Where Can I Get a Small Personal Loan in Singapore?

Are you in need of a quick cash infusion for bills, gadgets, or travel? Good news! Singapore offers plenty of options for securing a small personal loan. In this article, we’ll explore the different avenues available, the qualifications you need to meet, and the steps to take to ensure a successful application process.

What You Need to Know About Small Personal Loans

Maybe you’re asking, “How small of a loan can I get away with?” Although most banks in Singapore only lend between SGD 500 and SGD 1,000, there is an innovative option for people needing even lower sums.

Licensed moneylenders are the answer, offering the chance to borrow whatever amount you require, with the possibility of securing up to SGD 3,000. But whether you need a few bucks or a significant sum, personal loans have got your back.

Where to Get a Small Personal Loan?

There are two main options for getting a small personal loan in Singapore: banks and licensed moneylenders.


Singapore’s banking system provides numerous opportunities for securing a small personal loan. DBS/POSB Personal Loan has the lowest offer at S$500, but other banks like HSBC, OCBC, and UOB offer a minimum loan amount of S$1,000. To ensure your application success, be sure to compare interest rates and eligibility criteria across banks.

Licensed Moneylenders

If you’re in need of a small personal loan in Singapore, licensed moneylenders present a viable option. Among the various choices available, Accredit has garnered high ratings and positive feedback from borrowers. With proper research and a thorough understanding of the terms and conditions, a licensed moneylender may be just the solution you need.

Factors to Consider When Applying for a Small Personal Loan in Singapore

Before applying for a small personal loan in Singapore, there are several factors you should consider:

Interest Rates

The interest rate tacked onto your small loan can make or break your repayment game. Every financial institution and moneylender has their own rates, making it essential to shop around for the one that syncs with your financial goals. 

Loan Tenure

Borrowing cash involves more than just paying off a set amount. Loan tenure is the period you’re given to clear your debt. While stretching out your repayment schedule reduces monthly installments, it also leads to bigger interest payments in the long run. 


Different banks and moneylenders have their own set of criteria for small personal loans. A few may mandate a minimum income or credit rating, while some may ask for security against the loan. It’s crucial to confirm your eligibility by checking the requirements before submitting your application.

Comparison of Small Personal Loan Providers in Singapore

Check out the list below for personal loan providers in Singapore along with their minimum loan amount, interest rate, and loan tenure. Compare and contrast to choose the best lender that fits your needs.

Personal LoanInterest Rate Minimum Loan AmountLoan Tenure
Accredit Personal LoanUp to 4% per month Up to $3,000 for Singaporeans & PRs

Up to S$500 for foreigners 
Up to 12 months 
DBS/POSB Personal Loan3.88% (EIR 7.9% p.a.)S$500Up to 5 years 
SCB CashOne Personal Loan3.48% (EIR 7.99% p.a.)S$1,000Up to 5 years 
OCBC Personal Loan5.43% (EIR 11.47% p.a.)S$1,000 Up to 5 years 
UOB Personal Loan3.99% (EIR 7.49% p.a.)S$1,000Up to 5 years 
HSBC Personal Loan4% (EIR 7.5% p.a.)S$1,000Up to 7 years 
CIMB CashLite Personal Loan3.38% (EIR 6.38% p.a.)S$1,000Up to 5 years 
Citi Quick Cash Loan4.55% (EIR 8.5% p.a.)S$1,000Up to 5 years 

Requirements for Obtaining Small Personal Loans in Singapore

To qualify for a small personal loan in Singapore, you’ll need to tick a few boxes. For starters, you’ll have to meet age and income requirements, which differ by lender.

But here’s the kicker: while conventional banks demand a sterling credit record and reliable job history, registered moneylenders extend options for people with lower income and less-than-stellar credit scores.

Requirements BanksLicensed moneylenders
Age21 to 65 years old 21 to 65 years old 
Minimum income for Singaporeans and Permanent ResidentsS$20,000 or S$30,000Less than S$10,000
Minimum income for foreigners residing in SingaporeS$40,000 – $60,000Less than S$10,000

How to Apply for a Small Personal Loan in Singapore?

When you require a rapid financial fix in Singapore, a small personal loan can provide the necessary cash infusion. Simplify the application process with these straightforward steps:

Check your eligibility

Before you apply for a loan, you need to assess whether you’re the right fit for the lender. This involves reviewing their eligibility requirements, which typically involve factors like age, income level, and creditworthiness.

Gather required documents

To secure a personal loan, you’ll need to gather crucial documents that verify your personal and financial information. These may include official identification papers, bank statements, and income statements. 

Submit your application

When it comes to submitting your application for a personal loan, most lenders offer the convenience of online submission or the option to swing by their physical branch location in person.

Wait for approval

After submitting your application, the lender will thoroughly assess your details and may require supplementary data. Once given the green light, the funds will be at your disposal within a couple of business days.

Unlock Your Buying Power with Small Personal Loans in Singapore

If you require a small loan of about S$1,000, the possibilities for purchases are endless. You could invest in a brand-new smartphone, a top-notch laptop, some elegant furniture, or even a washing machine. Various banks in Singapore offer small loan amounts, such as the DBS/POSB Personal Loan, HSBC Personal Loan, and more. However, if you require an even lower amount, licensed moneylenders like Accredit can offer a solution.

Ready to explore your options? Check out Accredit for a hassle-free loan application process.

Accredit Pte Limited has 4 locations island-wide, to bring our transparent services closer to you.


Tampines Branch
(+65 6226 2662)
Yishun Branch
(+65 6219 2662)
Hougang Branch
(+65 6245 2662)
Clementi Branch
(+65 6261 2662)

Accredit @ Yishun

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Operating Hours:
Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm

Accredit @ Tampines

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Operating Hours:
Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm

Accredit @ Hougang

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Mon to Fri  : 10am – 8pm
Sat and Sun: 10am – 5pm

Accredit @ Clementi

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