GXS FlexiLoan Review 2024 — Could This Be One Of The Most Flexible Loans Out There?

gxs personal loan in singapore review

When it comes to personal loans, we usually think of high interest rates and high fees by the big bad banks, right? But there’s one out there that’s different.

Digital bank GXS is offering a loan that is quite unlike traditional bank loans. The GXS FlexiLoan is a relatively new product as it launched in April 2023. Within a year, GXS already disbursed 100,000 loans.

Let’s see whether the hype is worth it.

GXS FlexiLoan application criteria

Before we go into what’s different, here’s the eligibility criteria:

  • Be a Singaporean citizen or permanent resident
  • Be age 21 to 65 years old
  • Have a minimum annual income of $20,000

Applying for the GXS FlexiLoan is straightforward. Simply download the app and if you meet all the above criteria, you can get the loan approved in less than 3 minutes, according to the GXS website.

GXS FlexiLoan interest rate (2024)

The interest rate of 2.99% p.a. (EIR 5.65% p.a.) is pretty good. The Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 36-month repayment period, from 1 Jan 2023 to 1 Jan 2026.

What’s the difference between interest rate and EIR you ask? The EIR is the actual interest you’ll be paying on your loan.

GXS FlexiLoan benefits

Now here’s where the GXS FlexiLoan differs from traditional bank loans.

Fees

Firstly, there are none of the usual fees—no annual fee, no processing fee, no early repayment fee, and not even a fee for late payment! You will, however, be charged if your interest is late.

Multiple loans

GXS Flexiloan lets you take multiple loans (up to 10) capped at your credit limit. So let’s say your credit limit is $10,000. You can draw a maximum of 10 loans at the same time of $1,000 each or different amounts, as long as the total does not exceed $10,000.

Loan amount

The loan amount you can draw is flexible—from as low as $200, until your credit limit.

If you are afraid of over-borrowing, you can borrow a lower amount first. And if you find it’s not enough, you can still take another loan without any extra fees.

Tenure

GXS FlexiLoan allows you to choose your tenure between 2 months to 60 months. But you can’t change your tenure once it’s set.

Repayment

You can select a preferred repayment date for your loan. So let’s say your salary comes in on the 15th of the month, you can set the repayment date as the 15th so you’ll be able to repay it promptly and avoid spending more than you should.

GXS FlexiLoan promotions

GXS is currently running a massive lucky draw. From now till June 2024, sign up and draw a loan to stand a chance to win:

  • A​ trip
worth S$12,000 for you and a friend (2 winners per month from April to June 2024)
  • A dream home makeover—2 winners will get a $5,000 Commune furniture voucher per month in April and May and in June, 4 winners will get a $2,000 Singtel voucher for lifestyle products
  • A new iPhone 15 + 1 year free Singtel postpaid bill worth $1,500 (5 winners per month from April to June 2024)

Even if you don’t win a lucky draw prize, all signups will get a $50 Grab voucher. Nice.

To be eligible for the lucky draw, your loan must be a minimum of $3,000 with a minimum tenure of 6 months. You must maintain an active loan with at least 50% balance until 17 July 2024. Terms and conditions apply.

GXS FlexiLoan vs POSB, DBS, OCBC, UOB

While the GXS FlexiLoan has lots of great perks such as no annual fee, no early repayment fees and multiple borrowing, it would still be wise to compare with the other loans out there in the market to find the one that best suits your needs.

GXS logo

Per Month ²

S$303

Per Month ²
No lock-in period
Interest Rates ¹
EIR: From 5.65%
From 2.99%
Total Amount Payable
S$10,897
Processing Fee ²
S$0
Per Month ²
S$303
POSB logo

Per Month

S$300

Per Month
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$10,804
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$300
DBS logo

Per Month

S$300

Per Month
Interest Rate*
EIR: From 5.43%
From 2.68%
Total Amount Payable
S$10,804
Processing Fee
From 1% of Approved Loan Amount
Per Month
S$300
OCBC logo

Per Month

S$323

Per Month
Interest Rate*
EIR: 11.47%
5.43%
Total Amount Payable
S$11,629
Processing Fee
S$100
Per Month
S$323
UOB logo

Per Month

S$302

Per Month
MoneySmart Exclusive
UP TO S$1,200 CASH REWARDS!
Interest Rate*
EIR: From 5.43%
From 2.88%
Total Amount Payable
S$10,864
Processing Fee
0%
Per Month
S$302
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Valid until 10 Dec 2024

Compare all the best personal loans

Before you go on and take up a loan, it’s best to think about what you need it for. Regardless of how good the rates may sound, you shouldn’t be borrowing just because you want to fund a trip or buy some luxury goods.

Take a loan if you need it for some big ticket items and if you’re certain you can pay it back. That means you have a regular salary coming in, aren’t about to quit just yet, and your industry is relatively stable.

Ultimately, taking a loan means having to pay interest on it, so you always end up paying more back than what you borrowed.

If you’re sure you want to take a loan, here’s MoneySmart’s personal loan page to compare interest rates across multiple banks in Singapore.