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Compare the Best Payday Loans in Singapore (March 2026)
Quick Overview: Best Payday Loans in Singapore
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What You Can Use a Payday Loan For
Debt Consolidation
Pay off high-interest loans and streamline payments.
Emergency Expenses
Cover unexpected medical bills, urgent car repairs, or other financial surprises.
Home Improvement Or Renovation
Finance projects to increase your home’s value.
Major Life Events
Pay for wedding costs, education, or moving expenses.
Explore Other Loan Options:
How to Apply for a Personal Loan
Apply online with Singpass
Choose your loan amount and select your loan repayment period
Submit your application
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Frequently Asked Questions
About Payday Loans
What Is a Personal Loan?
A personal loan is a sum of money borrowed from a bank, financial institution, or private licensed money lender. You are free to use the funds however you wish.
It is disbursed as a lump sum, minus any administrative or processing fees. This sum of money is to be repaid in equal monthly instalments (EMI), otherwise known as monthly repayments, over the loan tenure.
Depending on where you get your personal loan from, the loan tenure can vary. Major banks offer loan tenures ranging from 1 to 7 years, while licensed private money lenders offer tenures of 3 to 12 months.
A personal loan in Singapore is a type of term loan and is usually an unsecured loan. This means that a borrower does not have to pledge collateral or valuable assets in exchange for the loan.
What Can I Use a Personal Loan For?
As personal loans are typically deposited into your bank account, you’re allowed to use the money however you want. This can be for debt consolidation, covering unexpected expenses, or paying for medical emergencies. You could also use a personal loan to help finance large purchases, such as weddings or home improvements.
That said, it’s important to borrow responsibly and avoid reckless spending. Borrowing more than you can afford, spending the money on lavish purchases, or engaging in gambling, can all lead to a cycle of debt and huge financial distress.
How Does a Personal Loan Work?
A personal loan allows you to borrow a fixed amount of money, which is repaid in regular instalments over a period of time with interest. Lenders will review borrowers’ creditworthiness based on their credit score, income, existing debts, collateral, and credit history to determine their reliability in repaying the loan. Borrowers with a strong financial profile will have a higher potential to receive more favourable loan terms, interest rates, and loan amount.
Unlike specific-purpose loans, personal loans can be used for various purposes. The funds are disbursed in one lump sum either in cash or directly into the borrower’s bank account.
How Much Personal Loan Can I Get in Singapore?
Banks with personal loans allow you to borrow 4 to 6 times your monthly income if your annual income is below S$120,000. Those earning S$120,000 or more annually may be eligible to borrow 8 to 10 times their monthly income.
For licensed money lenders, you can borrow up to 6 times your monthly income if you earn S$20,000 or more per year. Those earning less than S$20,000 annually can borrow S$3,000 if your annual income is below S$20,000.
Foreigners residing in Singapore can borrow a maximum of S$500 if their annual income is less than S$10,000, and S$3,000 if their annual income is between S$10,000 and S$20,000.
Where to Get a Personal Loan?
In Singapore, you can apply for a personal loan through banks, licensed moneylenders, or loan comparison websites. The best option depends on your eligibility, interest rates, and repayment terms.
Can I Take More than One Personal Loan?
Yes, you can have more than one personal loan as there’s no legal limit in Singapore. In fact, you can take multiple personal loans at once. However, the number of loans and the amount you can borrow depend on your credit score, income level, job stability, and existing debts, and also vary from bank to bank.
Furthermore, the Monetary Authority of Singapore (MAS) mandates that the total unsecured loans with all financial institutions in Singapore cannot exceed 12 times your monthly income. This includes personal loans, credit cards balances, student loans, and other personal lines of credit.
How Long Does It Take to Get a Personal Loan Approved?
The time it takes to get your personal loan approved in Singapore depends on several factors, such as your lender, credit score, customer status, and how quickly you can provide the required documents. Banks typically can take 1-3 days for approval, while digital banks can process approvals within minutes or on the same day. Licensed money lenders can offer same-day approval in some cases.
Can I Get a Personal Loan with Bad Credit in Singapore?
Yes, it’s still possible to get a personal loan with a low credit score, though it may be more challenging. However, do note that lenders may offer loans with higher interest rates, smaller loan amounts, and shorter repayment periods.
You can improve your chances of approval by improving your credit score, taking smaller loans, consolidating debts, or adding a guarantor. You may also consider applying through licensed money lenders, as they generally have less stringent requirements and are more likely to approve loans, even for those with bad credit. Many lenders also approve loans quickly, sometimes in minutes or on the same day.
Can Foreigners Apply for Personal Loans in Singapore?
Yes, you can apply for a personal loan in Singapore as a foreigner. You must be at least 21 years old, hold a valid Singapore employment pass (E Pass, S Pass, Dependant Pass) or earn an annual salary of at least S$40,000 to S$45,000. You can also borrow up to 4 to 6 times your monthly salary.
If you don’t meet the eligibility requirements from a bank, consider borrowing from licensed money lenders. They offer quick and easy application process, faster approvals, and no credit checks. That said, licensed money lenders charge higher interest rates (not more than 4% per month) and processing fees than banks and financial institutions.
Are There Personal Loans for Low-Income Earners in Singapore?
Yes, personal loan options for low-income earners in Singapore include DBS Personal Loan, Standard Chartered CashOne, OCBC ExtraCash Loan, HSBC Personal Loan, and GXS FlexiLoan. The minimum annual income requirement to qualify for a personal loan from a bank is S$20,000 for Singaporeans/Singapore PRs, or S$40,000 for foreigners.
Meanwhile, licensed money lenders offer loans with no minimum annual income requirement and faster loan approval process.
Are There Personal Loans for the Self-Employed in Singapore?
Self-employed individuals like entrepreneurs, freelancers, and gig workers can apply for personal loans in Singapore, but there are some challenges such as a lack of CPF contributions, irregular income, higher interest rates, and stricter eligibility criteria.
That said, you can improve your chances of securing a personal loan by documenting your income, filing your tax returns on time, providing business registration documents, applying for smaller loan amounts, and maintaining a high credit score.
The minimum income requirement from banks is typically S$30,000 to S$40,000 per year; however, licensed money lenders are more flexible with lower income requirements.
Flat Rate vs Effective Interest Rate: What’s the Difference?
In a flat interest rate loan, interest payments are calculated based on the original loan amount. This means the monthly interest remains the same throughout the loan term, even as the outstanding balance decreases.
On the other hand, the effective interest rate (EIR) is the true cost of your loan, as it includes compounding interest, repayment schedule, loan duration, and any additional fees, and is therefore a more accurate representation of the loan.
Is CompareSing the Loan Provider?
No, we are your comparison portal, not a loan provider or lender by any means. We do the legwork to find you the best rates from banks and licensed money lenders, then we “hand off” the baton to you to select who you’d like to get a loan from and finalise your application.