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The Best Payday Loans in Singapore With The Lowest Interest Rates 2021

With a quick search engine query, you can find dozens of payday loan providers near you. Unfortunately, it can be difficult to choose from the many options you have.

However, if your prospective moneylender has licensing from Singapore’s Ministry of Law, then you’re in safe hands. Then again, a moneylending license is no guarantee you’ll have a seamless time working with your payday loan provider.

We’ve chosen three of the best Singapore lenders we’ve found to have exemplary services, interest rates, and customer feedback in the last few years. Read more about them below to make the best decision for your finances.

Fortune Credit

Fortune Credit

A moneylender that prides itself on remarkable customer service and the fastest time to process a loan once you submit all the necessary documents and requirements, Fortune Credit is one of the most favorably-reviewed payday loan providers in Singapore.

Their loan approval assessment depends solely on your current income level and never your credit scores, which banks will normally use as a huge part of their assessment.

In doing so, any borrower who commits to Fortune Credit’s custom-formulated and highly-recommended repayment plans will never have any problems with their service.

1. Amounts You Can Borrow

Borrowers can ask for a minimum payday loan of S$1,000. Without any per annum interest rate increases because of their months-restricted payment term dates for payday loans as per reviewers, you can have favourable low-interest loans from Fortune Credit

Business and dream vacation loans provide higher-amount loans. However, you only have access to these lending services if their assessment department qualifies your current income for it.

2. Quality of Service

Most reviewers on Google Play, Apple App Store, and Fortune Credit’s social network accounts deem their staff to be helpful, informative, and welcoming. In addition, they accommodate repayment plans according to the borrower’s employment.

Their advisers may recommend special custom repayment plans for commission-based employees and regular monthly-paid borrowers respectively to make their loan repayments seamless and manageable.

3. Average Loan Repayment Period

Payday loans require borrowers to pay back their financing within 6-12 months depending on their loan amounts. For example, a S$1,000 payday loan requires repayment within 3-6 months while a $5,000 payday loan may merit 6-12 months of repayments.


365 Credit Solutions

Situated in Scott’s Road, this greatly-accessible lender has a user-friendly website interface welcoming borrowers with an easy application and repayment process.

Also known as Fu Lu Shou Credit to its local patrons, 365 Solutions specialises in payday loans among other financial services including business, personal, and foreigner loans in Singapore.

1. Amounts You Can Borrow

Similar to Fortune Credit and other lenders, you can borrow a minimum of S$1,000 from 365 Credit for payday loans. In addition, they have lower but undisclosed minimums for bridging loans, which require only months to repay.

You can borrow higher amounts with personal and foreigner loans. Previous customers mention the creditor to provide beyond S$50,000 in business and personal loans because they proved their monthly income to be above the loan amount.

2. Quality of Service

While it has fewer reviews than other payday lenders we listed here, most of them say the staff is accommodating. Additionally, their online application facility is convenient and accurate.

Approval period takes less than one day if you can supply all the requirements during the same time period.

3. Average Loan Repayment Period

The same with Fortune Credit and other lenders, payday loans above S$3,000 can merit about 3-6 months of repayment. Higher-amount loans above S$5,000-S$10,000 can merit 6-12 months or beyond.

Take note that years-length loan repayment periods will receive an interest rate increase per annum with this lender.

Bugis Credit Logo

Bugis Credit

As soon as you arrive at Bugis Credit’s website, you’ll be greeted by a simple pop-up form that serves as your loan application.

While this is convenient, you might miss knowing that Bugis Credit is one of Singapore’s Most Outstanding Enterprise winners in 2014 and one of LoanAdvisor’s Top 10 Licensed Moneylenders.

One of the major differences of Bugis Credit when you compare them with other lenders is the need to head down their office in Bugis to submit your personal requirements.

It might seem inconvenient (and not to say online features simplifying this process are unreliable) but this personal touch guarantees your delicate information remains confidential and in good hands.

1. Amounts You Can Borrow

Bugis Credit has a convenient table that outlines the following amounts you can borrow:

  • Annual income less than S$10,000: SG nationals can borrow S$3,000; foreigners can borrow S$500
  • Annual income within S$10,000 – S$20,000: SG nationals and foreigners can borrow S$3,000
  • Annual income above $20,000: SG nationals and foreigners can borrow about six times their monthly income.

It’s possible that if your income is above S$60,000 that your available loan amount is within only 3-4 times your monthly income.

However, it is possible Bugis Credit may accommodate their six-times-salary loan amount depending on their attending loan advisor’s recommended repayment plan and final decision.

2. Quality of Service

Many previous borrowers find Bugis Credit’s well-organised moneylending service as borrower friendly, informative, and customer-centric.

However, the physical document submission leave customers divided because it defeats the purpose of the same-day payday loan results convenience while some customers find convenient because it guarantees safety and security.

3. Average Loan Repayment Period

Bugis Credit’s financial advisors set different repayment periods depending on the borrower’s loan amount. For example, an S$300 payday or bridging loan will usually have 3-6 months in regular repayments.

On the other hand, loans above S$20,000 will merit at least 6-12 months of repayments.

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