Needing to source quick cash or emergency funds can be a stressful situation, especially if you don’t know where or how to find the amount of money you need. Taking out a personal loan can alleviate this stress, an option which allows you to borrow cash from a financial institution or bank on the basis of paying them back over a fixed duration. Your eligibility for these types of loans also depends on certain factors such as your credit score, financial history, and income.

If you think taking out a personal loan is the best option for your financial needs, the next step is finding out where to get them. In this blog, we have outlined the best places to take out loans in Singapore, as well as some tips on how to identify whether these loan providers are reputable and trustworthy.

Best places to get personal loans in Singapore

There are countless types of personal loans available on the market, from a variety of different loan providers. Below are some of the most popular places to get personal loans in Singapore that are suitable for a range of individuals and financial needs.


Most banks in Singapore offer an assortment of personal loans, given that you have a good credit score and meet certain criteria, such as a minimum annual income requirements. Some banks allow you to apply for personal loans online without visiting their branches because they already have all the details, such as personal information and transaction history. It is advisable to work with banks offering the best personal loan options in terms of low interest rates and flexible repayment terms, and which allow you to get quick or even instant approval for applications.

Traditional Financial Institutions

Singaporean financial institutions are another popular and reliable way to get personal loans. They provide competitive personal loan interest rates and carry out thorough checkups on the borrower’s creditworthiness. They can be more flexible on the parameters used to gauge an applicant's creditworthiness and approve personal loans where banks would have declined. It is recommended to engage with only financial institutions that are allowed to operate according to the Ministry of Law’s (MoL) restrictions, so as to avoid falling into financial traps set by unlicensed lenders or loan sharks masquerading as reputable loan providers.

Virtual Banks

Virtual banks are still relatively new, meaning they have the ability to offer competitive personal loans and other products. By nature, it is easy to apply for these loans online.

"Online-Based" Financial Institutions

Online-based financial institutions mainly focus on utilising the internet and technical innovation to provide a faster and more convenient way to get a personal loan. They are normally faster when it comes to loan approval rates, offering flat-rate quotations along with benefits such as zero fees and flexible disbursement.

Peer-to-Peer Lending (P2P)

Peer-to-peer lending is a new financing model that allows people to get a personal loan in SG through web-based platforms without using a registered intermediate financial institution, meaning that the cost of personal loans is pretty low.

To identify the best bank to get a personal loan, one of the best ways is to use a comparison site, such as Lendela. We not only make your loan application easy but also ensure you get different offers so that you can pick the best option, whilst saving you hours of research and comparison time.

How to Identify the Best Personal Loan Provider in Singapore

It is crucial to look for the right bank when determining where to get the best personal loan in Singapore. Here are some tips on what to look out for when looking at different banks or financial institutions before you make your decision:

Registered to Offer Financial Services in Singapore

No matter how desperate you are, to avoid falling into the hands of scammers, you should only work with loan providers registered to offer financial services in Singapore. These organisations strictly follow the rules outlined in their licences to access the Singapore market. Therefore, start by confirming the licence number of the loan provider before submitting your application and signing a personal loan.

Feedback by Previous Clients

To identify a good bank, you can also check the feedback and testimonials provided by previous clients. What did they have to say after using personal loans from the selected bank? If many borrowers have positive feedback about a bank, that will most likely be a good option.

Should Not Have Hidden Fees

As you review different banks, put emphasis on the difference between the principal and total amount payable. If the interest does not cater for the entire difference, the chances are that there is an additional hidden charge. With a loan comparison platform like Lendela, you only get introduced to banks and financial institutions that are 100% transparent about all their fees.

Should Have Multiple Loan Options

Although you are focusing specifically on getting a personal loan, it could be an advantage if the bank also has other interesting financial products. This implies that instead of working with a different company when looking for another type of credit, such as a renovation loan, it will be easy to stick with the current bank.

Good Customer Support

A bank with good customer support can acknowledge your issues faster and professionally. Good customer support would particularly come in handy when you are researching the best personal loans in Singapore. Some components of good customer support include:

  1. Multiple communication channels

  2. Knowledge base pages

  3. Demonstration videos on loan applications

  4. User-friendly website layout

Easily apply for and get a personal loan with Lendela

At Lendela, we pride ourselves when it comes to customer support and transparency. We stay with you all the way from the initial application, via document upload and loan comparison, to the appointment at the bank's office where the final agreement and disbursement take place.  By filling out our application form, Lendela algorithm sorts through our extensive database with credible financial institutions and banks to offer personal loan options that are tailored to your specific financial needs, saving you the time of researching multiple banks and loan provider platforms. Feel free to use our service for free anytime, and get instant access to multiple personal loan offers from reliable banks and financial institutions in Singapore. If you have any questions, let us know and our experienced Customer Service representatives will help you. Discover the best personal loans in Singapore for your needs with Lendela today.