Secure Quick Loans: The Best Lenders for Fast Cash in 2025

Although looking at quick approval times for personal loans may fill you with relief, it’s important to note that approval does not equate to funding. We’ll discuss each step of the loan approval process later on.

Most banks and licensed moneylenders are unable to process urgent cash loans without documents. This is because documents such as your tax returns, bank statements and salary slips are necessary for conducting risk assessment. There are exceptions, of course. Read on to find out more.

Banks 

DBS/POSB, CIMB and GXS Bank have their ways of doing their due diligence and performing risk assessment on prospective clients. The difference with these financial institutions is that they allow for applications to be made online via Singpass MyInfo. Therefore, if your financial details are already up to date on Singpass, there's no need to provide additional documents. The only exceptions here are non-PR Malaysians applying for a CIMB Personal Loan. 

Licensed moneylenders

Though some moneylenders require documents such as your CPF Contribution Statements and bank statements in order to process your loan, some licensed moneylenders have since integrated Singpass into their processes. This allows loan providers such as Cash Direct to bypass the arduous process of physically consolidating your financial documents. 

Looking for instant cash loans? Though verifying your financial situation, credit history and reviewing your existing debts (if any), takes time, you can speed up the process by either being an existing customer of a financial institution — or by visiting certain licensed moneylenders. 

Existing customers

• Existing Trust Bank clients can get their personal loan approved within 60s

• Existing UOB clients who submit their online applications between 8am-9pm from Mondays to Saturdays enjoy instant approval of their loans

• Existing DBS/POSB Credit Card/Cashline clients will get their funds instantly upon approval

• Eligible GXS Bank clients will typically get their loan approved within 3 minutes

Licensed moneylenders

Looking to get an instant cash loan in 1 hour without documents? Even if your licensed moneylender has integrated their processes with Singpass MyInfo, you'll still have to make your way down to their premises for the final step of the verification process. This is mandated by law, so if you need an urgent cash loan, it’s best to pick a moneylender situated near you. 

• The average processing time for an EZ Fast Cash Loan is 15 minutes on average

• Cash Direct processes applications via Singpass MyInfo, each application typically takes 15 minutes from start to end

>> MORE: Top Strategies for Managing a Personal Loan and Reducing Debt in Singapore

HSBC Personal Loan: Best for longer loan tenures

Longer tenures translate into larger total repayment sums, but they also make monthly repayments more manageable. If you need to stretch your loan out as long as possible, HSBC Personal Loans allows you to pick tenures between 1 to 7 years. Do note, however, that in the event you decide to repay early, you will incur an early repayment fee totalling 2.5% of your redemption amount.

GXS FlexiLoan: Best hassle-free loan from a digital full bank 

Applying for a GXS FlexiLoan via Singpass MyInfo? You'll get your loan done and dusted within 3 minutes if you meet all of GXS Bank's eligibility criteria. What's more, GXS Bank also allows you to choose your preferred monthly repayment date. You'll also be able to save on interest if you decide to repay your loan early.

CIMB Personal Loan: Best for non-PR Malaysians working in Singapore

Foreigners typically have to meet higher minimum annual income requirements in order to qualify for a personal loan. If you're a Malaysian without Permanent Residency status in Singapore looking to take out a personal loan, a CIMB Personal Loan is a stellar choice. You'll need a minimum annual income of S$30,000, versus the typical S$40,000-60,000 sum you may encounter at other banks. Plus, CIMB also does not charge any early repayment fees. Something to keep in mind if you decide to pay off your loan early.

JD Credit Personal Loan: Best for freelancers and gig workers

Freelancers and gig workers may find it tricky to score a personal loan suited to their needs, due to their unstable income situation. JD Credit understands this, so they impose no strict minimum salary requirements. However, your salary will still dictate your maximum loan sum. If you happen to have existing debts, you are still welcome to apply as long as your debts do not exceed 60% of your current income. The same applies to those with bad credit scores, as JD Credit may still grant you a loan once they review your financial documents.

Trust Bank Personal Loan: Best for urgent loans 

It's hard to beat a bank that can approve your loan within 60 seconds. If you are a Trust Bank client with urgent financial needs, you'll be able to get your loan approved within a minute. Not a Trust Bank client yet? Fortunately, this digital full bank's sign-up process has been streamlined so you can do everything from your phone. According to Trust Bank, Singapore residents can complete the sign-up process via Singpass in just a couple of minutes!

In Singapore, obtaining a loan involves four key stages: pre-qualification, application, approval and funding. The overall timelines can vary, influenced by the lender's efficiency, the complexity of verification processes and the speed of funds disbursement. Understanding these factors will help you manage your expectations and plan accordingly.

Pre-qualification: No more than 5 minutes

Pre-qualification in Singapore allows you to preview loan terms and rates without impacting your credit score. This process typically involves completing a quick online form with basic personal and financial details. Comparing multiple lenders in Singapore is an essential step to securing the most favourable loan for your use case. If your preferred lender does not offer pre-qualification, you may want to consider using a loan centralisation platform like Credible, or a loan matching service, such as Lendela.

Application: No more than 30 minutes

The formal loan application in Singapore requires submission of financial documents like pay slips and bank statements, usually done online within minutes. Some lenders may request additional documents for verification, so be sure to have your financial documents on hand to expedite the process and reduce delays. If your lender has integrated Singpass MyInfo in their application process, this may cut your application time down to minutes — provided all your financial data is up to date. 

Approval: Around 1 to 48 hours

Loan approval times in Singapore vary, with some lenders offering instant decisions while others may take up to 2 days. Approval speed depends on factors like your credit score, income stability, loan amount and lender policies. Ensure all required documents are accurate and complete to facilitate a smoother approval process.

Funding: Around 1 to 5 days

Most personal loans in Singapore are funded within 1 to 5 business days. Some lenders offer same-day or next-day disbursement, particularly for existing customers. Potential delays can occur due to bank processing times, for loan applications made on Sundays or public holidays. Requests for additional documents needed for verification may also add to your loan's processing time. Understanding the funding timeline helps you plan your financial needs effectively.

While a low credit score makes it harder to secure a loan, it doesn’t make it impossible. Factors like your debt-to-income (DTI) ratio and proof of stable income can improve eligibility, with some lenders even catering specially to bad-credit borrowers with alternative evaluation criteria.

When securing a loan with bad credit, make sure to note the following:

• Ask for the minimum amount you’ll need: For those with less-than-ideal credit in Singapore, lenders may impose lower borrowing limits due to perceived risk. Requesting the minimum loan amount necessary can improve approval chances, as it demonstrates responsible borrowing. Lenders in Singapore favour applicants who show they can manage debt prudently, highlighting the importance of borrowing only what is truly needed.

• Total up all income streams: When applying for a loan in Singapore, lenders consider all income sources, including employment wages, freelance or side income, government benefits like CPF payouts and alimony or child support. Listing every income stream may significantly increase your approval odds. Lenders want assurance of your ability to repay, so providing a comprehensive financial picture is essential.

• Consider lenders that cater towards bad-credit borrowers: In Singapore, credit unions might offer lower rates and flexible terms for borrowers with bad credit, though membership is often required. Licensed moneylenders provide faster funding but may impose higher rates. Compare lenders thoroughly to find options specifically tailored for bad-credit applicants. Understanding the trade-offs between speed and cost is vital when making your choice.

• Include a co-signer or a guarantor: Adding a co-signer with a strong credit score can improve your loan approval chances in Singapore and potentially secure a lower interest rate. Alternatively, you may want to look for a licensed moneylender that allows for guarantors to be part of your loan contract. In the event that you are unable to repay your loan, your guarantor will take on that responsibility, easing any worries your lender may have of you defaulting. 

• Include collateral for a secured loan: In Singapore, some lenders offer secured personal loans. Examples of this include mortgages for home loans and car loans. Secured loans reduce the lender's risk, potentially leading to better loan terms. Note that the approval process may take longer due to the asset evaluation. Consider this option if you have valuable assets and seek more favourable loan conditions.

It can be hard to think straight when you need an instant or urgent cash loan. Consider these alternative funding options before taking out a loan:

• Buy now, pay later (BNPL): In Singapore, BNPL services offer a convenient way to manage large purchases by splitting payments into instalments, often biweekly or monthly. Popular for electronics, furniture or medical expenses, BNPL allows for immediate acquisition without full payment. However, over-reliance on BNPL services can lead to financial strain, so prioritise paying off one purchase before initiating another to avoid overextension. 

• Friend or family loan: For Singaporeans seeking a no-credit-check loan with minimal or no interest, borrowing from trusted friends or family can be an affordable option. To avoid potential relationship conflicts, establish clear repayment terms from the outset. Formalise the agreement with a written document outlining the repayment structure and any agreed-upon interest terms, ensuring both parties are protected.

• Local financial assistance programmes: Singapore offers various local financial assistance programmes to help residents meet basic needs, such as food, transportation and emergency expenses. For example, involuntarily unemployed individuals can tap on the SkillsFuture Jobseeker Support scheme for temporary financial assistance of up to S$6,000 over a period of 6 months. Those struggling with their finances can also apply for the Workfare Income Supplement for CPF and cash payments, if they are eligible. For help on application processes and finding the right programme, look to your nearest Community Centre or Club for assistance.