Question 1

What are the basic eligibility requirements for a personal loan in Singapore?

Accepted Answer

What are the basic eligibility requirements for a personal loan in Singapore?

Typically, borrowers must be at least 21 years old and earn a minimum annual income of S$20,000 (for Singaporeans) or S$40,000 (for foreigners). Eligibility can vary between banks and moneylenders depending on citizenship and income.

What maximum amount can I borrow with a personal loan?

How long is the typical loan tenure for personal loans?

How is interest calculated on personal loans?

What happens if I miss a loan repayment?

Can I repay my loan early?

What is the difference between secured and unsecured personal loans?

Can I use a personal loan to consolidate my debts?

What is the best personal loan in Singapore?

How should I compare personal loans in Singapore?

Is a bank or a licensed moneylender better for a personal loan?

What does a personal loan from a licensed moneylender cost?

What should I prepare before applying for a personal loan?

Can I ask EZ Loan about an offer before deciding?

Where can I find a low-interest licensed moneylender in Singapore?

What are my alternative loan options in Singapore if a bank rejects me?

Can I get a loan if I am unemployed or on low income?

Question 2

What maximum amount can I borrow with a personal loan?

Accepted Answer

Most personal loans allow you to borrow up to 4-6 times your monthly income, depending on your financial profile and the lender's policies. Banks may offer higher loan amounts for customers with excellent credit scores.

Question 3

How long is the typical loan tenure for personal loans?

Accepted Answer

Personal loan tenures in Singapore generally range from 1 to 5 years, though some lenders may offer longer terms depending on the loan amount and repayment plan.

Question 4

How is interest calculated on personal loans?

Accepted Answer

Interest is typically calculated using a reducing balance method, meaning you only pay interest on the outstanding loan amount. Rates vary between lenders but can range from 3.5% to 10% annually for unsecured personal loans.

Question 5

What happens if I miss a loan repayment?

Accepted Answer

Missing a repayment can result in late fees and interest charges. The lender may also report missed payments to credit bureaus, negatively impacting your credit score.

Question 6

Can I repay my loan early?

Accepted Answer

Yes, most lenders allow early repayments. However, you may be subject to an early repayment fee, typically a percentage of the outstanding loan balance.

Question 7

What is the difference between secured and unsecured personal loans?

Accepted Answer

Secured personal loans require collateral, such as property or a car, while unsecured loans do not. Secured loans typically offer lower interest rates but carry the risk of losing the collateral if you default.

Question 8

Can I use a personal loan to consolidate my debts?

Accepted Answer

Yes, many borrowers use personal loans to consolidate multiple debts into a single repayment plan, which can simplify budgeting and reduce the overall interest paid.

Question 9

What is the best personal loan in Singapore?

Accepted Answer

No single loan is best for everyone, so compare what each lender puts in writing. Here is EZ
Loan's offer: advertised rates from 0.82% per month for eligible applicants, subject to
approval, borrower profile and final terms. Same-day decisions on completed applications. Most
completed applications are handled in one branch visit. Put those numbers against any other
written offer,
then verify us on the Registry of Moneylenders under Licence No. 19/2026.

Question 10

How should I compare personal loans in Singapore?

Accepted Answer

Compare the total you will repay, not the headline rate. That means the monthly instalment, the
tenure, upfront fees, late charges and how fast the money reaches you. EZ Loan gives you every
figure in writing before you commit, and the personal loan calculator lets you model the
repayment first. If the numbers work, most completed applications finish in a single branch
visit.

Question 11

Is a bank or a licensed moneylender better for a personal loan?

Accepted Answer

It depends on your situation. If you qualify at a bank and its process suits your timeline,
take that offer. When you need a decision now, EZ Loan, licensed by the Ministry of Law, can
decide on a completed application the same day. Approved loans can be paid out by PayNow or
cash, whichever you prefer, with bank transfer also available. On the moneylender side,
statutory caps protect the
total cost, so the comparison comes down to written terms and speed.

Question 12

What does a personal loan from a licensed moneylender cost?

Accepted Answer

The law caps every licensed moneylender: interest at most 4% per month on the reducing balance,
a one-time administrative fee of up to 10% of the principal, late fees of up to $60 a month,
and total charges never above 100% of the principal. EZ Loan advertises rates from 0.82% per
month for eligible applicants, subject to approval, borrower profile and final terms. That is a
fraction of the legal ceiling.

Question 13

What should I prepare before applying for a personal loan?

Accepted Answer

Less than you think. Know your annual income band, because the law caps unsecured borrowing
across all moneylenders combined, and decide what instalment you can afford. Then apply through
SingPass. It provides the information we need, so there is no stack of paperwork to prepare.
Most completed applications are handled in one visit to our Marina Square or Beach Road branch.

Question 14

Can I ask EZ Loan about an offer before deciding?

Accepted Answer

Yes, and you should. An enquiry commits you to nothing. EZ Loan puts the rate, fees and
repayment schedule in writing, and a loan only becomes binding after face-to-face verification
at an approved branch and your signature on the agreement. Take the terms away, compare them
with anyone else's, and come back if ours win.

Question 15

Where can I find a low-interest licensed moneylender in Singapore?

Accepted Answer

Start with EZ Loan's rates from as low as 0.82% per month. Already found a lower rate? We'll match it. Compare the interest, fees and total repayment in your written offer, then choose the loan that works for you.

Question 16

What are my alternative loan options in Singapore if a bank rejects me?

Accepted Answer

A bank rejection does not have to end your search. EZ Loan offers personal loans as an alternative to bank borrowing, with rates from 0.82% per month. Start your application online and speak with our team about your options. You can receive funds in less than 10 minutes of arriving at an EZ Loan branch.

Question 17

Can I get a loan if I am unemployed or on low income?

Accepted Answer

The law ties unsecured borrowing to income. For citizens and permanent residents earning under
$20,000 a year the cap is $3,000 in total across all moneylenders; for foreigners residing in
Singapore it is $500 below $10,000 annual income and $3,000 up to $20,000. Every lender must
assess your ability to repay, so no
income usually means no unsecured loan from anyone legitimate. If you have income, even a
modest one, EZ Loan assesses each completed application on its merits and tells you quickly
where you stand. And if repayment would strain you, borrowing less is the better outcome. We
will say so.

Apply For a Personal Loan Today

Apply Online, Quick and Easy with EZ Loan

What Are Personal Loans?

Personal Loan Calculator

$1,071

$179

$71

Track Today’s Application Submitted and Processing Time

Why Take a Personal Loan With Us

Flexible Loan Plans

Affordable and Transparent Repayments

Quick Access to Funds

Transparent Terms and Responsible Service

Understanding Personal Loans

Custom Plans That Fit Your Business

with EZ Loan

Personal loans from EZ Loan Singapore licensed moneylender

We’re Ready to Support Your Financial Needs

Can be under 10 minutes

Face-to-face

Some may be same-day

Licensed

Eligibility Criteria

At least 21 years of age

With a minimum monthly salary of SGD 2,000

Documents We’ll Need

Singaporeans/PR

Foreigners

3 Easy Steps - Loan Application Process

Apply Anytime

Book a Consultation

Collect Your Cash

Loans for All Circumstances

Browse different loan types to learn more

Why do Singaporeans choose us as their go-to moneylender?

Read our reviews on Google or check recent ones below.

Great experience at EZ Loan Bank Branch. Erica was very helpful, professional, and efficient. She explained everything clearly and made the process smooth and hassle-free. Excellent customer service. Thank you, Erica!

Joanna has helped me understand how the loan works as it was my first time asking for loan. Everything was easy and simple to understand. I appreciate her meticulous work and easy going personality

Erica has consistently demonstrated excellent customer service skills and professionalism her service. She is courteous, patient, and attentive when assisting customers, ensuring that enquiries and concerns are handled promptly and effectively.

Friendly with big pressure. Expected it to be a tough nego but dickson made the procedure very smooth and explain very throughly in terms of how they can help. Can consider when needing a bridge

The process was fast and hassle-free. They offer low interest rates, and the staff were friendly, responsive, and easy to communicate with. Overall, I had a great experience and would definitely recommend their service.

Frequently Asked Questions

Get Expert Insights On Money Management

Visit our blog and get practical tips on smart borrowing

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

EZ Loan vs 1-Money: Rates, Reviews and What to Compare Before You Apply

EZ Loan vs Credit Thirty3: Rates, Reviews and What to Compare Before You Apply

EZ Loan vs Bugis Credit: Rates, Reviews and What to Compare Before You Apply

EZ Loan vs Horison Credit: Rates, Reviews and What to Compare Before You Apply

Personal loans
from EZ Loan Singapore licensed moneylender

We’re Ready to Support Your
Financial Needs

Documents
We’ll Need

3 Easy Steps -
Loan Application Process

Why do Singaporeans choose us
as their go-to moneylender?