Access Instant Cash Advance With Payday Loans in Singapore
A payday loan in Singapore is your fast and hassle-free solution to unexpected financial needs. Receive fast loan approval and get your payday advance loan online with no minimum wage requirement, collateral or guarantor.
What are Payday Loans in Singapore?
Payday loans in Singapore are short-term unsecured loans that are like cash advances as they have to be repaid once you have your next paycheck. With a payday advance loan online from licensed money lenders like UK Credit, it can help with covering unforeseen bills like sudden home repairs and medical expenses that are not within your monthly budget.
Need to resolve an urgent financial emergency? Let our instant cash loans help!
How Payday Loans in Singapore Can Help
Swift Loan Approval
Getting a payday loan in Singapore online is easy because of how quick it is. Expect to receive funds instantly — in as quick as 205 minutes when you opt for cashless disbursements.
All Credit Scores Are Welcomed
Loans from traditional banks have usually set their standards when it comes to credit ratings. But payday advance loans with legal lenders are a different story — they work with borrowers of all credit histories and even provide flexible loan solutions.
Straightforward Application Process
The application process for payday loans in Singapore online is fuss-free. Simply submit your application for a payday loan online through a form or speed it up with Singpass MyInfo and you’re one step closer to receiving your funds.
No collateral required
As payday advance loans are unsecured in nature, no form of collateral is needed. This provides borrowers with peace of mind knowing that their personal assets are kept safe.
Get Your Payday Advance Loan in 3 Steps
Step 1
Submit an online application.
Step 2
Receive an update on your application outcome from our loan officer.
Step 3
Go to our office, review the loan’s T&Cs and sign the contract, and receive the disbursed funds in 20 minutes.
What You Must Know about Payday Loans in Singapore (FAQ)
What is a payday loan and what can it be used for?
Payday loans are short-term loans designed to help borrowers cover unexpected bills, especially if you can’t wait til the next payday. Expenses include house bills, financing medical emergencies, grocery shopping, vehicle repairs, and so much more.
How Does a Payday Loan Work
Loan amount
The payday loan sum is essentially one month of your salary.
Interest rates
Payday loans are available at higher interest rates than traditional loans. The rates usually hover around 48% per annum.
Chargeable fee
All fees are regulated by the Ministry of Law. Payday loan lenders must disclose all chargeable fees to borrowers before signing the loan contract.
As a rule of thumb, licensed lenders charge a maximum late interest of 4% per month and a fee not exceeding S$60 for each month of late repayment. Any other fees are limited to 10% of the loan sum.
Loan approval and cash disbursement
After submitting relevant information to the lender, the borrower may receive a confirmation within hours after the loan is approved. The entire loan sum will be disbursed to the borrower’s bank account within the same day.
Repayment terms
Payday loans in Singapore are short-term loans that borrowers are due to repay within a few weeks or by the next payday. Repayment is done in one lump sum that covers the principal sum, interest, and fees.
What’s the difference between a payday loan and personal loan?
Payday Loan vs Personal Loan
Payday loans and personal loans are widely available in Singapore to a broader range of borrowers with immediate financial needs. When deciding between the two, you should evaluate loan terms like repayment periods, interest rates, eligibility requirements, and risks to ascertain which can truly meet your current financial needs.
| Payday Loans | Personal Loans |
Objective | Cover small but urgent expenses that can be repaid with next paycheck | Cover expenses that can be repaid over a longer period |
Interest rates (per annum) | Usually around 48% | 2% to 6% |
Repayment periods | 1 month | 1 to 7 years |
Annual income requirement | Nil | More than S$20,000 |
Loan approval duration | Within hours or less | Within 2 working days or more |
Eligibility | 18 to 70 years old salaried Singaporean/PR/EP holder. Income proof required but no need for Credit Bureau Singapore credit score check. | 21 to 70 years old salaried Singaporean/PR/EP holder. Credit score determines chances of loan approval. |
Can you get a payday loan even with a bad credit score?
Yes, you can get a payday loan in Singapore even with a bad credit score. Lenders do not rely on traditional credit checks when assessing payday loan applicants. But they will still need to do a basic credit assessment by reviewing your MLCB report to check for details like borrowing limit and repayment record.
What is the eligibility criteria for getting a payday loan?
If you’re keen on getting a payday loan online, you must be a Singaporean, Singapore Permanent Resident or Employment Pass holder between 18 and 70 years old.
Can you get your payday loan approved on the same day?
Yes, you can receive approval and cash funds for your payday loan on the same day, especially if you’ve applied for the payday advance loan online. Many payday loan lenders like UK Credit offer fast approval and cash disbursement in as fast as 20 minutes.
How do I apply for a payday loan in Singapore?
You can call UK Credit at 6448 7448 or submit your online application at the comfort of your home. The payday loan online application can be done manually with a traditional form or via your Singpass MyInfo if you wish to speed up the process.
