shortfall Even After Losing Your Collateral

As mentioned earlier on, if the value of your collateral is still not enough to cover your debt, you’re obligated to pay back whatever is remaining. This means you’ll not only lose your collateral, you also won’t be able to pay off your debt just yet.

Unsecured Personal Loans

Pros

No Collateral Needed To Get A Personal Loan

You don’t need any collateral to take out an unsecured personal loan, so you don’t have to worry about the risk of losing any assets of high-value. Instead, the lender will consider key aspects such as your credit history and annual salary when they process your application.

Unsecured loans are also generally known to have more flexible terms. For example, you can choose how you want to use the loaned amount—whether it’s to make a big purchase such as a new sofa or to invest. 

Cons

Higher Interest Rates

Since there’s no collateral involved for unsecured loans, the risk for lenders is higher. This translates to higher interest rates than secured loans, since the lender has less means to recoup the costs if you default on the loan.

Usually More Difficult To Obtain Than Secured Loans

Unless you have a good credit history, unsecured loans are usually harder to obtain from banks than secured loans. Since there’s no collateral involved, lenders need evidence demonstrating that you have a good chance of repaying the loan. 

This also means that if you have no prior credit history because you’ve never taken a loan or applied for a credit card before, it might be harder to get an unsecured loan. 

Learn more about why a financial institution may reject your loan application here. 

Find out more on what else you should consider before taking a personal loan here. 

Choosing Between A Secured And An Unsecured Personal Loan In Singapore

When choosing between both loan types, it’s important to consider the different consequences for each should you be unable to repay.

In the case of secured loans, you could end up losing your collateral, so you’ll need to ask yourself if that’s something you can afford to deal with when it happens. Furthermore, you might even need to cover any shortfall.

When it comes to unsecured loans, you need to be sure that you’re capable of footing the higher interest. The consequences on your credit history will be severe if you default on your loan. You’ll most likely be unable to take out loans in future, such as to finance a new home. 

After all, it’s normal for lenders to be wary of individuals who have a history of not repaying their debt. As mentioned earlier, defaulting could end up hurting your chances at landing a job.

What To Do If You Can’t Repay Your Secured Or Unsecured Loan? 

The last thing both you and your creditors want is that you default on your loans. With that said, if you ever find yourself having difficulty repaying your loan on time, it’s essential to understand that you have a few options to settle your debt. Opting for any of these alternatives is always better than defaulting on your loan. 

Renegotiate The Terms With Your Lender

Consider asking your bank or licensed moneylender for a lower interest rate or a longer loan tenure. Regardless of the terms, lenders are generally more willing to restructure your loan, rather than have you default on your loan. 

On the flip side, do note that you may have to pay additional fees for this arrangement.  

Take A Debt Consolidation Plan

The Debt Consolidation Plan (DCP) is a type of personal loan that allows you to consolidate your unsecured loan debts, including credit cards and personal loans. By doing so, you’ll only have to pay once a month to one lender for the various unsecured debts, making debt repayment more manageable for you. 

On the contrary, do note that you can’t use the DCP for some unsecured loans, such as the following: 

  • Joint accounts
  • Renovation loan
  • Education loan
  • Medical loan
  • Credit facilities for businesses or business purposes

In addition, the DCP is only for those whose total unsecured debt exceeds 12 times of their monthly income. 

Unsure if you should apply for the DCP? Learn more about it here. 

Go For Credit Counselling

Another option is to go for a credit counselling session, in which a credit counsellor will advise you on how to manage your debt. 

During this session, the counsellor will also assess if you should apply for the Debt Management Programme (DMP), which helps you to negotiate with your lenders for a more manageable repayment plan. 

You’re eligible for the DMP if you have a total unsecured loan debt of at least S$10,000, own debts to multiple creditors, have account relationships with creditors for at least one year, and have a source of income to make regular repayments. 

However, do note the restrictions that come with being on the programme. This includes having all your credit card and line accounts closed, and that you won’t be allowed to apply for any unsecured credit facilities. 

Find out more about credit counselling and the DMP here. 

Whether you’re planning to take out a secured or unsecured personal loan in Singapore, we hope this article has been helpful to you. 

Thinking of taking up a personal loan? Reach out to Crawfort today.

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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 […]

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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