Creditors and debtors are the two key cogs in the economic machine that keep it powered. Irrespective of one’s financial status, loans are more or less an inevitable lifeline we all cling to at some point in life, whether it’s to buy our first home or finance a new business. However, a city as expensive as Singapore also has plenty of demand for personal loans due to the overall egregiously high costs of living people have to contend with apart from the costs of bare necessities.

Personal loans are an integral part of the Singaporean credit system because they are sanctioned significantly faster and offer rather reasonable interest rates. The Singapore government has a wide number of licensing firms registered under the Insolvency and Public Trustee’s Office (IPTO) that offer great diversity in personal loan packaging. Although personal loans are supposed to be easier to obtain even for people with ...