Need Cash Urgently? Here’s How to Get an Urgent Loan in Singapore

Need Cash Urgently? Here’s How to Get an Urgent Loan in Singapore

There will be times in our lives that we will encounter emergency situations, and because they are “emergency” by nature, we will not be able to completely prepare ourselves for them due to the shock and surprise that they give. Most of the time, these situations will require money to be solved, which can be provided through a fast cash loan.

A fast cash loan provides a quick and easy loan process for your urgent situation. There are several types of cash loans known to provide emergency cash in particular situations, such as a personal loan, foreigner loan, business loan, payday loans, and bridging loans.

Almost any money lender in Singapore will offer these loan options. As long as you meet the eligibility criteria and requirements of the application process, you will get your quick cash loan approved in no time and have your money disbursed. This article will help you apply for urgent cash loans in Singapore by familiarizing you with the eligibility criteria and loan application process, as well as where to find the best money lenders in the country.

What is an urgent loan?

Urgent loan is a short term loan for sudden unexpected purposes. The loan term for urgent loans usually reaches up to 1-6 months with some reaching only up to 1 year, which is relatively shorter compared to other types of loan.

Individual credit scores do not matter as much if you apply for urgent loans with licensed money lenders in Singapore, compared with banks that are very strict on anyone with a bad credit score. As long as you apply for an urgent loan with a licensed money lender, your bad credit score will not hinder the approval of your loan application.

The criteria and requirements for an urgent loan usually require two things: first, you must be employed or have a viable source of income, and second, you must present proof of your employment or income. If you need an urgent loan in Singapore, and you satisfy the above conditions, then you will be able to get your urgent loan cash approved and your money disbursed in no time at all.

Types of urgent loans

Personal loans can be used for any purpose that the borrower deems appropriate, which means that it does not only have one single situation or purpose that it satisfies. This loan type comes in fixed monthly installments and interest rates.

For income requirements, people with low annual or monthly income can still get their personal loans approved, although the maximum loan amount will usually depend on borrower money income. This means that a low money income will only allow a corresponding low maximum loan amount, and vice versa.

Personal loans are commonly acquired as an unsecured loan, which means that it will not require collateral. Despite that, it is important to fulfill your installment obligations to avoid having a bad credit score.

Foreigner loans, in simple terms, is just a personal loan with criteria and requirements designed for foreigners who might also need an urgent short term loan. The difference with a personal loan is that this type entails a relatively higher minimum income requirement.

A regular personal loan for Singapore residents/PRs will also require lesser document requirements compared to foreigner loans. Foreigners are required to present their employment passes and passports together with the usual requirements for a regular personal loan, which makes the process more tedious.

A payday loan is a type of short term loan that is also unsecured. This urgent loan acts as a cash advance, which means that it is meant to be paid with the next paycheck of the borrower. Usually, paychecks come monthly, that is why the term of a payday loan is quite short.

This type of urgent loan is highly dependent on your monthly income, and will usually not exceed it in the maximum loan amount. As for the usual repayment plan, a payday loan requires a full payment once the term is up, unlike other loans that have installment plans.

A business loan is made for SMEs (Small and Medium Enterprises), which means that they give a higher maximum loanable amount compared to other urgent loans in this article. Banks also offer this type of urgent loan, with an even higher maximum loanable amount compared to a business loan offered by a licensed moneylender, although with stricter criteria and requirements.

With its relatively high maximum loanable amount, it is used for business-related purposes which include improving the cash flow of the company, as well as sustaining operational costs and other company undertakings that require a boost of cash capital.

A bridging loan is commonly found in real estate settings, especially in the purchase of new properties. This loan is used to satisfy cash needs when financing options for a specific purchase are not yet found or not available at the moment.

This loan is also classified as a short term loan, with a term of up to 1 year. Because of its relation with properties, this loan usually entails high interest rates and requires collateral as well(commonly involves the old property as collateral for the purchase of a new property).

Pros and cons of urgent loans

Before you get your loan from licensed moneylenders, you must remember that urgent loans in Singapore have different advantages and disadvantages.


  • High probability of approval

This is an advantage that is common for loan applications made with licensed moneylenders. Since urgent loans made with moneylenders are not rejected automatically if the borrower has a bad credit history, their approval rate is higher than that of banks.

As long as borrowers can provide proof that they have the capacity to pay for the loans that they are trying to get, then they will have a smooth approval process. This proof includes either employment and income details or self-employment income details.

  • Smooth application process

Assuming that you will be applying for urgent loans with a licensed moneylender, then the application process will be smoother and less strict compared with applications made with banks. They will require lesser criteria to be satisfied and lesser document requirements to be submitted.

A licensed moneylender has the same security and legitimacy as banks, given that they are overseen by the Ministry of Law in Singapore. The criteria and requirements of a licensed moneylender are also set by the Ministry’s rules, so you can be assured that you are not taken advantage of.

  • Convenient repayment plans

The Ministry of Law in Singapore also has mandated standards regarding urgen loan interest rates and maximum loanable amounts of any licensed moneylender, ensuring that you will be able to avail of the lowest interest rates and highest loanable amounts legally set by government agencies.

Aside from that, a moneylender and its loan officers will offer repayment plans and options for borrowers to choose from, depending on which is the most convenient terms and conditions for its customers. This type of service for its customers is the reason why moneylenders in Singapore have excellent reputations and histories.


  • Short loan tenure

While a short loan tenure means that borrowers will save up money on installments of interest rates since they depend on the length of loan servicing, this also negates that positive aspect by bringing higher installment obligations per deadline. An urgent loan in Singapore such as a payday loan will also require customers to pay their debt obligations all at once, without installment options.

Even with an installment option provided by a moneylender, a short loan tenure means that you will not be able to spread out your loan principal thinly enough across the given tenure. However, it also depends on the preference of the debtor, as some actually prefer short loan tenures and vice versa, depending on their own unique situations and experiences.

  • High interest rates

While their interest rates are already regulated by the country’s law, the interest rates of moneylenders in Singapore can still be considered high, especially in their loan packages that debtors with a bad credit history are allowed to acquire. And even if the loan packages offered by moneylenders are the perfect way to build a bad credit score, since it does not require a good score to be approved, the high interest rate can be detrimental if the debtor is unable to fulfill their loan obligations due to lack of money.

It can be said that this is the measure that moneylenders in Singapore have to protect themselves from their relative looseness in credit score importance. Thus, getting an urgent loan should be planned carefully despite the emergency in mind.

  • Dependent on your income rate

A money lender is known to approve loan applications despite an unsatisfactory credit score and instead puts its assessment on your income, as well as your capacity to pay your loan obligations. Because of its reliance on your income, the details of your approved loan will be dictated mostly by your annual or monthly income.

Even with low income, you can still get your loan applications to be approved by a given money lender in Singapore. But, as said earlier, low income will only get a lower maximum loan amount approved.

Where to apply for urgent loans?

Placed below is a list of best licensed moneylenders and top lenders in Singapore, with a brief description of their positive features. You may check their websites for more information on their packages and services offered.

Fortune Credit Pte Ltd offers several features such as tailored and personalized loan amounts and repayment plans depending on your situation. They also offer reputable customer service through their loan officers, who also facilitate the quick disbursement of loans. Because of these features, they have established an excellent reputation in Singapore’s Bugis area.

365 Credit Solutions Pte Ltd offers several features such as low interest rates, flexible repayment plans, as well as allowing debtors to borrow money ranging from $1,000 to $100,000 without collateral. They also offer interest rebates with no early repayment penalty fees, which helps in the repayment process of their clients.

GM Creditz Pte Ltd offers customer-centered terms and conditions for their loans, as well as special offers and features for any repeat customer, who are drawn back because of their excellent customer service. Their service is characterized as fair and transparent by their regular clients, which speak volumes about their way of transacting.

Bugis Credit Pte Ltd provides features such as smooth and discrete services, either through personal applications or in online/phone applications. They also offer personal loan that is unsecured in nature, which does not require any collateral. The service that they provide is characterized as patient and excellent, especially in anticipating the needs and concerns of its clients.

The strong feature or advantage of A1 Credit lies in their different types of personalized loans. They also provide an excellent service to their clients, including a quick disbursement of loans. As for reputation, they have an excellent rating on Google reviews provided by their clients after their pleasurable experience with the company.

If you are looking for a wide variety of choices for loan packages, Raffles Credit can provide it to you. Their array of financing choices also include personalization of loan terms and conditions, as well as the personalization of your repayment plan. Their openness extends not only to Singaporean residents and PRs, but also foreigners, for 7 days a week.

If you are looking for more options, Instant Loan offers a free loan comparison tool and website to satisfy your curiosity. This will help you compare differences of services when it comes to interest rate percentage, maximum loanable amount, length of tenure, minimum income requirements, as well as criteria and pertinent documents. You may check them out at their official website as well at

How to apply?

Eligibility criteria:

  • At least 18 and above
  • Minimum salary of $1500 for citizens and permanent residents, $2,000 for foreigners

Required documents:

  • valid IDs in Singapore
  • Proof of residence (utility bill, proof of tenancy, etc.)
  • Proof of income
  • Proof of employment
  • SingPass (for CPF, HDB, IRAS website login).

For foreigners in Singapore, document requirements will also include their:

  • Employment pass and passport, along with the usual requirements.

Take note that while these are the common criteria and requirements across the types of urgent loan, there are unique differences between the criteria and requirements of urgent loan types in Singapore, so it is important to inquire with moneylenders and be informed of any criteria and requirements vital to your application.


A sudden situation will surprise anyone, no matter how we prepare for it, and it will surprise our money and cash on hand as well. An urgent loan helps us acquire the cash and money that we need to deal with whatever situation we are currently facing.

To choose the best urgent loan, you must check the interest rate, maximum loanable amount, criteria, and requirements being asked by the money lender. You must be able to meet these criteria and requirements, which does not include a good credit score unlike transactions with banks.

Instant Loan offers a free loan service comparison which can greatly help you in making a decision in your financing solution choice. Their service provides free quotations, updated and reliable information, which directs you to quick application approvals as quickly as 30 minutes or less. Through this service, you are saved from consuming a lot of time compiling information, researching about the features of different lenders and their services, by putting them on one single website.

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