EZ Loan vs 118 Credit: Rates, Repayment and What to Compare Before You Apply

EZ Loan and 118 Credit both publish starting rates and describe an online application followed by in-person checks. EZ advertises rates from 0.82% per month for eligible applicants; 118 Credit's personal-loan page advertises rates from 1% monthly, subject to eligibility.[4][11] Neither figure establishes the rate or total cost you will receive.

EZ is worth considering if you want a choice between Beach Road and Marina Square, a conversation about the repayment terms, and monthly payment options including PayNow and bank transfer.[1][4] 118 Credit may be convenient if its Bencoolen Street office near Rochor MRT suits your journey.[11]

Early repayment is another point to compare, but not a unique EZ advantage: EZ describes early full settlement at no extra cost, while 118 says it does not charge an early-settlement penalty.[4][11] Ask how each lender would calculate your final settlement amount.

EZ Loan publishes this comparison and is one of the lenders discussed. This is general information, not an independent review or a personalised offer. Website details were checked on 4 October 2026; the Ministry of Law list used below is dated 1 September 2026.[1]

The Ministry of Law list records EZ LOAN PTE. LTD., licence 19/2026, with offices at Beach Road and Marina Square. It records 1 1 8 CREDIT PTE. LTD., licence 84/2026, at 175A Bencoolen Street, #09-11, Burlington Square, and includes 118credit.sg among its registered websites.[1]

On 4 October 2026, 118 Credit's homepage hero displayed 81/2025, while its personal-loan page footer showed 84/2026.[10][11] Use the Ministry's live Registry to check the legal name, website and approved address before sharing personal details or arranging a visit.[2]

Understand the repayment commitment in person

EZ's published branch process includes an explanation of the loan terms and an opportunity to ask a loan officer questions. Selected Google-labelled comments on its homepage describe help understanding a first loan and clear explanations from staff.[4]

For a borrower unfamiliar with instalments or fees, that gives you a useful expectation to discuss: ask the officer to go through your own agreement until you can explain the payments back. These are selected customer experiences, not a promise of how every appointment will go. MinLaw requires licensed moneylenders to explain the terms in a language the borrower understands and provide a contract copy.[3]

118 Credit also says its officers explain the terms before signing.[11] Judge the actual explanation you receive from either lender rather than assuming one company alone provides it.

Prepare online, then choose a branch

EZ lets you start through its website or WhatsApp and also welcomes walk-ins.[4] Its two registered locations give you an appointment choice if one fits your journey better.[1] Ask what documents to bring before travelling, especially if your available time is limited.

EZ's published tracker showed a 17-minute average processing time, last updated 4 October 2026.[4] This is a dated first-party figure, not a deadline for your assessment or a guarantee that funds will reach you within that time. EZ qualifies same-day disbursement by assessment, documents and the required verification.[4]

Ask about the starting rate and the cost after approval

The 0.82% monthly starting rate gives eligible applicants a specific rate to ask EZ about. Its homepage says the rate, fees and repayment terms offered depend on approval and borrower profile.[4]

Bring the same requested amount and repayment period to both lenders. Once you have written terms, compare the money you receive with every payment you will make. Do not choose a loan simply because its advertised minimum is lower.

Plan how you will pay, including early settlement

EZ's published monthly-payment options include bank transfer, PayNow and in-person payments.[4] Bank transfer or PayNow may make it easier to pay without another branch trip; confirm the correct payment details and due dates on your repayment card.

EZ says early full settlement carries no extra cost and asks you to request the final figure. 118 Credit says it charges no early-settlement penalty.[4][11] This is a shared feature to clarify, not a reason to assume EZ is cheaper. Ask what remains payable on the exact date you plan to settle.

118 Credit's published process includes a Singpass MyInfo application route, an offer breakdown and final verification at its office near Rochor MRT. Its Saturday hours may suit someone planning a daytime visit to Bencoolen Street.[11]

Its published minimum age of 18 also differs from EZ's stated minimum of 21.[11][4] Meeting an age requirement is not approval: check income, documents and the lender's assessment requirements before applying. Choose based on the offer and your ability to repay, not just whether an application can be submitted.

118 Credit's personal-loan page uses both “as low as 12% p.a.” and “starting from as low as 1% monthly”, with eligibility qualifications.[11] A simple annualisation of 1% per month is 12% per year. That arithmetic does not turn the advertised rate into an effective annual cost including fees, or tell you the total interest on your own repayment schedule.

Before comparing it with EZ's monthly starting rate, request the calculation for your actual loan. Ask which balance attracts interest, what fees apply and how much is due on every repayment date. MinLaw advises borrowers to understand the repayment schedule, interest and fees before signing.[3]

EZ's homepage displays selected customer comments about explanations and support. 118 Credit's homepage links to a Google review listing.[4][10] Read the recent comments on the relevant review platform, including mixed feedback, and pay attention to the experience being described.

Use reviews to prepare questions about communication and service. They cannot determine the terms you will receive. The comparison here is about the lenders' published rates, process and repayment arrangements, not a rating of 118 Credit's customer experiences.

Is 118 Credit listed by the Ministry of Law?

The Ministry's list dated 1 September 2026 records 1 1 8 CREDIT PTE. LTD. under licence 84/2026 at 175A Bencoolen Street, #09-11, Burlington Square, and includes 118credit.sg.[1] Recheck the live Registry before contacting a lender.[2]

Does EZ's lower starting rate mean my loan will cost less?

Not necessarily. EZ's 0.82% monthly starting rate and 118 Credit's 1% monthly starting rate are conditional advertised figures, not matched offers.[4][11] Compare the actual fees and total payable for the same amount and repayment period.

Can I complete either loan without an office visit?

No. MinLaw requires face-to-face identity verification at the licensed moneylender's approved premises before a loan is granted.[2] Both lenders describe an in-person stage in their processes.[4][11]

Can I settle early with either lender?

EZ publishes early full settlement at no extra cost; 118 Credit states that it charges no early-settlement penalty.[4][11] Ask the lender for a final settlement figure and check it against your agreement rather than assuming the outstanding balance is simply the remaining principal.

Does the 17-minute processing average guarantee a same-day loan?

No. It is EZ's published average snapshot dated 4 October 2026, not a promise for an individual application. EZ says same-day disbursement depends on assessment, documents and required face-to-face identity verification.[4]

If you would like to discuss EZ's starting rate, payment methods and branch process, check the Beach Road or Marina Square information. The repayment calculator can help you prepare an estimate before asking for written terms.[4][5]

Keep that offer alongside 118 Credit's for the same amount and term. Decide only after the payment dates and full repayment commitment are clear and manageable for you.

• 1. MinLaw: licensed moneylenders list, 1 September 2026

• 2. MinLaw: Registry and identity-verification warning

• 3. MinLaw: guide to borrowing

• 4. EZ Loan: process, rate and customer comments

• 5. EZ Loan: calculator, branch links and opening hours

• 10. 118 Credit: homepage

• 11. 118 Credit: personal-loan terms and process