Raffles Credit Pte Ltd is a licensed moneylender (License No. 58/2022) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.
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.
Apply from the comfort of your home at https://www.rafflescredit.com.sg/. You may also reach us at 6235 1788.
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
You must be at least 18 years old
For Singaporean/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
Jane and John are very helpful, they listen and understand what customer needs and their tailor made financial repayment scheme.... read moreJane and John are very helpful, they listen and understand what customer needs and their tailor made financial repayment scheme. A great experience. Worth to visit if you need some assistance. read less
feeling happy and comfortable at here! All people here are nicely,thanks Rachel, John,Jane.Fast processing, very appreciate to them! Will recommend... read morefeeling happy and comfortable at here! All people here are nicely,thanks Rachel, John,Jane.Fast processing, very appreciate to them! Will recommend here for you guys. read less
Friendly staffs who assisted exceptionally well to all my loans need with good rates and repayment plan. Been utilizing their... read moreFriendly staffs who assisted exceptionally well to all my loans need with good rates and repayment plan. Been utilizing their service quite a number of times and am very pleased with their service. Will recommend. Thanks Raffles Credit! read less
Approachable and professional staff here. Thank you John, Rachel, Jane for understanding my situation and offering me the best suit... read moreApproachable and professional staff here. Thank you John, Rachel, Jane for understanding my situation and offering me the best suit financial solution. Never hesitate to visit them again when I need assistance in future! read less
Jane has processed application very professionally. I am very happy with her approach and service.
In fact this is NOT my... read moreJane has processed application very professionally. I am very happy with her approach and service.
In fact this is NOT my first application with Raffles. It is because of their professionalism and good attitude and service that I am at ease to go back to Raffles for my loans.
I would definitely recommend anyone to Raffles. read less
Rachel and John have been very professional and courteous in their dealings. They were very patient and listened attentively to... read moreRachel and John have been very professional and courteous in their dealings. They were very patient and listened attentively to my requirements before tailoring a suitable plan. highly recommended. read less
I had good experience, it was my first time. John & Jane guided me & making sure I understand every... read moreI had good experience, it was my first time. John & Jane guided me & making sure I understand every term before signing anything. Answered my questions patiently and clearly. Able to explain to me all the financial jargon words i do not know of. Quick fun guide to enjoy the nearby area as well! Kudos to both of them. They really helped me, literally 😀 read less
Had to borrow some funds last minute and both Jane and John has been really helpful with the whole process.... read moreHad to borrow some funds last minute and both Jane and John has been really helpful with the whole process. It’s my first time and lost on the process and they slowly guide me along and explain everything in detailed to me. Had some difficulties midway, and they listened to them carefully and addressed them! read less
Very efficient. The advisor is clear in her explanation and also very courteous. Proper checks are done and payment structures,... read moreVery efficient. The advisor is clear in her explanation and also very courteous. Proper checks are done and payment structures, advice is given properly to ensure borrower is clear on everything. Trustable moneylender. read less
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 should be aware of the following cons
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 $20,000 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.
Get preliminary approval in 30 minutes by applying here