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Loan applicant must be aged 21 years and above

Singapore Citizen or Permanent Resident

In employment


  • Identification Card (NRIC)
  • Singpass Login
  • Notice of assessment (NOA indicating trade income)
  • ACRA (Accounting/Corporate Regulatory Authority)
  • Proof of billing ( Any latest bill indicating residential address


  • Identification Card (NRIC)
  • Vocational license
  • Taxi pass
  • Min 7 days job summary
  • Proof of billing ( Any latest bill indicating residential address)


  • Identification Card (NRIC)
  • Singpass Login
  • Proof of billing ( Any latest bill indicating residential address)
  • Latest 3 month original payslip (Only applicable if there is no cpf contribution)
  • Letter of employment (Only applicable for new employment)


Loan applicant must be aged 21 years and above

Singapore Citizen or Permanent Resident

In employment


  • Identification Card (NRIC)
  • Singpass Login
  • Notice of assessment (NOA indicating trade income)
  • ACRA (Accounting/Corporate Regulatory Authority)
  • Proof of billing ( Any latest bill indicating residential address


  • Identification Card (NRIC)
  • Vocational license
  • Taxi pass
  • Min 7 days job summary
  • Proof of billing ( Any latest bill indicating residential address)


  • Identification Card (NRIC)
  • Singpass Login
  • Proof of billing ( Any latest bill indicating residential address)
  • Latest 3 month original payslip (Only applicable if there is no cpf contribution)
  • Letter of employment (Only applicable for new employment)

We Take The Stress Out of Borrowing
With 4 Simple Steps

Sign-Up Online

Fill up our loan inquiry form after using the online loan calculator. Get a call from our loan officer to schedule your visit with us.

Verify Information

Visit us and bring your personal documents. Our loan officer will verify your information as part of our due process.

Get Funds

Get your funds in as fast as 30 minutes after signing your loan agreement with us.


Make sure to repay your loan on time to get a hassle-free higher loan amount. Pay through PayNow, bank transfer or in-person.

How Personal Loan In Singapore Can Help You

What is a Personal Loan in Singapore?

A personal loan serves as instant cash on tap.

You can get the cash you borrowed once you accomplished the loan process. Then you have to pay the loan with interest charge on the agreed instalment dates.

You can receive cash directly through a bank account transfer or cash.

Remember that personal loans in Singapore include terms and conditions. Choose the one that best suits your needs. Get a repayment term that you can meet without sacrificing your basic necessities.

Can I Get a Personal Loan?

Personal loans in Singapore only take a simple procedure. Any individual who fits the eligibility requirements has a chance to get a loan. But this does not assure your loan approval.

There are other factors a private legal lender considers other than age, salary and residential status.

The Ministry of Law has mandated licensed moneylenders to treat each personal loan application with due process.

This means the private legal lenders have to verify if the person has the ability to pay the loan.

If you have a good credit rating, you have a higher chance to get approved. On top of that, it speeds up your loan process.

Who Can Apply For a Personal Loan in Singapore?

Generally, anyone can apply for a personal loan. This is true as long as you meet the eligibility requirements of the licensed money lender.

Private money lenders offer their personal loans to Singaporeans and permanent residents. Expats must have the necessary legal work permits to be eligible for a loan.

Why Get a Personal Loan in Singapore?

You can get a personal loan in Singapore any time you want and for whatever purpose you need. You can use the quick cash loan to buy the latest laptop, new furniture, or a five-star hotel reservation.

You can take out a personal loan any time but always find time to do your research.

Shop around and compare personal loans. Some personal loans have a specific purpose such as wedding loans and gadget loans. There are also multi-purpose personal loans.

Which Licensed Money Lender in SG offers the Best Personal Loan?

As the money lending industry in Singapore blooms, different money lending facilities rises. Searching for the best personal loan is quite tricky.

Make sure you look for reputable licensed money lenders like Cash Mart. Legal private money lenders offer personal loans with competitive interest rates.

  • When you look for the best personal loans in Singapore, make sure that you check the following:
  • The private lender should be in the list of licensed money lenders in Singapore.
  • The interest rate should not be higher than 4% a month.
  • The loan contract is transparent with the other fees and charges.
  • Beware of loan sharks lurking for the next possible prey. They offer low interest but their terms and charges are unreasonable.

How to Find The Best Personal Loan?

Finding the best personal loan in Singapore involves several factors.

Ask yourself:

  • Does the loan have flexible repayment terms?
  • Is the interest rate reasonable?
  • Does the lender have positive reviews from the previous borrowers?
  • Does it have a loan calculator to show its transparency?
  • Does the lender clearly explain the terms of the loan agreement?
  • These are other various points you have to consider. If you got a positive answer, you can proceed with your chosen personal loan.

What Type of Personal Loan Do I Need?

Some personal loans like wedding loans and surgery loans have their specific purposes. But usually licensed moneylenders in Singapore offer multi-purpose personal loans. It can be either a secured or unsecured type of loan.

An unsecured personal loan is a collateral-free loan. You can get any amount based on your annual salary.

On the other hand, a secured personal loan requires collateral like a car, house or any valuable property you own. This is appropriate for borrowers who need a large amount of cash loan. But the loan amount will largely depend on the amount of the collateral.

How to Use an Unsecured Personal Loan?

Since unsecured personal loans have no collateral expect your initial loan to be lower. Direct lenders will depend on your credit score. If it is your first time to get a loan, you will have no credit history. This is why you will have a lower principal loan at first.

Eventually, your loanable amount will increase as you continue paying on time.

It is best to build a good relationship with your licensed moneylender to make the loan process faster.

How Much Can You Borrow?

The loanable amount allowed for every individual depends on how much you earn in a year. This is calculated from the last three-month salary before applying for your personal loan.

To illustrate more, here is a scenario.

On November 2019, Borrower Z applied for a personal loan in Singapore worth $2,000. His monthly income is $2,000.

  • August – $2,000
  • September – $2,000
  • October – $2,000

To calculate the annual income: $2,000 + $2,000 + $2,000 = $6,000

  • $6,000 ፥ 3 = $2,000
  • $2,000 x 12 = $24,000

As you can see, Borrower Z has an annual income of more than $20,000. Because of this, he can get a loan amount of $12,000 (6 times his monthly salary).

This is the largest loan amount that you can borrow but there is no assurance that the lender will loan you this amount.

The licensed money lender will depend on your financial responsibilities and credit score.

How To Get Your Personal Loan Approved?

Money lending institutions consider two major factors for your loan approval.

First, the loan amount you want to borrow. Whatever the loan amount is, the licensed money lender must know if you can pay it off on time.

If you borrow an amount way less than you need, you will end up getting another loan. If you borrow more than you need, you will have a hard time paying it off.

To ensure a high approval rate, get the appropriate amount for your personal loan. Elaborate to the lenders the purpose of taking out one.

Second, your personal credit rating. Your credit history can tell if you are a responsible borrower.

Reviewing your credit score and income shows how well you manage your finances.

Also, remember that incomplete requirements prolong your personal loan application.

Can I Make a Massive Personal Loan?

Your personal loans can be of use for different reasons. It can be for home repair, your child’s education, an unexpected bill or emergency situations.

You might even use your personal loan to fund your dream wedding or your luxurious vacation. But it is advisable that you save money on these occasions. Use your personal loan wisely.

If you want to make a high loan amount, you will have to build a positive credit score. Then, of course, your largest loan amount will depend on your annual salary.

Where to Get a Low-Interest Personal Loan?

A lot of people focus on interest rates. But there are times when a loan may have low interest but high charges and penalties.

Keep in mind that repayment terms are also important. Despite the lower rates, the repayment plan will drag down your finances if you can’t pay on time.

Also, be mindful of the money lender’s reputation. Partner up with the best lending company like Cash Mart for your future finances.

If you want a low-interest personal loan, make sure to compare the money lenders first. It’s because all unsecured loans have an interest rate cap at 4%. This means they differ in penalties and flexible terms instead of the interest rate.

When Should I Take a Personal Loan in Singapore?

Personal loans in Singapore is the best choice when you need to borrow money. But before you proceed make sure that you get a loan for the right reason.

Do you need a loan for emergency travel, medical bills, wedding needs, tuition fee, or surgery?

Perhaps you just want to build your credit score?

There are a lot of reasons to get a personal loan. But the best time to get one is when you are confident that you can repay it on time.

How to Identify Good Personal Loan Terms?

There are good repayment terms. Choose the one that you can meet without sacrificing your basic needs.

You are getting a loan to get back to financial stability. Many also get a loan to upscale their finances when they use the money to invest.

Others get a loan to learn a new skill or expand their small business.

Loans are great financial tools only if you choose a repayment term that you can pay with ease.

How to Calculate Your Largest Personal Loan Amount?

Singapore citizens, permanent residents and even foreigners can get a personal loan.

Afterwards, licensed money lenders calculate how much loan amount they can lend you. If you earn more than $20,000 a year, you can borrow an amount 6 times of your monthly income. If your annual income falls lower than $20,000, you can only borrow $3,000.

Why Your Personal Loan Application Could Get Declined?

There are many reasons your loan application could get declined.

  • Bad credit history. If you lack a good credit history, lending institutions see you as an irresponsible borrower. Licensed money lenders in Singapore think that you have a high risk of default a loan.
  • Repayment plan. Your repayment amount should not exceed 60% of your net salary. Remember, you have other financial obligations other than your repayment terms. If you have no extra cash left to pay your loan then you might default.
  • Creditworthiness. Applying to too many lenders at the same time. Moneylenders can see how many lenders are inquiring for your credit history. Too many applications will make you look too desperate for cash.

What is The Late Payment Interest Rate for Personal Loans in Singapore?

The late payment interest rate is the interest rate applied to an overdue or late repayment.

This rate is factored from remaining unpaid loan and how long it has been overdue.

Licensed money lenders in Singapore abide by the Moneylenders Act. This means there are guidelines even for late charges. All charges must not exceed 10% of the total principal loan.

The late repayment interest rate should not be more than 4% per missed payment.

Avoid these penalties by paying your loan on time.

Where Can I Refinance My Personal Loan?

Can you get a new loan to pay off your existing personal loan?

There are some lenders who allow you to get a new loan even before you settle your existing loans. But these money lenders usually do it if teh borrower has a good relationship with them.

As a responsible moneylender, we encourage you to get a loan you can repay with ease and settle it as much as possible. This way you can build your credit score faster.

Is Having a Personal Loan in Singapore Bad?

Personal loan in Singapore is a great tool to manage your finances.

This is especially true if you don’t want to borrow from your family or friends. Few people are open about their finances.

A personal loan is a terrible idea if you borrow more than you can afford to pay. It will lead you into a debt trap.

Good thing, reputable money lenders in Singapore only lends money on what you can repay on time. They approve your request if you can handle your daily finances plus the loan instalment. If you’re confident that you can pay it back promptly, a personal loan is the best financial option for you.

Can Personal Loan Impact My Credit Score?

Take note that licensed money lenders consider your overall credit history. If you manage your debts poorly, it can drag down your score. But if you make timely payments, your new personal loan can improve your credit score.

Create a positive impact by continuing on-time payments and pay off the principal loan within the terms of the agreement.

Can I Still Take a Personal Loan If I Have a Bad Credit Score?

A poor credit score is a big hindrance to your loan application process. It’s a good thing that licensed lenders offer personal loans for these borrowers.

These lenders consider your payment history and capacity to repay. If you can prove that you can settle the loan on time, you can get approved.

What is a Personal Loan Calculator?

Money lending institutions use a personal loan calculator. This is a very significant tool to estimate the monthly personal loan repayment amount.

All you have to do is enter the loan amount and chosen repayment term. Some calculators let you choose the interest rate. Show this to the licensed moneylenders and discuss the possible loan options.

Always remember not to get a personal loan that is beyond your repayment capability. Once you understand this, your personal loan in Singapore is within your reach.

How Does The Repayment of Personal Loan in Singapore Work?

As a borrower’s responsibility, you have to meet the agreed repayment term. You can either pay the loan amount weekly, bi-weekly or monthly. Settle the loan amount on time with your chosen repayment scheme.

On another note, late payment has a penalty fee. You will be charged if payment is not made on time.

Also, expect for other charges like processing fee and an interest rate included in your repayment. The penalty will depend on your loan term, unpaid balance and how long you have defaulted.

All of these must be included in your loan contract. Read it carefully, understand and ask questions about it.

With a personal loan in Singapore, you can solve your financial dilemma quickly. Just contact the licensed moneylenders and inquire about their personal loans. Complete all the requirements, visit their office, get your instant cash and pay off all the amount on time.

Apply to Cash Mart now and get extra funds for your needs!