Find out what people say about Money Kinetics®
This is my first time using a lending platform. Process was smooth and fast. Everything settled within 30-40 minutes.
Super easy to use system. They get back to you quickly. Generous with loans and low interest, will recommend to my friends.
Not only do they find the BEST lending partners, they also provide good financial advice. Patient in answering all my questions.
Low Zhi Ching
We believe that lending should be a straightforward and transparent process. To reduce the risk of loan scams and to find the best interest rates for you, we have streamlined our process into 4 simple steps.
Fill in your particulars and loan amount needed. It only takes 1 minute.
Sensitive to your needs, our portal processes your information in mere minutes.
Our modern and advanced system matches you with the right financial institutions with the best rates.
Once the loan contract is finalized and signed, you will receive the cash instantly.
Money Kinetics® started with the goal of helping Singaporeans achieve financial freedom and attain financial literacy. We understand that managing your own personal finance is no easy feat, especially with confusing financial terms. This is why we aim to break them down, making them more understandable.About Money Kinetics
Still have your doubts about applying for a personal loan? Take some time to go through our informative guide below, as we seek to clarify your questions.
All Singaporeans, Permanent Residents (PR) and Foreigners residing in Singapore are eligible for a
As long as you are currently working, and can produce identity and income proof, the financial institution will be able to grant you with a personal loan.
A personal loan is a sum of money that you borrow from a financial institution for your personal
use. This can be to pay off your existing credit card debt, fund your home renovation, cater to your
medical bills, wedding, education costs or any other instances in life where you require additional
Personal loans are usually unsecured loans that do not require you to produce any form of collateral. Repayments are usually done on a monthly basis, which includes your principal and interest payments.
Personal loans can provide for both your short and long-term needs. They are a fast and effective way to resolve any financial emergencies that you might have and can also fund big ticket purchases or projects in the long run.
In Singapore, there are a wide range of financial and credit institutions that can provide personal
Most banks in Singapore provide both secured and unsecured personal loans. These include DBS, POSB, HSBC, Citibank, Standard Chartered and so forth. Banks are able to offer longer loan tenures with larger amounts due to their large financial backing, but are more stringent on personal loan applications and require you to have a good credit score.
2. Licensed moneylenders
These are credit institutions that provide quick and fast personal loans to their borrowers. In instances where you may be rejected from banks due to your poor credit score, licensed moneylenders might still be able to tailor a suitable loan package for you. They generally have a less tedious loan application process as compared to banks, and can disburse your loan within an hour.
3. Loan comparison platforms
Loan comparison platforms help connect borrowers to banks and other financial institutions so that they will be able to apply for the best loan package for their needs. By leveraging on their technology and sophisticated system, you will be able to receive the best loan offers in the market, without straining your finances.
Banks and other financial institutions will provide you with a personal loan that you are required
to finish repaying, along with additional interest, within the stipulated loan tenure on your
You borrow a fixed sum of money, along with a fixed interest rate determined by the financial institution based on your credit rating.
Your repayments are usually made monthly, till the end of your loan tenure. Loan tenures in Singapore can usually go up to 6 years, depending on your loan amount and the terms and conditions stated on the loan contract.
Things you should know before borrowing:
Min. Period for Repayment: 3 months
Max. Period for Repayment: Up to 72 months
Min. APR: From 1.24% per annum
Max. APR: Up to 48% per annum on reducing interest rate
A total of $10,000 loan borrowed for a period of 12 months at 1% interest p.m, the total interest would be $661.88.
* Total cost payable excludes administrative fee. The cost stated is an estimation and may vary due to loan amount, period of loan, and other fees. Late fees and late interest may be charged in the event of a violation of the terms & conditions.
1. No collateral is required
Unlike secured loans which require you to provide a collateral in exchange for a loan, personal loans do not require this. This way, you will be able to receive your loan, without having to put any security in exchange.
2. Flexible loan tenures
When applying for a loan, you will be provided with a range of loan tenures to suit your financial situation. These loan tenures can range from a few months, up to 10 years for some financial institutions. Ensure that you discuss your loan tenure options with your financial institution of choice to ensure comfortable monthly repayments.
3. No restriction on usage
With a personal loan, you will be able to use the funds where you deem fit. It can be used to fund a home renovation project, cover your wedding costs, repair a faulty vehicle, and many more. It is entirely up to you.
4. Consolidate your debt into one
A personal loan enables you to amass all your existing debt and bills into a single plan, for easier repayment. This way, you will get access to lower interest rates and can easily keep track of your monthly repayments. Thus, you will also not incur unnecessary late payment fees.
5. Better rates than credit card loans
You might be tempted to use a credit card loan due to their convenience. However, credit card loans are not recommended due to their exorbitant interest rates at 25% per annum. Find out more here.
6. Little paperwork required
For some financial institutions, the paperwork required for you to obtain a loan is fairly simple. Documents required include your identity, address and any proof of income via your CPF or bank statements.
7. Higher borrowing limits
Compared to credit card loans, personal loans have the potential to for higher borrowing limits. With a credit card, you are restricted to your own spending limit. Once you have hit the limit for the month, you will not be able to spend on the credit card anymore. However, with personal loans, the amount that you can borrow can be up to 6 times of your income.
8. Quick loan processing
Most personal loans are processed within three days. However, if all documents are duly completed and presented, the loan processing time can be significantly shortened. They can be processed within minutes, for some financial institutions.
9. Quick disbursement of funds
Another one of a huge benefit that comes with a personal loan is its quick turnaround time. Once your loan has been processed and approved, you should be able to receive your funds within minutes. Those with better credit and have all documents in place will be at an advantage to receive their funds sooner.
10. Builds your credit profile over time
With a personal loan, you will be better able to make repayments in full, and on time. Thus, building your credit profile. With a better credit profile, you will be able to access larger loans and receive faster approval should you wish to apply for another personal loan in the future.