Apply For An Instant Loan In Singapore: A Go-to 8 Mins Guide

With medical or financial emergencies, we might find ourselves short on cash at some point in time. Do you need cash urgently but don’t wish to spend too much time at a loan provider’s office to apply?

Well, you can actually get fast cash loans in Singapore online with legal money lenders, and it only takes a few minutes to apply!

Applying for instant loans in Singapore with legal lenders can ease your financial burdens and solve your immediate needs. You may even be able to acquire low-interest rate quick loans in Singapore that allow you to get cash within hours, on the same day of loan application.

But what exactly are instant cash loans in Singapore and how do you apply for one? What are the benefits and downsides of instant loans in Singapore? Who’s eligible to apply for these enticing fast cash loans peppered across Singapore?

Read on to find out more.

What are instant online cash loans in Singapore?

Thanks to increasingly sophisticated (and secure) online loan platforms by licensed lenders, it has become much easier and quicker to apply for fast cash loans in Singapore or even business loans online.

These are usually what we call instant online loans — you can apply for these quick loans in Singapore at any time as long as you have a mobile device or desktop and an internet connection. You can even submit your application for these online loans outside of Singapore, if you happen to be overseas!

Reputable licensed lenders will get to work quickly and reach out to you in no time. For the most part, the entire process is supremely simple and speedy.

Why are online loans in Singapore a great idea?

Sometimes, life happens — due to medical or financial emergencies that we or our loved ones encounter, we might run into cash flow problems or require a large sum of money to settle these emergencies.

This is when online loans in Singapore come in particularly handy; we can get the application part of the equation sorted anywhere, anytime, hasten the loan approval process, get cash quickly, and settle the emergency at hand soonest.

Benefits of taking swift online cash loans in Singapore

There are many benefits of fast online cash loan services in Singapore. Most often than not, you can enjoy same-day loan approval and disbursement of these quick loans in Singapore if everything is in order.

1. Near-instant loan approval

In Singapore, you can get some of the best cash loans pretty quickly. The approval process is usually fast as long as you meet the eligibility criteria and have not defaulted on multiple loans with other licensed lenders.

You can typically get approval for personal loans online within a day, and depending on the licensed lender you are taking the instant online loan in Singapore from, sometimes, it can be approved within a few hours or even an hour.

2. Simple loan application

How do instant online loan applications work in Singapore? The process is streamlined and utterly straightforward.

All you have to do is fill out a simple form on the legal lender’s website or retrieve your information via Singpass, if the latter option is available.

Shortly after, a loan officer will reach out and arrange a face-to-face meeting with you at the lender’s registered place of business.

3. Get cash loans even with bad credit history

Even if you have a bad credit history with banks, you can usually still get easy, near-instant loan approvals in Singapore with legal lenders. This makes licensed lenders a convenient, legal option for when you need a fuss-free fast cash loan with bad credit to ease your financial woes in the short term.

That being said, if you have a bad credit history, it might affect the terms of your loan, such as the private money lending rates or repayment period, but your loan will still likely be approved. Loan rejection is really not as common as you might think.

4. Get cash or money in your bank immediately

Getting a fast loan in Singapore with instantaneous loan disbursement is the standard at legal lenders’. Once you’ve gone through the loan contract and ironed out all the details with your loan officer, you can proceed to sign off on your loan contract. After which, the cash will be in your hands or transferred to your bank instantly. Talk about efficiency!

Different uses of instant cash loans in Singapore

• Medical emergencies
• Vehicle impoundment fees
• Extensive home repair works
• Unforeseen vehicle repair costs
• Funeral expenses
• Last-minute travel plans due to family emergencies or opportunities
• Unexpected bills
• Hefty insurance renewal premiums
• Big-ticket electrical appliance replacement costs, etc

The above-mentioned are some use cases of instant cash loans in Singapore. The list is not exhaustive, and different people take up quick cash loans in Singapore for different reasons or purposes — everybody’s situation is different.

Types of instant cash loans in Singapore

Payday loan: Akin to a salary advance, a payday loan can help ease your cash flow before your salary comes in. The amount you can borrow is naturally capped at how much you earn in a month while your due date for the loan is right after your payday.

12-month cash loan: It’s a form of personal loan with a 12-month repayment plan. It’s considered a flexible repayment plan with reasonable monthly instalments that makes it affordable for borrowers.

1-month cash loan: It’s a short-term personal loan with a 1-month repayment period. Typically, it is paid back in a single instalment, a month after you obtain the loan. It usually comes with a higher interest rate.

Study loan: It’s a type of personal loan that helps ease your financial woes no matter if you are taking on a full-time or part-time coursework. For most people who take up study loans, a big part of the borrowed funds go towards paying their school or tuition fees each term or semester.

Debt consolidation loan: It’s a personal loan that lets you consolidate and pay off your different debts and loans at one go. It makes it much easier for you to manage and keep up with repayments since you only have to make repayments to one single money lender for this debt consolidation loan.

Start-up business loan: Designed to help start-ups kickstart or expand their business, this business loan provides businesses with the capital injection they might require for various needs, including but not limited to starting their operations, hiring talents, investing in relevant technological solutions, and easing cash flow issues. Before diving straight into business loans, consider how grants can help your business.

Pros and cons of short-term quick cash loans in Singapore

Who is eligible to apply for an instant online loan in Singapore?

As long as you are employed and a resident in Singapore, most will be able to apply for quick loans in Singapore.

This includes full-time salaried employees, part-time employees, and self-employed workers such as cab drivers, freelancers, gig workers and so on. Foreigners working and living here are eligible, too.

The main thing that licensed lenders pay attention to is the borrower’s ability to service the loan they wish to take, and this hinges on the consistency of their income.

What are the documents needed to apply for a loan?

How to apply for online cash loans in Singapore?

Step 1. Submit an online application

Nowadays, you can conveniently apply online for quick cash loans in Singapore on a licensed lender’s website 24/7. Most of the time, you only need to fill out your personal details and loan amount, which takes just a few minutes to complete.

Step 2. Visit the money lender’s office for verification

The lender will first check your borrowing limit, existing outstanding loan principal amount with other legal lenders, total payable amount, and repayment records with the Moneylenders Credit Bureau (MLCB).

If all is good, they will give you a call to bring the relevant documents to their office for a quick verification. This is a must. Licensed lenders have a strict protocol to adhere to and are not allowed to finalise the loan without meeting you face-to-face and signing a loan contract.

Step 3. Negotiate loan amount, interest rate, and the repayment period

Once they have done the mandatory checks and verification, they will go through the loan contract with you. If need be, negotiate the loan amount, interest rate, and repayment period before signing on the legally binding loan contract!

Ensure you fully comprehend the loan terms and are agreeable to all of them, such as the interest rates and late repayment charges, before you sign on the dotted line.

Step 4. Receive your loan instantly

As far as quick cash loans in Singapore are concerned, you’ll get to lay your hands on your fast cash loan almost immediately after loan contract signing.

5 tips for finding the best fast cash loans in Singapore

1. Compare interest rates of different licensed lenders

Before you take up a fast cash loan, compare the interest rates of various money lenders. Also, assess what each lender offers —such as repayment period and other fees— before deciding on one that you are comfortable with.

2. Ensure you can repay your loan on time

When you can’t repay your loan on time, your debt will quickly add up.
Licensed lenders are allowed to charge a maximum late interest rate of 4% per month and a late repayment fee not exceeding $60 for each month of late repayment.

Be sure to do your budgeting well so that you can confidently make payment on time to avoid all these extra charges.

3. Be careful of taking multiple loans

If you have already taken a few loans, you should reconsider before taking up another loan. Debt can add up and it can be extremely stressful to manage multiple loan repayments and due dates.

4. Read the loan contract terms carefully

Before you sign your loan contract, remember to read through it carefully and make sure you understand all the terms and have agreed to all of them (such as interest rate, repayment schedule, etc).

5. Budget and plan your finance well after taking the loan

While taking a loan might be able to solve your short-term financial problems, it’s important to do your budgeting well to plan for what’s to come — this is crucial as you’d want to avoid repayment issues as much as possible.

Bonus: Set reminders for repayment

Although some money lenders may send you a payment reminder before your payment is due, it is still good practice to set your own reminders so you can allocate money for your repayment and avoid racking up late interest and late payment charges.

Bottom line: Why get fast cash loans in Singapore from Prosper Credit?

With an established presence as a leading Toa Payoh money lender, Prosper Credit outperforms older lenders with our strong customer service philosophy that aligns with today’s borrowers who seek legal, online instant loans in Singapore.

We listen to your needs and work with you to craft a fully customised loan arrangement that fits your needs best.

Our customers have known us to be reliable, professional and trustworthy. We are also nestled in an accessible location 10-minute away from Toa Payoh MRT station.

Do you need an instant cash loan at short notice? Apply with us now.