Loan simplified
Trustify personal loan guide
Income Statement
Trustify personal loan guide
Your Income Determines Your Loan Eligibility
The loan amount you qualify for is typically a multiple of your monthly income, based on your annual earnings. Refer to the table below for an estimate.
Banks in Singapore typically cater to individuals earning over S$30,000 annually, offering loan amounts of up to 8 times their monthly income. Those earning below this threshold can only access financing through licensed money lenders.
Individuals with annual incomes between S$20,000 and S$30,000 are in a favourable position, as they can borrow up to 6 times their monthly income. Meanwhile, for those with no declared income or earning less than S$20,000 a year, the maximum loan available is capped at S$3,000.
Credit Bureau Score
Trustify personal loan guide
Check Your Credit Bureau Score
Your Credit Bureau Report is the second most important factor lenders consider when evaluating your loan application. Here’s a quick breakdown of what matters most on your report:
Key Factors That Affect Loan Eligibility:
- Overall Credit Grade
- Any History of Default or Bankruptcy
- Whether a Credit Score is Available
How to Check Your Credit Score in Singapore
You can obtain your credit report from Credit Bureau Singapore (CBS) through:
- Online Request – Receive a softcopy by email. link me there
- In-Person Request – Collect a hardcopy from any SingPost outlet, CBS office, or CrimsonLogic Service Bureau
Fees:
- S$6.42 (including GST)
- Add S$2.00 if you choose multiple delivery options
- S$17.12 administrative fee for 2-hour express collection at SingPost outlets
Interest Rate
Trustify personal loan guide
Compare Interest Rates
When it comes to borrowing, interest rates can make a big difference in your overall repayment amount. Banks generally offer more affordable rates compared to licensed money lenders.
| Lender | Interest Rate | Processing Fee |
|---|---|---|
| Banks | 6% – 8% p.a. (EIR) | ~1.5% |
| Licensed Money Lenders | 1% – 4% per month (up to 48% p.a.) | 2.5% – 7% |
Note: Interest rates from money lenders are capped by the Monetary Authority of Singapore (MAS).
Understanding Interest Rates in Singapore
When reviewing loan offers, you’ll typically see two different types of rates:
Effective Interest Rate (EIR)
The EIR represents the actual cost of borrowing, as it includes not only the nominal interest rate but also any processing fees and the effects of compounding based on your repayment schedule. In Singapore, financial institutions are required to display the EIR to help borrowers make more informed comparisons.
Annual Percentage Rate (APR)
APR reflects the yearly cost of a loan, including fees and charges, but excludes compounding. While APR gives a broad sense of cost, it may not reflect the real monthly repayment burden as accurately as EIR.
Tenure
Trustify personal loan guide
Consider the Loan Tenure
Loan tenure plays a key role in determining your monthly repayment. Banks offer longer tenures—up to 5 years—making monthly instalments more manageable. In contrast, licensed money lenders typically offer shorter terms of up to 24 months. Given their higher interest rates, extending the loan beyond 2 years is usually not cost-effective.
| Lender | Maximum Loan Tenure |
|---|---|
| Banks | Up to 5 years |
| Licensed Money Lenders | Up to 24 months |
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Simply let us know your preferences by emailing us at Info@trustifysg.com or informing us during our follow-up call after you’ve submitted your application.
Restricted lenders will not be able to access your contact information or submitted documents.
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At Trustify, we’re on a mission to make borrowing smarter, faster, and stress-free.
Apply once. Get matched. Choose confidently.
Yes, absolutely.
At Trustify, we recognise that family offices are an emerging and valuable source of SME financing. We welcome your participation in our lending ecosystem.
By joining our network, you’ll gain access to curated business loan requests through our Business Loan Marketplace, allowing you to explore potential lending opportunities aligned with your investment criteria.
To learn more or begin the onboarding process, please reach out to us at
📩 Info@trustifysg.com or
📱 WhatsApp us at +(65) 8058 8598
At Trustify, your privacy is our top priority. Our smart matching system anonymises your personal details during the loan comparison process — sharing only what’s necessary for our lending partners to generate accurate, personalised offers.
Your contact information is never shared until you’ve selected and accepted an offer, ensuring full control over your data.
All our partners are licensed and regulated by the Monetary Authority of Singapore (MAS) and are legally bound to comply with strict data protection laws. With Trustify, you can explore your loan options safely, securely, and with confidence.
At Trustify, we work exclusively with licensed and MAS-regulated financial institutions to ensure safety, transparency, and credibility. Our panel includes some of Singapore’s leading banks — such as DBS, CIMB, and Standard Chartered — along with reputable non-bank financial providers.
With access to a wide network of over 80+ trusted lending partners, we make it easy for you to compare and secure the most suitable loan options — all through a single, secure application.
Unlike generic comparison platforms that only display advertised rates, Trustify connects you with real, personalised loan offers through a single application. We understand that advertised rates don’t reflect what you’ll actually receive — because every borrower’s financial profile is unique.
Our intelligent matching system takes your individual circumstances into account, delivering pre-qualified loan offers tailored to your needs. This gives you the clarity to choose the best loan, without the guesswork.
Plus, our dedicated customer support team is here to guide you — for free. From application to disbursement, we’re with you every step of the way to ensure a smooth, informed, and stress-free borrowing experience.
Trustify is Singapore’s trusted digital loan platform, connecting you with personalised loan offers from multiple banks and licensed financial institutions.
With just one simple online application, our intelligent matching system protects your privacy while allowing lenders to assess your profile and present customised rates — all within minutes. No more chasing quotes or comparing banks manually — Trustify brings the best loan options directly to you.
