How Singaporeans spend their loans

Debt consolidation is the top purpose for loans.

The top reason why Singaporeans take loans is for debt consolidation, accounting for over 40% of total borrowings, according to a report by fintech firm ROSHI.

This is composed of credit card debt (15.61%), debt consolidation (13.22%), and repaying friends and family (25.96%).

ALSO READ: DBS, OCBC to log higher net profits, muted loan growth for Q4: analyst

On the other hand, ROSHI noted that Singaporeans also borrow money for personal reasons such as for business expansion (5.57%), education (3.82%), home payments (14.49%), and investments (3.03%)

Around 1.59% of the borrowing was used for hobbies.

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