For urgent financial needs . Quick disbursement . Fast processing
What is a personal loan?
A personal loan is a sum of money you borrow from a financial institution, which you will pay back in monthly instalments along with interest over an agreed period. This personal loan can help to cover for your everyday needs, or if you wish to fund or purchase a big-ticket item.
Personal loans are offered by both banks and licensed moneylenders in Singapore.
However, with the variety of banks and licensed moneylenders in Singapore, it is essential to choose a financial provider to suit your needs. Banks will usually grant more significant sums at lower rates, but they have stricter requirements and prolonged approval times.
Not all moneylenders are created equal either. GS Credit specializes in quick, affordable loans for the short-term. We have streamlined our application process into three simple steps. This way, we ensure that you will receive your loan within 24 hours, so as to cater to your needs.
This loan is ideal for those...
- Looking for unsecured personal loans
- Requiring quick financial help
- Having a poor credit score
3 simple steps to receive your instant personal loan
- Submit our online application form. It only takes 3 minutes!
- Receive your application results from our loan officers within the hour.
- Head down to our office premise, sign the loan contract and receive your loan instantly.
Frequently Asked Questions
When do you use a personal loan?
Personal loans are unsecured loans with no requirements. Those looking for a quick personal loan can apply with us at GS Credit, and we will get back to you within the hour. Quick approval personal loans are essential if you need to:
Go on holiday
Travelling improves your creativity and enhances your wellbeing. Enjoying your free time is essential for satisfying personal life as well as work productivity. Plus, you deserve a break. Whether you are thinking of travelling to a nearby country, or somewhere far, the world is your oyster. A personal loan from GS Credit allows you to do just that.
Purchase home furniture
Perhaps it has been quite some time since you have given your home an overhaul. Is it time to replace your bed, or to discard the faulty washing machine. These home appliances and furniture can easily set you back by a few thousand dollars. This is where a personal loan can be helpful in helping you fund these big-ticket purchases.
Repair your vehicle
When your car breaks down, things will start to get inconvenient. Especially if you require your car to get to work, or to ferry your children to school. With a car, more things can done faster, so using public transport may not fit into your hectic schedule. GS Credit can help with quick, personalized funds to have your car functioning within 24 hours.
Emergency medical expenses
Medical emergencies are usually accompanied by a hefty price tag. With hospital bills running into the tens of thousands, some of us might not have enough saved. After government subsidies, there might still be quite a substantial amount to cover for. With a personal loan from GS Credit, you will be able to receive the funds within 24 hours and cater to your emergency needs.
Pay for a funeral
Funerals in Singapore are expensive, but your departed loved ones are entitled to a warm-hearted farewell. During these challenging times, you need friendly and expert support. Our knowledgeable loan officers will help you with tailored financial packages suited for all your needs.
How are your personal loans different from banks?
Compared to banks, GS Credit’s personal loans stand out due to our:
- Simple application process
- Quality of service
We pride ourselves in providing you with a personal loan in the shortest time possible, so that you will be better able to cater to your needs.
This is why we speed up our loan application process by simplifying it into 3 simple steps.
Additionally, we do not go through tedious checks and do not require multiple document submission in order for you to receive your loan.
Ultimately, our experienced loan officers will be happy to guide you through your loan application and provide you with professional advice on how to receive the best personal loan package for your needs.
What are your available loan repayment frequencies?
Loan repayments for GS Credit are made monthly.
What happens if I am unable to repay the loan on time? Can I get a loan extension?
In such scenarios, you can opt to discuss your financial situation with any one of our loan officers.
They will then access your situation and if possible, grant you with a loan extension.
Can I know what is the maximum loan amount that I can borrow?
You can borrow up to 6x your monthly income.
I have a poor credit score. Do you provide loans to those with bad credit?
Yes, we do!
At GS Credit, we believe that everyone should have equal access to credit. This is why we do not turn away borrowers with poor credit.
What kind of loan tenures do you offer?
We offer loan tenures up to 36 months, to ensure comfortable repayment for all our borrowers.
Must I purchase a credit bureau report prior to loan application?
No, you do not have to.
Our loan officers can help to purchase the credit bureau report on your behalf when you apply for a loan in our office.
What should I consider before taking up a loan with GS Credit?
Taking up a loan is a form of commitment and requires discipline to ensure that you do not fall behind your monthly repayments and incur additional fees.
- Ensure that you are clear of all the details on your loan contract before you sign on it. Once you have signed the contract, you will be legally obliged to fulfil the loan contract that you have entered into with the moneylender.
- Evaluate your financial situation to ascertain whether you are able to handle the loan and work out a concise plan on how you will be able to afford the monthly repayments.
- Understand that late payment fees and interest will be charged should you fail to make timely repayments.
- Fully understand the terms & conditions stipulated in the loan contract, especially your repayment schedule, interest rate charged and any additional fees applicable.
- Look around for a moneylender that suits your needs best and can afford you a comfortable loan tenure with manageable monthly repayments.
How do I make payment for my loan?
You can make your loan repayments via GIRO, bank transfer, or visit us at our office.
How do I know if a moneylender is licensed or not? How do I differentiate them from illegal lenders or scammers?
Check out the name of the moneylender against the list of licensed moneylenders by the Ministry of Law.
It can also be simple to spot an unlicensed moneylender through the following signs:
- Using texts / WhatsApp messages / calls to solicit for loan applications
- Approving of a loan remotely, without the need to meet them at their business premise
- Asking you to transfer a sum of money to them before disbursing the loan to you
- Instant, fuss free loan approval
- Fake business websites that utilize a hand phone number as a point of contact instead of an office landline
In addition, it is also important to note that licensed moneylenders are only permitted to advertise their services through the following channels:
- Business consumer directories
- Their own website
- Shopfront and window details of their business premise
Hence, if you come across any forms of advertisement online (Google / Facebook / Instagram ads) promoting GS Credit, do not interact with them. They are either loan sharks or loan scams.
What should I do after my personal loan is approved?
After your loan is approved, it is important to keep track of your monthly repayment schedule and plan your finances so that you will be able to make timely repayments.
This way, you will also avoid incurring unnecessary late repayment fees.
How do I know if an advertisement is by a licensed moneylender or an illegal party?
If you come across an advertisement promoting loans online, it is highly likely that it was done by an unlicensed moneylender.
Licensed moneylenders are only permitted to advertise their services through the following channels:
- Business consumer directories
- Their own website
- Shopfront and window details of their business premise
What is my personal loan limit? How much am I allowed to borrow?
You are allowed to have multiple loans at any one time, however, do ensure that the total cost of all your loans do not exceed six times your monthly income.
Is it possible to get a personal loan extension with GS Credit?
If you are struggling with monthly repayments and wish to opt for a loan extension, you can do so by visiting us at our business premise and speaking to any of our loan officers.
They will then be better able to access your financial situation and provide you with a personalized solution.
What can I do to get my personal loan quickly? How can I speed up the loan application process?
- Use our online loan application form and ensure that you have all the relevant documents required
- Book an appointment beforehand and beat the queue
What are the documents required for a personal loan?
For Singaporeans / PRs:
- Proof of identity (NRIC, passport)
- Proof of income (CPF / bank statements)
- Work Permit / S Pass / E Pass
- Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
- Payslips / bank statements
Are personal loans good for your credit score?
With the help of a personal loan, you may be able to clear your debts quickly and more efficiently. Thus, improving your credit score in the process.
That said, ensure that your monthly repayments are made on time, and you pay off your full loan amount. This will help to improve your credit score.
How much time does it take for my loan to be approved?
If all documents are in order, your loan can be approved within the hour!
Are there charges/penalties for early loan repayment? Will I be charged for making an early settlement before the end of my contract?
No, we do not charge any fees should you wish to make early repayment.
If there are any outstanding interest, they will all be waived once you have successfully finished repaying your loan earlier than the date stipulated in your loan contract.
What is a credit score and should I be concerned about it?
A credit score is a four-digit number used by financial institutions to evaluate the likeliness of a borrower to repay his debts and the possibility of defaulting on loans.
The score ranges from 1000 to 2000, along with a risk grade from AA – HH.
Those with a lower score of 1000 (HH) means that they may have a higher chance of defaulting on a loan.
Those with a higher score of 2000 (AA) means that they will have a lower chance of defaulting on a loan.
If you suffer from a poor credit score, you should ensure that you make your loan repayments on time, and in full.
However, at GS Credit, we do not shun away from borrowers with a poor credit score. We aim to help all borrowers, regardless of their credit scores. This is why we do not have strict regulations when it comes to poor credit.
How can I get a personal loan for the first time?
Simply fill up our online application form and our loan officers will be in contact with you shortly.