Unlock Flexible Financing with a Personal Loan in Singapore
Fast approval and cash.
Flexible repayment plans.
Fuss-free loan application.
Personal Loans 101:
What They Are and How They Benefit You
Personal Loans 101: What They Are and How They Benefit You
A personal loan in Singapore is an unsecured loan that provides funds for all kinds of uses without the need for collateral. Otherwise known as a private loan in Singapore, it offers flexible funding that can support individuals in achieving their objectives.
When applying for private personal loans, the amount that can be borrowed is dependent on an individual’s income level. Personal loans can serve as a valuable source of funding and are often used for emergencies or even special life events like weddings and holidays.
Discover How Personal Loans Can Help You Achieve Your Goals
Personal loans in Singapore can be a versatile financial tool for borrowers, offering funds for various needs. These needs can include:
Unexpected Health Crises
In times of medical emergencies, obtaining a personal loan can be a practical solution. Personal loans in Singapore can either fully or partially cover medical expenses, which is crucial to help you manage costs until your next paycheck, or until you or your loved ones recover.
Covering Wedding Expenses
Be it securing your dream wedding venue, covering your honeymoon, paying for catering or selecting the perfect wedding package, a personal loan can alleviate the financial stress of your special day.
Funding Your Getaway
A private personal loan in Singapore can also help finance the costs of your vacations. Whether you are planning to have a relaxing getaway or a spontaneous weekend escape, personal loans can provide the flexibility to enjoy your travels without immediate financial strain.
Managing Credit Card Debt
By opting for a lower-interest personal loan to clear your high-interest credit card bills, you gain additional time to repay those bills while reducing the impact of interest charges on your savings, helping you stay on top of your debt.
Revamping Your Home
A personal loan can also be the perfect solution for improving and refurbishing your living space, allowing you to turn your dream home into reality.
Preparing for Parenthood
Personal loans allow you to get ready for the joys and challenges of parenthood by providing you with a financial buffer, offering you the support needed to manage any costs that arise when starting or expanding your family.
In need of funding asap?
We offer personal loans with quick approval, low interest rates and easy repayment options — take control of your finances today.
The Benefits of Personal Loans with Sumo Credit
Flexible Repayment Options
Everyone has unique financial challenges, therefore, our team will create a personalised repayment plan that addresses your specific issues, current financial circumstances and future aspirations.
Transparent Pricing
When it comes to our private loans in Singapore, you can be assured that you will receive clear information regarding interest rates, administrative fees, and any other relevant costs, with no hidden fees involved.
Instant Approval and Cash
You can receive your cash in as little as 15 minutes! No guarantor is needed, making the application process easier and quicker altogether so you can access the funds without any hassle.
Budget-Friendly Loans with Low Interest Rates
Our private personal loans in Singapore cater to you. We make repayment cost-effective by creating loan plans tailored to your salary and offering low interest rates, ensuring that monthly payments fit comfortably within your budget.
Hassle-Free Online Loan Application
As a leading licensed money lender in the industry, we offer a straightforward and user-friendly application process through our online form. Easily apply for a personal loan from the comfort of your own home, ensuring a stress-free experience.
Exceptional Service You Can Count On
We have over 14 years of experience in the industry; rest assured that you are in good hands. Our expertise allows us to understand your financial needs better and provide tailored solutions that ensure your satisfaction and peace of mind.
3 Easy Steps to Secure Your Personal Loan
Here’s how to apply for a personal loan with Sumo Credit:
1. Submit online application
Head to our website to complete the personal loan application form.
2. Receive application status
Receive a reply from our loan executive within 15 minutes of your personal loan application form submission.
3. Get disbursed funds
Once you agree with the terms and sign the loan contract at our office, your personal loan will be disbursed on the spot via cash or bank transfer!
Frequently Asked Questions on Personal Loans in Singapore
Is a personal loan a secured loan or unsecured loan?
A personal loan is an unsecured loan.
How much can I borrow on a personal loan from Sumo Credit?
You can generally borrow $3,000 if your annual income is <$10,000 or at least $10,000 but <$20,000. If it’s at least $20,000, you can borrow up to 6 times your monthly income. The exact amount you qualify for typically depends on factors such as your salary, credit history and any current debt.
What’s the eligibility criteria for a personal loan from Sumo Credit?
To qualify for a private personal loan in Singapore, you must have a stable source of income from your employment or business activities.
You need to be at least 18 years old and either a Singapore Citizen, Permanent Resident or a foreigner authorised to live and work in Singapore.
What documents do I need to get a personal loan from Sumo Credit?
For Singaporean Citizens, you must produce your NRIC document and three months’ worth of payslips (or any other equivalent income document such as IRAS NOA, CPF contribution statements, bank statements with salary crediting records, etc).
For foreigners, you should provide your passport, work pass, along with three months’ worth of payslips and proof of residence, such as tenancy agreement, utility bill, etc.
What’s the interest rate and processing fee of Sumo Credit’s personal loan?
Our private loans in Singapore are offered at a competitive monthly interest rate of 3.92%, guaranteeing reasonable and accessible terms for your loan.
Additionally, we are only allowed to impose an administrative charge of up to 10% of the loan principal as per the Moneylenders Act.
What’s the loan tenure of Sumo Credit’s personal loan?
The tenure for our private loans in Singapore ranges from 1 to 12 months, with monthly repayment schedules. That being said, this may vary depending on a case-by-case basis. Hence, we encourage you to discuss your specific financial situation with us honestly so we can tailor-make a repayment plan that caters to your unique circumstances.
I have poor credit. Can I still get a personal loan?
Yes! Here at Sumo Credit, we are low-credit-score-friendly. You are welcome to apply and we will assess your application without prejudice to understand your unique situation.
If we determine that your current financial circumstances are manageable, we will be more than willing to offer you a personal loan.
What do I need to consider before taking a personal loan in Singapore?
When it comes to a private loan in Singapore, several factors should be considered, including interest rates and loan terms. Other related costs such as processing fees and penalties should also be carefully reviewed to ensure that monthly repayments can be comfortably managed.
Additionally, do remember to research the lender’s reputation to confirm that they are licensed and trustworthy.
Is there any penalty fee if I were to make early repayment for my personal loan?
There will not be any penalty fees. We encourage our borrowers to pay off their loans as soon as possible.
How do personal loans from licensed lenders differ from those from banks?
Personal loans from licensed lenders differ from those offered by banks primarily in the approval process, credit requirements, interest rates, loan amounts and repayment terms.
Licensed lenders usually have a quicker and more flexible approval process, making loans more accessible to those with lower credit scores while banks favour individuals with higher credit scores.
Even though banks may offer lower interest rates with larger loan amounts and longer loan tenures, they generally lack flexibility in the repayment options that licensed lenders provide.
Can a personal loan help improve my creditworthiness?
Absolutely! By utilising a personal loan in Singapore to eliminate older debt and maintain timely payments consistently, you can make a positive impact on your credit profile within your Loan Information Report at the Moneylenders Credit Bureau when your licensed lender updates your payment records.
Ready to get started?
No financial difficulty is ever too hard to tackle. Take your first step towards financial freedom with a personal loan in Singapore.