Personal Loan Same Day Deposit – It has an interest rate of up to 3.88% p.a. + 1% maintenance fee (EIR 7.56% per year) and loan periods from one year to 5 years
Something new! – You do not need to submit your financial documents when applying through Myinfo and Singpass.
Personal Loan Same Day Deposit
Enjoy exceptional rates from 3.88% p.a. + 1% maintenance fee (EIR 7.56% p.a.)! Note that the maximum EIR can be up to 20.01% p.a. depending on your loan amount, term and credit history.
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Interest rates and fees shown are the lowest published rates and may differ from those offered to you. The interest rate and payment you are offered will be shown during the application and will depend on your credit and financial situation, depending on the bank’s decision.
AIR – Used for growth. This is the rate used to calculate the interest payable on your loan. Interest on the loan will be calculated using a simple method (simple interest) by multiplying the maximum amount of the loan by the specified annual interest rate for the entire loan period.
EIR – Effective interest rate. This is the ratio that shows the actual cost of borrowing as shown above to reduce the amount of money (similar to a mortgage) and is useful for comparing different loans to find the right balance.
Online Exclusive! Apply for your loan today with promo code “PL” and get up to 2% cash back on the approved loan amount! Applies to loans of S$10K and above
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Personal loan up to 2% Cashback promotional terms apply. It applies to loans of S$10,000 and above. Applications through other channels (ie the Labor Office, etc.) will not be considered. Promotion ends on the 31st
Your DBS/loan requires (i) a Cashline and/or credit card account to fund the loan and (ii) a DBS/deposit account (including Joint, Trust, MSA, SAYE and business accounts) to settle the loan (see FAQ Tab for details information).
If you do not have a current Cashline / Credit Card account, you will need the following documents:
Please note that applications that do not include the required data or incomplete information will cause processing delays.
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If you do not have an existing DBS/Deposit account, you can select the account of your choice here and apply online.
After submission and approval of your DBS/loan on Cashline and/or credit card, you will receive SMS confirmation that your DBS/loan has been approved. Please check your account where you intend to be credited for the approved credit amount.
Cashline is the fixed line of the credit account for which the credit limit provided is applied to your DBS/credit.
For Singapore Citizens or Singapore Permanent Residents borrowing S$3,000 and above, the loan term ranges from 1 to 5 years.
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For non-Singapore citizens/permanent residents borrowing S$3,000 or less, the loan term is between 1 and 2 years.
You have the option of using your existing credit limit (up to 95%) to take out another DBS/Personal loan or you can use your existing credit limit as a permanent line of credit for short-term use.
You can use your current credit limit (up to 95%) to take out another DBS/Personal Loan or use it for other purposes of the credit card such as selling business.
You can select your account here and use it online. Once your account is opened, you can apply for a DBS / personal loan.
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Assuming you are borrowing $5,000 at 3.88% p.a. + 1% maintenance fee for 1 year (EIR 8.89% p.a.), your monthly income is $432.83.
Monthly interest and principal are divided separately; In the early stages, a large part of your monthly income goes towards paying the interest on the loan. The interest rate decreases gradually with each installment (see picture of the payment schedule below).
EIR: Effective interest rate – based on a 60-month loan and includes a 1% maintenance fee (Interest rate: 3.88% p.a.)
Note that for loans approved after 21 at the end of the month (eg March 31), the amount will only be deposited into the fixed deposit account the following day. If the next day is on a Sunday or public holiday, the credit will be the next day (eg Monday to Saturday).
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From 12 November 2022, a six-month loan term will be available on the DBS/ website and online banking application for new loan customers who do not have a DBS/ credit card and Cashline account.
Furthermore, due to system maintenance from November 12, 2022, some options for borrowing may not be available to all users. Please apply for a 1 or 2 year loan through the digibank app at this time.
We are working to make the above feature available to all customers as soon as possible.
Starting April 1, 2016, if you want to get a free credit report, you can get it within 30 calendar days from the date of approval or rejection of your application through the websites of the credit bureaus listed below. Alternatively, you can bring the approval or rejection letter and NRIC to your nearest registered credit bureau to get a free credit report.
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* Clarification: We would like to clarify that “The Free Credit Bureau Report” is only limited to the use of new products such as Cashline, credit cards, additional study aid. Applications such as credit limit increases, transfers / personal loans have been removed from existing products and existing senior cardholders applying for another card are not entitled to a free credit report. Same day personal loans are available on the same business day. Here’s what you need to know about them. (iStock)
Sometimes a financial risk arises that requires you to get money in your hands quickly. If that happens, you may be interested in looking for a same day loan, which deposits money into your bank account the day you apply.
Most same-day loans are pay-as-you-go loans that charge high interest rates and have a short repayment period. But that is not the case for all loans that provide money on time. In fact, there are reputable lenders who will make the money available shortly after you apply – usually within the next business day.
Reliable can show you some personal loans that provide fast loans. Visit Credible to compare rates and lenders and find a plan that’s right for you.
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Same day personal loans are usually more expensive as you pay more to make it easier for you to get your money faster. Car loans, mortgage loans and payday loans are often sold as readily available and can be tempting if you need money quickly.
But taking out this type of payday loan can be harmful in the long run to your finances because it can be difficult to pay in the short term that is allotted to you. You can find yourself in debt and having to borrow again if you don’t have the money to pay off your first loan.
As a better alternative, find your loans that guarantee fast money. Sometimes this can mean you get your money the same day you apply but usually it means you get the money the next day. That’s still fast enough to cover many risks—especially since waiting another day can make the difference between getting an affordable loan with a reasonable payment plan and a bad loan that will hurt your finances in the long run.
Credentials can help you find reputable lenders that provide timely financing. Visit Credible today to check interest rates and loan terms and find lenders that advertise quick access to borrowed money.
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Credible has several partners that offer quick loans. If you qualify for a personal loan – with a strong financial situation and good credit – you can get approved for a loan as quickly as one company after signing your loan agreement, according to Credible. Click here to see which lenders have this offer.
Some payday loans are available even with bad or no credit. Unfortunately, these are the scams that were warned about above. Payday lenders, mortgage lenders and car title lenders lend to borrowers with bad credit, but at a higher rate.
Getting a loan from a reputable fast cash lender can be more difficult than these other methods. However, if you can get someone to write for you, you should be able to qualify, even if your credit makes it impossible.
If you can get a credit card, it may make more sense to use it to cover emergencies than to take out a payday loan, mortgage or car loan. Credit cards charge higher interest rates than other types of loans, such as personal loans, but the interest rates are often lower than what you would pay for these types of loans.
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If you’re looking for a new credit card, Credible has you covered, too. You can compare credit cards and
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