Keeping on top of your finances can be difficult. From time to time, we all need a helping hand – and a quick and easy payday loan can often be the best solution. Payday loans are specifically tailored to suit people who need a quick cash advance without having to undergo strict credit score and annual income checks, making them a less daunting alternative to personal and other types of loans.

Whether you’re looking for better flexibility and clearer terms, or you’d like to build up your credit score by accessing quick and easy finance, Moneylender Review can help you secure the right payday loan in minutes. Keep reading to discover how the payday loan application process works and how you could benefit from a payday loan today – or skip to Moneylender Review’s loan application form now.


Key Payday Loan Features

The best payday loan will offer the following features to those looking for a quick cash advance:

  • Fast cash for a financial emergency
    If you need money right now, a payday loan will give you a quick cash advance until your next payday.
  • A chance to improve your credit history
    Have bad credit? Taking out a payday loan could help you rebuild your credit reputation.
  • Quick and easy approval process
    With Moneylender Review, you can get quotes from 3 licensed moneylenders in seconds – and apply online super-fast.
  • The chance to repay on your next payday
    Repaying a payday loan couldn’t be simpler – just pay back plus interest when you receive your next paycheck! No more worrying about complex payment T&Cs and tenures.
  • Use the funds your way
    No immediate financial emergency? No problem! Payday loans can be used for whatever purpose you like.

Find the Best Payday Loan in Singapore Now


Summary of Licensed Moneylenders

A1 Credit SG Pte Ltd

For most clients, A1 Credit is deemed to have a very helpful and efficient staff. It has been commended many times for its quick and easy approval rate which has provided borrowers with a smooth experience.

  • It is one of the most reliable moneylenders in Singapore, which provides a variety of solutions for every borrower.
  • A1 Credit offers personal loans, foreigner loans, business loans, payday loans, and bridging loans in Havelock II, Singapore. They can accommodate Singaporeans whose minimum monthly income is $1,500 and foreigners whose minimum monthly income is $2,000.
  • Clients can avail through A1 Credit’s online tools conveniently.
  • This lender also provides fast cash loans with its user-friendly application process which is guaranteed secure and confidential.
  • A1 Credit considers borrowers even those with low credit as it aims to help clients with their financial worries.

Things to remember:

  • A1 Credit urges future clients to be aware of illegal moneylender, make sure that the moneylenders that you deal with is registered under Ministry of Law;
  • To be able to fulfill the contract and agree legally on terms and conditions; and
  • To have enough income to repay the borrowed amount.

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365 Credit Solutions Pte Ltd

First-time borrowers see 365 Credit Solutions as an accommodating lender because of its friendly and polite staff members – granting a seamless application for their financial concerns.

  • It is one of Loan Advisor’s top 10 licensed moneylenders in Singapore for the year 2020.
  • 365 Credit Solutions offers different types of loans including personal loans, payday loans, foreigner loans, business loans, and bridging loans. They have competitive rates of up to 4% per month
  • Clients are assured there are no hidden charges upon applying.
  • This lender guarantees loan applications can be processed within an hour.
  • 365 Credit Solutions does not solely take into account a borrower’s credit score but their ability to service their loans.

Things to remember:

  • 365 Credit Solutions suggests borrowers to always verify if a moneylender is licensed by checking the list under the Singapore Ministry of Law;
  • To be aware that licensed moneylenders can only charge a maximum interest rate of 4% per month as mandated by the law; and
  • To provide all the necessary documents for a swift evaluation.

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Bugis Credit Pte Ltd

Clients agree most Bugis Credit staff members will get into each detail to help borrowers thoroughly understand all types of loans, including the terms and conditions that need to be taken note of.

  • It is among the most reliable moneylenders in Singapore.
  • Since 2007, Bugis Credit is a licensed money lending company offering personal loans, payday loans, business loans, and foreigner loans in Bugis Cube, Singapore. Those with a minimum income SGD 2,000 can avail of their personal loan solutions.
  • Bugis Credit guarantees a fast and easy application and appointment process with a 30-minute approval.
  • This lender accommodates flexible repayments for borrowers.
  • It has no hidden fees.

Things to remember:

  • Bugis Credit reminds borrowers to ensure the lender delivers the correct principal amount of the loan;
  • Pay the loan installments on time to avoid incurring late payment fees and interest; and
  • Retain all statements of accounts and receipts of payments as documentation when necessary.

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GM Creditz Pte Ltd

Borrowers suggest GM Creditz is one of the most considerate lenders in Singapore- assisting clients on their bills and loans amid the COVID-19 situation.

  • It is one of the many licensed moneylenders with a five-star rating from over 330 clients on reviews.
  • GM Creditz offers monthly loans, foreigner loans, business loans, payday loans, and personal loans in City Hall, Singapore.
  • This licensed moneylender charges no hidden fees.
  • GM Creditz offers a flexible repayment plan.
  • It assures a 30-minute preliminary loan approval process for online applicants.

Things to remember:

  • GM Creditz suggest clients to double-check whether their lender is registered under the Ministry of Law;
  • To compare the best loan options suitable to their needs and repayment capabilities; and
  • To view trusted reviews.

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Raffles Credit Pte Ltd

It’s always a good experience working with Raffles Credit, says most clients. Staff members are keen on listening to financial commitments before proposing options.

  • It offers a suitable plan according to the need, budget, and capability; making clients wise and responsible borrowers.
  • Raffles Credit provides personal, business, payday, and foreigner loans.
  • It claims to approve any application within 1 hour of submission.
  • It could charge up to 4% of the rate of interest on any loan provided.
  • It has no hidden fees and displays clear and simple terms.

Things to remember:

  • Raffles Credit reminds borrowers to consider the loan that will be used and the amount needed;
  • Remember they can apply from the comfort of their home with a few clicks online; and
  • Visit the office for an in-person and in-depth consultation.

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Fortune Credit Pte Ltd

Fortune Credit is known to most of its borrowers for its compassionate and good service, as it considers various factors to ensure assistance will be given for clients.

  • Fortune Credit is a licensed moneylending company in Bugis, Singapore.
  • It offers personal loans, business loans, foreigner loans, wedding loans, renovation loans, payday loans, etc.
  • This moneylender provides free consultation and quotes and low-interest rates from 1% to 4%.
  • It offers unsecured loans and flexible repayment options.
  • Fortune Credit can let you borrow up to 6 times worth of monthly income.

Things to remember:

  • Clients of Fortune Credit are urged to consider to prepare all necessary documents for a faster loan application;
  • To visit their office for face-to-face verification; and
  • Pay attention to debt and make payments on time to avoid extra fees once granted the loan.

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Payday Loan Eligibility

By now you’re probably really keen to get your hands on the best payday loan deal you can find – but before applying for this kind of loan, it’s important to know what the eligibility requirements are under Ministry of Law rules, and those specified by individual moneylenders themselves.

Much like a business loan, foreigner loan or personal loan, there are certain conditions you must meet before applying for this type of loan, from annual income to age and residency status. Make sure you meet the following conditions if you want to guarantee a payday loan approval:

  • You must be at least 18 years old
  • Your monthly income must be $1,500 or more
  • Non Singapore residents seeking a foreigner loan must have a monthly income of $2,000 or more

You also need to make sure you bring along the following documents:

  • Singapore identity card
  • Proof of residence
  • Proof of employment (i.e. employment pass or employment offer letter)
  • 3 months payslip evidence
  • SingPass to access CPF, HDB, IRAS e-services

Foreigner loan applicants might also need:

  • Passport
  • Work permit
  • Proof of residence
  • 3 months payslip evidence
  • Bank statements


Find Your Perfect Payday Loan in Singapore in 3 Steps

Moneylender Review can help you find the best loan in Singapore with the lowest interest rates to suit your short term loan needs. We make securing a payday loan easy with the below three step loan application process:

1 – Submit a loan enquiry on our website

2 – Compare loans from every licensed moneylender in Singapore

3 – Select your perfect loan and visit the lender directly to receive your money


Get the Best Interest Rate on Your Payday Loan Now

Both permanent residents and foreigner loan applicants are 100% eligible for most payday loans offered by moneylenders– and loan applications couldn’t be easier. So, what are you waiting for? Apply for cash today and compare the best interest rates and top deals from the best money lenders on the market.


Why Loan from Us?

Taking a loan can be stressful and confusing, regardless of the loan types you are looking at. If you have money to pay out and a short term or payday loan seems like the best solution, we can help you find your perfect loan offer with the right loan amount to suit you in 3 easy steps. Simply submit a loan application and let us do the rest.

Here at Moneylender Review, we also regularly update this site with the latest Ministry of Law and money lender information about payday loans and any other loan Singapore has to offer. This helps you better understand loans and make better financial decisions for yourself, your business or your family. We also compile top reviews of all licensed moneylenders across the country, so you can easily compare and contrast providers.


Get the Best Cash Loan or Payday Loan Today

Want to compare cash loans, payday loans and the best licensed moneylender companies in Singapore? Forget credit cards and complex bank T&Cs. Apply for a loan with Moneylender Review and get fast cash from a licensed moneylender before your next paycheck. Just fill in the form below!

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Frequently Asked Questions (FAQs)

Still unsure about payday loans? Here are some handy FAQs to help you find the best payday loan in Singapore today.

Payday Loan

How does a payday loan work?

Payday loans are set up specifically to help people who need cash quickly. Borrowers can take out a loan for one month and then repay the loan immediately when they get their next paycheck. 

These loans can help borrowers build up favorable credit as well.

Which payday loan is my best option?

This will always depend on your unique circumstances, as well as your credit background, eligibility and monthly income. 

We recommend avoiding higher interest options in favour of loans with better rates and the most flexible payment terms that suit you. Licensed moneylenders tend to offer faster approvals and easier application procedures.

Where can I find a payday loan online?

Moneylender Review enables you to apply for the best payday loans on the market with the click of a button. 

If you choose to visit lenders directly instead, check the licensed moneylender license of your desired provider to ensure it is licensed before applying.

What is the difference between payday loans and personal loans?

While standard personal loans and other types of loans will enable you to choose a loan amount that suits you, a payday loan allows you to borrow up to one month’s salary only.

These kinds of quick cash loans are intended to help you bridge gaps in your finances for one month, repaying the amount owed when you get your next paycheck. Moneylenders will charge form 1- 4% interest on both loan types.

How much can I borrow with a payday loan?

Ordinarily, the total amount you can borrow will be anywhere up to one month’s salary.

Do payday loans have high interest?

No. The licensed moneylenders must follow the regulations set by the Ministry of Law. The maximum interest rate that a licensed moneylender can charge is up to 4% per month. 

There are other great benefits on offer too, such as the ability to build up good credit and borrow money for a very short interval without having to worry about long term debts and high interest taking its toll over longer time periods.

Do moneylenders check your credit when applying for a payday loan?

This depends on the licensed money lender of your choice, and their individual preferences. Banks will check your credit, but moneylenders will take your current financial status into consideration - such as whether you can afford the loan, if you have a job and if you are earning a consistent income.

Are online payday loans legit? And are they protected?

You must be careful, as scam websites are not 100% unknown! Try to stick to trusted money lenders and/or banks with a “PTE LTD” at the end of their name. The same goes when applying for business loans, too. You are required to go down to the moneylenders' office for a face-to-face verification.

Before applying for a payday loan, be sure to check that your preferred lender is a licensed financial institution in Singapore and fully compliant with the Ministry of Law. 

You can check the Ministry’s Register of Moneylenders here. This list documents all of the trusted places you can borrow from.

Do payday loans require collateral?

Sometimes a payday loan may require collateral, but most moneylenders on the market will not require this – making payday loans much easier to obtain in a last-minute financial emergency, and much less daunting to apply for in the first place.

What if I am worried about being able to pay off a payday loan?

You should only take out a payday loan if you are 100% sure that you will be able to pay it off within one month. Always take into consideration the fact that your loan will need to be repaid within just a matter of weeks, with fees and interest included – so try to borrow a total amount slightly less than your full salary as a failsafe. The last thing you want is to have to take on additional credit card debt to pay off what you owe.

Can I secure a payday loan within 1 hour or less?

One of the best things about payday loans is the lightning-fast approval processes offered by most financial institutions. With many licensed moneylenders, you can get your hands on the cash within an hour – as soon as you’ve stopped by their offices to sign your contract.

How are payday loans calculated?

In most cases, a payday loan will be calculated based on your earnings, as you are able to borrow anywhere up to one month’s salary to be repaid on your next payday. However, just like when taking out a business loan or other loan, you will need to take any processing fees and interest into consideration when calculating the total amount you will need to repay.

Can I get a payday loan if I have bad credit?

In short, yes – as most payday lenders will look more at your repayment capabilities and eligibility documents than your credit score. Your score will be considered, but moneylenders are usually very lenient towards lower scores.