A worried looking woman staring at her bills to indicate that she needs fast cash.

What You Need to Know to Get a Fast Cash Loan in Singapore

7 min

Emergencies can come calling at any time and you may need an urgent cash loan to manage it.

Thankfully, if the friends and family option doesn’t work out, there are always licensed moneylenders in Singapore that you can approach for a fast cash loan to meet your needs.

So, how can you apply for a fast loan in Singapore, and how much can you borrow?

Let’s find out.

What is a fast cash loan?

A fast cash loan is also referred to as a personal loan. The overall purpose or intention of this loan is to provide funds immediately. It could be used for business capital, weddings, medical expenses, or even travel.

A fast cash loan is an unsecured loan provided by financial institutions like private moneylenders based on your employment history, repayment capacity, income level, profession, and credit history.

How does a fast cash loan work?

Once your application is approved by a licensed money lender, the latter needs to do an in-person document check at their office, after which the money is given to you in cash or deposited into your bank account, or passed to you through some other agreed channel.

What are the benefits of a fast cash loan?

Let’s have a look at the following advantages of taking a fast cash loan from a licensed moneylender.

Quick approval

Some types of loans, especially those extended by banks, require several documents for approval. By comparison, a fast cash loan requires very few documents, which we will share more about later.

Prompt cash disbursement

With various moneylenders offering personal loan services online, the funds are disbursed within a few hours of the approval. In many instances, this can be as quickly as 30 minutes.

Flexible loan tenure

One of the most significant advantages of a fast cash loan is that a borrower can choose the loan tenure based on their capacity to repay. Usually, the duration of a personal loan ranges from 1 to 5 years. While a shorter loan tenure means higher monthly installments, a longer loan tenure means a lower amount to be repaid per month. However, the latter also means you will pay interest for longer, which amounts to a larger sum spent throughout the entire loan tenure. So if you can, it’s recommended that you opt for a shorter tenure to save on interest payments.

No collateral required

A personal loan doesn’t require the borrower to provide collateral and is therefore considered an unsecured loan. It means you don’t have to put your property or any other assets at risk to borrow the money.

What amount can you get as a fast cash loan?

Now, maybe you’re wondering how much you can borrow through an instant cash loan. Or, are fast cash loans cheaper than credit cards? Generally speaking, fast cash or personal loan rates depend on two things: your annual income and your credit rating.

If you have a steady source of income, you may apply for and receive a larger loan amount than if your income status were patchy. This is because lenders need to be able to evaluate your ability to repay your loan. So the higher your annual income, the more likely you are to repay your loan quickly. However, regardless of your income status, there is a cap on the amount one can borrow from a licensed moneylender. See the table below for details.

Borrower’s annual income Singapore Citizens and Permanent Residents Foreigners residing in Singapore
Less than $10,000 $3,000 $500
At least $10,000

and less than $20,000

At least $20,000 6 times monthly income 6 times monthly income

Credit: ROM Singapore

Your credit rating plays a vital role in getting approval for a loan. When you have a higher credit rating, you’re not only more likely to get the loan, but it will also come at a better rate of interest and you can get a higher amount. Any late payments affect your credit rating, which in turn affects your chances of getting a loan approved in the future.

When to consider getting a fast cash loan

Fast cash loans, or any loans for that matter, should be considered only when you are in urgent need of funds. They should only be used during times of necessity. Taking a loan to fulfil a whim like buying a fancy new gadget or going on an extravagant trip can backfire in the form of a low credit score.

If you do need a loan, here are four simple steps you can take to ensure that your fast cash loan request is approved without any hiccups.

1. Provide proper personal identification

All licensed moneylenders in Singapore are required to confirm an applicant’s identity through an in-person face-to-face verification before approving a fast cash loan. This is a crucial step to prevent others from taking on debt in your name.

Most licensed moneylenders have established a thorough but orderly process for ID verification. They have the highest regard for your privacy and follow strict security protocols to ensure that your data is not compromised. All your identity documents would also be returned to you immediately after verification.

2. Maintain a steady employment record

A good employment record is perhaps the strongest indicator that you can qualify for a fast cash loan in Singapore. Lenders view a steady income stream as a pathway for you to adhere to your financial obligations.

When you apply for fast cash loans, bring as much relevant employment paperwork with you as possible. This can include but is not limited to pay slips, records of CPF contributions, and tax records that licensed moneylenders will avail online directly from the source. Recent bank statements and proof of alternate income sources such as alimony, child support, and disability payments from insurance companies are also helpful.

3. Get a co-signer

A co-signer is someone who agrees to be responsible for the loan repayments if you are unable to pay them yourself. They do not receive any money from the loan directly from the lender.

If you can get an individual with an impeccable credit score to co-sign for a fast cash loan, securing loan approval will not be a problem. However, the advantages go beyond approval. Lenders may also approve a larger loan principal and charge you lower interest rates for the same terms.

If you do have a relative, close friend, or colleague who is willing to co-sign a fast cash loan in Singapore with you, they will have to furnish the same paperwork as you and also be present during the in-person verification process.

4. Honour your debts

There are few better signs of a reliable debtor than a history of debts paid in full and on time. Creditors take this approach whether you are applying for a fast cash loan, business loan, or any similar type of loan. In fact, many lenders favour individuals who have a history of incurring debt and then repaying it over those who simply do not borrow at all, since it is hard to gauge the latter’s reliability without any data.

Thus, you should not regard your application for a fast cash loan as a negative step. If you maintain regular payments to service the loan and pay off the debt in time, it will help build your credit, boost your financial credibility, and allow the lender to offer you larger loans at lower interest rates in the future.

Bottom line: How to get a fast cash loan


Infographic on the eligibility and requirements for a fast cash loan

A fast cash loan in Singapore can cover all your financial emergencies. Therefore, it’s always worth choosing a reliable licensed moneylenders when it comes to getting quick approval on your application at low-interest rates or flexible repayment terms.

Contact Cash Direct for easy and quick services for a fast cash loan. We ensure a smooth and safe process.


The information provided on our website is for educational and informational purposes only and is not intended to be a substitute for legal or financial advice. While we try to ensure that information on this website is accurate, we do not warrant that the information will be free from error. We shall not be liable for any loss or damage that may arise from the use of this website.

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