Urgent & Fast Cash Loan Singapore: Your Complete Guide and Tips

Urgent & Fast Cash Loan Singapore: Your Complete Guide and Tips



Calculating and taking an urgent cash loan in Singapore
Calculating and taking an urgent cash loan in Singapore

Do you need cash urgently? Sometimes, with medical or financial emergencies, we might find ourselves short on cash.

Applying for a quick cash loan with licensed moneylenders can ease your financial burdens and solve your immediate needs. You can even get low-interest rate fast cash loans that allow you to get cash in hand in less than half a day.

But what is considered an instant cash loan in Singapore and how do you apply for one? What are its benefits and downsides?

Read on to find out more.

What is an urgent cash loan?

An urgent cash loan enables you to get cash in your hands in the fastest way possible.

Usually, a quick cash loan’s online application with licensed moneylenders is speedy and easy with fast approval. You can even get an instant cash loan from some moneylenders in Singapore within one hour.

If you are taking a loan with Prosper Credit, you can be sure that security would not be compromised for speed — borrowers will still get the same protections when you apply on our secure site.

When would you need fast cash loans in Singapore?

Sometimes, unforeseen circumstances catch us off guard. A loved one might need a medical emergency, or you might require urgent cash if your vehicle gets impounded (especially if you are a taxi or private hire driver), or a home emergency that requires expensive repair works.

Funeral expenses might also cause cash flow problems for us. In these situations, we might need an immediate cash loan to tend to our urgent needs.

Who can apply for cash loans with fast approval?

Employed Singapore residents can apply for a cash loan from a licensed moneylender. This includes full-time salaried employees, part-time employees, and self-employed workers such as cab drivers, freelancers, and so on.

If you are a foreigner residing in Singapore, you can apply for instant cash loans online if you meet the eligibility criteria, which this article covers.

How to apply for instant cash loans online?

Step 1. Submit an online application

Nowadays, you can conveniently apply online for an instant cash loan from a licensed moneylender’s website 24/7. Most of the time, you only need to fill up your personal details and loan amount, which probably just takes a few minutes.

Step 2. Go down to the moneylender’s office for verification

The moneylender would first check your borrowing limit, existing outstanding loan principal amount with other moneylenders, 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 verification. This is a must. Licensed moneylenders 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 required verification, do remember to negotiate the loan amount, interest rate, and repayment period before signing the loan contract. Make sure you read the loan contract carefully to ensure that you’ve agreed to all the terms, such as the interest rates, before you sign.

If you meet all the eligibility criteria, your loan will usually be approved in 10 minutes and you can get the cash in your hand or your bank account immediately.

What are the documents required to get a same-day cash loan?

Employed Singaporeans / Permanent Residents

To apply for fast and easy cash loans online, employed Singaporeans/PRs just need their IC, CPF contribution statements, and the latest three months’ payslip if their monthly income is more than $6,000.

Self-employed Singaporeans / Permanent Residents

For self-employed Singaporeans/PRs, you would need your IC, IRAS Notice of Assessment (NOA), or proof of income, such as your bank statement, commission statements, or any other official income statements.

Foreigners in Singapore

Foreigners residing in Singapore simply need their employment pass, proof of home address (such as tenancy agreement or proof of billing address), and their latest payslips for the past three months.

Pros and cons of short-term cash loans

Getting a fast cash loan has many benefits but also downsides. Make sure you consider them properly before applying for one.

Infographic on the Pros & Cons of Short-Term Cash Loans From Licensed Moneylenders


1. Fast approval

In Singapore, you can get some of the best cash loans in Singapore 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 moneylenders.

2. Relaxed qualification criteria

The qualification criteria for an instant cash loan with moneylenders are usually more relaxed as compared to bank loans. If you meet all the necessary criteria for a personal loan, instant cash loans are usually guaranteed approval.

3. Get cash loans even with bad credit

It is possible to get a quick and fast cash loan with bad credit — but this is usually not possible with bank loans. If you have a bad credit history, it might affect the details of your loan, such as interest rate or repayment period, but your loan will still likely be approved.

4. Best alternative to banks

An urgent cash loan with a moneylender is one of the best alternatives to getting a loan from a bank. The process is much easier and faster with less stringent checks. While banks might take up to two weeks to approve your loan, licensed moneylenders can usually do it within a day.


1. Interest rate of up to 4% a month

Moneylenders usually charge an interest rate of 1-4% a month. If you generally have a good repayment history with other moneylenders, you may be able to negotiate for a lower-interest cash loan.

Do be careful if you hear of any lenders who advertise 0% interest cash loans — there might be other charges involved. Some banks, for example, advertise that some of their loans have zero interest, but it has other fees. Zero interest is seldom zero interest. When it’s too good to be true, it probably is!

2. High late charges and late fees

One of the main downsides of borrowing from a moneylender is the high late charges and late fees. Licensed moneylenders are allowed to charge a late interest fee of up to 4% per month and a late repayment fee not exceeding $60 for each month the loan is repaid late.

However, if you do your budgeting and financial planning well and make your repayments on time, this shouldn’t be an issue.

3. High processing fees

Moneylenders may also charge high processing fees of up to 10% of the loan amount when the loan is approved.

4. Short repayment period

Taking an instant cash loan with a licensed moneylender usually comes with a shorter repayment period as compared to a bank.

For personal loans, the repayment period with a bank can be up to seven years, while the repayment period with a moneylender is usually within one to six months, sometimes up to twelve months.

Types of 24-hour instant cash loans with fast approval

Wondering what are the different types of instant cash loans you can take? Here are some examples.

1. Instant payday loan

A payday loan is like a salary advance that helps with your cash flow. Perhaps you have run into an emergency in the middle of the month and require cash urgently, but your salary has not come in yet. This is when a payday loan would help to ease your cash flow.

The loan repayment for payday loans is usually one month later, when you have received your salary. For example, if you received your payday loan on 3rd May, you would need to make the loan repayment by 3rd June.

2. 1-month loan

A 1-month loan is similar to a payday loan, as it is a one-time instalment loan. You might have some funds coming in the next few weeks, but you need the money for an emergency immediately. In this scenario, a 1-month loan could be helpful.

The loan amount for a 1-month loan is usually small, to ensure it could be repaid within a month. The eligible loan amount is often capped at your 1 month’s salary.

3. 12-month cash loan

12-month cash loans are personal loans with a 12-month repayment period. It’s a medium-term loan, which you can repay in monthly instalments up to twelve months. This loan can be used for various purposes, such as medical bills, weddings, home repairs, and so on.

Urgent cash loan vs personal loan: What’s the difference?

An urgent cash loan works just like a personal loan. You apply for the loan in the same way, and once your loan application is approved, you’ll either immediately get the money in cash or deposited into your bank account.

The maximum amount you can borrow for a personal cash loan

For an unsecured instant cash loan with a moneylender, here’s the maximum amount you can borrow:

For Singapore Citizens and PRs, if your annual income is less than $20,000, you can borrow up to $3,000.

For foreigners residing in Singapore, if your annual income is less than $10,000, you can borrow up to $500. But if your annual income is at least $10,000 and less than $20,000, you can borrow up to $3,000.

For borrowers whose annual income is at least $20,000, regardless of whether you are a Singaporean, PR, or a foreigner, you can take a loan of up to six times your monthly income.

5 tips for finding your best urgent cash loan

1. Compare interest rates of different licensed moneylenders

Before you take a fast cash loan, compare the interest rates of various moneylenders. Also, assess what each moneylender 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 would quickly add up.

Licensed moneylenders are allowed to charge a maximum rate of 4% per month and a late repayment fee not exceeding $60 for each month of late repayment.

So ensure you do your budgeting well so that you can 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 stressful to manage multiple loan repayments and deadlines.

Instead, do consider taking a debt consolidation loan to consolidate your multiple loans into a single one to ease your debt repayment.

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 after taking the loan to avoid repayment issues. In the long run, good financial planning would also enable you to have enough cash flow in case of emergencies.

Bonus: Set reminders for repayment

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

Why get an urgent cash loan from Prosper Credit?

An established moneylender based in Toa Payoh, Prosper Credit takes pride in its strong customer service philosophy. We listen to your individual needs and take a very flexible approach towards our clients. We strive to find an arrangement that works best for you.

Having been around since November 2019, you can expect our service to be reliable, professional, and trustworthy.

We are just a 10-minute walk away from Toa Payoh MRT station.

Apply for an urgent cash loan with Prosper Credit 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.