No Matter Your Needs, Our Personal Loans Have You Covered
When a financial emergency calls, a personal loan in Singapore can be the ideal financing solution. MM Credit’s private loan is suitable for multiple purposes, on top of being affordable and easy to apply for.
Ready to boost your cash flow? A personal loan may just be the perfect solution.
Why should MM Credit be your personal loan money lender?
Lightning-fast procedure and approval
Personal loan applications are approved in as fast as 30 minutes.
Fully legal loan provider
MM Credit is 100% licensed by the Ministry of Law and listed in the Registry of Moneylenders. We also adhere to MinLaw’s rules and regulations completely.
Low interest rates
From only 2% to 3.92% monthly, your personal loan repayments are always affordable.
No minimum loan sum
We will always cater to your needs; simply borrow a personal loan sum that meets your financial requirements best.
Zero credit score requirements
Even if you have a poor credit score, you can still be approved for a personal loan from us.
No collateral needed
We only require this when you take up a personal loan beyond your income limit.
What is a personal loan in Singapore?
A personal loan in Singapore is an unsecured loan where the loan sum you can get is based on your annual income. A private personal loan is as it says; a ‘personal’ loan for ‘personal’ use. It is a multi-purpose financing solution used to fund any kind of expense, from everyday needs like house bills, new purchases like a brand new car, to settling emergencies like a medical surgery.
How does a personal loan in Singapore work?
A personal loan, also known as a private loan in Singapore, works by borrowing a fixed loan amount along with the interest rates which have to be repaid over an agreed upon loan tenure. All these can be customised according to your financial needs and circumstances to ensure you get a personal loan that suits you best. The private loan will be repaid in fixed monthly instalments so you never have to worry about struggling financially to repay the loan.
How Do Personal Loan Interest Rates Differ?
Advertised Interest Rate
This is also known as a personal loan’s lowest interest rate because it doesn’t take into account other fees or the borrower’s credit score.
Effective Interest Rate
As the name suggests, this is the true cost of a private personal loan because it factors in various fees and overall repayment term.
0% Interest Rate
Financial institutions do offer personal loans in Singapore with “no interest”, but charge higher processing fees while requiring applicants to have excellent credit scores.
Interest Rates of Revolving Personal Loans
An example of a revolving personal loan is a credit card. You borrow when you need to and interest is charged on outstanding balances. Revolving personal loans have higher interest rates than term personal loans.
Interest Rates of Term Personal Loans
Term personal loans have fixed interest rates and loan tenures. You receive a lump sum once your personal loan is approved, instead of smaller sums when you request for it.
One Personal Loan, Multiple Uses
1. Family Emergencies
Anyone would lend their relatives a hand when they’re in trouble. A private personal loan from a licensed money lender in Singapore helps you support them during tough times.
2. A Dream Honeymoon
You’d want this to be as memorable as possible. If you’re short of the funds required, cover the rest with a personal loan in Singapore and worry only about how much fun you’ll have.
3. Home Expenditure
There are costs a home insurance plan can’t cover. For example, replacing a full induction cooker hob if it breaks down. For these, funds from a personal loan will help you greatly.
4. Medical Expenses
A private personal loan comes in handy for medical bills your insurance can’t cover. For example, hospitalisation costs when your child is badly injured, if they don’t have insurance yet.
5. An Urgent Investment
Because a personal loan in Singapore can be approved swiftly, they’re perfect if you need funding for business or investment opportunities.
6. Ad-Hoc Courses of Study
Education loans usually cover up to tertiary-level courses. If you’re taking postgraduate studies or professional courses, you need a private loan in Singapore.
How Do You Select a Personal Loan That Meets Your Needs?
Consider these points when you’re comparing personal loans:
1. Interest Rates
The private personal loan in Singapore should have a maximum monthly interest rate of 4%. The lower this is, the better.
2. Loan Tenures
Although licensed money lenders offer private loans in Singapore with up to 12 months long, check if they can be flexible with this.
3. Additional Fees
Licensed lenders only apply one processing fee of up to 10% of the personal loan’s principal amount. Their personal loan is more attractive if they can waive it.
Get your personal loan application in 3 simple steps
1. Send in your personal loan application
Send in your personal loan application online or at our office, together with the relevant documents.
2. Get an update of the application
Get updated of your personal loan application status within 30 minutes.
3. Receive fast cash disbursement
Come down to MM Credit’s office to review your personal loan offer, sign the loan contract, and we’ll disburse the funds in an instant.
Obtain a personal loan that’s personalised to you!
Frequently asked questions: Personal loans in Singapore
Q1. Is a personal loan a secured loan or unsecured loan?
Private loans in Singapore are unsecured. However, if you need to borrow above your income limit, apply for a secured personal loan and pledge collateral.
Q2. How much can I borrow from MM Credit for a personal loan?
The limit for your private personal loan in Singapore depends on your income:
Yearly Income | Personal Loan Limit: Singaporean or Permanent Resident | Personal Loan Limit: Foreigner Employed in Singapore |
S$1 to S$9,999 | S$3,000 | S$500 |
S$10,000 to S$19,999 | S$3,000 | S$3,000 |
S$20,000 and above | Six times your monthly income | Six times your monthly income |
Q3. What’s the interest rate and fees for MM Credit’s personal loan?
MM Credit’s private personal loan in Singapore ranges from 2-3.92% per month. Additionally, we may levy a processing fee of up to 10% of the personal loan’s principal amount. Other fees applied for our personal loan in Singapore concern late repayments.
Contact us for more information about personal loans.
Q4. Can foreigners apply for a personal loan in Singapore?
Yes! However, take note of the annual income requirements above when you’re applying for private loans in Singapore.
Q5. What’s the eligibility criteria for a personal loan from MM Credit?
To apply for a private loan in Singapore from MM Credit, you need to be:
- 18 years old and above
- A Singaporean, Permanent Resident, or Foreigner employed in Singapore
- Drawing a stable income
- Renting or owning a home in Singapore
Q6. Why should you compare personal loans?
Compare personal loans before settling on one because what you pick must meet your needs. Obtain a personal loan with the best interest rate possible, minimal fees, and a tenure that fits your budget.
Q7. Can I still obtain a personal loan if I have a poor credit score?
We accept personal loan applications from individuals across all credit scores. However, your yearly income needs to be sufficient for the personal loan amount you’re borrowing.
Q8. How fast can my personal loan application be approved?
If your personal loan application is filled in accurately and you’ve submitted it with your supporting documents, it’ll be approved in as fast as 30 minutes.
Q9. How do personal loans from legal lenders differ from banks?
Personal loans from legal lenders don’t require you to have good credit scores. Also, personal loan tenures are shorter so you can be debt-free quicker.
