Instant Loan Product Terms

We hope you enjoy using our newest product feature on the block, the Instant Loan 🆕. Please read these terms carefully. They explain how your loan will work, your responsibilities and other important information. Don’t forget also to read the General Terms and Conditions and the Instant Loan Key Facts Sheet as they also apply to your loan. ☺

If you apply for an Instant Loan, the loan amount is converted from the credit limit on your Trust credit card. This means that the relevant credit card Product Terms and Key Facts Sheet will apply to you depending on the credit card you hold. If there is an inconsistency between the applicable credit card Product Terms and the Instant Loan Product Terms, these terms will take priority. The same goes for the Key Facts Sheet.

You first choose the loan amount and loan tenure. When we show you the final loan amount, tenure, interest, repayment details and instalment amount, you can then decide if you want to accept them.

When we issue a loan approval, we will also let you know the loan amount, tenure, instalment amount and loan instalment date that we have approved. We issue loan approvals through the Trust app.

The minimum amount for each loan application is S$500. Each loan can be repaid over a tenure of between 3 to 60 months.

Your maximum loan amount will be capped at your credit limit, minus a buffer amount set by us for your Trust credit card purchases.

For loans approved before 30 April 2024 Each approved loan will reduce your available credit limit by the sum of the loan amount and interest amount. We will reinstate your available credit limit by the loan instalment amount that we receive.

For loans approved after 30 April 2024 Each approved loan will reduce your available credit limit by the loan amount. We will reinstate your available credit limit by the principal amount of the loan instalment that we receive.

We will deposit the loan into your Savings Account by Trust. You must have a Savings Account by Trust to apply for a Instant Loan. If you don’t have a Savings Account by Trust, you will be directed to open one for your Instant Loan to be approved.

You can see details about interest rates, fees and their calculation methods in the latest Instant Loan Key Facts Sheet.

Interest is calculated from the date of disbursement of the loan amount until the date of expiry of the loan tenure. Your interest rate and Effective Interest Rate will be indicated on the loan approval page.

You must repay the loan in instalments that we set. We may use amounts we receive from any of your instalments to pay interest rather than to reduce the principal amount that you owe us. Each loan instalment amount is calculated based on the sum of the approved loan amount, and the total interest over the loan tenure, divided by the number of months of the loan tenure. We may apportion interest by applying the reducing balance method to determine the amount of interest attributed to each instalment or by any other means we consider appropriate. This means that a larger proportion of your earlier instalments may go towards paying off the interest on the loan and a larger proportion of your later instalments may then go towards paying off the principal of the loan.

We will include the loan instalment amount in your monthly Trust credit card outstanding statement balance and minimum amount due. We will also include the loan instalment amount in your monthly Trust credit card statement. You must also continue to make payments on all your other Trust credit card purchases.

The loan instalment amounts are payable even if you do not use or withdraw any of the loan amount we deposit into your Savings Account by Trust.

We may demand for immediate repayment of the loan in full together with all accrued and unpaid interest and charges in connection with the loan at any time. This is regardless of whether the loan instalment amount is reflected in your Trust credit card statement or not. This will apply even after you terminate your relationship or loan with us.

As the loan instalment amount is charged to your Trust credit card, we will charge a late payment fee set out in the relevant Key Facts Sheet if you do not pay the minimum amount due by your payment due date.

If you pay any other amount and we accept your payment, it does not mean that we are giving up our right to claim for the remaining balance owing.

Instant Loans are not eligible for any promotions and rewards.

You can repay your loan in full early, but you must also pay any accrued but unpaid interest and charges in connection with the loan. We will calculate and notify you of the outstanding balance and payment due date.

If you fail to pay the entire outstanding balance on or before the due date, we will charge you interest on the outstanding amount until the date the outstanding amount is paid in full. Please refer to the Instant Loan Key Facts Sheet for more details on the interest payable.

Partial early repayment of your loan is not allowed.

If you are no longer our customer or if the loan is terminated for any reason, you must repay the outstanding amount you owe us (this includes any unpaid interest and charges) immediately. If we accept any other amount that you pay, it does not mean that we are giving up our right to claim for the remaining balance owing. This will apply even after you terminate your relationship or loan with us.

Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law.

Last updated on: 27 August 2024, Version: 5