A payday loan, or payday advance loan in Singapore is the answer to tide you over until your next salary. A payday loan online is also easily accessible, giving you quick access to the cash you need to address any short-term need.
Payday loans in Singapore are short-term, unsecured loans designed to help with temporary gaps in cashflow.
Applying for a payday loan is akin to getting an advance on your salary so you can meet your financial needs without delays. Additionally, payday advance loans are typically capped at your current monthly salary — this helps to avoid over-borrowing.
They are commonly used when there are urgent bills that cannot wait until you get your next paycheck, such as insurance premiums, or payments with expensive late fees. Such loans — also known as payday advance loans – can be a viable option when you have no others.
At Cash Direct, our mission is to help our clients better meet their urgent cashflow needs — and that’s why our payday loans in Singapore are convenient and easy to get. Consider applying for a payday loan if you need to pay off urgent bills.
Unlike other personal loans or payday loans in Singapore, we do not impose a minimum sum. You can borrow how much you need, no matter how small the amount.
Our payday loans do not require a guarantor, and neither is collateral needed. You simply need to provide proof of income.
We offer convenient online loan applications. Payday advance loans online can be approved in under 20 minutes!
Once you’ve signed the loan contract in person, you will receive your payday loan in cash or through PayNow. This way, you can quickly use your loan to make the necessary payments or expenses.
Our payday loans do not require credit score checks. You can quickly and conveniently get the funds you need.
A payday loan in Singapore is a short-term, unsecured loan designed to bridge a temporary gap in cashflow. They do not require any collateral or guarantor. There are no restrictions on how you can use your payday loan — you can use the funds in any way you choose.
However, it’s important to realise that payday loans are best used when you need some immediate funds to tide you over to your next salary. If you have longer-term financial pursuits, such as a wedding or a downpayment for a car, consider other financial loans such as personal loans or car loans.
However, it’s important to realise that payday loans are best used when you need some immediate funds to tide you over to your next salary.
If you have longer-term financial pursuits, such as a wedding or a downpayment for a car, consider other financial loans such as personal loans or car loans.
Payday loan | Personal loan | |
Interest | Higher | Lower |
Loan term | Shorter, a few weeks to a month | Longer, from several months to several years |
Amount you can borrow | Small, typically up to one month’s salary | Larger, up to 6x salary |
Repayment | Lump-sum repayment | Instalment payment |
The amount, interest rate and repayment term are locked in at the time a payday loan is granted, and will not change. Thus, payday loans are a type of fixed loan.
Payday loans in Singapore may be repaid in one lump sum.
Payday loans can be used for any purpose you choose, but they are best suited to bridge an urgent gap in cashflow, or for additional funds needed during an emergency,
Furthermore, payday loans are typically small in quantum, as you can only borrow up to one month of your income. If the sum total of your debts across multiple bills exceed your payday loan, you would not be able to consolidate your debts.
Speak with us regarding other loans with larger loan amounts and longer tenures that would act as more effective debt consolidation solutions.
Payday loans do not require a credit check. Hence, you are likely to qualify for a payday loan even if you don’t have a good credit score.
Singaporeans, PRs and foreigners of legal age are all eligible for a payday loan, and must be able to furnish consistent proof that they’re drawing a monthly income. The following documents should be provided when applying for a payday loan:
Proof of residency
Proof of employment
Consistent income proof
Identity document
The loan tenure is shorter than other types of loans; up to 31 days from the loan collection date.
Your lender will disclose the interest rate on your payday loan when approving your loan application, but note that payday loans tend to have high interest rates compared to personal loans or other types of financial loans.
Besides interest charges, you will also have to pay an admin fee not exceeding 10% of the principal loan amount when your payday advance loan is granted.
You will be liable for fees and charges for late payment and late interest, so be sure to check those thoroughly in case you fall behind on your payday loan repayment.
Applying is quick and fuss free; you can even apply for a payday loan online! Just follow these steps:
2
Wait for an update on your application status
3
Receive the loan amount in cash or PayNow
Vision Exchange, 2 Venture Drive #01-21
Jurong East Central 5 mins walk from Jurong
East MRT Station (Exit B) Singapore 608526
Monday – Saturday 11am to 7.30pm
Sunday 12pm to 5pm
Closed on Public Holidays
