Personal Loan in Singapore

A personal loan is an unsecured loan that can be used for almost any purpose, such as covering unexpected expenses, consolidating bills or funding a large purchase. As a licensed moneylender, once your application is approved, we provide a loan contract setting out the amount borrowed, the interest rate, the repayment schedule and any applicable fees. You then repay the loan through monthly instalments over an agreed period.

For unsecured personal loans, the maximum you can borrow depends on your annual income and residency status, and this limit applies across all licensed moneylenders in Singapore combined, not per lender.

• Singapore Citizens and PRs earning under $20,000 a year: up to $3,000
• Singapore Citizens and PRs earning $20,000 a year or more: up to 6 times your monthly income
• Foreigners earning under $10,000 a year: up to $500
• Foreigners earning $10,000 but under $20,000 a year: up to $3,000
• Foreigners earning $20,000 a year or more: up to 6 times your monthly income

Licensed moneylenders in Singapore are regulated by the Ministry of Law to keep borrowing fair and transparent.

• Interest rate: capped at 4% per month
• Late interest: capped at 4% per month, charged only on the overdue amount
• Late payment fee: up to SGD 60 for each month of late repayment
• Loan approval fee: up to 10% of the principal, charged only once when the loan is granted
• Total of all charges combined: cannot exceed the loan principal

Your loan contract will always set out these figures clearly before you sign, with no hidden charges.

To apply for a personal loan with BST Credit, you should:

• Be 21 years old or above
• Be a Singapore Citizen, PR, or valid Work Pass holder (EP, S Pass, WP)
• Have a steady income, whether from full-time, part-time or self-employed work

You’ll need your NRIC (or Passport and Work Pass if you’re a foreigner), one form of income proof, such as your latest payslips or CPF contribution history, and one form of residence proof, such as a recent utility bill or tenancy agreement. Applying with Singpass lets us retrieve your particulars directly, so there’s less to upload manually.

Once you’ve submitted your application, our team will contact you for a verification call, then invite you to our licensed office to review and sign your loan contract. Your funds are disbursed once the contract is signed and everything is verified.

You can check the official Registry of Moneylenders maintained by the Ministry of Law. Always apply only through official websites or verified contact channels to avoid unlicensed lenders. Read our full guide on how to check if a moneylender is licensed for a step-by-step walkthrough.

The Registry of Moneylenders cannot negotiate with lenders on your behalf, as this is a matter of private contract. If you’re facing financial difficulties, you may wish to approach a social service agency for credit counselling and help negotiating a repayment plan, such as Credit Counselling Singapore (6225 5227), which handles cases that also involve bank debts.

Licensed moneylenders in Singapore report loan information to the Moneylenders Credit Bureau, which may be reflected in your credit records. Making timely repayments can help maintain a healthy credit profile, while missed or late payments may affect it. We recommend borrowing only what you need and can comfortably repay.

Yes, you can make extra repayments or settle your loan early. Doing so reduces the total interest you pay over the life of the loan, since interest is calculated on your outstanding balance. Speak to our team about your options before making an early repayment.

If you miss a repayment, late interest of up to 4% per month will apply on the overdue amount, along with a late payment fee of up to SGD 60 for that month. If you’re finding it difficult to keep up with repayments, contact us as early as possible, we’re able to discuss your situation and options before it becomes a larger financial strain.

Both are regulated forms of borrowing, but they differ in a few ways. Licensed moneylenders like BST Credit typically offer faster approval and more flexible eligibility criteria, which can help those who may not meet a bank’s stricter income or credit requirements. Banks may offer larger loan amounts and lower interest rates for well-qualified borrowers. Whichever you choose, always confirm you’re dealing with a bank or a licensed moneylender listed on the official Registry of Moneylenders.