Apply for fast approval instant online loan Singapore: Your 5-min guide

Apply for fast approval instant online loan Singapore: Your 5-min guide


Applying for an online cash loan in Singapore
Applying for an online cash loan in Singapore

Do you need cash urgently but don’t want to spend too much time at a licensed money lender’s office to apply?

You can actually get instant cash loans online with legal money lenders, and it only takes a few minutes to apply!

What are instant online loans?

With online loan platforms by licensed money lenders, it gets easier to apply for small personal loans online or even an online business loan. These are usually what we call instant online loans, which you can apply for at any time as long as you have a mobile device or desktop and an internet connection.

Once your loan application is processed, the loan officer would usually give you a call to go down to the money lender’s office for face-to-face verification and your loan can be approved in a few minutes – which means fast cash in hand or directly to your bank account!

Why should you find a loan online?

Sometimes, life happens – because of medical or financial emergencies that we or our loved ones might encounter, we might run into cash flow problems or require a large sum of money to settle these emergencies. This is when a quick personal loan online will be very helpful for you.

With the fast approval of personal loans online at licensed money lenders, you will be able to settle your emergency instantly and make the loan repayment at a regular frequency that would be more comfortable for you, such as on a monthly basis.

Types of best online loans

Personal loans

Regardless of whether you need the cash for an urgent emergency or for a large purchase (such as for a wedding, home renovation, etc), personal loans are a form of credit that can give you a one-time cash payment to ease your cash flow, which you will need to repay with interest over regular installments.

Applying for fast personal loans online only takes a few minutes, and these can include instant payday loans online, urgent cash loan, 12 month cash loan, 1 month loan, study loan, debt consolidation loan and so on.

Why should you get fast payday loans online?

Quick payday loans online with instant cash can help you ease your financial burdens before your salary comes in. It’s almost like a salary advance, and you can make the repayment to the money lender after you receive your salary at the end of the month.

How can a 12 month cash loan or 1 month loan help you?

12 month cash loans would enable you to repay the loan over a longer period of time, usually on a monthly basis spread over a period of 12 months, while 1 month loans can be repaid in a month’s time but with higher interest rate as the repayment period is shorter.

How will a debt consolidation loan be helpful if you have multiple loans?

Applying for a consolidation loan online, on the other hand, would be helpful if you have taken multiple loans with different lenders. It enables you to consolidate all your loans and debt into a single loan with one single moneylender.

How will a study loan help?

Applying for a study loan online can help to ease your cash flow if you are taking on either a full-time or part-time coursework, especially since you will need to pay your school fees in a lump sum every term or semester.

Start-up business loans / SME business loans

Start-ups often need an initial funding to kickstart their business, and a start-up business loan can give you the capital injection you might need to start your operations, hire talents or to invest in relevant technological solutions your business might require.

Why should you get a small business loan online?

If you are running a start-up or an SME, fast business loans online or micro loans online can give you the boost that you need to ease your cash flow for your business operations if you are going through a tough time, understandably as during this time, the Covid-19 pandemic has caused many SMEs to run into financial difficulties.

Who is eligible to apply for an instant online loan?

As long as you are employed and a resident in Singapore, most of you would be able to apply for a personal loan online. This includes self-employed and foreigners who are employed and residing in Singapore – you should be able to get quick cash loans online from licensed moneylenders.

Usually, you can apply for an online personal loan in 5 minutes from licensed moneylenders’ websites, and you can even get same-day cash loans approval online – the process is fast and efficient.

What are the documents needed to apply for a loan?

Documents required
Personal loans Employed Singaporeans (if monthly salary more than $6,000):

  • IC
  • CPF contribution statements
  • Latest 3 months’ payslips

Self-employed Singaporeans:

  • IC
  • Notice of Assessment (NOA) from IRAS
  • Proof of income (eg. bank statement, commission statements or any other official income statements)

Foreigners residing in Singapore:

  • Employment pass
  • Proof of home address (eg. tenancy agreement, proof of billing address)
  • Latest past 3 months’ payslips
Business loans
  • Company’s latest bank statements for last 6 months
  • Company Constitution
  • Major shareholders’ and directors’ ICs and IRAS’ Notice of Assessment (NOA)
  • Tenancy agreement
  • Bizfile
  • Credit report from Credit Bureau Singapore

What is the interest rate for fast online loans charged by online loan lenders?

The interest rate charged by licensed money lenders for easy online loans is usually 1-4% per month, and 4% is the maximum interest rate they can charge a month. This would also be a reducing interest rate, calculated based on the principal amount outstanding at the end of a specific period.

So for example, if you borrowed $8,000 and have repaid $1,000 of the principal loan amount (not including interest), interest for your next payment will be calculated based on the remaining $7,000.

If you don’t repay your loan on time, you will incur late payment charges, such as:

  • Late repayment fee of not exceeding $60 for each month of late repayment
  • Late interest accumulated on a daily basis, with a maximum rate of late interest of 4% per month for each month the loan is repaid late.

What is the repayment frequency for cash loans online?

Usually, for fast loans online in Singapore, the repayment frequency is usually monthly, or some can also be weekly, bi-weekly or even a single-payment payday loan, depending on your loan contract and agreement with the money lender.

Do note that for these installment loans online, late repayment will incur late fees and late interest, so do remember to repay your loans on time.

What is the repayment period for online loans with monthly payments?

The repayment period for short term loans online is usually 1-6 months, and can go up to 12 months, on a monthly basis, depending on the loan contract with the money lender.

How can you apply for easy online loans with bad credit?

You can get same day cash loans online even with bad credit, as generally, your legal loan application online with licensed money lenders will usually get approved even if you have a bad credit score.

Although the money lender will submit your information to the Money Lenders Credit Bureau (MLCB) during your loan application to check your borrowing limit, existing outstanding loan principal amount with other money lenders, total payable amount and repayment records, if you meet all the borrowing criteria and do not have multiple unsustainable loans, your quick cash loan online application will usually get approved quite quickly and easily.

Benefits of taking a swift loan online

There are many benefits of an online loan service, and very often, you can get cheap loans online or same day personal loans online, from instant approval and more.

1. Instant loan approval

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

2. Simple loan application

Some of you might be wondering how you can apply for a personal loan online. Is it really that simple? How can you apply for a loan online with instant approval in Singapore?

Usually, all you need to do is to fill up a simple form online, and when the loan officer from the money lender calls you up, simply bring down the required documents to their office for a quick verification and you can get your online loan in the same day.

3. Get cash immediately or money in your bank

Getting a cash loan online with instant approval is as simple as a few clicks. You will still need to go down to the money lender’s office for a quick face-to-face verification before the approval, but after which, the cash will be in your hands or transferred to your bank account in a few minutes. The process is usually efficient and fuss-free.

4. You can still get a loan even with bad credit history

As mentioned earlier, even if you have a bad credit history with banks, you can usually still get an easy personal loan online with legal money lenders. This makes it simple and convenient to apply for an online personal loan in Singapore.

As long as you can make your payments in time, a cash loan online with money immediately in your hands can ease your financial woes in the short term.

How can you get an instant personal loan online?

Simply apply for your loan on Prosper Credit’s website, and our loan executives get back to you within a day.

Why get an instant loan online with Prosper Credit?

With an established presence as a leading Toa Payoh money lender, Prosper Credit outperforms older lenders with our strong customer service philosophy towards borrowers when they are getting a loan online. We listen to your needs to find a loan arrangement that works best for you.

Our customers have known us to be reliable, professional and trustworthy. We are also located at a very convenient location – just a 10-minute way from Toa Payoh MRT station.

Do you need an instant cash loan online? Apply with us now.



While all reasonable efforts are made to include accurate and up-to-date information on this website, errors or omissions may still occur. We are not liable for any loss or damage caused by the use of this website. The information on this website is for general information only and should not be taken as professional advice.