If I were to borrow money from the bank how will this work out?

One can us the Citi Quick Cash for big ticket purchases and projects like home renovations while you can basically use the Citi Quick Cash for any type of expenses. On the other hand, you can also apply for a Citi Quick Cash to pay for urgent expenses such as medical bills, business expenses, unexpected repairs and much more. With Citi Quick Cash, the possibilities are in fact endless. You can also convert your unutilised credit limit to cash in your Citi Deposit Account in 60 seconds. A major plus is that you can get the cash on your terms and anytime on your mobile phone and repay with plans up to 60 months. No documents required and no hidden fees.

The OCBC ExtraCash Loan is a true personal loan as it allows you to borrow up to 6X your monthly salary. However, I must warn that the interest rate is kinda high. If you don’t require that much money, I recommend that you consider the OCBC Cash-on-Instalments loan which is slightly cheaper. However currently with OCBC personal loan, you can get a MoneySmart exclusive rate of 3.5% (7.27% p.a.) for new loan customers with only 1% processing fee. For existing loan customers, you pay an interest of 4.7% p.a. (EIR 9.46% p.a.).

This card is a great contender for the 7-year personal loans lead yet is the relative newcomer on the block. This does not stop them from being very aggressive in Singapore these past few years. Although Bank of China $martLoan’s interest rates are on the high side, Bank of China is generally more lenient than most other banks in Singapore and have a lower minimum annual income.

Although standard Chartered personal loan’s published rates aren’t that awesome, you still get a much lower interest rate as well as $199 cashback for loans of $1,000 and above if you apply through MoneySmart for your loan amounts of $1,000 to $250,000. Like most of its competitors, Standard Chartered Bank promises next-day cash. You can apply via MyInfo via MoneySmart to get instant approval and loan disbursement

To apply for a UOB Personal Loan, you’ll need either a UOB CashPlus account or UOB credit card as UOB draws from your credit card limit. If you’re new to UOB, you can apply for a credit card and personal loan at the same time but note that terms & conditions like the fee schedule of the credit card will also apply to your UOB Personal Loan. UOB bank is one of the few banks that provide instant approval for personal loans for submissions between 7am to 8pm by new UOB customers.

The CIMB CashLite personal loan is based on your available credit card credit limit therefore you have to be a CIMB cardholder to apply for it. One other good thing CIMB credit cards have is that there are no annual fees but CIMB doesn’t publish their interest rates online. The actual interest rate is personalised based on your risk profile and credit history so you might very well end up with a higher interest rate than advertised.