27 May 2020

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 loan 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.


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. 


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


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. 


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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What Happens When You File For Bankruptcy In Singapore?

From January 2020 to May 2020, there have been 1,481 applications for bankruptcy in Singapore and 404 orders made — a significant number considering the short 5 months span.  Bankruptcy, in short, is when you owe more than you can afford to pay. There are also a number of technicalities involved. Filing for bankruptcy in […]

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 […]

Blogs and Opinions
Should You Take A Personal Loan In Singapore For Your Wedding?

Most of us dream of having the perfect wedding with our significant other. We want to make the day perfect to celebrate our love for our partner with our family and friends. However, planning a wedding can be stressful. Not only do you have to decide on the location, settle the most minute details, and […]

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
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
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, […]

Personal Loan
Personal Loan In Singapore: How Can It Help With Wedding Expenses?

Your wedding day is probably the most significant milestone as a couple. It’s a momentous and joyous occasion, where family and friends come together to celebrate the love and union between the two of you. How would taking out a personal loan in Singapore come into the picture? Well, every couple dreams of having that […]

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
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
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
5 Reasons Why Your Personal Loan Application In Singapore Was Rejected

Perhaps it’s a time right now when you require extra financial support for your needs—for an emergency, for a dream vacation for you and your partner, or even for a plan to move forward and venture out of your comfort zone. However good your reasons may be, you may have faced problems having your personal […]

Personal Loan
Are You Eligible For A Personal Loan In Singapore?

When we’re short on cash, most of us will consider borrowing from friends and family members. However, if you don’t want to trouble them, how about taking a personal loan instead? A personal loan is a lump sum of money borrowed from a bank or licensed money lender. You’ll need to pay it back over […]

Blogs and Opinions
6 Things A Licensed Money Lender In Singapore Can’t Do When Collecting Debts

Getting a loan from a money lender in Singapore might be nerve wracking for some. When most think of money lending, they think of a pig’s head hanging by their door or that ‘O$P$’ red paint on the corridor.  However, loan sharks and licensed money lenders in Singapore operate very differently.  Let us look at […]

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
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
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.



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 […]

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.

The Breakfast Huddle

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

CEO Conversation: Transforming Into A Digital Financial Services Provider

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

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.

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.

Crawfort: Breaking Stereotypes Through Innovation

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

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