Taking a personal loan is a big decision in one’s life. In Singapore, there’s absolutely no shortage of options when it comes to personal loans. Both banks and licensed moneylenders are striving to make the personal loan procurement process convenient and quick. Both these credit options may or may not be suitable for all. When you are in urgent need of cash, it’s tough to keep your head on your shoulders and choose the most suitable credit option. However, failing to evaluate which one is more suitable for you can land you in more substantial debts in the long term. Therefore, it’s essential to compare the payment terms, interest rates, and other pre-requisites between these two services to reduce your personal loan debt and save money over time. In this post, we have compared the pros and cons of licensed moneylenders and banks so that you can make an informed decision when applying for a personal loan.