Find a Personal Loan in Singapore to Write Your Life’s Next Chapter
Unlock the Right Personal Loan to Support Your Journey to Financial Security.
Making the right decision when it comes to your private loan can protect you from getting trapped in a debt cycle or living with an incredible amount of financial stress. With a private personal loan in Singapore that’s crafted just for you, secure your funds and financial well-being.
- Fast loan approval in as quick as 30 minutes
- 99% loan approval rate
- Affordable interest rates starting from as low as 2.88%
99% approval rate,
no credit discrimination
Transform your life and finances with Prosper Credit’s personal loan services.
Table of Contents
Why Should You Trust Our Personal Loan Services?
We’re here to help you get a personal loan that is manageable and works for you. As a legalised money lender in Singapore, we’re here to understand your needs and work out the best financial solution for you. Here’s why we stand out:
15 years of moneylending experience
Established since 2010, we are a dedicated lender who brings our moneylending experience, skills and knowledge to the table.
No credit score discrimination
All are welcome at Prosper Credit, even if you have a poor credit score. We believe in providing equal access to loans, no matter your credit history.
Licensed and regulated
We’re a fully authorised lender by the Ministry of Law and abide by its rules and regulations to provide 100% legal loan services.
Stellar customer service
Our team of qualified and committed loan consultants puts your needs first, plus does it with professionalism and dedication.
Personal touch
With a human approach to your loan process from start to end, we will ensure you’re getting a 100% customised loan with fully transparent terms.
Convenient loan process
Prosper Credit’s 24-hour loan application service, easy three-step process, and central location in Toa Payoh offer unparalleled convenience to everyone seeking a personal loan in Singapore.
Speedy loan approval
Our loan process takes less than 30 minutes, from application to approval. Using your Singpass account can help save you even more time.
What’s Required if You Want to Get a Personal Loan in Singapore?
To be eligible for a personal loan in Singapore, you will need to put together certain documents. With these documents ready in hand, you can speed up the private loan process.
We welcome Singaporeans, PRs, and foreigners to apply, but requirements do vary — so let us list them below.
Singaporeans/PRs’ personal loan eligibility requirements
- NRIC
- If you are a salaried worker
- Past 3 months’ payslips
- Past 3 months’ CPF statements or Income Tax Statement (IRAS)
- If you are self-employed
- Past 2 years’ Income Tax Statements (IRAS)
Foreigners’ personal loan eligibility requirements
- Valid Work pass (S Pass or Employment Pass)
- Proof of residence (utility bills or tenancy agreement)
- Proof of income (Past 3 months’ payslips, bank or account statements)
If you need any clarification regarding a private loan in Singapore, feel free to contact us.
So, What Exactly Is a Personal Loan, and Why Do People Opt for It?
Personal loans are unsecured loans that let you borrow money for various personal needs, like debt consolidation or emergency expenses. Unlike secured loans, they don’t require collateral and are offered based on your ability to repay them.
This means you can borrow money based on your ability to repay it, not on assets you may or may not have. Sometimes, a personal loan is also called a “private loan”.
When you apply for a personal loan in Singapore, the lender assesses your credit history, income, and overall financial health. Once approved, you’ll receive a lump sum, which you can repay in fixed monthly instalments over a predetermined period.
This straightforward repayment structure makes private loans in Singapore an attractive option for those looking for flexibility and predictability in managing their finances.
Why Should You Get a Personal Loan from Prosper Credit?
If you’re in need of a private personal loan in Singapore that’s affordable and flexible, we’re here to help. We’re not just a fully legal lender, but also we’re committed and attentive to your needs — and the list doesn’t stop here.
With no credit discrimination, no loan amount is too small or big at Prosper Credit — whether it’s $300 or $100,000, we’re here for you whenever you need our support.
With Prosper Credit, you’ll always have the opportunity to discuss your private personal loan terms with us based on your personal situation and needs.
Working well within the law’s maximum permitted interest rate of 4%, our interest rates begin at 2.88% monthly, so you can have the most affordable borrowing options possible.
Our personal loans in Singapore are fully customised to your needs. We carefully consider factors like your income, credit history and needs to ensure a fit that works for you.
FAQs about Personal Loans in Singapore
How can a personal loan in Singapore be helpful to me?
Personal loans can provide immediate financial relief for emergencies, consolidate debt, or fund significant purchases without eating into your savings. These private loans in Singapore are highly versatile; there’s no end to what you can use the money for!
Is it easy to get a personal loan in Singapore?
With a straightforward application process and so many personal loan providers, obtaining a personal loan in Singapore is often a manageable task. Case in point, Prosper Credit has a simple, three-step process with no credit discrimination, to make it all the easier for you.
What are the different types of personal loan interest rates?
Term loan interest rate
Term loans involve you borrowing a lump sum and repaying it over a fixed period of time through monthly instalments. They normally have lower interest rates than revolving loans.
Revolving loan interest rate
A revolving loan features a flexible nature of borrowing where you can borrow up to a pre-approved limit (such as in credit cards and credit lines). Interest rates are typically higher for these revolving loans and are charged based on your outstanding balance.
Effective interest rate (EIR)
Essentially, this helps you understand a loan’s “true cost” by adding up the interest you’ll repay plus any associated fees within the loan’s duration. It’s almost always higher than the advertised personal loan interest rate.
0% interest loans
Offered mostly by banks, these are promotional short term loans with high processing fees. Essentially, you’ll still be paying the bank for the loan in one way or another.
Note:
Banks and legalised money lenders in Singapore have different interest rates and different ways of computation.
How do I know if I’m eligible for a personal loan from Prosper Credit?
As Prosper Credit doesn’t discriminate against borrowers in any way, to be eligible for a private loan in Singapore, all you need to do is to have proof of regular income, identification, and any other relevant financial documents.
Of course, you must also be within the law’s unsecured borrowing limit. In case you didn’t already know, the maximum unsecured loan you can get across all legal lenders at any point in time is limited to 6 times your monthly salary.
Why should I compare personal loans in Singapore before settling on one?
A personal loan is a big financial decision that can certainly help you, but picking the wrong one can, in fact, add a larger financial burden in the long run. Give yourself space (and time) to make the best decision for yourself by comparing loans based on loan terms and lenders. Comparison shopping will help you get your hands on the best private personal loan in Singapore.
What are the steps to selecting the best personal loan in Singapore?
Know your needs
Decide why you need the personal loan and how much you really require.
Compare different lenders
Assess lenders based on their transparency, loan terms, and fees, but also for a personal fit for your needs.
Ask for the fine print
Legally, a money lender must thoroughly explain all loan terms to you in a way that you fully understand, including interest and fees for payment lapses.
Apply online
A simple, seamless application will help your personal loan get approved sooner.
Visit your licensed money lender
By law, it’s required that you meet with your licensed money lender at least once to understand the terms and conditions of your loan contract.
What’s the permitted loan amount and loan tenure for personal loans at Prosper Credit?
When it comes to private loans in Singapore, we offer significant flexibility on loan amounts — no amount is too small or too big to request. As for the loan tenure, it typically ranges from a 1-month loan to a 12-month loan.
How do personal loans from licensed lenders differ from those from banks?
Banks have significantly stricter policies when reviewing borrowers’ credit history and financial situation before any private personal loan can be granted and approved.
At Prosper Credit, however, credit discrimination is not practised, so your credit history won’t affect whether or not you can get a personal loan. Instead, other factors, such as your current income from employment, will be considered.
How quick is the personal loan approval process at Prosper Credit?
A private loan in Singapore typically takes around 30 minutes to be processed and approved, allowing you to access funds quickly for urgent needs.
I’m ready to apply for a personal loan. Where do I start?
We’re all set to support your journey. Visit our application page to apply for a private personal loan in Singapore.
Your financial fresh start is here
Let us help you take control of your finances with clarity, care, and a process designed to meet your needs promptly.