Life doesn’t always go as planned. A sudden medical bill, a broken fridge, or urgent home repairs can throw your budget off track. Maybe you need help with school fees, or simply need a little extra cash to get through the month.
In these moments, asking friends or family for help isn’t always an option. For many, it can feel uncomfortable. That’s where a personal loan can come in.
A personal loan gives you access to fast cash without the stress of borrowing from loved ones. It’s simple, private, and can help you take back control over your finances.
But before you apply, it’s important to know how to apply for a personal loan the right way. The process can be easy, especially if you’re prepared.
This guide will show you the steps, what documents you’ll need, and how to apply online — even if you have no credit. Whether it’s your first time or you’re just looking for a better loan experience, we’ll walk you through it step by step.
What Are the Choices You Have When Applying for Personal Loans in Singapore?
In Singapore, personal loans come in various forms. This helps to cater different financial needs:
- Unsecured Personal Loans
These loans don’t require collateral and are based on your creditworthiness.
- Secured Personal Loans
These require an asset as collateral, such as a car or property. These loans potentially offer lower interest rates.
- Debt Consolidation Loans
Combine multiple debts into a single loan with a potentially lower interest rate.
- Guarantor Loans
Require a co-signer to guarantee repayment, useful for those with limited credit history.
It is important to note that personal loans come with fixed and variable interest rates. Also, each loan type has its own eligibility criteria and benefits. Hence, it’s essential to choose one that aligns with your financial situation
Steps to Take Before Applying for a Personal Loan in Singapore
If you’ve never taken a loan before, the idea of applying for one might feel stressful or confusing. But in Singapore, the process is more straightforward than you might think. Especially when you’re working with a trusted moneylender like Quick Loan.
Still, it helps to be prepared. Knowing what to expect before you apply can make the experience even smoother. Here’s what you should check before starting your loan application.
- Check Your Credit Score
Before you learn how to apply for a personal loan, it’s important to check your credit score. This score shows how well you’ve handled money in the past — like whether you’ve paid bills and loans on time.
In Singapore, you can get your credit report from the Credit Bureau Singapore (CBS) for a small fee. The report shows your score and credit history.
A high credit score tells lenders that you’re responsible with money. This can help you get approved more easily. It may also get you a lower interest rate, which means lower monthly payments.
- Apply for Pre-Approval (Also Known as Pre-Qualification)
The next step is to get pre-approved for a personal loan.
This process is sometimes called pre-qualification. It’s a simple check lenders do to see if you meet their basic loan requirements. This usually comes before you submit a full application.
During pre-approval, you provide a few personal and financial details. This includes information like your income, job type, and monthly expenses. The lender then reviews this information and gives you an estimate of how much you may be able to borrow.
At Quick Loan, you can apply for a pre-approval here by submitting your Myinfo form by Singpass.
Pre-approval is not a guarantee, but it gives you a good idea of your options and helps you plan better. Many lenders offer this step with no obligation, it’s a safe and helpful way to start.
- Compare Loan Offers You Receive
If you get pre-approved, the lender will usually show you a preview of your loan offer. This might include:
- The maximum amount you can borrow
- The interest rate and any fees that come with the loan
- An estimate of your monthly repayments
- The loan term — or how many months you’ll have to pay it back
- Early settlement fees
Decide How Much You Really Need to Borrow
Before you learn how to apply for a personal loan, take a moment to think about how much money you actually need. It’s easy to ask for more “just in case,” but remember — loans aren’t free.
You’re not only repaying what you borrow — you’re also paying interest on top of it. So if you borrow more than needed, you’ll end up paying more in the long run.
At the same time, be careful not to borrow too little. If the loan doesn’t fully cover your needs, you might have to turn to other lenders later. These could charge much higher interest rates.
The key is to find a balance. Borrow just enough to handle your expenses, with a little buffer if needed — but not so much that it becomes a burden.
Also, ask yourself: Can I repay this amount comfortably? Only borrow if you’re confident you can keep up with the monthly payments. If your situation is unstable, it may be wiser to wait.
Use a Loan Calculator to Plan Ahead
Not sure how much your monthly payments will be? A personal loan calculator can help. Just enter your loan amount, interest rate, and repayment period — and it’ll show you what to expect each month.
This tool is easy to use and can help you figure out whether the loan fits into your budget. If the payments seem too high, you can adjust the loan amount or choose a longer loan term.
Taking the time to do this before applying gives you peace of mind. It helps you avoid over-borrowing and keeps your finances on track. You can try it using the Quick Loan’s loan calculator — it’s fast, free, and available anytime.
Getting a Loan from Quick Loan
Quick Loan is the best licensed moneylender in Singapore offering easy and reliable personal loans. Many borrowers choose Quick Loan because the process is fast, transparent, and stress-free.
Before you apply, it’s important to check your credit score. This number helps lenders understand your past borrowing habits. It can affect whether your loan gets approved, the interest rate you receive, and how much you can borrow.
Once you’ve reviewed your score, you can go ahead and apply for pre-approval. This step gives you a better idea of what you might qualify for. This includes how much you can borrow and what the repayment terms might look like.
After receiving your loan offer, take time to review the details. Look at the interest rate, repayment schedule, and total amount to be repaid. Quick Loan will explain all these clearly, so you know exactly what you’re signing up for. There will be no hidden fees or confusing terms in store.
How to Apply for a Personal Loan with Quick Loan
Applying for a personal loan with Quick Loan is made to be simple, fast, and worry-free — just the way it should be. As a licensed moneylender in Singapore, Quick Loan is a safe and fast way to get urgent cash. Here’s how you can apply:
Step 1: Start Your Application
You can begin your application in a way that works best for you:
- Online: Visit the official Quick Loan website and fill out the short application form.
- WhatsApp: Message Quick Loan directly if you prefer a casual, chat-based way to apply.
- In Person: Head down to the Quick Loan office to speak to a friendly officer face-to-face.
This flexible approach means you can apply however you feel most comfortable. Either from home or in person.
Step 2: Prepare Your Documents
Having your documents ready makes the process faster. Here’s what you’ll need:
For Singaporeans and Permanent Residents:
- NRIC
- Singpass login
- Proof of Residence (if renting):
- Tenancy agreement
- Recent utility bill or phone bill with address
- Payslips for the last three months (if available)
- Bank token
For Foreigners:
- S Pass / Employment Pass with a minimum 6-month validity
- Passport
- Residence information in the form of both:
- Phone bill or utility bill
- Tenancy agreement
- Payslips for the last three months, if available
- Bank token
- Employment contract
- Staff card
The more complete your documents, the faster your application can be processed.
Step 3: Attend a Face-to-Face Consultation
All applicants must visit the Quick Loan office for a short in-person consultation. This is required by law to confirm your identity.
During the meeting, a loan officer will:
- Go through your application and check your documents
- Explain the loan terms clearly — including interest rate, fees, and monthly payments
- Answer any questions you may have to ensure you fully understand the offer
This step is important for transparency, and ensures that everything is done properly and legally.
Step 4: Review and Sign the Agreement
Once you understand and agree to the loan terms, you’ll be asked to sign the loan agreement.
Take your time to read through it. If anything is unclear, ask — the team at Quick Loan will be happy to explain.
Once you’re confident, sign the agreement to confirm your loan.
Step 5: Receive Your Funds
After signing, your loan will be disbursed right away. You’ll receive the money on the spot, either in cash or by bank transfer — whichever you prefer.
This means you can walk away with the funds you need on the same day, without long waits or complicated steps.
How to Improve Your Chances of Getting a Personal Loan
Getting approved for a personal loan isn’t just about filling out a form. It’s about showing that you can repay the money reliably. If you want better chances, here are a few simple things you can do:
1. Build a Good Credit Score
Your credit score plays a big part in whether your loan gets approved. It shows lenders how well you’ve managed money in the past. To improve your score:
- Pay bills and loan instalments on time
- Avoid maxing out your credit cards
- Don’t apply for too many loans at once
A better score can also help you get a lower interest rate.
2. Lower Your Debt
If you already have other loans or credit card balances, try to pay some of them off first. Lenders will look at your debt-to-income ratio. This means the ratio of how much of your monthly income goes into debt repayments. The lower it is, the better your chances.
3. Show Proof of Steady Income
Lenders want to know you have enough income to repay the loan. If you have a full-time job, payslips would suffice. For the self-employed like Grab drivers and delivery personnel, further documents are needed. This can be tax returns, bank statements, or contracts to show steady earnings.
4. Consider Adding a Co-Signer or Collateral
If your credit score is low or your income isn’t high, a co-signer or some form of security may help. This can include things like a car or savings account. This shows the lender that there’s backup if you’re unable to repay.
Should I Get a Co-Signer for My Personal Loan?
In some cases, adding a co-signer is a smart move — especially if your credit score is low or your income is not stable.
A co-signer is someone who agrees to take responsibility for the loan if you can’t repay it. This is usually a close friend or family member. Lenders will look at their credit score and income as part of your application.
Having a co-signer with strong credit may:
- Improve your chances of getting approved
- Help you secure a higher loan amount
- Lower your interest rate
But remember – if you miss payments, your co-signer is legally responsible for the debt. It can also affect their credit score.
That’s why trust and open communication are important before signing the agreement.. Both you and your co-signer need to fully understand the responsibilities.
How to Qualify for a Personal Loan?
Not everyone qualifies for a personal loan. But knowing what lenders look for can help you prepare better.
Here’s what most lenders check:
- Credit Score: Your credit score shows how well you’ve handled money in the past. A high score tells lenders that you’re reliable and pay your bills on time. If your score is good, you’re more likely to get approved and may even enjoy a lower interest rate.
- Income: Lenders want to know that you earn enough to repay the loan. Regular income — from a full-time job, part-time work, or freelance gigs — gives them peace of mind.
- Debt-to-Income Ratio: This ratio compares how much you earn to how much you already owe. If most of your income goes toward paying off other loans, lenders may not approve more borrowing.
Try to pay down existing debts before applying. It will improve your chances and show you’re managing your finances well. - Employment: Having a stable job helps. It shows that you have a reliable source of income every month.
What Are the Alternatives to Personal Loans?
Personal loans are a reliable and widely used solution for those seeking fast financial assistance. They offer flexible repayment terms and can cover a variety of needs—from emergency expenses to home improvements. However, depending on your financial situation and how quickly you need funds, other short-term loan options may also be worth considering.
Let’s look at some common alternatives and weigh the pros and cons of each:
1. Credit Cards
Credit cards are easy to use and can help in a pinch. They’re often used for small, short-term expenses. This includes groceries, transport, or urgent purchases.
However, if you don’t pay off your outstanding balance in full, credit card interest can quickly add up – especially since credit card interest is subjected to compounding.
Pros:
- Instant access to funds
- Handy for emergencies or quick payments
- No need to apply for a new loan
Cons:
- High interest if you only pay the minimum each month
- Easy to lose track and overspend
- Can damage your credit score if left unpaid
Best for: Short-term, small purchases you can repay quickly
2. Home Equity Loans
If you own a home, you may be able to borrow money using your property as collateral. This is called a home equity loan or sometimes a cash-out refinance.
Pros:
- Lower interest rates than many other loans
- You can borrow larger amounts
Cons:
- Your home is at risk if you can’t repay
- Takes longer to apply and get approved
- May involve legal and valuation fees
Best for: Big expenses like renovations, large medical bills, or education
3. Borrowing from Family or Friends
Asking a loved one for help can seem easier than going to a lender. There’s usually no paperwork or interest involved. But it still comes with risks.
Pros:
- No interest or loan fees in most cases
- Flexible repayment terms
- Quick access to money
Cons:
- Can cause tension if repayments are missed
- No legal agreement, so misunderstandings may happen
- May hurt relationships if things go wrong
Best for: Small, short-term help where trust and honesty are strong
4. Using Your Savings
If you’ve been saving money, dipping into those funds may be better than taking a loan. There’s no interest to pay, and you avoid taking on new debt.
Pros:
- No repayments or interest
- Instant access when you need it
- No impact on your credit score
Cons:
- Reduces your emergency fund
- Can delay financial goals like home-buying or retirement
- May leave you unprepared for future surprises
Best for: Managing expenses when you can afford to draw from your savings without risk
So, Which Option Is Right for You?
The best choice depends on your current situation and how quickly you can repay the amount. A personal loan may still be the most balanced option if you need fixed payments, and quick approval.
Whatever option you choose, make sure it fits your repayment ability. Borrow only what you can manage comfortably — and always read the fine print.
I Have Bad Credit — Can I Still Apply for a Personal Loan?
You can still apply for a personal loan even if you have bad credit — but it may be harder to get approved.
A low credit score tells lenders that you may have missed payments or overborrowed in the past. While this does not mean a guaranteed rejection, it does mean you’ll need to take extra care when applying.
Here are a few smart steps you can take to improve your chances:
1. Work on Raising Your Credit Score
Before applying, try to improve your credit score — even a small boost can help. Start by:
- Paying your bills on time
- Clearing any overdue credit card or loan payments
- Reducing your outstanding debts where possible
Your payment history makes up a big part of your credit score, so showing good habits now can go a long way.
2. Consider Adding a Co-Signer or Guarantor
Some lenders allow you to apply with a guarantor, also known as a co-signer. This is someone — often a friend or family member — who agrees to repay the loan if you can’t.
It’s always best to find a co-signer who has a strong credit score and steady income. This will greatly improve your chances of getting approved. It also shows lenders that there’s added security behind your application.
Just make sure both you and your co-signer fully understand the responsibility. It’s a big commitment for both parties.
3. Use Pre-Approval to Explore Your Options
Many licensed moneylenders offer a pre-approval service. This lets you share some basic details to find out what kind of loan you may qualify for. You will know possible loan amounts, interest rates, and repayment terms. This will not affect your credit score.
It’s a helpful way to find lenders that are open to applicants with bad credit. And it gives you a clear idea before you commit.
Time to Take Steps
Taking out a personal loan is a big step, and it is important to do it the right way. Understanding how to apply for a personal loan helps you avoid costly mistakes. It also gives you more control over your finances.
Before you apply, take time to look at your situation. Know exactly how much you need, and make sure you can afford the monthly payments.
Gather your documents early and compare different lenders. Not all offer the same terms. Take a moment to look at the interest rates, fees, and repayment options so you’ll know exactly what you’re signing up for.
Whether you apply online or in person, be sure to ask questions and read the loan agreement carefully. Most importantly, borrow only what you need. A loan should help ease your money worries, not add to them.
With some planning — and support from a trusted lender like Quick Loan — you can apply confidently and move forward with ease.
Frequently Asked Questions
Who is eligible to apply for a personal loan with Quick Loan?
If you are 18 or older and have a steady income, you’re welcome to apply! This includes salaried employees, self-employed, and even foreigners with a valid work pass. Quick Loan will assess your documents, income, and overall ability to repay.
How fast can I receive the loan after approval?
If all your documents and loan conditions are in place, Quick Loan can disburse the funds on the same day within 20 minutes! You’ll receive the money either in cash or through a bank transfer right after you sign the agreement in store.
What documents do I need to apply for a personal loan?
Here’s a quick list:
For Singaporeans/PRs:
- NRIC (front and back)
- Singpass (optional but useful)
- Payslips or income proof (last 3 months)
- Utility bill or tenancy agreement (if renting)
- Bank token
For Foreigners:
- Passport
- S Pass or Employment Pass (valid for at least 6 months)
- Employment contract
- Payslips (last 3 months)
- Staff card
- Tenancy agreement and utility bill
- Bank token
Can I apply for a personal loan if I have bad credit?
Yes, you can! Quick Loan reviews more than just your credit score. We look at your current income, financial situation, and whether you’re able to repay the loan.
What is the interest rate for personal loans with Quick Loan?
Interest rates depend on your income, loan amount, and repayment plan. Please head down to our store for checking and to discuss repayment plans.
How do I make my monthly loan repayments?
Repayments can be made through bank transfer or in person at the Quick Loan office. Your repayment schedule will be explained clearly during your consultation. You’ll know exactly what’s due and when.
Can I repay my loan early without penalties?
Yes, Quick Loan does not charge early repayment penalties. If you want to pay off your loan early, just let us know. This can help you save on interest too.
Is it safe to borrow from a licensed moneylender like Quick Loan?
Yes, Quick Loan is fully licensed by the Registry of Moneylenders. That means we follow all legal rules and offer clear, honest terms with no hidden charges. Your information is kept private and the process is completely above board.
What happens if I miss a repayment?
If you miss a payment, please contact us as soon as possible. We’re here to help find a workable solution, and avoid unnecessary charges on the overdue amount.
Can foreigners apply for a personal loan with Quick Loan?
Yes! Foreigners who are working in Singapore are welcomed to apply for a loan with us. You will need a valid S Pass or Employment Pass, proof of income, a tenancy agreement, and your passport.
