Monthly Loan
Get the best financing options you can tailor to your every need when you take up our installment loans
- Easy installment plans
- Clear repayment terms
- Quick loan disbursement
- Lengthy loan tenures
Providing The Best Options For Your Life, One Step At A Time
There are different loan types. Some may be weekly, bi-weekly, or monthly. Considering the challenges attached to making weekly repayment, especially for monthly income earners, the short term monthly installment loan is an excellent way to take advantage of our flexible terms and lower interest rates in our personal loans Singapore citizens and foreign workers can use to take care of their finances. If you receive a regular income and you have some finances to take care of, contact us and we are poised to help you with the financial assistance you need. Why should you take an installment loan with us? Because it’s easy.
Application Process
Apply from the comfort of your home with a few clicks using our online form. You may also reach us at 62351788
Upon confirmation, you will be asked to come to our office to customize your loan plan
Get your cash as soon as the loan agreement has been signed
Eligibility & Requirements
You must be at least 18 years old
For Singapore/PR residents: You must have regular employment or a source of income above $1,500 per month.
For Foreigners/Expats working in Singapore: You must have regular employment or a source of income above $2,000 per month.
- Identity card / NRIC
- Proof of residences such as a recent bill or letter addressed to you (only applicable if you do not own the residence)
- Tenancy agreement (only applicable if you are renting a flat)
- Recent 3 months payslip and employment letter if your current employment is less than 6 months
- Know your SingPass (password to log into CPF, HDB, IRAS website)
(Minimum income > $2000)
- A valid work permit / S Pass / Employment Pass
- Passport
- Proof of employment (staff pass or company pass)
- Recent 3-month payslips & employment letter
- Proof of residence such as a tenancy agreement, recent bill or letter addressed to you
- Latest bank statement of account to which yearly or monthly salary is credited
- Singpass (to download IRAS NOA)
Google Reviews
All staff are very friendly and professional. Understanding client needs and processing time fast. Definitely will recommend to my friends whoever need the financial assistance👍 Michael Tan
11/18/2020 Applied for a renovation loan with my husband from Raffles credit last month. The whole process was smooth and clear. Thumb up for all the friendly staffs in Raffles Credit... read more Rachael Anne
11/06/2020 Have been their customers for 1 years. Good customer service. provide good service and professional advice to my needs. The staff will help u plan your loan accordingly to what... read more Rizam Ahmad Ariff
10/29/2020- Friendly place to walk in and no stress to talk to staffs. They willing to hear your issues and to assist you. Specially Jane, and John very friendly and helpful... read more Mimi doll
10/13/2020 Service was tip top, loan officer were very helpful and will cater to your needs..Highly recommended! suresh Lu
10/12/2020 I am thankful to John & other friendly officers for the excellent service!
Honestly, I am very skeptical about this lending industry because this is my first time seeking... read more Ray Lin
9/17/2020 - John is very friendly and explains everything in very detail, gives me a stress free explanations and makes sure I fully understand before proceed to the loan application. Hence he... read more Ramesh Ramesh
9/16/2020 The service is good. The staff are the good listeners to understand our needs. Highly recommended! Jonatthan DR
9/13/2020 All Raffles Credit staff deserve the Excellent Service Awards. They are patient, polite and professional in helping my wife and me tide over the business crisis amid the pandemic. We... read more My Cuty
9/09/2020
Ready To Get Started?
Request for a quotation from our friendly officers by filling out the form below
Frequently Asked Questions
What is a monthly loan?
A monthly installment loan is any type of loan, such as a business loan, mortgage, or personal loan in Singapore that a borrower loans from and is repaid regularly and in scheduled installments. A payday loan isn’t generally considered due to its short term nature.
They can be used for any purposes like you would a personal loan; for the wedding of your dreams, a renovation sorely needed or even an unexpected emergency. The loans come with a fixed rate of interest that is added to and charged for monthly repayments. They are meant to offer a stable repayment scheme, making it easy for you to budget and track your expenses.
How does a monthly loan work?
Monthly installment loans work by repaying a portion of the principal amount borrowed and also the interest on the debt owed. The sum stays the same from your first payment until the final payment, without changing. This allows you to schedule your repayment periods to coincide with your paycheck or other periods as you deem fit.
What should I consider before taking up the loan?
As responsible lenders, we always ask our clients before taking up a loan to be certain of a few things;
- The type of loan they are looking for
- The amount they really need, not want
- Their repayment capabilities
These are factors that must be thought about and discussed over before you take up the loan. While we understand that the monthly loan offers flexible repayment terms and lower interest rate would benefit you greatly, nevertheless, we must caution for some restraint and look into your budget and ability to service the loan as well.
Secondly, there are many agencies claiming to provide legal money lending services around Singapore. Only a select few are registered with the Ministry and bound by the Moneylenders Act and rules. You must check for their license number and only trust lenders who have shown great trustworthiness to their customers like Raffles Credit.
What are the benefits of a monthly repayment loan?
When considering taking out a personal loan, Singapore citizens and foreign workers should include a monthly repayment loan among their options. As a matter of fact, we will encourage you to give this loan option a second thought.
Some of the reasons why you should do that are:
Fixed repayment schedule
The biggest advantage monthly installment loans have over other loans is the fixed repayment sum. You will be repaying the same amount from the time you take up the loan until your final payment, ensuring that there will be no unpleasant surprises down the road when you start your repayments.
Ease of payment
With this loan, you won’t bother yourself about making weekly repayment. Since you already know when you will receive your pay, you can easily plan your repayment to coincide with when you will receive your pay since you have a fixed monthly repayment loan amount. That will spare you the stress of worrying excessively where the money for your next payment will come from.
Flexible terms
Installment loans are also one of the most flexible loans, making it easy to tailor the loan repayment schedule, tenure and amount that would match their ability to repay the loan. The monthly installment loans Singapore also comes with lower interest rates than what a borrower would get when using credit cards or other high-interest loans.
No collateral
This is one of the few loan options where the collateral is not required. This is a huge benefit especially if you don’t have enough collateral to offer for a loan.
Application is easy
It is quite easy to apply for this loan. If you need it for whatever purpose, you can kindly contact us and we will make sure that your application is promptly considered. However, before you submit your application, do find out if you meet the requirements listed above in our requirements section.