Urgently need cash in Singapore? Emergency expenses like medical bills or car repairs can happen when you least expect it. Thankfully, there are options for urgent loans in Singapore to get you fast cash approval. This comprehensive guide examines your best routes to obtain urgent loans and key factors that impact approval odds.
Assess Eligibility for Bank Loans
Local Singapore banks like DBS, OCBC and UOB offer personal instalment loans. To qualify you’ll need good credit, income documentation and the ability to make monthly repayments.
- Meet strict minimum income requirements, usually S$30,000+ annually
- Have a high credit score, 650+ is ideal
- Provide recent pay slips and proof of employment
- Loans usually range from S$5,000 to S$200,000
- Lower interest rates around 4% – 8%
- Application to approval timeframe is 2-4 weeks
Banks conduct thorough background checks. Usually, loans in Singapore from banks take time due to rigid criteria. If you have good credit and income, bank loans provide the lowest rates.
Apply for Licensed Moneylender Loans
Over 160 licensed moneylenders in Singapore offer fast cash loans from S$500 up to S$3,000.
- Applications take just minutes, with extremely fast approval
- Require only NRIC, proof of address, income docs
-Flexible repayment terms from 6-12 months
- Higher interest rates from 10%-20%
Moneylenders must register all loans with the Singapore Moneylenders Credit Bureau. This protects borrowers from over-lending.
Benefits include quick 24-48 hour cash disbursal and lenient approval requirements. Loans from Licensed Money Lender Singapore with Reviews are optimal for urgent small loans, but avoid repeat borrowing due to high interest.
Consider P2P Lending Services
Peer-to-peer lending networks like Funding Societies connect investors and borrowers.
- Loan amounts from S$1,000 up to S$100,000
- Interest rates lower than moneylenders at around 7%-18%
- Approval in as fast as 24 hours if fully digitally submitted
- Must pass credit checks although criteria less rigid than banks
P2P lending offers lower interest rates than moneylenders for medium loan amounts with quick approval. This makes them advantageous for urgent borrowers who don’t qualify for bank loans.
Weigh the Pros and Cons of Credit Cards
Many Singaporeans use credit cards for instant cash via ATM withdrawals or BT transfers.
- Withdraw up to 100% of card’s credit limit
- Interest rates extremely high, 25%-29%, plus fees
- Immediate approval and transfer to bank account
- Risk of incurring serious credit card debt
While very fast, credit card cash loans have astronomical interest rates and should be used with extreme caution. Easy access tempts over-borrowing. Reserve credit cards for real emergencies only.
Evaluate Employer Loan Benefits
Some Singapore companies offer special staff loans or salary advances.
- Offer no/low interest loans up to 2 months’ salary
- Payroll deduct repayments directly from salary
- Approval within a day based on employment
- Must be employed for minimum 6-12 months
Company loans make borrowing more affordable for employees. Check with your HR department to see if your organization provides this benefit.
In Summary
During urgent situations, Singapore offers multiple finance options. Banks provide the lowest interest rates but greater eligibility hurdles. For smaller sums with fast approval, licensed moneylenders are effective. P2P lending networks bridge the gap nicely between banks and moneylenders. For emergency use only, credit cards supply instant funds – but examine the high costs. Employee loans also supply accessible funds if available. Evaluate all your choices to find the best urgent cash loan for your needs in Singapore.