Best Personal Loans in Singapore: Choose the Best Loan to Meet Your Needs Personal loans can be a speedy and convenient financing solution for paying for unexpected bills, debt consolidation, or financing large-ticket items. But with numerous options in Singapore, how do you select the best personal loan that will suit your specific financial requirements? This handbook takes you through the factors that make a personal loan exceptional and how you can choose the best with assurance. What is a Personal Loan? A personal loan is a form of unsecured credit issued by banks, licensed moneylenders, or financial institutions that enables you to borrow a specific sum of money for personal expenditure. It does not require collateral, and unlike secured loans, approval typically depends on your credit record, earnings, and repayment ability. Repayments are usually made monthly for a specific term, from 6 months to 5 years, and interest rates will depend on your credit history and the