Get the Best Personal Loan Offers in One Place!

Read on for everything you need to know about getting a personal loan in Singapore

With OMY, a single application guarantees the best personal loan offers.

Begin your journey today and make the first move towards attaining your financial aspirations with ease and assurance.

Check your eligibility

Apply here

Fill out the details below to get started on your loan application. Provide your nationality, name, phone number, loan amount, monthly income, and type of loan so you can access quick and tailored financial assistance. Our streamlined process ensures that you receive the best loan options to meet your financial needs swiftly and efficiently.

Thank you for your interest! As much as we want to extend our help, the loan offers are NOT available for foreigners in Singapore for the time being.

Please come back and check it out again in the future.

Terms and Conditions

Only 21 years old and above is eligible for loan application.

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email and permitting to do a search on the Credit Association Singapore (CAS) web portal for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

What is a Personal Loan?

A personal loan is an unsecured credit provided by banks or financial institutions. It offers borrowers a fixed loan amount for various needs, such as renovation loans or managing unexpected expenses. Unlike a credit card, a personal loan typically features a fixed monthly repayment over a set loan tenure, with attractive interest rates.

The interest is payable, and the prevailing interest rate determines the monthly instalment amount. Personal loans are available to salaried employees, self-employed individuals, and Singapore permanent residents who meet the eligibility requirements.

What can you use a Personal Loan for?

Personal loans can be utilised for a variety of needs, including:

Debt Consolidation

Combine multiple debts, such as credit card balances, into one loan with a lower interest rate, simplifying monthly repayments.

Home Renovations

Finance home renovations or improvements, making it easier to manage costs with set loan tenure and fixed instalments.

Unexpected Expenses

Cover unforeseen costs such as medical bills, urgent repairs, or emergencies, providing quick cash access without high processing fees.

Major Purchases

Fund significant purchases like appliances or vacations with manageable monthly repayment plans.

Check out the latest Interest Rates for Personal Loans

Feature GXS Flexi Loan DBS/POSB Personal Loan Trust Instant Loan UOB Personal Loan Standard Chartered CashOne CIMB Personal Loan Citibank Quick Cash (New Customers)
Interest Rate (starting) 2.99% p.a. 2.68% p.a. 2.79% p.a. 2.88% p.a. 2.88% p.a. 2.80% p.a. 3.45% p.a. (New Customers Only)
Effective Interest Rate (EIR) (estimated) 5.65% p.a. 5.43% p.a. 5.27% p.a. 5.43% p.a. 5.84% p.a. 5.28 % p.a. 6.5% p.a. (New Customers Only)
Processing Fee 0% 1% 0% 0% 0% 0% 0%
Minimum Loan Amount S$200 S$500 S$500 S$1,000 S$12,000 S$2,000 S$1,000
Minimum Income Requirement S$20,000 per annum S$20,000 per annum S$30,000 per annum (Singapore Citizen/PR)

S$60,000 (Foreigner with a valid work pass)

 S$30,000 per annum (Singapore Citizen/PR) S$20,000 per annum (Singapore Citizen/PR) 

S$60,000
(Foreigners)

 S$20,000 per annum S$30,000 per annum (Singaporean/PR)

Why get a Personal Loan with OMY?

Choose OMY for your personal loan needs and enjoy the following benefits

  • Effortlessly apply by completing our free online loan matching form.

  • Receive several personal loan offers from highly reputable providers.

  • Enjoy the flexibility to choose and accept the most suitable loan offer.

  • Choose the best personal loan offer and receive the money within 24 hours.

Our personalised service guarantees the best loan options tailored to your financial circumstances. With OMY, you benefit from competitive interest rates, no hidden fees, and a dedicated support team to assist you throughout the loan application process, ensuring a smooth and hassle-free experience.

Pros and Cons of Getting a Personal Loan

Pros Cons
Personal loans in Singapore are regulated, ensuring safety and consumer protection. Lenders in Singapore may have stringent requirements, including minimum annual income and employment stability, which could limit accessibility.
Many Singaporean lenders offer flexible repayment schedules tailored to the borrower’s income and financial situation. The TDSR framework in Singapore may limit the amount you can borrow, as it restricts total debt obligations to a percentage of your gross monthly income.
Approved financial institutions in Singapore offer Debt Consolidation Plans (DCP) to help borrowers manage their debt more effectively. While competition can be a pro, it can also be overwhelming for borrowers to choose the best deal from numerous offers.
Provides a lump sum of cash for various needs. Can lead to debt if not managed responsibly.
Usable for various purposes (debt consolidation, home improvements, etc.) Depending on the loan type, there may be restrictions on how funds can be used.
Fixed monthly payments for the loan term. High interest rates can result in significant total repayment costs.
On-time repayments can improve your credit score. Missed payments can damage your credit score.
May offer lower interest rates than credit cards, consolidating high-interest debt. Requires a good credit score to qualify for a competitive consolidation loan.
Some lenders offer quick loan approvals and disbursement. Processing fees and other charges may increase the overall cost of the loan.

How OMY Works

OMY simplifies the personal loan process in three easy steps:

Apply with OMY

Fill out our online loan application form

Get Loan Offers

Our platform matches you with loan providers offering tailored personal loan offers.

Get Funded

Accept the best loan offer, comply with the provider’s verification process, and receive your funds.

How OMY Helps You Get a Personal Loan

OMY makes obtaining a personal loan in Singapore straightforward and hassle-free. Our streamlined application process ensures quick approvals and efficient cash disbursement. The extensive network of financial institutions offers competitive interest rates and flexible repayment terms tailored to your needs.

Our dedicated team provides personalised guidance throughout the application process, ensuring you find the best personal loan option to meet your financial goals. Here at OMY, you can easily manage your expenses and achieve your financial objectives. Additionally, we offer round-the-clock customer support and transparent terms, making OMY the ideal choice for securing your financial future. You can also look at our fast personal loan offers.

Are you eligible for a Personal Loan?

To be eligible for a personal loan with OMY, you must meet the following criteria:

  • Be a Singapore citizen or permanent resident

  • Be at least 18 years old

  • Have a monthly income of at least $300

Meeting these requirements ensures that your loan application is processed smoothly and quickly, giving you access to the funds you need. Additionally, having a good credit score and providing all necessary documentation can further expedite the approval process, ensuring you receive the financial support without any unnecessary delays.

Personal Loan FAQs

The approved loan amount for personal loans in Singapore typically depends on your annual income and credit limit. Moneylenders can lend you up to $3,000 if your salary is $20,000 or less, and up to six times your monthly income if you make $20,000 or more per year. Banks can even extend this up to eight times.

The loan amount and interest rate are calculated based on your creditworthiness and financial profile, ensuring the best personal loan options with competitive interest rates. Understanding these factors helps you determine the maximum loan amount you can secure.

With OMY, applying for personal loans is simple and efficient. Apply online by filling out our free loan matching form, which takes just a few minutes. You’ll receive multiple personal loan offers from highly rated providers tailored to your annual income and credit limit.

Choose the offer with the most attractive interest rates and flexible loan tenure. Once you select the best offer, you can collect the money within 24 hours, ensuring you get instant cash when needed. This process provides easy access to funds with minimal processing fees and low interest rates.

The Advertised Interest Rate is the nominal rate promoted by lenders, often excluding additional costs. In contrast, the Effective Interest Rate (EIR) accurately represents the loan’s true cost. The EIR includes factors such as the processing fee, frequency of repayments, and any other charges, offering a comprehensive view of the actual rate you’ll pay. Understanding the EIR is crucial, as it reflects the actual cost of borrowing and helps you compare different loan options more effectively.

The Effective Interest Rate (EIR) reflects the true cost of the loan, including the processing fee and other charges, and is calculated on a reducing balance basis. This means the interest is applied to the outstanding loan amount, making it a more accurate measure of the total cost. In contrast, a flat rate applies a fixed interest rate to the original loan amount throughout the loan tenure, often resulting in a lower advertised rate but a higher overall cost.

OMY offers alternative solutions to meet your financial needs if you don’t qualify for personal loans. Consider a credit line or credit card with an attractive interest rate. Improve your eligibility, increase your annual income, pay your credit card bill on time, and meet the minimum annual income requirements.

OMY also provides options like an emergency line of credit for immediate cash access and a balance transfer to help you manage your cash flow. Submit all required documents for a smooth application process, and OMY will guide you through the process.