10 Best Payday Loans in Singapore to Tide You Over Until Your Next Paycheck [2024]

We’ve all been there before: your savings have run dry and you need a sum of ready cash to tide you over until your paycheck at the month’s end.

Payday loans are short-term, high-cost loans that give you the money that you need until you receive your next paycheck.

Generally, your paycheck is used to pay off this loan.

Hence, it’s a way of “pulling forward” your income by a few weeks or days in exchange for a high-interest rate and fees.

Payday loans are relatively easy loans to get because lenders seldom check your credit score, and only ask for proof of income to ensure that you will be getting paid soon.

This also means that payday loans are generally less than your paycheck, so you should not count on them to provide a huge amount of money.

Wherever possible, borrowers should strive to get their payday loan from a licensed moneylender in Singapore for peace of mind. These licensed moneylenders can be found under the Ministry of Law’s List of Licensed Moneylenders in Singapore.

Looking for the cheapest payday loans in Singapore? In this post, we’ve gathered all the necessary details to compile a list of the 10 best payday loans in Singapore.

1. ValueMax

Having been serving the community in Singapore for over three decades, ValueMax is one of Singapore’s largest and most established pawnbroking chains.

Opened in 1988, the decades-old pawnbroker has since been awarded the title of the People’s Choice for pawnbroking, loans, and other related financial solutions.

Their payday loans in Singapore has a speedy approval process.

Simply fill in their application form at their office, and they will revert with a loan eligibility decision within one or two working days from the date of application.

You will also receive your loan money in a jiffy. Loans will be disbursed instantaneously in the form of cash upon loan approval.

You don’t have to wait for cheques to be cleared or for funds to be electronically wired to your bank account.

2. Bugis Credit

Established in 2007, Bugis Credit is one of Singapore’s most respected moneylenders, offering personal, business, monthly, payday and foreigner loans.

Bugis Credit is a licensed money lender that is regulated by the Ministry of Law.

They provide customized loan plans and will not solely consider your credit scores.

To be eligible for their payday loans, you need to be at least 18 years old.

Singaporeans and Permanent Residents need to be drawing a minimum salary of SGD$1500, while foreigners need to be drawing a minimum salary of SGD$2000.

3. Cash Direct

The next on the list for best payday loans is Cash Direct. Starting out as a sole proprietor in 2006, Cash Direct was incorporated as Private Limited in 2017, and moved to Vision Exchange, Jurong East, Singapore recently.

Cash Direct offers flexible monthly repayment schemes that are as follows:

• 1-Month Repayment: A payday loan in Singapore is taken on 6th January, your repayment date will fall exactly one month from the date you collected your loan. Your loan should be paid back in full plus interest by 6th February.
• 2-Month Repayment: A payday loan in Singapore taken on the 6th of January can be split into two separate payments instead of paying the loan at once. And then, the repayment dates will fall on 6th of February and 6th of March.
• 3-Month Repayment: This enables you to have the flexibility of splitting the repayment into three installments in-between receiving the loan and having to repay it. As an example, just like in the above, a payday loan borrowed on the 6th of January can be divided into three separate payments to be paid once every month for 3 months. Hence, instead of you having to pay a lump sum, repayment dates will be on on 6th of February, 6th March and 6th April.

4. 365 Credit Solutions

365 Credit Solutions Pte Ltd, formerly known as FLS Credit and Fu Lu Shou Credit, is one of Singapore’s most well-established legal and licensed money lender agencies since 2010.

Accredited by the Registry of Moneylenders in Singapore, 365 Credit Solutions specialize in providing personal loans, payday loans, business, foreigner, and bridging loans to local Singaporeans as well as foreigners working and residing in Singapore.

As a customer-centric lender, their policies have always been about placing customers first. They aspire to help make loan applications simpler, and quicker to ensure that financial troubles are lightened even in the face of what could be one

5. Trillion Credit

Being rated as a Top #1 Money Lending Company, Trillion Credit provides legal financial loans to Singaporeans, Singapore PRs and Foreigners holding valid passes in Singapore.

As a value-added professional service provider, their highest priority is to make the loan application process as hassle-free and convenient as possible, whilst assuring that personal data will be handled with the highest level of safety and confidentiality.

The loan application process is swift and efficient. Upon receiving the application for payday loans with the required documents, a payout will be provided in 30 minutes.

6. Fortune Credit

Since 2010, Fortune Credit has remained committed to delivering an excellent money-borrowing experience to their customers.

The company is regarded as one of the top 10 licensed moneylenders in Singapore by Loan Advisor.

When it comes to taking up payday loans in Singapore, banks usually reject the application due to low or bad credit history.

But they complete an evaluation of your capability to repay the loan which is based on your current financial condition.

In other words, the assessment is not based on your credit history. In general, you only need to prove that you have a reliable source of income to repay the loan.

Fortune Credit can disburse the loan amount, typically, in only an hour with an easier loan application process, at low-interest rates, and with no hidden charges.

This is in contrast to banks which require more time to disburse the loan.

7. Raffles Credit

Established in 2011, Raffles Credit is one of the most prominent licensed moneylenders in Singapore with the best curation of loan packages for clients.

The application process for payday loans is speedy and convenient.

You may expect to receive your borrowed cash within an hour, or upon the signing of the contract when you’re contacted to go down for the signing of the contract.

Reviews sing high praises of the payday loan in Singapore; they attest to the professionalism and responsiveness of their staff and excellent customer service.

Many also claim that the transaction is hassle-free and completely transparent.

8. Capital Funds Investments

Next on our list of besy payday loans is Capital Funds Investments. They are a licensed moneylender that gives you access to urgent cash resources needed to lighten your debt and start bettering your life.

The company has dedicated financial service experts to sit down with you to discuss your financial needs.

Their advisors will help you figure the loan amount you need before helping you to come up with a suitable timetable in which to repay the loan. 

They even have a Monthly Installment Calculator on their website!

To take up their payday loans, only three documents are needed for application:

1. NRIC / Employment Pass
2. Income Tax (Notice of Assessment)
3. Most Recent Pay Slip

9. Credit 21

Credit 21 is a legal money lender in Singapore registered with the Ministry of Law.

In fact, they are so well-recognized in Singapore that they are one of the six new firms piloting alternative business models together with the Ministry of Law.

With more than 16 years in the industry, Credit 21 has disbursed over S$100 million in loans to satisfied customers.

Their application process takes only three minutes to complete and approved payday loans will be disbursed within 24 hours to clients.

Do you also know that you can apply for payday loans from the company to better your credit ratings?

Each time you apply for a payday cash advance, the credit rating authorities are informed.

Once you repay the loan, positive feedback is sent to the authorities. This way, your creditworthiness is improved significantly.

10. GoldStar Credit

Finally on the list of best payday loans is Goldstar Credit. They provide professional financial advice to clients not just on loans but also on managing debt in everyday life.

Their senior loan officer and senior debt collection executive each have 10 years of experience in their respective fields.

Moreover, their test-quality manager has 8 years of experience. and had been approved by the Registrar of Moneylenders to ensure that all relevant money lending laws are complied with.

Also, all Goldstar loan officers are diploma holders. They are certified in PMFT, Money Lender Operations & Compliance Training by CAS (Credit Association of Singapore) and are all members of CAS.

FAQs About Payday Loans

10 Best Payday Loans in Singapore Summary

Do you have any reviews and comments to share regarding our choices for the best payday loans in Singapore? We welcome any feedback and anonymous sharing regarding your experience with the listed payday loans in Singapore.

We hope that this guide will be useful in helping you to make an informed decision when it comes to finding the best payday loans in Singapore. If you are interested to find out about other options for taking loans?

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