Instalment loans come in various forms—auto loans, personal loans, payday loans, and more. But not every loan is available to every borrower. Your credit score plays a major role in what you can qualify for and the terms you’ll get.
In this guide, we break down the best monthly instalment loans in Singapore based on credit score, so you can find the right option for your financial situation in 2025.
What Is an Instalment Loan & How Does It Work?
An instalment loan is a lump-sum loan that you repay in fixed monthly instalments over an agreed period. The repayment schedule is set from the start, so you know exactly how much your monthly repayment will be.
Most instalment loans in Singapore from licensed moneylenders are unsecured, meaning you don’t need to provide collateral like property or assets. These loans are based on your credit profile, annual income, and ability to repay—not on pledging something valuable.
Common types of unsecured instalment loans include:
- Personal loans: for personal or emergency expenses
- Payday loans: short-term loans due on your next salary
- Bridging loans: short-term loans (typically 1 month) to cover costs while waiting for property transactions to complete
Approval for these loans is often fast. Many licensed lenders can process your application within a few hours. The disbursed amount will depend on your creditworthiness and the approved loan amount.
Instalment loan terms vary based on the loan type and lender. Some are short-term, like payday or bridging loans. Others offer longer repayment periods, especially personal loans.
Most instalment loans have fixed interest rates, so your monthly repayment stays consistent throughout the loan. This makes it easier to plan and manage your budget based on the approved loan details.
How Credit Scores Work in Singapore
In Singapore, your credit score is managed by Credit Bureau Singapore (CBS). This score ranges from 1,000 to 2,000, and it reflects how likely you are to repay your loans based on your past credit behavior.
Banks and licensed moneylenders use your credit score to determine:
- Whether your loan is approved
- How much you can borrow
- What interest rate and repayment terms you’ll receive
Your score is based primarily on your repayment history over the past 12 months. Making timely payments and maintaining low outstanding balances will help improve your score, while late payments, overused credit limits, and frequent loan applications can cause it to drop.
What Is a Good Credit Score?
- 1,911–2,000 = Excellent (AA risk grade)
- 1,844–1,910 = Good (BB risk grade)
- 1,755–1,843 = Fair (CC risk grade)
- 1,724–1,754 = Need Improvement
- 1,000–1,723 = Poor (High risk; “HH” grade)
A score above 1,844 is typically considered good, and will increase your chances of securing better loan terms.
Even if your credit score is low, some licensed moneylenders still offer installment loan options with fixed monthly repayment plans, often without requiring collateral.
You can purchase your credit report via Credit Bureau Singapore (CBS) or get it free after applying for a credit product with a CBS member bank or lender.
And don’t forget—all bank deposits in Singapore, including those linked to loans, are insured by the Singapore Deposit Insurance Corporation (SDIC), up to the legal limit.
Best Instalment Loan Options in Singapore 2026
For Borrowers with High Credit Scores
If you have a strong credit score, you’re more likely to get better interest rates, higher loan amounts, and flexible repayment options. Here are some of the top personal loans available in Singapore in 2025.
1. UOB Personal Loan
UOB’s personal loan offers fast approval and no processing fee. It’s designed for existing and new UOB customers seeking flexible repayment terms.
Key Features:
- Loan amount: $1,000 up to 95% of credit limit
- Interest rate: Flat 3.4% p.a.
- Tenure: 1 to 5 years
- Instant approval (8am–8pm)
- Not available to foreigners
2. Citi Quick Cash Loan
This is a flexible personal loan for those with an existing Citibank Ready Credit or Credit Card. It offers low rates and extended repayment terms.
Key Features:
- Loan amount: $1,000 up to 90% of unused credit limit
- Interest rate: From 3.45% p.a. (new customers)
- Tenure: Up to 7 years
- No origination fee
- Approval: 1–5 working days
3. HSBC Personal Loan
HSBC’s personal loan comes with no fees and is open to both locals and foreigners. It offers high borrowing limits and fast approvals.
Key Features:
- Loan amount: Up to 8x monthly salary (4x for foreigners)
- Interest rate: From 2.92% p.a. (EIR 5.50%)
- Tenure: Up to 7 years
- Instant approval
- No processing/origination fee
4. OCBC Extra Cash Loan
OCBC offers a simple and fast cash loan with flexible loan sizes based on your income. Ideal for borrowers who value convenience.
Key Features:
- Loan amount: 2x to 6x monthly salary
- Interest rate: From 2.66% p.a. (EIR 5.44%)
- Tenure: Up to 5 years
- 1% processing fee
- Instant approval for eligible users
5. DBS Personal Loan
DBS offers low-interest personal loans with fast disbursement, especially for existing DBS/POSB customers. Great for high-income earners.
Key Features:
- Loan amount: Up to 4x monthly salary (10x if income ≥ $120,000)
- Interest rate: From 1.99% p.a. + 1% fee (EIR from 4.17%)
- Tenure: 1 to 5 years
- Instant cash for iBanking users
- Requires Cashline or Credit Card account
For Borrowers with Low or No Credit Score
If you have poor or no credit history, you may face higher interest rates and stricter limits. But there are still accessible options you can consider.
1. Standard Chartered CashOne Loan
This loan is ideal for low-income earners looking for a straightforward option. It comes with no processing fee and relaxed income requirements.
Key Features:
- Loan amount: Up to $5,000 or 2x monthly salary
- Interest rate: 9.8%–10.8% p.a.
- Tenure: Up to 5 years
- No processing fee
- Income: $20,000–$30,000/year
2. Debt Consolidation Plans
Designed for borrowers juggling multiple debts. Debt Consolidation Plans merges all balances into one payment, helping with better debt control.
Key Features:
- Loan amount: Covers total existing debt
- Interest rate: Usually lower than unsecured loans
- Tenure: Varies by lender
- Combines debt into one monthly bill
- May increase total repayment if term is long
3. Raffles Credit (Licensed Moneylender)
Raffles Credit offers fast and flexible personal loans, even without a strong credit score. Same-day disbursement is available after approval.
Key Features:
- Loan amount: Up to 6x monthly income
- Interest rate: Up to 4% monthly (MAS-capped)
- Tenure: Flexible
- No collateral needed
- Eligibility:
• SG/PR: Income ≥ $2,000/month
• Foreigners: Income ≥ $3,000/month - Application: Online + in-office consultation
- Cash disbursement: Same day after signing
Comparison Table: At a Glance
Here’s a quick comparison of the top instalment loans in Singapore:
|
Lender |
Loan Amount |
Interest Rate |
Tenure |
Fees |
Approval Time |
|
UOB Personal Loan |
$1,000 to 95% of credit limit |
Flat 3.4% p.a. |
1 to 5 years |
No processing fee |
Instant (8am–8pm) |
|
Citibank Quick Cash |
$1,000 to 90% of unused credit limit |
From 3.45% p.a. (new), 4.55% (existing) |
Up to 7 years |
No origination fee |
1 to 5 working days |
|
HSBC Personal Loan |
Up to 8x salary / max $200,000 |
From 2.92% p.a. (EIR 5.50%) |
Up to 7 years |
No processing fee |
1 minute |
|
OCBC Extra Cash Loan |
2x–6x monthly salary |
From 2.66% p.a. (EIR 5.44%) |
Up to 5 years |
1% processing fee |
Instant (online) |
|
DBS Personal Loan |
Up to 4x salary (10x if income ≥ $120,000) |
From 1.99% p.a. + 1% fee (EIR 4.17%) |
1 to 5 years |
1% origination fee |
Instant (iBanking users) |
|
Standard Chartered CashOne |
Up to $5,000 or 2x monthly salary |
9.8% – 10.8% p.a. |
Up to 5 years |
No processing fee |
Varies |
|
Debt Consolidation Plan |
Based on total outstanding debts |
Varies |
Varies |
Varies |
Varies |
|
Raffles Credit |
Up to 6x monthly income |
Up to 4% monthly (MAS-capped) |
Flexible |
No hidden charges |
Same day |
How to Apply for an Instalment Loan in Singapore
Applying for an instalment loan is a quick and simple process, especially with licensed moneylenders like Raffles Credit. Most borrowers can get approval and receive funds on the same day.
Step 1: Apply Online or Call
You can start by submitting your application at online or by calling 6235 1788. The form is simple and can be done in just a few minutes.
Step 2: Visit the Office
Once your application is reviewed, you’ll be invited to the office for an in-person consultation. This is where your loan plan will be tailored based on your needs and eligibility.
Step 3: Get Your Cash Same Day
If your documents are in order and the loan is approved, you’ll receive your funds immediately after signing the agreement. No waiting, no unnecessary delays.
Eligibility Criteria
You must be at least 21 years old and have a regular source of income.
- Singaporeans/PRs:
• Minimum monthly income: $2,000
• Required documents: NRIC, proof of residence, tenancy agreement (if renting), 3 months’ payslips, employment letter, and Singpass login
- Foreigners/Expats:
• Minimum monthly income: $3,000
• Required documents: Valid work pass, passport, proof of employment, tenancy agreement, 3 months’ payslips, latest bank statement, and Singpass login
Make sure all your documents are ready before visiting to avoid delays. Once approved, you can walk out with your loan cash on the same day.
How to Boost Your Credit Score in Singapore
Improving your credit score is one of the best long-term steps you can take to secure better loan offers and lower interest rates. Even small changes can make a big difference.
1. Pay Your Bills on Time
Payment history is the biggest factor in your credit score. Avoid missing due dates—late fees can hurt both your wallet and your credit report.
2. Keep Your Credit Usage Low
Aim to use less than 30% of your available credit. High usage signals risk, and fees apply when balances carry over.
3. Limit New Credit Applications
Too many applications in a short time can lower your score. New customers should avoid applying for multiple cards or loans at once.
4. Maintain Older Accounts
The longer your credit history, the better. Keeping older credit lines open helps show stability to lenders and improves your effective interest rate in future applications.
5. Check and Fix Your Credit Report
Request your credit report from Credit Bureau Singapore and look for errors. If you’re a Singapore citizen, you can access this online or through other forms of request if needed.
Conclusion
No matter your credit score, there’s a monthly installment loan in Singapore to fit your needs. With fixed repayments, flexible terms, and fast approvals, these loans offer a practical solution for managing expenses. Choose wisely and borrow responsibly to stay financially secure.
Key Takeaways:
- A monthly installment loan is a type of loan you repay over time with fixed monthly payments. Common examples include personal loans, car loans, and mortgages. Each payment goes toward both the principal and interest.
- A score above 1,844 is typically considered good, and will increase your chances of securing better loan terms.
- Top options for monthly installment loans include banks, credit unions, and online lenders. The best choice depends on your credit profile, loan purpose, and repayment ability.
Need a fast, flexible loan? Raffles Credit is a trusted licensed moneylender in Singapore offering customised installment loans—even if your credit score isn’t perfect. Get quick approval, transparent terms, and cash with zero hassle. Apply now for a smooth, stress-free borrowing experience!
