Average personal loan per capita in Singapore was roughly $9,867 as of 31 Dec 2016.
This figure includes loans like personal instalment loans, home renovation loans, education loans and pawn shop loans. Somewhat like credit cards, personal loans have been a popular way of financing one’s needs in the recent years.
Before 2009, this category of loans only comprised about 15% of a household’s liability. By 2016, its proportion has increased to almost 18%. It has been the fastest growing category of loans in Singapore, with an annual growth rate of 13% from 2009 to 2016.
This may be a bad signal that hints at weak consumer purchasing power, especially when it comes to important but pricey things like college tuition or wedding costs.
Total Outstanding Personal Loan in Singapore.
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