Best Payday Loans In Singapore 2024

A payday loan is a high-cost and short-term loan offered by licensed moneylenders that gives you quick access to funds for unexpected emergencies before your next paycheck in Singapore. You can take a payday loan without a credit check, meaning you can get a loan even if you have a poor credit score or a lower than average income in Singapore.

However, payday loans come with high costs; interest rates and fees are extremely high, which can snowball and leave you in huge debt. Moreover, unlike a personal loan in Singapore, you only have a short window to repay the loan, and the amount you can borrow has to be less than your average income. 

Read on to learn more about the pros and cons of payday loans. 

Best Instant Approval Loans For Fast Cash in Singapore

One of the benefits of getting a personal loan is the fast funding and approval time. Indeed, some personal loans like DBS Personal Loan, OCBC Personal Loan, Standard Chartered CashOne Personal Loan and can give you instant approvals (or within minutes), allowing you to quickly access the necessary funds you need the most, whether it's for a wedding, a dream vacation, or a major purchase. 

 
  • Standard Chartered CashOne Personal Loan: Enjoy instant approval and get cash to your bank account within 15 minutes
  • DBS/POSB Personal Loan: Instant approval for existing cashline or DBS/POSB customers
  • UOB Personal Loan: Instant approval for online submissions 
  • OCBC Personal Loan: Instant approval and disbursement when you apply via Myinfo
  • Citi Quick Cash Loan: Instant for Citi accounts
  • HSBC Personal Loan: Approval in principal within 1 minute
  • HSBC Personal Loan: Apply online and get approval within 10 mins
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What Is A Payday Loan?

As the name suggests, a payday loan is a short-term and unsecured loan that provides you with funds for unexpected emergencies before you receive your paycheck. 

Payday loans are unsecured, so there's no need to provide collateral. On the plus side, payday loans are easy to get because lenders don't check your credit score and may only ask for proof of income. However, in exchange, payday loans charge a high interest rate, which is higher than credit cards and personal loans. You also have until your next paycheck to repay what you've borrowed. 


How Does A Payday Loan Work?

You can get a payday loan for licensed moneylenders in Singapore. Here's what you need to know about payday loans.

mobile phone with app
loan-approval
terms and conditions
stack of singapore dollars

Application Process


You can apply for a payday loan either online or in person at a licensed moneylender. You'll need to provide your personal details, proof of income (such as payslips), and your desired loan amount.

Loan Approval


After reviewing the application and documents, the lender determines the borrower's eligibility and the amount they can borrow. The amount you can borrow is usually a percentage of your monthly salary.

Approval for payday loans is also quick, and you can get approval within a few hours or even minutes.

Loan Terms


Payday loans usually have short repayment periods, often ranging from a few days or weeks. You'll need to repay the loan in a lump sum, including the principal amount, interest, and fees by the due date, which is usually by your next payday. 

Interest Rates and Fees 


As mentioned, payday loans have higher interest rates compared to personal loans or credit cards due to their short-term nature and perceived risks. 

Additionally, you'll also need to pay a pricessing fee or other administrative fees.


What Are The Pros And Cons Of Payday Loans?

Pros Of Payday Loans

singapore dollars under stehoscope

Quick Access to Funds

Payday loans are designed for emergencies, providing borrowers with quick access to cash when needed urgently.

poor credit score

No Credit Check

Lenders typically don't check your credit score or history, which can be beneficial to those with a low credit score or limited credit history.

short term keys on keyboard

Short Term Solution

 

Payday loans can serve as a short-term solution for unexpected financial challenges, helping you bridge the gap until your next paycheck.

Cons Of Payday Loans

high interest rate

High Fees and Interest Rates

Payday loans have high interest rates which can cost up to 24x more than credit cards and personal loans. This results in higher borrowing costs compared to traditional loans. 

For example, credit cards usually have an interest rate of 27.8% p.a., while the interest rate for personal loans typically starts from 2.88% p.a..  

In contrast, payday loans can charge an interest of up to 48% p.a. (or 24% in two weeks), which is many times higher.

debt dices

Cycle of Debt

Due to the high borrowing costs, you may find yourself in a cycle of debt, especially if you don't repay your loan on time. Moreover, you'll be losing a huge chunk of your monthly salary to pay off the loan.

man comparing coins

Limited Loan Amounts

 

Since you can only borrow a certain percentage of your salary, the amount may not be sufficient enough to larger financial needs or emergencies.


Payday Loan Vs Personal Loan: What's The Difference?

Payday loans and personal loans may seem similar on the surface as they both give you quick access to money when you need it. However, there's where their similarities end. Here's an overview of their key differences. 

Aspect Payday Loans Personal Loans
Purpose For short-term emergency expenses Versatile, can be used for various purposes such as home renovations, weddings, paying off bills, credit debts, medical emergencies, and more

Interest Rates

Much higher than personal loans Lower than payday loans
Loan Amount Small, typically a few hundred or thousand Larger, varies widely based on creditworthiness and annual salary
Repayment Period Usually by next payday, within a few days or weeks Longer term, ranging from months to years
Credit Check Not required Mandatory, good credit score required
Approval Time Quick and straightforward as less documentation is required May take slightly longer as there is more documentation required for review
Accessibility Easier approval, even with poor credit Approval influenced by creditworthiness

 

Best Personal Loans In Singapore

Personal loan Approval time Interest rate and processing fee Tenures
Standard_Chartered_(2021) 1
Standard Chartered CashOne Personal Loan
Loan disbursement within 15 minutes of the bank's approval Interest rate: from 2.88% p.a. (EIR 5.84% p.a.)

Processing fee: S$199 for the first year, S$50 for subsequent years (waived if all payments are received before the due dates for the past 12 months)


1 to 5 years
DBS-Bank-logo (2) 1
DBS/POSB Personal Loan



Instant approval for existing DBS/POSB credit cardholders or Cashline accounts Interest rate: from 3.88% p.a. + 1% processing fee (EIR from 7.56% p.a.) 6 months to 5 years
UOB_Logo 1
UOB Personal Loan
Instant approval for online submissions Interest rate: from 2.88% p.a. (EIR from 5.43% p.a.)

Processing fees: none
1 to 5 years

logo_ocbcbank-horizontal
OCBC ExtraCash Personal Loan

Instant approval when you apply via MyInfo Interest rate: From 2.88% p.a. (EIR from 5.84% p.a.)

Processing fee: S$100 (annual income from S$20,000)

S$150 or 2%, whichever is higher (annual income S$30,000 or more)
1 to 5 years

Citibank-Logo 1 (2)
Citi Quick Cash Loan

Instant for Citi accounts, 1 to 5 working days for non-Citi accounts Interest rate: from 3.45% p.a. (EIR 6.50% p.a.)

Processing fee: none
1 to 5 years

HSBC-Logo (1) 1
HSBC Personal Loan



Approval in-principal within 1 minute Interest rate: from 2.92% p.a. (EIR 5.50% p.a.)

Processing fee: none
1 to 7 years

CIMB-Logo
CIMB Personal Loan

Within 10 mins Interest rate: from 2.80% p.a. (EIR 5.28% p.a.)

Processing fee: none
1 to 5 years

Frequently Asked Questions

Payday loans offered by licensed moneylenders in Singapore is regulated by the Ministry of Law. This is to protect consumers from unfair lending practices. Before you take out a payday loan, check if the moneylender is registered with the Ministry of Law. You can view the full list on the Ministry's website. 

You'll need a valid bank account to get a payday loan. This is so that the funds can be disbursed into your bank account.  

Generally, the maximum loan you can borrow is 2X your monthly salary if your annual income is less than S$30,000 and 4X your monthly salary if your income is S$30,000 and above.

High-income earners earning S$120,000 or more annually can borrow up to 10X their monthly income.

Payday loans are costly primarily due to their short-term nature which require quick repayment, resulting in high-interest rates and fees. Moreover, the lack of a thorough credit check and collateral increases the risk for lenders, prompting them to charge higher fees to offset potential non-repayment.

Before obtaining a payday loan, check if the licensed moneylender is registered with the Ministry of Law. Also, you need to be aware of the high cost of the loan and short repayment period. Given the option, try to avoid payday loans and opt for a personal loan instead.

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TIQ also distinguishes itself with its extensive coverage for COVID-19 and its inclusion of adventure sports protection. You can enjoy a peace of mind with COVID-19 coverage that extends up to S$500,000 for medical expenses related to the virus, ensuring you are well-protected in case you contract it during your trip or even before. 

Additionally, TIQ offers coverage of up to $5,000 for non-refundable expenses if you need to cancel or postpone your trip within 14 days of your departure date.

It's important to note that COVID-19 coverage is available as an add-on, starting at S$45 (for a 10-day trip to Germany). However, considering the substantial coverage it provides, the additional cost is well justified.

For travellers planning adventurous activities, TIQ has you covered. They offer an optional sports equipment cover that provides protection for equipment such as golf clubs, diving gear, fishing equipment, bicycles, ski gear, snowboards, and climbing equipment, with coverage extending up to S$4,000.

SingSaver's Exclusive TIQ Travel Insurance Promotion: 

Single Trip: Use the promo code TIQSINGSAVER to get 40% off. Valid till 18 September 2024. T&Cs apply. 

Annual Trip: Use the promo code TIQSINGSAVER to get 80% off your COVID-19 rider. Valid till 30 September 2024. T&Cs apply.

Also receive a Complimentary lounge access during flight delays. Valid till 30 September 2024 5:30 pm. 

Key in the promo code under the coupon code section on the next page after selecting your destination and dates. The prices shown are before discounts.

Receive coverage for trip cancellations, medical expenses, and more when you purchase the COVID-19 Rider. T&Cs apply.


Real User Reviews of Tiq Travel Luxury Travel Insurance Plan

"Claim process online was easy and fast."

What others are saying about this plan?

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What others are saying about this card?

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Rating Group - 5
Reviewed by Seedly User, ZiHan Foong

[Claims Process]

Lost baggage claim when I’m back to Singapore. Claim process online was easy and fast. Received the claim amount within a day via etiqa online account upon submission of all required documents

Rating Group - 5
Reviewed by Seedly User, Gerry

i bought the annual insurance last sep 2019 before i went for my trip. the claims are really fast and i am talking about hours in claim processing. I sent in my invoice at 1pm and the money was cashed in at 4pm!!! also, customer service is pretty fats in responding as well!!! of coz i did a lot of the things in app as to online i can’t comment.

 


Best for families: Direct Asia Travel Insurance

Popular

Direct Asia Travel Insurance - Voyager 500

Direct Asia Travel Insurance - Voyager 500

Cancellation coverage

S$
15,000

Medical Coverage (Overseas)

S$
500,000

Bags & Belongings Coverage

S$
5,000
See more
See less

獎勵

Enjoy 40% discount when you buy now. T&Cs apply. Complimentary lounge access during flight delays. Valid till 30 September 2024 5:30 pm. T&Cs apply.
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If you’re bringing your kids along on your trip with you, Direct Asia Travel Insurance might be your new go-to travel insurance because, firstly, it offers complimentary coverage for up to 4 children.

Though most family plans offered by insurers come at a fixed price no matter how many kids you have, they might still have extra costs beyond just paying for 2 adults. But for Direct Asia, your’re just paying for 2 adults if you opt for a family plan.

On top of that, the coverage for each child and adult is the same, meaning that your children are still able to claim up to the same claim limit as you, up to the limit set by the family plan. If you compare to other travel insurance plans, some offer much lower coverage for children. This gives you the peace of mind of knowing that your children are sufficiently covered as well!

When it comes to medical expenses, Direct Asia offers coverage for treatment received overseas and when you’re back in Singapore. They even cover Traditional Chinese Medicine (TCM) treatment up to S$750 which not many other plans offer — great for those who are strong believers of TCM and their benefits.

Direct Asia Travel Insurance Promotion:  Get 40% discount when you apply now. Valid till 30 September 2024. Also receive:

  • Up to S$40 Shopee vouchers for Annual trip plans. Limited quantities available. Valid till 30 September 2024 5:30 pm. T&Cs apply. 
  • Complimentary lounge access during flight delays. Valid till 30 September 2024 5:30 pm. 

Best value-for-money: FWD Travel Insurance

Exclusive Offer
Best Value

FWD First

FWD First

Cancellation coverage

S$
15,000

Medical Coverage (Overseas)

S$
1,000,000

Bags & Belongings Coverage

S$
7,500
See more
See less

獎勵

The right policy for you if you want:

  • Hassle-free claims so you get reimbursed easily and quickly
  • Affordable comprehensive coverage for worry-free travel
  • 50% reimbursement, even if you have to cancel your trip for any reason
  • Enhanced benefits with add-ons for pet care, home content cover, sports equipment and pre-existing conditions

Use promo code SSTRIP to get 30% off on your plan. T&Cs apply. Also receive Complimentary lounge access during flight delays. Valid till 30 September 2024 5:30 pm.T&Cs apply.

Purchase via SingSaver to get the best deal, guaranteed.

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If you subscribe to the belief that "having some coverage is better than having none" and prioritise affordability, FWD Travel Insurance could be an excellent choice for you. Their plans kick off at just S$60.72 for a 10-day trip to Germany, making them the most budget-friendly option available.

However, when it comes to comparing the extent of coverage, it doesn't fall short. They provide substantial overseas medical coverage, allowing claims of up to S$1,000,000. Additionally, their coverage for trip cancellation is quite generous, offering up to S$15,000 in protection.

The only drawback is that the plan doesn't include COVID-19 coverage as a standard feature, but you can opt for an add-on rider at an additional cost of S$21.54 (for a 10-day trip to Germany). This rider offers coverage of up to S$200,000 for medical expenses related to COVID-19, a daily overseas quarantine allowance of S$50 for a maximum of 14 days, and trip disruption coverage of up to S$5,000.

Beyond its cost-effectiveness, FWD Travel Insurance boasts a hassle-free claims system and efficient customer service. You can easily submit your claims via the FWD SG App and seek assistance if needed.

Also, FWD just added coverage for trip cancellation, postponement or curtailment for any reason, up to S$6,000. This is only applicable if you purchase the add-on within 7 days from the initial trip deposit for your trip.

 

SingSaver's Exclusive FWD Promotion: Use the promo code FWDTRAVEL to get a 30% discount on Single Trip and 25% discount on Annual Trip plans! Valid till 7 September 2024. T&Cs apply. Also receive:

  • Up to S$40 Shopee vouchers for Annual trip plans. Limited quantities available. Valid till 30 September 2024 5:30 pm. T&Cs apply. 
  • Complimentary lounge access during flight delays. Valid till 30 September 2024 5:30 pm. 

Real User Reviews of FWD Travel Premium Plan

"Purchasing a FWD travel was simple and fuss free."

What others are saying about this plan?

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What others are saying about this card?

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Rating Group - 5
Reviewed by Seedly User, Roger

[The process to purchase insurance was seamless and easy. Payment was convenient as well and able to pay using Paynow and grabpay even. Recommended!

Rating Group - 5
Reviewed by Seedly User, Seah

Purchasing a FWD travel was simple and fuss free. You could simply purchase on their website and adjust the coverage you need without an agent. Q&A is promptly replied by their customer service support

 

Best for comprehensive coverage: Singlife Travel Insurance

Exclusive Offer
Best Value

Singlife Travel Prestige

Singlife Travel Prestige

Cancellation coverage

S$
20,000

Medical Coverage (Overseas)

Unlimited

Bags & Belongings Coverage

S$
8,000
See more
See less

Exclusive SingSaver Promotion

The right policy for you if you want:

  • Comprehensive coverage for frequent flyer points
  • Comprehensive coverage for outdoor activities

  • 50% reimbursement, even if you have to cancel or change your travel dates

  • MINDEF/MHA & POGIS insured members and their family get up to 48% off single trip plans

Use the promo code TRAVEL25 to get 25% off when you buy now. T&Cs apply. Also receive:

Purchase via SingSaver to get the best deal, guaranteed.

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For those seeking the most comprehensive travel insurance package, Singlife offers an exceptional all-encompassing policy that provides extensive coverage, even for unique scenarios such as the loss of bridal accessories, inclement weather conditions, and trip cancellations for any reason.

With Singlife's Travel Prestige plan, you can benefit from an impressive feature that includes unlimited coverage for medical expenses, a rarity among insurers. 

Their coverage for travel cancellations extends up to S$15,000, while trip cancellation for any reason is capped at S$5,000 for Travel Plus and Travel Prestige Plans. This means you have the flexibility to cancel your plans due to conflicting events, changes in your itinerary, or simply a change of heart. However, the caveat is you have to purchase your policy within seven days of booking your flights or hotels to qualify for a claim.

Singlife also provides a unique benefit of rainfall coverage, offering compensation of up to S$150 in the event of rainfall exceeding 6.4mm within a 24-hour period, should it disrupt your travel plans. Furthermore, their coverage extends to adventurous activities like white-water rafting, jet skiing, and kayaking, making it an ideal choice for those seeking overseas sports adventures.

Notably, this plan includes COVID-19 coverage, providing up to S$200,000 for overseas medical expenses.

Singlife Travel Insurance Promotion:

Single Trip: Enjoy a 25% discount when you use the promo code TRAVEL25 for Single Trip. Valid till 30 September 2024. T&Cs apply. 

Annual Trip: Use promo code ANNUAL25 to get 25% off Annual Trip plans when you buy now. Valid till 30 September 2024. T&Cs apply. 

Also receive:

  • Up to S$40 Shopee voucher. Valid till  30 September 2024 5:30 pm. T&Cs apply. 
  • Complimentary lounge access during flight delays. Valid till 30 September 2024 5:30 pm. 




Real User Reviews of Singlife Travel Prestige

"When we have outpatient medical claims e.g. kids fall ill... Singlife is always quite prompt..."

What others are saying about this plan?

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What others are saying about this card?

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Rating Group - 5
Reviewed by Seedly User, Rachel

[Customer Service]
Claims executive that handled my case was professional and efficient. 
[Claims Process]
It was a pleasant experience having my claim processed.
 

Rating Group - 5
Reviewed by Seedly User, Da Ben

Claiming is easy and fast. They transfer the claims directly via PayNow which is convenient and faster than sending Cheques and having to bank them in. 
 
 
 

 

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