Small personal loans for bad credit near me

For personal needs. This loan can be used for home renovation, medical emergency, or that once-in-a-lifetime vacation.

Excellent 5/5

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90 Reviews on

Low-interest rates from 1 to 4%

Unsecured loan – No collateral/pledging of assets needed

Flexible repayment tenures

Fortune Credit’s personal loan is an unsecured loan that can cover your needs as well as your little pleasures. With the loan amount up to 6 times of your salary, this personal loan in Singapore can provide you the loanable amount which can surely help sustain your needs or help fulfil your wishlist.

Low-interest rates from 1 to 4%

Unsecured loan – No collateral/pledging of assets needed

Flexible repayment tenures

Fortune Credit’s personal loan is an unsecured loan that can cover your needs as well as your little pleasures. With the loan amount up to 6 times of your salary, this personal loan in Singapore can provide you the loanable amount which can surely help sustain your needs or help fulfil your wishlist.

APPLY FOR A LOAN IN 3 EASY STEPS

02

Visit Our Office For In-Person Consultation

Our consultant will schedule an appointment for you to further discuss the terms and conditions of your loan plan.

03

Receive Your Cash on the Same Day

Get your cash loan as soon as the agreement has been signed

ELIGIBILITY

At least 18 year old

Minimum salary of SGD1,500 for local & PR

Minimum salary of SGD2,000 for foreigner

DOCUMENTS REQUIREMENTS

LOCAL AND PERMENANT RESIDANCE

FOREIGNER

Passport

Work Permit / S-Pass / Employment Pass

Proof of residence (utility bill or tenancy agreement)

Proof of employment (employment letter if your job is less than 3 months)

Recent 3 months payslip

Proof of income (bank or account statement)

SingPass (to log into CPF, HDB, IRAS website)

Identity card

Proof of residence (utility bill, a letter addressed to you, and or tenancy agreement)

Proof of employment (employment letter if your job is less than 3 months)

Recent 3 months payslip

SingPass (to log into CPF, HDB, IRAS website)

Feel Free to Borrow Anytime!

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PERSONAL LOAN FAQ

How Does a Personal Loan Work?

A personal loan is an unsecured loan that can lend you up to six months’ worth of your salary and can be paid back by monthly instalment. The monthly amount of payment depends on the terms and conditions of your loan contract.  Fortune Credit can assure borrowers that these personal loans in Singapore are tailored to each client's needs and demands. There are no extra charges or hidden fees being imposed by Fortune Credit with. All interest rates and fees will be thoroughly discussed upon signing the contract.  Here are some helpful ways a personal loan can help you:  

• Paying off credit cards or debt
• Availing home improvement products and services
• Funding travels
• For overall health and wellness
• Paying for education
• Planning for wedding

What Should I Consider Before Taking Out a Personal Loan?

To avoid loan scams, the first thing that you must check is to verify if the moneylender that you are looking for is a licensed moneylender registered with Singapore’s Ministry of Law.

Next,compare the best loan offers according to your budget and repayment capability.

Don’t forget to check the customer satisfaction reviews on Loan Advisor and Google Reviews to check the customer satisfaction reviews.

What Are the Fees & Interest Rates a Moneylender Can Charge to Me?

All licensed moneylender that is offering personal loan in Singapore is only permitted to impose the following charges and expenses on personal loans or other types of loans:

• A fee not exceeding $60 for each month of late repayment;
• A fee not exceeding 10% of the principal of the loan when a loan is granted; and 
• Legal costs ordered by the court for a successful claim by the moneylender for the recovery of the loan.

The total charges imposed by licensed moneylenders on personal loans in Singapore, consisting of interest, late interest, processing fee or upfront administrative, and late fee also cannot exceed an amount equivalent to the principal of the loan.

Meanwhile, the maximum interest rate that a licensed moneylender can charge for personal loans in Singapore is 4% per month, regardless of the borrower’s income and whether the loan is an unsecured or secured one. 

If a borrower fails to repay the personal loans on time, the maximum rate of late interest that a licensed moneylender can charge is 4% per month for each month the loan is repaid late.

The computation of interest charged on the personal loans must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to the principal. 

The late interest rate can only be charged on an amount that is repaid late. The licensed moneylender cannot charge on amounts that are outstanding but not yet due to be repaid.

How Much Can I Borrow?

For best personal loans offered by Fortune Credit, each best personal loan can lend you up to six months’ worth of your income. Depending on your assessment and requirements, we always give the best optimal amount of loan to our clients.

To further explain, you can loan any amount with secured loans. For unsecured loans, please refer to the table below:

How Do I Get the Best Personal Loan Rates?

To get the best personal loan, you may use personal loan comparison sites online, such as Loan Advisor. 

Fortune Credit adheres with the Ministry of Law, ensuring you that it practices legal lending and only charges the allowable interest rates and processing fees. The interest rate applied is up to 4% only.  Note that charges like interest rate, processing fees, and other charges are in compliance with the Ministry of Law strict regulations.

How Long to Get My Personal Loan Approved?

The application process at Fortune Credit is swift and efficient. Whenever you apply for a personal loan with Fortune Credit, you will receive your borrowed money within an hour, or upon the signing of the contract in our office. Upon signing the contract or during the interview, charges like interest rate, processing fees, and other fees will be thoroughly discussed, any questions regarding these fees will be answered by our friendly and professional loan officers.

What Is the Difference Between Personal Loans and Payday Loans in Singapore?

The differences between a personal loan and a payday loan are the loan amount you can borrow and the repayment period.

A personal loan allows you to borrow up to six months’ worth of your salary and let you repay monthly until the personal loan amount is paid off.

On the other hand, a payday loan allows you to borrow up to only one month’s worth of your salary that must be paid back in less than a month. 

However when it comes to charges like interest rate, processing fee, and other charges. Both follow the same protocols as regulated by the Ministry of Law. These charges like interest rate and processing fees can be found on the Ministry of Law website.

Is My Borrowing Limit Different from Banks?

Yes. Banks can allow you to borrow a bigger loan amount for much longer tenure with a different interest rate. The downside is that the process of releasing the money takes more time. 

Fortune Credit can give you the loan amount with minimal interest rate, usually, in just only an hour with a much easier loans application process, low-interest rate, and no hidden charges.

I Have Taken a Personal Loan With Another Bank/lender. Can I Still Get a Loan With You?

Yes. However, your application will still be subject to evaluation to make sure that you don’t over-borrow and suffer from financial difficulties. 

Note: Unlike banks, Fortune Credit does not check credit scores when approving your personal loans, instead we evaluate your ability to repay the loan.

What We Evaluate Are the Following: 

• Ability to repay the personal loan
• Certificate of employment
• Proof of income
• Other identification papers

What Are the Advantages of a Personal Loan?

Aside from our excellent customer service, minimal interest rate and processing fee, the following are the benefits of Fortune Credit’s personal loan:

• Low-interest rates from 1 to 4% only 
• Flexible payment terms
• Unsecured loan - No collateral/pledging of assets needed
• Borrow up to 6 times worth of monthly income

What Are the Disadvantages of a Personal Loan?

Please note that whenever you apply for a personal loan, there are also disadvantages that you need to consider. We listed the following:

• You may over-borrow. If you need only a 1 month’s worth of your salary, you may opt for a payday loan for a quick cash advance
• You may also be enticed to consolidate all your debts. Responsible borrowing is borrowing only what you can afford to pay back.
• Being not able to pay back the personal loan will incur interest rates and late payment fees aside from the one-time processing fees, this can turn into a debt cycle.

Where to Get a Personal Loan Near Me?

Fortune Credit offers the best personal loan in Bugis and Bras Basah, Singapore. It is located at 67 Beach Rd #01-01 Bulkhaul House Singapore 189688. It is open daily from Monday to Sunday. Operating Hours: Mon-Fri: 11:00am – 8:00pm | Sat-Sun: 11:00am – 5:00pm

Why Borrow a Personal Loan from Us?

Fortune Credit is among the top 10 legal moneylenders in Singapore and touted as the best moneylender in Bugis as well as Bras Basah.

Since 2010, we have been commended for being a financial agency that offers “comfortable, friendly, and efficient” borrowing experience. 

Fortune Credit is here to provide financial help to those in dire need of money. But what makes us different from other moneylenders is our reputation for being a warm, caring, and thoughtful institution. We understand that the overall process of borrowing money should be easy, relaxed, and unintimidating. 

True to our mission “Feel Free to Borrow Anytime”, we vow to extend our financial help to those in need every single day.

Being in the industry for over a decade, we have established excellent customer service and achieved notable awards. 

Honours & Achievements

• Regarded as among the top 10 licensed moneylenders in Singapore by Loan Advisor
• Included in the list of top-performing legal moneylenders in Singapore by Top Brands

Reviews & Testimonials

• Received excellent 4.9 stars from verified clients on Google Reviews
• Commended as “friendly, efficient, and accommodating” by customers on Loan Advisor

What Are the Next Steps After Receiving the Personal Loan?

• Make sure the lender delivers to you the correct principal amount of the loan or actual loan amount. The lender is only permitted an upfront processing fees  deduction of a loan approval fee of up to 10% of the principal amount. Please note this is only one-time processing fees applied to all loans.
• Pay the loan instalments on time to avoid incurring late payment fees, additional interest rate and late interest rate. All interest rates that will be discussed during the assessment and signing of loan contract.
• Make sure the lender issues you a receipt every time you make any repayment of the loan amount towards your personal loan, and check it for correctness (e.g. name, amount, date).
• Make sure you receive a statement of account for all your personal loans at least once every January and July and check it for correctness (e.g. name, amount, date); and
• You should retain all statements of accounts and receipts of payments as documentation and evidence of payment of the loans.

How Do I Know If the Moneylender Is Licensed or Unlicensed?

You can visit the Ministry of Law’s for the full list of licensed moneylenders in Singapore to verify if the moneylender is licensed or not. 

Fortune Credit’s license number is 33/2022 listed in the Registry of Moneylenders. Fortune Credit is among the top 10 legal moneylenders in Singapore and touted as the best moneylender in Bugis as well as in Bras Basah.

Can I Pay Off My Loans Early?

Yes, you may pay your loan to the moneylenders before it’s fully due. You can inform Fortune Credit about your plans for the early settlement, so that we can come to an agreement with you for any discounts to your loan.

Will My Loans Be Approved If I Have a Bad Credit History?

Banks usually reject the application due to low or bad credit history. We complete an evaluation of your capability to repay the loan depending on your current financial condition. In other words, the assessment is not based on your credit history. In general, you only need to prove that you have a steady source of income to repay the loan.

How Do I Know If the Advertisement from a Lender Is Licensed or Unlicensed?

Licensed moneylenders are permitted to advertise only through these three channels:

• Business or consumer directories (in print or online media); 
• Websites belonging to the moneylender; and
• Advertisements placed within or on the exterior of the moneylender’s business premises. 

All other channels are prohibited. Thus, if you receive flyers, SMSs, emails, or other forms of advertisements, please report the advertisements to the Registry at 1800-2255-529 or via the Ministry of Law’s website.