Private Personal Loans in Singapore For Any Financial Need
No financial need is too hard to manage with a personal loan in Singapore. With a private personal loan, you can easily fund your dream purchase or tackle any unexpected expense.
- Pay for any financial need
- Get funds quickly
- Flexible loan tenures
- Affordable rates
What exactly is a personal loan in Singapore?
A personal loan, also known as a private loan in Singapore is an unsecured loan that helps you achieve your dreams and needs. As a private personal loan doesn’t require collateral, the loan process is easier and less risky.
At R2D Credit, we understand that the only constant in life is change, and these changes can be expensive. A personal loan in Singapore can help you navigate these changes, be it urgent medical expenses or unexpected costs from your dream purchase.
Being a fully personalised loan, a private personal loan is the ideal solution to getting your funds to resolve your financial matter.
How will a personal loan in Singapore benefit you?
Quick Access to Funds
We understand the importance of securing funds quickly, especially if it’s for a financial emergency. It is why our fuss-free private loan in Singapore is paired with a streamlined process, allowing you to access cash quickly for any urgent need.
Settle Any Expense
From household bills to sudden medical emergencies — a personal loan is the go-to solution for all kinds of financial matters. Let a private loan in Singapore lend a helping hand so you don’t have to worry about your personal funds.
No Collateral is Necessary
The idea of putting up your asset as security for a loan can be daunting, but it doesn’t have to be. Put aside your worries when you get a private personal loan as you don’t need to provide any collateral and still get the cash you need.
Flexible Loan Tenure
Personal loans in Singapore cater to every individual as they’re personalised according to your specific needs. The repayment period for a private personal loan is decided based on your repayment capacity, which is subject to a longer tenure or lower interest rates to make the loan more affordable.
Perks of a personal loan with R2D Credit
Discover what makes our personal loans unique at R2D Credit.
24-hour online applications
Speedy approval
Trusted and highly-reviewed
Inclusive lending solutions
No financial burden is too heavy with the support of a personal loan in Singapore.
Common FAQs about personal loans in Singapore
What are some common uses of personal loans in Singapore?
A versatile loan, a personal loan in Singapore can be used for anything from debt consolidation, medical expenses, home renovations to wedding costs.
Is it easy to get a personal loan in Singapore?
It is easy to get a personal loan in Singapore as long as you are above the age of 18 and have a consistent income source and decent credit history. R2D Credit’s criteria for a private loan in Singapore is inclusive and easy to meet, regardless of your financial situation. Our private loans in Singapore are available to Singaporeans, permanent residents, and foreigners alike.
How much can I borrow on a personal loan from R2D Credit?
Singaporeans, permanent residents and foreigners can borrow up to six times their monthly income for a private loan in Singapore. The maximum amount will depend on several factors, such as your income and credit history.
Is there any penalty fee if I were to make late repayment for my personal loan?
We charge a maximum of 4% interest on late payments (only on the amount overdue, not the outstanding amount), as well as late fees which are capped at $60 per month of late repayment.
How do personal loans from licensed lenders differ from those from banks?
Firstly, licensed lenders like R2D Credit offer a more flexible approval criteria, making it easier for individuals with lower credit scores or irregular income to qualify.
Additionally, licensed lenders often offer faster approval and disbursement, making them suitable for urgent financial needs. This is because banks conduct a more stringent financial check, whereas licensed lenders like R2D Credit’s processes are more streamlined and do not require much paperwork.
What to consider before applying for a personal loan?
- Ensure you are comfortable with the interest rates and fees. R2D Credit’s competitive interest rates and fees are made transparent during our consultation.
- Consider the loan tenure. In general, the longer the tenure, the more you will have to pay. Ultimately, it is important to settle on a comfortable loan tenure that suits your financial situation.
- Make sure you’re engaging with a licensed lender. In fact, you can verify a lender’s licence by reviewing MinLaw’s list of registered lenders.
Will getting a personal loan affect my credit profile?
Personal loans can help you clear your existing debts, thereby improving your credit profile. It is important to repay your personal loan on time to improve your credit profile.
What are the maximum and minimum periods for repayment for a personal loan?
In Singapore, the repayment periods for personal loans can vary depending on the lender and the specific loan product. Some lenders may require a minimum repayment period of around 6 months to 1 year. This buys borrowers enough time to manage their repayments effectively. In general, larger loans come with longer repayment periods, while smaller loans come with shorter terms.
Also, longer repayment periods might result in higher total interest payments, so it’s important to evaluate the overall cost of the loan. Each licensed lender may have its own policies regarding repayment terms, so it’s advisable to check with specific lenders for their offerings. Generally speaking, most lenders offer loan tenures of up to 12 months.