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Smart Borrowing: Tips for Applying for an Instant Cash Loan

men calculating instant cash loan
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From unexpected layoffs, medical emergencies, and urgent home repairs, Singaporeans can face major financial emergencies. If you are suddenly facing financial difficulties, an instant cash loan may be a quick fix to your emergency situation.

Instant cash loans in Singapore provide you with access to a lump sum of cash which you can use for a variety of purposes, such as paying off medical bills, unexpected home repairs, and more. These types of loans are offered by legal money lenders who can provide same-day cash disbursements. That said, it’s crucial to only deal with licensed money lenders who are approved and registered under the Ministry of Law.

Are you currently facing an emergency that requires quick cash? Here’s what you need to know about instant cash loans, their pros and cons, and where you can borrow money instantly.

What Is an Instant Cash Loan?

An instant cash loan in Singapore is a short-term, unsecured loan that provides borrowers with quick access to a lump sum of cash. It works just like a personal loan. Once the loan is approved, you will receive the money in cash or will be deposited into your bank account.

More often than not you will receive the loan within an hour. Some examples are payday loans and personal loans.


Loan Amount

Up to 6x your monthly income

Interest Rate

Up to 4% per month

Loan Tenure

Typically up to 12 months; depending on the type of instant cash loan


Processing fee of up to 10% of the approved loan amount when the loan is granted

Minimum Income Requirement

S$2,000 for Singaporeans or PR

S$3,000 for Foreigners

How Does Instant Cash Loan Work?

Instant cash loans are typically unsecured loans and are processed quickly with minimal documents. If your application is approved, you will immediately get the cash within the same day of application. 

Instant cash loans, such as personal loans and payday loans, are designed to provide borrowers with immediate access to cash so they can address their urgent financial needs.

Here’s how instant loans generally work:

  1. Application: You can apply online through the official website of the legal money lender.
  2. Verification: The legal lender will evaluate your application and a loan officer will schedule a face-to-face verification where they will explain the terms and conditions of the loan.
  3. Approval: If you meet the eligibility criteria and have all the documents ready, your application will be approved in as fast as 30 minutes.
  4. Disbursement: Once you have a thorough understanding of the loan, you will be asked to sign a loan contract. After that, the loan amount will be disbursed.
  5. Repayment: You will need to make monthly repayments in fixed amounts. Failing to repay the loan according to the repayment schedule will lead to hefty late fees and late interest.

Pros and Cons of Instant Cash Loan


  • Quick access to cash
  • Minimal documentation
  • Unsecured
  • Flexible repayment terms
  • Boost credit score


  • Short repayment periods
  • Debt trap
  • Risk of fraud

Note: To avoid loan scams, check if the lender is registered under the Ministry of Law. You can verify their license and credibility by checking the complete list of licensed moneylenders on the Ministry of Law’s website.

Some Common Purposes of Instant Cash Loans

  • Emergency expenses
  • Consolidating debt
  • Funding education
  • Starting or expanding a business
  • Travel expenses
  • Wedding expenses

Where To Borrow Money Instantly?

  • Licensed Moneylenders: These are lenders approved by the Registry of Moneylenders in Singapore. The Registry of these licensed moneylenders decides the loan amount, the interest rate, and the processing fee. With legal lenders, you’ll have plenty of fast cash loan options, including personal loans and payday loans.
  • Pawnshop: With pawn brokers, you will receive a lump sum of approximately 60% to 80% of the market value of your pledge – usually a valuable item, such as a luxury watch, jewelry, or electronics. However, you’ll only have up to 6 months to repay the loan.
  • Credit cards: Another option if you need to borrow money instantly is to use a credit card. With a credit card, you can buy now and pay later. However, credit cards typically have higher interest rates compared to personal loans.

Types of Instant Loans in Singapore

There are several types of instant loans available in Singapore that are designed to meet different financial needs. Here are some common types of instant loans:

  • Personal loan
  • Foreigner loan
  • Payday loan
  • Business loan
  • Bridging loan
  • Renovation loan
  • CPF personal loan
  • Credit line
  • Balance transfer loans

Typical Eligibility Criteria and Requirements


  • At least 21 years and above
  • Minimum income requirement:
    • Singaporeans or Permanent Residents: S$2,000
    • Foreigners: S$3,000

Document Requirements

  • Identity card / NRIC
  • Passport (for foreigners)
  • Work Permit / S-Pass / Employment Pass (for foreigners)
  • Proof of residence (utility bill, a letter addressed to you, and/or tenancy agreement)
  • Proof of employment (certificate of employment or 3 months recent payslip)
  • Singpass (to log into CPF, HDB, IRAS website)

Tips When Applying for an Instant Cash Loan

Do you think an instant cash loan is just what you need? Here are a few tips before applying for an instant loan:

  • Know your credit score: A credit score plays a huge role in the evaluation process of your personal loan application. For instance, most banks and financial institutions will use your credit score to determine your risk level as a borrower. The higher the risk, the higher the interest rate you’ll be charged with. That said, check your credit score and make sure it is accurate before applying for a loan.

Thankfully, legal money lenders do not put much weight on your credit score. They will look at your income level and overall financial situation when evaluating your application.

  • Compare lenders: Don’t go for the first money lender you come across. There are online loan comparison platforms that can help you compare different loan packages with a tap of a button.
  • Understand the loan terms: Don’t be shy in asking questions about the loan. Legal lenders are obligated to thoroughly explain the loan in a language you understand.
  • Borrow only what you need: While you can borrow up to 6x your monthly income, over-borrowing will lead to more financial stress in the long run.
  • Read the loan agreement carefully: Make sure that there are no hidden fees or caveats against your property. Additionally, double-check if the loan contract is completely and properly filled out.
  • Make timely payments: Missing payments will lead to late fees and late interest. Plus, it will negatively affect your credit score as well.


When done sensibly and responsibly, an instant cash loan can help you manage difficult financial situations. There are financial institutions, such as licensed money lenders that can provide attractive rates and flexible loan plans to suit your needs. However, make sure to take out a loan that you can comfortably afford.

Key Takeaways:

  • Instant cash loans provide you with access to a lump sum of cash which you can use for a variety of purposes, such as paying off medical bills, unexpected home repairs, and more.
  • Personal loans, payday loans, business loans, and CPF loans are some of the common types of fast cash loans in Singapore.
  • With a legal moneylender, you can borrow up to 6x your monthly income and enjoy fast approval and cash disbursements.

Overcome financial obstacles by choosing the right instant loan plan. Loan Advisor makes it quick and easy to compare the best loan plans from the top licensed moneylenders in Singapore. Request up to 3 quotes today – no cost and no obligation to apply!

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