Frequently Asked Questions

1. How fast is the process to apply for a loan?

Once you've submitted your loan application, the financial institution will typically review your information and make a decision on whether to approve your loan. This process can vary in length, but some loan providers now offer super speedy approval times of 30 minutes. You could receive the funds on the same day if your loan is approved.

2. What are the different types of personal loan interest rates?

When it comes to personal loans, there are typically two main types of interest rates - Effective Interest Rate (EIR) and floating interest rate. The EIR takes into account all fees and charges associated with the loan in addition to the interest rate, giving borrowers a more accurate picture of the total cost of the loan. EIR is usually fixed throughout the loan tenure, providing borrowers with a clear idea of the total cost from the outset. Floating interest rates, on the other hand, can fluctuate based on market conditions, making it harder to predict repayments. Typical interest rates for personal loans start at 3.88% p.a. + 1% processing fee (EIR 7.56% p.a.), with loan tenures ranging from 6 months to 5 years.

3. Are there additional fees that i need to take note of when a applying for a loan?

Some common fees include processing fees and late payment fees. Processing fees cover the administrative costs of processing your application and are typically charged upfront. Late payment fees may be charged if you miss a payment or don't make your payment on time. It's important to review the loan terms and conditions carefully, including any fees or charges, to fully understand the loan cost and ensure that you can afford the repayments.

4. About Instant Loan

Instantloan.sg is a free-to-use independent loan comparison and matching platform that seeks to match our users with the best offers from legal financial institutions in Singapore, making it simple for everyone to make better financial decisions.

Instantloan.sg does not advertise for, or represent, nor are we a loan company. We do not directly or indirectly offer any loans at our place of business, or over the phone, or through any other media.

All loans listed are provided directly through legal financial institutions under our platform and we do not have control over the rates and offers made by them. The offers made on this platform are non-binding and will only be finalized once both parties have signed the agreement and loan contract. Personal details submitted through Instantloan.sg are handled with strict confidentiality.

By submitting your details or signing up for any services offered by Instantloan.sg, you authorize us to collect, use, disclose and share amongst ourselves your personal data with our participating financial institutions.