If you are looking for a personal loan in Singapore, there are many options available. However, you need to carefully compare the market and find a provider that best meets your needs. For instance, you may want to consider whether a guarantor is required, the maximum amount of money that you can borrow, and what fees are applicable.

Getting a personal loan is a convenient way to pay for major expenses. For example, it can help you plan a wedding without putting too much pressure on your cashflow. Alternatively, you can use it to pay for a dream vacation. Nevertheless, it’s important to keep in mind that the cost of personal loans in Singapore will include interest and other fees.

Accessing Funds: Personal Loans for Residents in Singapore

The eligibility criteria for a personal loan in Singapore depend on your age, residency status, and income. Most lenders require you to be at least 21 years old and a Singapore citizen or permanent resident. Moreover, you must be gainfully and stably employed. Besides, the total annual income that you must earn to qualify for a personal loan varies among different banks.

For instance, if you are a low-income earner, you can still get a personal loan from a Ministry of Law enlisted money lender. Most money lenders are willing to give personal loans to people who make less than $30,000 annually. This is because they consider your credit score and ability to repay the debt within a specific tenure.