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Raffles Credit Pte Ltd is a licensed moneylender (License No. 40/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Personal Loan

A loan for everything you have ever dreamed of. Use it as you see fit.

  • Loan up to 6 times of your monthly income
  • No need for a collateral
  • Hassle-free application forms
  • No hidden charges
apply for loan now
Woman Getting The Best Personal Loan Singapore

Fulfilling Your Dreams Has Never Been Easier With Our Personal Loan

Sometimes, your aspirations seem like a distant dream. Know that with Raffles Credit, hard work pays off. All you need is a little financial boost.
With a loan up to 6 times of your monthly salary, the borrowed cash can surely help achieve your goals, such as your dream wedding, car, and little pleasures in between.

father and daughter applying personal loan

Application Process

Person using computer
Call or Apply Online

Apply from the comfort of your home at You may also reach us at 6235 1788.

Visit Our Office For In-Person Consultation

Upon confirmation, you will be asked to come to our office to customize your loan plan

Receive Your Money on the Same Day

Get your cash as soon as the loan agreement has been signed

Eligibility & Requirements


You must be at
least 21 years old


For Singaporean/PR residents: You must have regular employment or a source of income above $2,000 per month


For Foreigners/Expats working in Singapore: You must have regular employment or a source of income above $3,000 per month

For Singaporean / Permanent Residents
(Minimum income > $2000)
  • 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 (to log into CPF, HDB, IRAS website)
For Foreigners
(Minimum income > $3000)
  • 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)
Father and son

Ready To Get Started?

Request for a quotation from our friendly officers by filling out the form below

Frequently Asked Questions

A Singapore personal loan is a loan taken out by an individual from a bank or licensed money lender for a sum of money that will be repaid back, usually with a fixed duration over a period of time.  

The personal loan will also be repaid back with a monthly installment alongside the interest rates added to the principal amount owed until it is repaid in full.

As its name implies, a personal loan requires only a single individual to apply for and successfully receive their loan amount. At Raffles Credit, we offer some of the best rates when it comes to private financing alongside some of the best contract terms and conditions.

As long as you can present your documentation supporting your monthly income and expenses, money lenders will grant you a personal loan and release it in no time.

There are several differences between a payday loan and a personal loan in Singapore, mainly due to the amount loaned and the tenure.

A payday loan in Singapore is a short term loan that you would repay back to the lender once you have received your next paycheck. It is a smaller sum as it is meant to be used for immediate financial relief, like catching up on your bills and smaller emergencies. 

Some Singapore lenders also require you to repay the amount you took out during the start of the middle of the month by the time you receive your paycheck. 

On the other hand, Singapore personal loans can be a larger loan amount and have a longer loan repayment term due to the larger amount that you have taken out. It is mainly used for larger expenses that a single monthly paycheck cannot sufficiently cover or repaid in full.

Singapore citizens, PR, and even foreign workers should take note of the following pros when deciding on taking out a personal loan with Raffles Credit:

  • You don’t need collateral to take out a personal loan
  • You can borrow more than a credit card or overdraft
  • The repayment terms & amount is fixed each month, making it easy for you to budget
  • You can stretch out the repayment period, though the interest rate will likely increase as well
  • You can make a full or early repayment and even receive a discount on the interest rate

You should be aware of the following cons

  • You could be tempted to take out more than you need unlike a payday loan
  • The cash loan you receive is not a good way to consolidate your debts

First, if you are currently unemployed without a source of income in Singapore, Raffles Credit will not be able to approve your loan application. Our lending schemes depend greatly on our borrower’s ability to repay the loans and without a source of income, we are unlikely to approve your application.

However, if you are currently freelancing and have a source of income, and are looking to obtain the best personal loan in Singapore, we can offer you loans. As long as you are able to show a consistent source of income, Raffles Credit will be able to give you loans.

If you are a retiree in Singapore, we will use the monthly allowance a retiree has when determining the maximum value a retired borrower can have. 

The amount may not be higher than income-generating and employed customers, but they can borrow from us within the limits we set.

Under the Ministry of Law, all licensed money lenders have a 4% cap on interest. We can also only charge a maximum late interest rate of 4% per month for each month the loan is repaid late. 

If your income and loan needs qualify for low interest rates, Raffles Credit will consider and provide it to you without any hesitation. However, in order to get the best or lower interest, you would need to submit proof of your income, employment, and other expenses.

Yes, you can.  We understand that it is quite common for everyone to have more than one personal loan at a time. 

We would only look at your repayment capabilities and current net monthly income after deducting the current amount owed to the other bank or lender, not the number of borrowed cash you have. 

However, we would caution you to think carefully about taking on another bite as the amount you can borrow might be lesser than what you need or lead you to be unable to repay your loans and interest rate, leading to a bigger cycle of debt.

There are several factors that determine how much you can borrow from us. If you are taking out a secured personal loan with us, you would be able to borrow a larger amount with us.

However, if you are taking out an unsecured personal loan with us, there are several factors that determine the amount. 

If you are a Singapore citizen or PR with an annual income of less than $20,000, you would only be able to borrow up to $3,000 with us. If your annual income exceeds $20,000, you would be able to take out a loan up to six times of your monthly income with us. 

If you are a foreigner or expat working in Singapore with an annual income of less than $10,000, you would only be able to loan up to $500 with us. If you have an annual income of less than $20,000, you would be able to loan up to $3,000 with us. 

Foreigners or expats with an annual income of $30,000 and above would be able to take out a loan up to six times of your monthly income with us.

It’s possible to lower your rates, especially if you’re a repeat customer with previous successful records.

In addition, if you have good credit scores and decide to work with Raffles Credit, you can have lower interest rates too. However, we will never require that you have a good credit score — we’ll give you an amount you can safely borrow that is proportionate to your income.

No, you don’t. As a general rule, you don’t need to pledge any security or have a guarantor when you take out a personal loan with us.

However, if you want to loan a higher amount with us, these are excellent ways to ensure that you are able to take on a larger amount and with better interest rates as well.

Raffles Credit reserves its right to reject any borrower from using our loan services. However, we only do this if the borrower does not fulfill any of the requirements listed above.

Some common reasons include insufficient documentation, is unemployed or is shouldering too many loans, and many more. For these reasons, we regretfully inform our would-be borrowers that we are unable to loan them an amount. 

However, should they rectify the reasons for the rejection, we would be able to help them with their loan applications.

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