Where To Apply For Loan In Singapore

If you’re a business-owner or private individual looking for some additional capital in Singapore, you’ve got a huge number of options in terms of lenders. Singapore has become one of the world’s primary financial hubs in recent decades and offers an exceptional range of choice for entities seeking to borrow money.

But where to go? With so many to choose from, it becomes a process of elimination. Different institutions provide different services to different clients, so who to go with will largely depend on your own circumstances and what precisely you need the loan for. We’ve put together this handy guide to identifying the right lender for you. Read on to find out more.


Whether you visit a commercial or a retail bank will depend on whether the loan is for your private finances or for the development of your business. Generally, banks provide the highest loan amount and have the capability to provide lower interest rates than other sources, but generally have strict requirements for borrowers. These can include an excellent credit score, offering up sizable collateral such as real estate or a car, or meeting other repayment requirements. Businesses looking for loans here will generally need to be well-established and generating a profit, otherwise will be dismissed as too high risk.

Many of the world’s largest banks, including Hong Kong and Shanghai Banking Corporation, Standard Chartered, Citibank operate in Singapore in addition to local players such as DBS Bank and United Overseas Bank, giving customers capable of applying to banks real choice in who they approach.

Moneylenders & private finance companies

There is also a significant private lending industry in Singapore, made up of a mixture of larger finance companies servicing a blend of private and corporate customers, as well as smaller moneylenders dealing primarily with individuals. Not being a bank, these organisations have greater flexibility in the terms and conditions as well as the loan products they can offer, but greater diversity increases the need for individuals to shop around and understand what they’re being offered. Finding the right loan product for you may take some significant research, as the Singapore finance industry is large and expanding.

It’s also important to note the importance of dealing with a licensed moneylender over an unlicensed, illegal moneylender. Licensed moneylenders can only charge a certain amount of interest per month. All licensed moneylenders are listed on the website of the Ministry of Law, allowing you to check before signing anything that the institution you’re working with is legitimate.