Payday Loan in Singapore: The Funds You Need for Urgent Bills

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.

What is a payday loan in Singapore?

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.

Why do you need a payday loan in Singapore?

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.

How you can benefit with a payday loan by Cash Direct

No minimum sum

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.

No collateral or guarantor required

Our payday loans do not require a guarantor, and neither is collateral needed. You simply need to provide proof of income.

Fast online approval

We offer convenient online loan applications. Payday advance loans online can be approved in under 20 minutes!

Cash disbursement

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.

No credit score needed for approval

Our payday loans do not require credit checks. You can quickly and conveniently get the funds you need.

Apply for a payday loan online and tide over the month with quick and easy funds.

Frequently Asked Questions (FAQs) about Payday Loans in Singapore

What is a payday loan and what can it be used for?

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.

What are the key things to know about a payday loan in Singapore?

Payday loans are typically short-term instant loans that are used to bridge temporary cashflow gaps.
Due to their short-term nature and no collateral requirement, payday advance loans usually come with higher interest rates. It’s essential to ascertain the interest rate offered and how much your total repayment would be before accepting the loan.
Payday loans in Singapore online provide a fast and convenient solution for urgent bills.
Borrow what you need, and not more; this will help you save on interest payments. Strive to pay off an outstanding payday loan before applying for new ones to avoid over-borrowing.
Payday loans may be used for any purpose you see fit, such as meeting emergency expenses, or to pay bills on time (and avoid late fees). Their high cost of borrowing makes them unsuitable for frequent usage, so they should only be used in urgent situations.

What’s the difference between a payday loan and a personal loan?

	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

Are payday loans variable or fixed?

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.

Can I use a payday loan for debt consolidation?

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.

Can I get a payday loan even with a bad credit score?

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.

Am I eligible for a payday loan and what are the basic requirements?

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

How does the loan tenure for a payday loan work?

The loan tenure is shorter than other types of loans; up to 31 days from the loan collection date.

What are the interest rates and charges for payday loans in Singapore?

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.

I’m interested in getting a payday loan. How should I begin?

Applying is quick and fuss free; you can even apply for a payday loan online! Just follow these steps:

Go to https://cashdirect.sg/apply-loan/ and submit your application
Wait for an update on your application status
Receive the loan amount in cash or PayNow