NOT ALL LOANS ARE THE SAME. WHAT FITS YOU BEST?
From personal loans to renovation and debt consolidation, the best loan depends on what's most suitable for you. Simplify the loan terms to choose your loan confidently.
TYPES OF LOANS IN SINGAPORE
Personal Loan
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Lump-sum payout, liquid cash
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Fixed tenure & monthly repayments
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Often used for anything that’s not asset-backed
Best for
Flexible cash needs like education, emergencies, travel
Renovation Loan
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Can only be used for reno-related works
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Lower interest rates than personal loans
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Requires renovation quotes as proof,money goes directly to contractor
Best for
Renovation-specific needs, cannot be used for furnishing and appliance costs
Debt Consolidation Loan
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Combine multiple debt such as credit cards, personal loans into monthly payments.
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Lower interest, longer tenure
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Must have significant unsecured debt to qualify
Best for
Paying off multiple debts in one place, debt management
Credit Line
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Revolving credit (like a credit card, but cash-based)
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Interest charged only on amount used
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Flexible but can snowball if unmanaged
Best for
Ongoing, smaller short-term borrowing
Car Loan
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Based on car value and OMV (Open Market Value)
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Requires down payment
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Secured loan, car acts as collateral
Best for
Financing a vehicle
Wedding Loan
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Often structured as a type of personal loan
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Helps with venue, photography, travel, etc.
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Compare rates carefully as costs can add up quickly
Best for
Financing a wedding or honeymoon
WHICH LOAN SUITS YOU?
“I just need cash for an emergency or one-off expense”
→ Personal Loan is usually the fastest and most flexible.
“I’m redoing my home and want it all done properly”
→ Renovation Loan gives you lower interest for reno-specific work.
“I’m overwhelmed with multiple payments every month”
→ Debt Consolidation simplifies repayment and usually lowers your interest.
“I need short-term flexibility, but not a fixed loan”
→ Credit Line works well if you manage repayment tightly.