Urgent & Instant Fast Cash Loan Singapore: Your complete guide and tips

Urgent & Instant Fast Cash Loan Singapore: Your complete guide and tips


Calculating taking an urgent cash loan
Calculating taking an urgent cash loan

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

Applying for a quick cash loan with licensed money lenders 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 as instant cash loans in Singapore and how can you apply? What are its benefits and downsides?

Read on to find out more.

What is an urgent cash loan in Singapore?

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

Usually, a quick cash loan’s online application with licensed money lenders is fast and easy with fast approval. With some money lenders, you can even get an instant cash loan in 1 hour in Singapore.

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 Grab driver), or a home emergency that requires expensive repair works.

In unfortunate circumstances, unforeseen funeral expenses might also cause cash flow problems for us. In these situations, we might need an immediate cash loan that can solve our urgent needs.

Who can apply for cash loans with fast approval?

Employed Singapore residents would be able to apply for a cash loan with a licensed money lender. This includes full-time salaried employees, part-time employees and self-employed such as cab drivers, freelancers and so on. If you are a foreigner residing in Singapore, you will be able to apply for instant cash loans online as long as you meet the other eligibility criteria such as minimum income, etc.

How to apply for instant cash loans online?

Step 1. Submit an online application

You can get an instant cash loan 24/7 nowadays with licensed money lenders just by applying online, on the money lender’s website. You will need to fill up your personal details, loan amount, etc. This will probably just take you a few minutes.

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

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

If all is good, they will give you a call to bring down the relevant documents to their office for verification. This is a must. Licensed money lenders have 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 repayment period

Once they have done the required verification, do remember to negotiate the loan amount, interest rate and repayment period with them 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 in 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 latest 3 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 3 months.

Pros and cons of short term cash loans

There are many benefits and downsides of fast cash loans today, so before you apply, make sure you have considered these.


1. Fast approval

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

2. Relaxed qualification criteria

The qualification criteria for an instant cash loan with money lenders is usually more relaxed as compared to bank loans. In fact, if you need 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 – and 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 it is very likely that your loan will still be approved.

4. Best alternative to banks

An urgent cash loan with a money lender is one of the best alternatives to getting a loan from the bank. The process is much easier and faster with less stringent checks than banks. While banks might take up to 2 weeks to approve your loan, licensed money lenders will usually approve it within a day.


1. Interest rate of up to 4% a month

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

Do be careful if you hear of any lenders who advertise 0 interest cash loans, as there may be other charges involved. Some banks, for example, have advertised that some of their loans have zero interest, but it often comes with other fees that adds up – zero interest is usually never exactly 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 money lender are the high late charges and late fees. Licensed money lenders are allowed to charge a maximum rate of late interest of 4% per month for each month the loan is repaid late, and a late repayment fee of not exceeding $60 for each month of late repayment.

However, if you do your budgeting and financial planning well and make your repayments on time, this would likely not be an issue.

3. High processing fees

Money lenders 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 money lender usually comes with a shorter repayment period as compared to taking a loan with the bank.

For personal loans, the repayment period with the bank can be up to 5 years, while the repayment period with a money lender is usually within 1-6 months, sometimes up to 12 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 installment loan. You might have some funds coming in the next few weeks, but you need the money for an emergency. This is when a 1 month loan would be helpful.

The loan amount is usually small, so it would be possible to repay it in the next month. The amount eligible is usually a maximum of 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 good medium-term loan, for which you can repay your loan usually in monthly installments comfortably for up to 12 months. They can be used for various purposes, such as medical fees, 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 get the money immediately as cash or deposited into your bank account.

Maximum amount you can borrow for a personal cash loan

For an unsecured instant cash loan with a money lender, 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 6 times your monthly income.

Tips on taking an urgent cash loan today

1. Compare interest rates of different licensed moneylenders

Before you take a fast cash loan, it is important to compare the interest rates of various money lenders before you commit to a loan with one. Also assess what each money 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, that’s when your debt might add up considerably.

Licensed money lenders are allowed to charge a maximum rate of late interest of 4% per month for each month the loan is repaid late, and a late repayment fee of 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 if you are thinking of taking up another loan. Debt can add up and it can be stressful to manage multiple loan repayments and deadlines.

If you have a couple of loans, you can consider taking a debt consolidation loan to consolidate all 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) before committing to it on pen and paper.

5. Do your budgeting and financial planning well after taking the loan

While taking a loan might be able to solve your short term financial issues, it’s important to do your budgeting well after taking the loan to avoid having repayment issues. In the long run, good financial planning would also enable you to have enough cash flow in case of future emergencies.

6. Set a reminder for repayment

Although some money lenders might send you a payment reminder before your payment is due, it is still a good practice to set your own payment reminders so you can budget for your repayment and avoid ending up repaying late.

Why get an urgent cash loan 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. We listen to your needs and take a very flexible approach with our clients, so as to find an arrangement that works best for you.

Having already issued $2,350,600 in loans since November 2019, you can expect service with us to be reliable, professional and trustworthy.

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

Apply for a cash loan with Prosper Credit – I need a cash loan 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.