Payday Loan

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Finding the Best Money Lenders in Singapore

Apply for Payday Loan

Let our loan matching system find the best payday loan offer in less than a minute. Get started by completing the form below.

Thank you for your interest! As much as we want to extend our help, the loan offers are NOT available for foreigners in Singapore for the time being.

Please come back and check it out again in the future.

Terms and Conditions

Only 21 years old and above is eligible for loan application.

To preserve the confidentiality of all information you provide to us we maintain the following Privacy Principles.

By clicking "Submit" and providing your personal data, you consent to our loan providers contacting you via the telephone and email and permitting to do a search on the Credit Association Singapore (CAS) web portal for the loan application purpose.

We only collect personal information that we believe to be relevant and required to understand your financial needs.

We will only use any information collected as minimally as possible, mainly to assist us in customising and delivering loan packages that are of interest to our customers.

We will not make unsolicited requests for customer information through email or the telephone, unless customers initiate contact with us.

We have established strict confidentiality standards for safeguarding information on our customers.

Our loan providers will not use or disclose information collected from you other than for the purpose made known to you, authorised by you or required by the Law.

Looking for a Fast Payday Loan in Singapore?

Are you experiencing tight financial concerns? If you are worrying about paying off your emergency bills or debts, and you cannot find any banks or sources to get the amount you need, then you may consider applying for a personal loan / payday loan. After all, this type of loan gives you a good chance of getting sufficient sources of finances the quickest and simplest way possible.

What is Payday Loan in Singapore?

Payday loan singapore

Generally, a payday loan is a type of unsecured and short-term personal loan. It is often referred to as a cash advance or salary advance loan, and you can obtain this loan by receiving your cash within a matter of hours – much faster than conventional bank loans.

Loan providers for these loans have minimal required documents, and are less strict in credit score checks so you will not have to worry about gathering much paperwork for your application.

If you are in search of a reliable loan from a money lender in the Singapore, you need to ensure that the lender is legitimate and legal. This means that you should consider checking with the Ministry of Law website for a list of registered and approved money lenders in Singapore. The website features an updated and reliable list of moneylenders, so you will not have any problems when it comes to applying and receiving your loan.

Benefits of Payday Loan

More and more people are discovering the benefits of applying for this loan for their financial emergency needs. Considering the high cost of living and lack of sufficient resources from your salary, taking out a personal loan is a practical option to support your basic needs. After all, life emergencies usually arise when you are short on cash. So, having a quick access to the right amount you need to pay off your debts is essential.

Tips to Consider for Payday Loan

Although this loan is handy in times of financial concerns, you need to be certain about the reputation of the money lender in Singapore you want to apply to. As stated above, be sure that the lender is recognised by the Registry of Money Lenders in Singapore. This means, the lender has all the legal rights to operate its business, which is important when you want to gain the best experience when applying for a loan.

As for the requirements, you should be eligible to meet the demands of the lender. In most instances, these requirements include a valid proof of employment, an age limit of between 21 and 64 years of age, and applicants should be a Singaporean citizen, permanent resident (PR) or valid Singapore employment pass/work permit.

Once you have found a legal lender, you can begin asking for quotes. It is also important that you seek quotes from various lenders, and compare the rates and terms of repayment offered by each. By having several moneylenders to choose from, it will be easier for you to decide on the right moneylender whom you can count on for your financial needs.

So, begin searching online or asking for recommendations from friends when you need a suitable and reliable lender for your concerns. Be sure to consult the Ministry of Law website, as well, for a list of credible lenders that have been in operation in Singapore for a considerable number of years.

Frequently Asked Questions

This is a short term and unsecured loan offered in Singapore. Based on its name, the loan amount is designed to be paid on the next paycheck. The amount being loaned here is usually small and the tenure is usually short.

Getting this financial product can help your immediate need for money until you get your next salary. This type of loan is ideal for fulfilling your short-term financial needs especially to fund unexpected finances such as emergencies. You may also use it to take advantage of the upcoming sale.

This loan does not require any collateral, which makes it easier to process. Most licensed money lenders offer this type of loan that provides quick cash disbursement. Approval may only take minutes and you can receive the cash that you need in less than an hour.

This type of loan will be disbursed in the form of a check or cash. Keep in mind that you have to repay this loan on time to keep your credit score high and avoid late interest fees.

Most licensed moneylenders offer this type of loan. Instead of taking some time to shop around online, we can help you find an ideal loan offer. You will just need to use our application form above.

Since most licensed money lenders offer this type of loan, you can apply via their online application form. But if you want to make the application process easier and more convenient, use our online application form as the initial step of your application.

To qualify for a this loan, you must be the following:

  • A Singaporean citizen or a PR
  • 21 years old and above
  • Must be employed

Also, other requirements needed are:

  • A copy of your proof of income such as your payslips, bank statements, Income Tax Returns
  • An NRIC copy
  • Proof of your residential address such as your utility bills with your name

Payday loan and a personal loan varies depending on the amount you can borrow and its repayment period. It allows you to borrow up to one month of your salary, but you must repay it in less than a month. On the other hand, a personal loan allows you to borrow up to six months of your monthly salary and the repayment period is more flexible.

Licensed moneylenders are only allowed to impose the following charges:

  • Late repayment fee which must not exceed $60 each month
  • An administrative fee which must not exceed 10% of the principal of the loan when it is granted
  • Legal cost ordered by the court for a successful claim by the moneylender for the recovery of the loan
  • Maximum monthly interest must not exceed 4%
  • The maximum late repayment fee must not exceed 4% each month of late repayment

The total charges must not exceed the amount equivalent to the principal loan. Also, the computation of the monthly interest rate must be based on the principal remaining.

The loan amount will depend on your annual income. A licensed moneylender follows the guidelines set by the Registry of Moneylenders. You can borrow any amount for a secured loan while for an unsecured loan, you may refer to the following:

  • If you are a Singaporean or PR with an annual income of less than $10,000 or at least 10,000 and less than $20,000, you can borrow up to $3,000.
  • If you are a Singaporean or a PR with at least $20,000, you can borrow up to 6 times your monthly income.

Licensed moneylenders are known for providing quick payday loans. As long as you are qualified, approval can take minutes.

Having a bad credit score can be a disadvantage if you are applying for a payday loan with a bank. However, with a licensed moneylender, it is still possible to apply. They don’t usually check on the credit history. Instead, they will assess your current capacity to pay.

Notes to Borrowers in Singapore

It is essential to first determine the interest rates offered by the licensed moneylender before you make a final decision of taking out a personal loan. Thus, it helps if you begin by comparing rates and guidelines that can help you determine if the terms offered will meet your current financial situation.

Prior to signing the agreement, check if there are hidden fees, clauses or other details you need to know. Choose money lenders that offer affordable interest rates and reasonable repayment schedules. If there is anything unclear in the contract, simply clarify these details with your lender before signing up your loan application form.

Most importantly, be sure that you understand completely the details presented in the contract before you sign anything with money lenders. The draft given to you by the moneylender should be written in a language that you can understand. If you need assistance, you may also want to consult a lawyer who can help explain the details to you. Blindly signing any contract will only put you in deep trouble eventually. So, if there are doubtful items stipulated in the contract, you can always walk away and look for a better lender. After all, it is ultimately your choice whether to take out a loan from a particular lender or find another one that meets your concerns.