Personal loans, also known as consumer loans, provide a sum of money for personal expenses, compared to a business loan or a mortgage. A few financial institutions offer personal loans to banks, moneylenders, and Peer-to-peer (P2P) Lending. Virtual banks and financial institutions can also obtain personal loans, with crypto loans being a recent innovation. According to Finder Singapore, in 2020, “Covering basic expenses” is the biggest reason people take out a personal loan at about 13%, with 11% of Singaporeans taking out personal loans to “keep themselves afloat or to help their families and friends”. “Financing a mortgage” is another popular reason for needing a loan, along with “buying a car“ or “paying off credit card debt”, with 1 in 10 Singaporeans (10%) taking out a loan for each of these reasons. Another finding they gathered from their sources is that middle-income earners (those earning $6,000-$8,999 and $9,000-$11,999) are most...