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8 Best Payday Loans in Singapore: A Comprehensive Guide

best payday loan singapore
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Ever been in a situation where you needed to borrow $100 instantly? If you’re in Singapore, you’re in luck. The financial market here is well-regulated, offering several options to borrow money ASAP, one of which is a payday loan, an easy and quick way to secure funds. But what exactly is a payday loan, and where do you find the best ones?

Among various financial solutions, payday loans stand out as they are fast and relatively easy to get, making them one of the most convenient options when you need money urgently. Rest assured, payday loans are legal in Singapore. They are regulated by the Ministry of Law, ensuring the interests of borrowers are well-protected while maintaining fair practices for lenders.

However, they should be used responsibly due to their high-interest rates and short repayment terms. This comprehensive guide aims to help you understand payday loans better and identify the best ones available in Singapore.

What is a Payday Loan?

Investopedia defines a payday loan as “a type of short-term borrowing where a lender extends high-interest credit based on your income. Its principal is typically a portion of your next paycheck.” Borrowers typically take out payday loans to meet immediate financial needs, and they are expected to repay the loan when they receive their next paycheck.

In Singapore, payday loans are provided by licensed moneylenders regulated by the Ministry of Law (MinLaw) under the Moneylenders Act. But just like any type of credit, it’s important to understand the terms and conditions and be sure that you can repay the loan in the agreed time frame. If not repaid promptly, the high interest rates can quickly lead to a cycle of debt. 

Pros and Cons of Payday Loans:


  • Immediate cash availability
  • Fewer requirements 
  • No credit checks with an accredited licensed money lender
  • Convenient and easy to apply.


  • Limited or low loan amount
  • Short repayment period
  • Risk of debt cycle

How Does a Payday Loan Work?

Here are key factors to consider:

  • Loan Amount: You can borrow up to 1x your monthly income.
  • Repayment Period and Terms: Payday loans are typically due on your next payday, making them short-term loans. If not paid, the loan could roll over at extra costs.
  • Interest Rates and Fees: According to the Ministry of Law Singapore, the maximum rate money lenders can charge is 1-4% per month.
  • Loan Approval and Disbursement: Generally, loan approval happens within 30 minutes, and your payday cash loan can be disbursed within the same day.

Payday Loan vs Personal Loan:

Payday Loans Personal Loans
Loan Amount Up to 1x monthly salary Secured loans – you can borrow any amount Unsecured loans- Up to 6x your monthly income, depending on your minimum annual income
Interest Rate 1 to 4% per month 1 to 4% per month
Repayment Period Within a month or the next payday 6 to 12 months, subject to the terms and conditions of the agreement
Loan Process Same day Same day
Pressure on Borrower High, due to the short repayment period Lower, given the extended repayment period
Suitable for Those with regular income, needing immediate cash Those who need larger sums
Consideration Should be a last resort due to high interest Preferred option due to lower interest and longer payback

Remember, both loan types come with their own pros and cons. The choice between a payday loan and a personal loan will ultimately depend on a person’s individual financial situation, their credit score, their income level, and the urgency of their need for funds. It’s always recommended to speak with a financial advisor or knowledgeable professional to discuss the best options for one’s circumstances.

What Can I Use it For?

Payday loans in Singapore can be a useful tool to handle various financial situations. Despite the high-interest rates, they serve as an immediate solution to unexpected financial dilemmas. Here are some circumstances when a payday loan could be beneficial:

Medical Emergencies: When a family member gets sick and needs immediate medical attention, securing a payday loan can be faster and more convenient than going through traditional banking channels.

Unbudgeted Expenses: Payday loans can cover costs that were not accounted for in your monthly budget. For example, if your income falls short for the month, a payday loan can help prevent more severe problems like eviction.

Unexpected Repairs: Unplanned expenses such as a broken-down car or a malfunctioning laptop can put a dent in your budget. A payday loan can be an efficient way to handle such costs without affecting your monthly finances significantly.

Temporary Financial Aid: Payday loans have proven helpful to thousands of Singaporeans, alleviating financial worries during emergencies. However, it’s crucial to remember that they are meant to solve temporary financial problems and should not be seen as a long-term solution.

Remember, the goal of any loan is to provide financial relief in a time of need, not exacerbate existing financial difficulties. So, always consider your ability to repay before taking out a payday loan.

Hand Shake with the Money Lender

Best Licensed Moneylenders in Singapore

365 Credit Solutions

Established in 2010, 365 Credit Solutions has built a reputation as a reliable moneylender, known for its flexible loan plans tailored to suit various individual needs. One of the top 10 licensed moneylenders according to Loan Advisor, their primary edge is their efficient, customer-centric service that ensures borrowers feel secure and valued.

Contact info

  • Website:
  • Address: 14 Scotts Road #03-63 Far East Plaza Singapore 228213 (Next to Orchard MRT)
  • Phone: +65 6222 5500

Reviews: 5-star; 550 Google Reviews

1 Fullerton Credit

Since its inception in 2009, 1 Fullerton Credit has been dedicated to providing personalized loan solutions that perfectly fit the borrower’s needs. Their strength lies in their experienced financial consultants, who guide borrowers to make the most informed decisions. They boast over 550 satisfied clients and reviews on Google and Loan Advisor.

Contact Info

Reviews: 5-star; 550 Google Reviews

Bugis Credit

Established in 2007, Bugis Credit has become a trusted name in the industry. They offer low interest rates, flexible repayments, and fast approval – within 30 minutes. The company stands out for its friendly and dependable service, coupled with an understanding of its clients’ urgent financial needs.

Contact Info

  • Website:
  • Address: Bugis Credit Pte Ltd 470 North Bridge Rd, #02-12 Bugis Cube, Singapore 188735
  • Phone: +65 6345 9123

Reviews: 4.9-star; 389 Google Reviews

A1 Credit

A1 Credit, founded in 2009, offers one of the fastest loan approval times in Singapore. Their prompt service combined with a strong commitment to helping clients in financial difficulties gives them a significant edge in the market.

Contact info

Reviews: 5-star; 520 Google Reviews

Raffles Credit

Raffles Credit, established in 2011, is known for its understanding and accommodating loan terms, which cater to a wide range of borrowers. Their flexible and compassionate approach towards borrowers sets them apart in the industry.

Contact Info

Reviews: 5-star; 504 Google Reviews

Fortune Credit

Fortune Credit, founded in 2010, excels in providing fast and easy loans to individuals in need. Their simple and swift application process, complemented by their commitment to responsible lending, marks them as a preferred choice for borrowers.

Contact Info

Reviews: 5-star; 504 Google Reviews

Lending Bee

Established in 2005, Lending Bee has distinguished itself as an innovative financial institution in the lending landscape. Their edge lies in offering a unique, seamless borrowing experience through advanced digital platforms, making loan application and approval processes quicker. With a strong commitment to transparency and customer service, they have helped thousands of Singaporeans build their credit, grow their business, and seek financial solutions to achieve financial freedom.

Contact Info

 Reviews: 4.9-star; 1076 Google Reviews

Credit 21

Credit 21 stands out as one of the top-tier licensed moneylenders in the industry. Their competitive edge is attributed to their comprehensive, tailor-made loan solutions that cater to diverse client needs. With a firm foundation built on trust, integrity, and stellar service, Credit 21 has garnered a reputation for excellence and reliability among its clientele.

Contact Info

Reviews: 4.8-star; 631 Google Reviews

A Few Considerations Before Getting a Payday Loan

Before choosing the best payday loan in Singapore, we first have to talk about things to consider if this type of loan truly fits you. You have to ask yourself if this type of loan is the right choice of loan for you.

  • Determine if a payday loan is the right choice for you: If you have a good credit score and can surely apply for secured or unsecured loans in banks or in Pte Ltd companies, this might not be the right loan for you. This type of loan is particularly fit for people who are willing to take a high risk with their financial needs.
  • Assess your monetary requirement: Payday loans do not offer a large loan amount. This is an unsecured type of loan. Lenders have to limit the money they will lend you. Thus, if you need money to purchase a big investment or property such as a car or a home, this type of loan will not suit you.
  • Consider the repayment structure: Payday loans must be paid in the next paycheck. The loan you made today must be paid by your next paycheck. For people who are tight with their salaries, this type of loan is not a good idea. Try looking for other loans available in the market.
  • Understand the interest rate: Considering the short tenure, you may have a hard time keeping up with the repayment; This coupled with a high interest rate may lead to a snowball effect. 

Tips for Repayment of Payday Loans

Properly managing and repaying a payday loan is essential to avoid falling into a debt trap and to maintain a healthy financial status. Here are some tips for the successful repayment of payday loans:

  • Understand Your Agreement: Before finalizing the loan, thoroughly read the terms and conditions, making sure you understand all fees, interest rates, and the due date for repayment.
  • Avoid Rollovers: Rolling over a payday loan means you’re delaying repayment, which can lead to higher fees and more debt. If possible, avoid this by repaying the loan in full on its due date.
  • Avoid Taking Another Loan: Don’t fall into the trap of taking out another payday loan to repay an existing one. This can lead to a vicious cycle of accumulating debt.
  • Reach Out to Lender: If you believe you might have trouble repaying on time, contact your lender as soon as possible. They may offer an extended repayment plan or other solutions.
  • Seek Financial Counseling: If you find yourself frequently relying on payday loans, consider seeking financial counseling. A counselor can provide strategies to manage your finances more effectively.


Can you get a payday loan with bad credit?

Yes, it is possible to obtain a payday loan with bad credit. Payday loan lenders often focus more on your salary and employment status than your credit score when making approval decisions. This can be beneficial for individuals with low credit scores who need quick access to funds.

Additionally, responsibly managing and repaying a payday loan on time can potentially have a positive impact on your credit score over time. Timely payments demonstrate your ability to handle credit responsibly and can contribute to improving your overall credit history.

How quickly can I get approved for a payday loan?

Generally, loan approval for payday loans happens within 30 minutes, and the funds can be disbursed on the same day.

What is the maximum interest rate for payday loans in Singapore?

In Singapore, the maximum interest rate money lenders can charge for payday loans is 4% per month, as regulated by the Ministry of Law.

How do payday loans impact my credit score?

If you repay your payday loan on time, it can have a neutral or possibly positive impact on your credit score. A history of on-time payments can benefit your credit score. However, if you are late or miss a payment and the licensed money lender reports it to the credit bureaus, this can have a negative impact on your credit score. Late or missed payments are red flags and demonstrate to other lenders that you might be a risky borrower.

Even if repaid promptly, if you frequently take out payday loans, potential lenders might see that you’re consistently reliant on short-term high-interest loans to make ends meet. This can signal financial instability.


Next time you’re in a tight spot, remember the options available to you. One of the best options is to take out a payday loan from a credible, licensed money lender. However, keep in mind that payday loans are not a long-term solution to financial problems. Always borrow responsibly and consider all available options.

Key Takeaways:

  • Payday loans provide immediate, short-term cash fast.
  • There are several licensed moneylenders in Singapore offering these loans, each with its unique benefits. Always select a lender who offers terms that align with your needs.
  • Payday loans should be a last resort for immediate cash needs. Always ensure that you repay them on your next payday to avoid falling into a debt cycle.

Need quick cash? Find the best payday loan plans at the lowest interest rates with the help of Loan Advisor. Your one-stop loan comparison platform, Loan Advisor offers free, unbiased, and up-to-date information about the top licensed money lenders in Singapore. Request up to three loan quotes today!

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