Whether you’re applying for your first personal loan or looking to take on another one, you can find all the useful information and resources here. Read more about the basic information of personal loans and how it works, personal loan reviews and comparisons, as well as the latest personal loan promotions and offers. Show
Types of Personal LoansThere are various forms of personal loans in Singapore that are catered for different occasions and different needs. Here are 6 types of personal loans you can take in Singapore. Compare the most attractive loan offers and the loan that best suits you:
Beginner’s Guide to Personal LoansIf you are looking to apply for a personal loan and want to find out more about it from interest rates, eligibility and debt settlement you can read all these useful articles to help you on your way to making the best decision for your personal loans.
Read More Topics Related To Personal LoansDive deeper to find out more about topics relevant to personal loans:
Compare The Best Personal Loans For Your NeedsThere are plenty of types of personal loans available out there in the market. Find out and compare between the different types of personal loans to see which one is the most suitable for you.
Read Reviews On The Best Personal Loan ProvidersRead Reviews Of Different Personal Loan Providers In Singapore Such as HSBC, UOB, Citibank, POSB and More. Personal Loan interest rates and packages are extremely dynamic; they can vary significantly depending on your loan tenure (period), the loan amount, your citizenship status, and your income. To find a more accurate quote, please use MoneySmart’s Personal Loan Calculator at the top of the page and enter the variables as accurately as possible. What makes our personal loan calculator different is that while other calculators ask you to enter interest rate to determine your EMI value, our Personal Loan Calculator will generate a list of loan packages, interest rates and repayment plans tailored to the information you entered. You can always adjust the loan amount and loan tenure to find a comfortable monthly repayment amount. Note that our Personal Loan Calculator can only give you an estimate of the interest rates; the provider has final say on the rates they offer you. LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace. How Does LendingTree Get Paid?How Does LendingTree Get Paid?LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace. Personal Loan APR vs. Interest Rate: What’s the Difference?Written by Andrew Pentis Erika Giovanetti Edited by Pearly Huang Michael Kitchen Updated on: April 8th, 2022Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners. Understanding the concepts of interest rates versus APRs for personal loans can help you secure a loan with the lowest possible cost. Interest rate is a percentage of a loan paid to the lender, while APR is a broader measure of the cost of a loan, including interest and origination fee. In other words, interest rate is just one factor in measuring APR. The lower your APR, the lower the overall cost of a loan will be.
Interest rate vs. APR, explainedInterest rate and APR are typically not interchangeable. The difference between interest rate and APR is simple: your interest rate is just part of your APR.  What is an interest rate?A personal loan interest rate is the amount that a lender charges you to borrow the loan. It’s expressed as a percentage of the total loan amount. Since personal loans are typically unsecured, meaning they don’t require collateral, the lender sets the interest rate based on your perceived ability to repay the loan. To determine the interest rate, lenders look at your credit score and debt-to-income ratio, among other factors, like loan amount and loan length. Different lenders will have different interest rate ranges. What is an APR?APR is the total yearly cost of the loan, including interest plus fees. One common fee that factors into APR is the origination fee, which is a one-time cost that’s charged when you receive your loan. It typically ranges from 1% to 8% of the total cost of the loan. Some lenders do not charge an origination fee. For no-fee loans, your interest rate is the same as your APR. That doesn’t mean that no-fee loans are always cheaper than loans with origination fees. For instance, a loan with an origination fee (but a lower APR) could be more cost-effective than an alternative loan without fees (but a higher APR). How APR (not fees alone) effect the cost of a 3-year, $10,000 loanLoan #1Loan #2Origination feeNone5%Interest rate20.00%11.41%APR20.00% APR15.00% APRMonthly payment$372$347Total cost of the loan$13,379$12,480Interest and fees paid$3,379$2,480Costs are rounded to the nearest dollar. How to get a great APR on a new personal loanYour creditworthiness – and that of your cosigner or co-borrower, if applicable – is the primary factor in determining your interest rate and APR on a personal loan. If you have a good payment history on your credit report, a good or better credit score as a result, and stable employment history, it’s possible that you’ll qualify for a good APR, perhaps even a single-digit one. With that said, a great APR for one borrower may not be so great for another. A truly great APR allows you to repay your balance on time, or ideally ahead of schedule, without harming other aspects of your personal finances. If you prequalify for personal loans to receive APR quotes, only to find them too high for your situation, you could pause your applications and instead work on your credit score, or enlist a personal loan co-applicant. How to compare personal loan ratesBecause APR comprises more than just interest rate, looking at APRs from various lenders side by side will help you make more objective, apples-to-apples comparisons. Confirm that the person loan preapproval you might receive shows APR (not solely interest rate) so that you can shop around to make an informed decision. Also, keep in mind that some lenders advertise APRs that already account for discounts, such as an autopay discount that shaves percentage points off the interest rate. Here are examples of lenders that promote ranges of APRs for personal loans: How Does LendingTree Get Paid? LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace. How Does LendingTree Get Paid?LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace. How Does LendingTree Get Paid?LenderAPR rangeAchieve7.99% - 29.99%Best Egg8.99% - 35.99%Happy Money (formerly Payoff)7.99% - 29.99%LendingClub8.30% - 36.00%LendingPoint7.99% - 35.99%LightStream6.99% - 22.49%Marcus by Goldman Sachs®6.99% - 24.99%OneMain Financial18.00% - 35.99%Prosper6.99% - 35.99%SoFi7.99% - 23.43%Upstart6.50% - 35.99% Your APR should be simple to find; in fact, the Truth in Lending Act states that lenders must be transparent about the terms and cost of a loan. Your loan agreement should disclose the:
Before you take out a personal loan, read your loan agreement carefully to make sure the terms are favorable and you’re able to repay what you borrow. The importance of APRs when borrowing moneySince your APR is the measure of the total cost of the loan, a lower APR equals a lower cost of borrowing. For example, let’s assume a good-credit borrower takes out a $15,000 personal loan that’s repaid in fixed monthly payments over five years. The borrower can save money on monthly payments and the overall cost of the loan by choosing the option with the lower APR: How APR affects borrowing costs on a 5-year, $15,000 loanLoan #1Loan #2APR9.50%11.50%Monthly payment$315$330Total cost of the loan$18,902$19,793Interest and fees paid$3,902$4,793Costs are rounded to the nearest dollar. Even with just a difference in APR of two percentage points between these two hypothetical loans, the lower-rate amounts to nearly $1,000 less in interest charges. When you compare loan offers and choose the loan with the lowest possible APR, you can save on the overall cost of borrowing. What is the average personal loan rate?Because APRs vary by the strength of a borrower’s application (and their requested loan amount), it’s wise to consider averages along different credit score ranges. Once you know your credit score range, here are rates you could expect to be quoted: Personal loan statistics by borrower credit scoreCredit score rangeAverage APRAverage loan amount720+10.73%$17,753680-71919.04%$13,784660-67924.74%$10,811640-65930.18%$8,872620-63937.09%$7,281580-61965.93%$5,897560-579102.36%$4,130Less than 560156.11%$2,799Source: LendingTree customer data for Q1 2021. How to calculate APR on a loanTo calculate a personal loan APR, you’ll need to know your…
You can use Microsoft Excel to determine your APR. Simply plug the following formula into an Excel sheet: =RATE(total number of payments, monthly payment amount, loan value) This formula will give you the monthly percentage rate of your loan. To get the annual percentage rate, simply multiply this number by 12. What is a good APR for a loan?Personal loan APRs vary widely depending on a number of factors, including credit score, desired loan amount and loan length. They tend to fall between 10% and 25%, although it varies greatly depending on your credit profile and the lender. In some cases, borrowers may see triple-digit rates, for example. The best personal loan candidates may get rates lower than 6%, while borrowers with poor credit history could potentially see APRs as high as 36% or more. Whether an APR is “good” depends on your unique financial situation, as well as the loan purpose. For example, if you want to refinance high-interest credit card debt, then a personal loan with a lower APR than what you’re currently paying on your credit cards can save you money in the long run. If you want to take out a personal loan for home improvement, you should ensure that the cost of the loan doesn’t offset the value gained from renovations. Use this personal loan payment calculator to determine the total cost of a loan based on your rate. In general, personal loans used for unnecessary purposes, like vacations or weddings, are typically not advised, since the cost of borrowing will just add to the cost of the original expense. However, borrowers who can secure low APRs may find that the convenience of a personal loan is worth the long-term cost. If you’re ready to hunt for the best APR for your credit profile, start by seeing what your bank or credit union has to offer, as well as checking out our list of vetted personal loan lenders with competitive rates and service. What is a good APR rate for personal loan?A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)
What does APR mean for personal loan?The term “annual percentage rate” is commonly used in reference to financial products such as mortgages, credit cards and personal loans. Specifically for personal loans, APR is the sum of the interest rate plus origination fees calculated on a yearly basis and expressed as a percentage.
Is a 12% APR high?A low credit card APR for someone with excellent credit might be 12%, while a good APR for someone with so-so credit could be in the high teens. If “good” means best available, it will be around 12% for credit card debt and around 3.5% for a 30-year mortgage.
Is 5% APR good for a loan?A 5% APR is good for pretty much all types of borrowing, except for mortgages. On personal loans, credit cards, student loans, and auto loans, 5% is much cheaper than the average rate.
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What is the apr on a personal loan
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