Compare the Best
Pay Day
Loans
in Singapore (June 2024)

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rates, apply online & settle faster.

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Updated June 19, 2024

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Loan Marketplace

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PAY DAY LOAN CALCULATOR
Calculate your repayments

Loan Amount
34

$1,000

$200,000

Term
3

3 Months

48 Months

Monthly Interest
Your Monthly repayment will be
$9,700.88
Total Repayment

$58,200.00

Total Interest

$13,200.00

List of Pay Day Loan Providers in Singapore (June 2024)

Moneylender Max. Loan Amount (Singaporeans) Max. Loan Amount (Foreigners) Monthly Interest Rate Google Reviews
1 Fullerton Credit 6 times monthly income 6 times monthly income 1-4% 5.0
1st Credit SG 6 times monthly income 6 times monthly income 1-4% 5.0
365 Credit Solutions 6 times monthly income 6 times monthly income 1-4% 5.0
Orange Credit 6 times monthly income 6 times monthly income 1-4% 5.0
Quick Credit 6 times monthly income 6 times monthly income 1-4% 5.0
Raffles Credit 6 times monthly income 6 times monthly income 1-4% 5.0
A1 Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Abm Creditz Singapore 6 times monthly income 6 times monthly income 1-4% 4.9
Bugis Credit Up to $50,000 Up to $30,000 1-4% 4.9
Capital Funds Investments 6 times monthly income 6 times monthly income 1-4% 4.9
GS Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Horison Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Katong Credit 6 times monthly income 6 times monthly income 1-4% 4.9
Credit 21 6 times monthly income 6 times monthly income 1-4% 4.8
Aero Credit 6 times monthly income 6 times monthly income 1-4% 4.3
JR Credit 6 times monthly income 6 times monthly income 1-4% 4.0

*Today's Moneylenders Rates - 19 June 2024

  • Pay Day Loans Basic

  • Tips and Hints

  • FAQ

Payday Loans: Quick Money But At What Cost

Payday loans provide fast access to cash, usually ranging amounts between $200-$1000, to cover financial shortfalls between paychecks when urgent bills need to be paid without delay. In Singapore, payday loans are regulated by the Ministry of Law, and there are various restrictions to protect borrowers. Regardless of the type of loan (payday loans included) licensed Moneylenders can charge max. 4% interest per month.

Key Considerations

Money lenders promise easy access to cash but charge exceedingly high interest rates. Compare lender rates & fees:

Loan Extension Limits
Strict limits prevent endless renewals trapping borrowers. Lenient policies encourage runway debt as interest compounds and rolls over.
Fee Overview
Added fees for processing, late repayments etc. can increase total fees so full transparency is essential.
Flexible Repayment Options
More manageable repayment terms than 1 paycycle to avoid late payment fees and manage payments successfully.
A Last Lending Resort

While no other option matches a payday loan’s speed and accessibility, costs and repayments can be extremely hard to manage.

Quick Cash Access
Receive emergency funds quickly with basically no barriers to approval.
Crushing Debt Spiral
Interest rates of 3-4% per month and full lump sum repayments within a month can causes intense stress. Without budgeting and financial discipline, rollover fees can accumulate into unpayable debt.
Understand All Fees

Apart from extremly high monthly interest charges which range from 2-4%, payday loans often come with various origination and processing fees.

Repay Quickly

Payday loans require full repayment, fees and interest usually by the next paycheck. Realistically assess your ability to repay the entire lump sum or rolling over your debt might accure late repayment fees and continuation of high internet repayments.

Accurate Application Documents

Provide correct personal contact information, CBS or MCLB and the latest 3 months pay slips. Not providing these documents will most likely get your application rejected.

Arrange Payments to Avoid Defaults

While money lenders provide quick access to cash, failing to arrange repayments can cause severe financial hardship so always prioties repaying high interest loans first.

What are payday loans and how do they work?

Payday loans provide access to fast cash to bridge short term financial hardship until your next salary payment date.

What payday loan amount can I get as a foreigner in Singapore?

Licensed money lenders in Singapore legally can offer up to S$3,000 for foreigners with valid S Pass or work permits, given maximum loan quotas.

What documents are needed to apply?

Applicants generally need to provide NRIC, fin number, work passes, pay slips, and credit report.

How long do I have to repay my pay day loan?

The maximum repayment term is 30 days until your next pay day.

Where do I need to go in Singapore to get a payday loan?

Many licensed moneylenders and lending platforms such as ROSHI offer payday loans. Launch an application on our platform and get access to various lenders and financing options.

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