If you’re in need of money due to unforeseen circumstances and don’t want to turn to your friends, where can you go? Whether you require a small or large loan, let’s look at where you can borrow money in Singapore and decide which option is the best for you.
1. Local and foreign banks
Banks provide a variety of loans to help you get the money you need. Local banks typically offer loans at lower rates than international banks. This is because they lend locally so their overhead is minimal.
However, when borrowing from banks, be prepared to be subjected to stringent checks that will slow down your loan application process.
Individuals with bad credit histories or without a source of income will also find it difficult to take up a loan at favourable interest rates. Defaulting on your payments will negatively affect your credit score as well.
Suitable for those:
- With good credit rating, and/or
- Who can afford the longer waiting time
2. Private licensed moneylenders
Going to a licensed moneylender in Singapore is an especially attractive option if you are looking to borrow more money than what the banks are willing to lend you. They offer instant loan approvals within the same day, allowing you to have more cash on-hand quickly to attend to your pressing financial issues.
Whether you’re looking for a personal loan, payday loan, or investment loan, licensed moneylenders can provide you with the funds you need. Fortunately, Singapore has plenty of private and legal moneylenders, which means it is easier to compare the fees and rates of these lenders.
Suitable for those:
- Looking to borrow more money on top of what the banks are willing to lend you,
- Who want to access cash quickly, without long processing times, and/or
- Who want flexible payment options and competitive interest rates
3. Unlicensed moneylenders
Unlicensed moneylenders or loan sharks will often offer borrowers quick cash at high interest rates, with no credit check or paperwork required. However, borrowing from them is illegal in Singapore as their harassment methods used to chase debts are unregulated and dangerous.
These loan sharks would often send mass messages to phones or even advertise online, offering lucrative loan deals. Sometimes, they even make use of the names of legal moneylenders and replicate their genuine websites to advertise their services. Some uninformed members of the public may be enticed to take loans from them.
According to the law, licensed moneylenders are not permitted to solicit for loans via messages or advertise online through social media platforms. All loan introduction messages received are actually sent by loan sharks and individuals must be cautious when they see these messages.
Where to borrow money in Singapore?
There are many ways to borrow money in Singapore. If you cannot borrow from family or friends, there are other options, such as going to a bank or approaching a licensed moneylender.
At Quickloan, we’re a legal moneylender in Singapore, providing loans with flexible repayments. Our friendly and dedicated loan consultants will advise and help you according to your needs. Contact or WhatsApp us at 8511 9133 to borrow extra cash from us today!