12 Month Loan

In this age, especially in these times of crisis, securing a loan is very important to people–especially for those in Singapore. In the past, loaning in Singapore securely is very difficult to achieve. However, as years passed by, a licensed moneylender can now provide assistance when it comes to loan packages, and easy cash.

When taking in loans from a moneylender in Singapore, you should consider repayment plans. Less flexible repayment schemes can usually become a burden for borrowers, which is why moneylenders have devised ways to keep their borrowers in a healthy financial state and are back on track. Usually, this would come with a loan that can require a 12-month repayment plan.

Factors That Affect Your Loan Approval

There are essentially two major insights that are being reviewed by a moneylender before they may lend you any money.

  • Good record of repayment: The first major factor is having a good credit history that shows your good repayment record. With this, you can even get a loan with competitive interest rates.
  • Income: The second factor that a money lending business will review is your ability to afford the loan based on your income. 

    Eligibility and Requirements

    Remember that not all moneylenders require the same documentation on your loan application, and may have different requirement terms. But these are what they most likely will expect from you:

    For Singapore citizens and permanent residents:

    • You will need to be at least be 21 years of age;
    • Regular employment or income source of at least SGD 2,000 per month
    • ID/NRIC
    • Proof of residence
    • Tenancy agreement
    • Latest payslips (recent 3 months)
    • Employment letter (or certificate of employment); and
    • SingPass to access CPF, HDB, IRAS e-services (Note: legal lenders do not ask for username and password)

      For foreigners, you will need:

      • To have regular employment or a regular income source of at least SGD 3,000 per month;
      • Employment letter (or employment pass with a twelve-month validity period);
      • Proof of residence;
      • Latest bank statement of account
      • A copy of your Passport or other travel documents; and
      • SingPass to access CPF, HDB, IRAS e-services (Note: legal lenders do not ask for username and password)

        Benefits of 12-Month Loans

        There are a lot of loan periods that can best help you with your needs. However, twelve-month period loans have their own set of benefits that can really help you with your monthly needs. Let’s talk about some ideas one by one:

        1) A Twelve-Month Installment Is Enough Time for You to Sort Out Your Finances.

        Most borrowers and clients would consider this very beneficial because having a twelve-month installment period will give them ample months to make sure their loan amount can be repaid. 

        With a money lender in Singapore, you can make sure you get your legal money credit or loans personal to you with a flexible repayment plan. In other words, you have a whole year-round to sort your finances and make sure that your debt could be settled with the moneylender company.

        2) Moneylenders Can Approve Your Loan Application Form in as Fast as 1 Hour.

        The other benefit that comes along when having this loan is that these come with an offer that is in the form of a fast cash loan.  To apply for a quick cash loan is as easy and fast as ABC and you can get your cash credit in a faster time period than, let’s say, regular loans.

        Easy cash loans can therefore help you with your financial needs in emergencies, for instance. You will no longer need to wait for a long application time before you receive your money.

        What Kind of Loan Can I Apply for a Twelve-Month Installment?

        There are three major categories of loan that you can choose when borrowing a loan in Singapore. Note that as we discuss each of the three, they are different, depending on your financial situation. This is why it is important to know which type of service offer you will be needing.

        1) Personal Loan

        As the term implies, a personal loan is money you borrow for almost any personal purpose. This includes the cash you will need for traveling, or the medical expenses you will need to pay, or other purposes such as when you would want to simply get a new appliance for your new home. 

        Depending on the service terms and conditions of your contract, you can repay this type of loan for a 1 year. Each month will have their corresponding interest rates as well.

        Loan Features:

        • From 1-4% per month
        • Loan amount: up to 6 times your monthly income
        • Unsecured loan (no asset collaterals required);
        • Flexible loan tenures and repayment schemes

          2) Business Loan

          As the term implies, it is designed to keep your business in Singapore afloat. To be more specific, this is best used for acquiring new workspaces, buying more capital for your inventory, subscribing to a service or modes of labor, and many more.

          Loan Features:

          • From 5-15% monthly
          • Easy approval (the business in Singapore has to be operational for at least a year)
          • Loanable amount: up to SGD 200,000
          • Unsecured loan (no asset collaterals required);
          • Flexible loan tenures and fixed repayment schemes

            3) Foreigner Loan

            A personal credit is usually only offered to the citizens and permanent residents of Singapore. However, foreigners can have access to cash credit nonetheless. They will therefore apply for what is called a foreigner loan. While the process for a personal loan is not much different than to that of a foreigner loan, the eligibility requirements for this type of loan varies.

            Loan Features:

            • From 1-4% per month
            • Loanable amount: up to 6 times of your monthly salary
            • Unsecured loan (no asset collaterals required);
            • Flexible loan tenures and repayment schemes

              Difference Between Personal vs Payday Loan

              The key difference between personal and payday loans is the repayment period. 

              • Payday loans are loans that are designed to give you some sort of cash advance before you receive your upcoming salary. Because of this, payday loans have shorter repayment periods, and usually must be repaid on your next paycheck.
              • Personal loans, on the other hand, work similarly just like a normal, regular loan. Repayment periods for this are relatively longer, up to 1 year, and you may loan up to six times worth your monthly salary as it is also designed to help you with big purchases or investments. 

                  How Much Do You Need?

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                  Where Can You Get 12 Monthly Loans in Singapore?

                  A very important thing to always remember is to avoid falling into the traps of loan sharks. That is why you should be getting your 12-month loan lenders Singapore from licensed moneylenders that are affiliated with the country’s registry under the Ministry of Law.

                  Only companies with a lending license can be included in this registry, and it is important to transact only with them.


                  To get a 12-month loan lenders Singapore, you will need to know that not all lending companies are the same. They offer different types of loan products and services, a different interest rate, and that such products have been designed to assist you financially based on your different types of needs.

                  For consideration, visit Raffles Credit for competitive rates and loaning products. They have been in the industry since 2011, and have been awarded as the top 10 Best Moneylender 2020 in Singapore. 

                  Make sure to look for a moneylender that has the least administrative charges, the fastest approval processes, and those that could come with the most justifiable terms. There is a lot of customer and previous borrower feedback that you can check online for legitimate reviews on such companies and services.