365 Credit Solutions Pte Ltd is a licensed moneylender (License No. 17/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.​

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How To Get The Best Payday Loan Singapore

Man opening her salary envelop

Payday loans are short-term loans that help you get by until you receive your next paycheck. This type of loan lets you borrow up to one month’s worth of your income that must be paid on your next paycheck.

Many say that it’s unwise to take payday loans because of its high-interest rates and small loan amounts. But with proper financial management, a payday loan may be the financial blessing you’ve been looking for.

If you are considering getting the best payday loan, here are some things to consider prior to borrowing.

Advantages of a Payday Loan

  1. It’s Easier to Obtain a Payday Loan

Most financial institutions, such as moneylenders process applications in as fast as one hour. As long as you are eligible and you have provided the required documents, you may receive the confirmation within the day or a few days only.

  1. Short-Term Loans Have Fewer Requirements

You need to send a few requirements to get approved. These documents will be used to review your loan application, as these will show if you can pay for the loan. You may be asked to send a scanned copy of your recent payslip, a valid ID (this could be a company ID, passport, or driver’s license).

  1. This Is a Good Way to Improve Your Credit Score

Money lenders in Singapore report to credit bureaus to update your credit standing. Updated loan repayments improve your score, but non-payment or skipping payments can negatively affect your score.

Disadvantages of Payday Loan

  1. Expect High-Interest Rates

Make sure to pay your loans on time. If you pay late, your interest rates may rise. That is also why it’s wise to get a payday loan for emergency purposes only, such as monthly dues, car repair, medical emergency, among others.

  1. It’s Very Tempting To Use

Because the application process is quick, easy, and no collateral required, it’s tempting to get more payday loans. Evaluate your needs and veer away from borrowing more than you can afford.

  1. You Can Only Borrow Small Loan Amounts

You can only borrow up to one month of your monthly income. If you need more funds, personal loans may be your option. A personal loan lets you borrow up to six months worth of your salary, payable within six months.

You can also pay your loans early and may have a chance to lower your personal loan interest rates. Confirm with your lender for further details.

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How To Apply for The Best Payday Loan Singapore?

The best way to find the best payday loan or personal loan is to compare the best money lenders’ loan rates using a loan comparison site. This way, you can easily receive free quotes and sift through your options.

You may apply in the comfort of your own home when applying for a loan in Singapore. The only time you need to go to the brick and mortar or physical office of the lender is when you are requested to discuss the terms and conditions of the loan plan and the signing of the contract.


To be eligible for a this loan, you must be currently employed and show proof of your employment. Income also plays critical criteria for eligibility. For Singaporean residents, the minimum income should be $1,500, while foreigners should have a minimum of $2,000.


Basic requirements to get approved for a payday loan are the following

  • Documents to prove your employment

For Singaporean or permanent residents – identity card or NRIC, proof of residences such as a bill or letter that’s addressed to you, employment letter plus a three months’ payslip, and SingPass.

For Foreigners – work permit or employment pass, passport, proof of employment, proof of residence, latest bank statement, and SingPas.

  • A completed application form from the lender’s website
  • A mobile number so the lender can call you right away once your loan has been approved. You may also receive a call if your loan application has been rejected.
  • A bank account where your loan will be deposited.

Steps for Payday Loan Applications

Money Lender Agent discussing loan application

Typical steps for payday loan applications may vary depending on the lender, but usually, it’s a very straightforward process that goes this way:

  • Locate Licensed Money Lenders Online

Legit money lenders have online sites where you can apply without the need to leave your home. Just a simple Google search will reveal the nearest one in Singapore. But if you prefer to apply face to face, you can always visit local money lenders. Most lenders in Singapore have an actual office or headquarters and an online site.

  • Fill Out the Application Form

From the official website of the lender you selected, click “SIGN UP” and fill out the online form. An application for a loan is mostly very extensive, so take your time. When you’re done, review the information you provided before you click submit.

  • Read Terms and Conditions of the Lender

Another essential part of any loan application is the terms and conditions of the lender. Note that these are general terms and conditions and not yet the duration of your specific loan. Nonetheless, this will explain the following:

  • How long will you need to wait to get approved?
  • How long will you need to wait for the loan amount to show in your account?
  • Are there any fees for the application?
  • How are your loan application details used (Will it be shared with third parties, etc.)?
  • Provide Needed Documents

You will be asked to provide a few essential documents. Please refer to the typical money lender requirements above.

  • Wait For An Interview Or Loan Confirmation

Your application will be reviewed usually within the day, and a part of this review is a call from the lender. A representative will usually give you a call through the primary contact number you provided, so keep your line open. Meanwhile, some lenders may set an appointment on the best time to call you.

An interview will determine if all the information in the loan application form you filled out is correct. The representative will ask you to wait for confirmation through a call, email, or text that your application has been approved. You will also be informed if your loan application has been rejected.

  • Sign The Loan Agreement

Once your loan has been approved, you will be provided with a loan agreement. If you applied online, this agreement would be sent to you via email in PDF form. Read the contract thoroughly. If you have any questions about your loan document, contact your lender before you sign. Create a copy of this loan document and save it on your PC.

  • Expect Loan In Your Bank, Account, Cash Or Cheque

Once you sign the loan, it won’t take long for the amount to reflect in your account. Sometimes it can take a few minutes, sometimes a few working days after you sent the document.

Things To Consider Before Getting A Payday Loan

  1. Is A Payday Loan Right For You?

Take a payday loan only when you’re sure that you can pay it according to your payment schedule. Usually, payday loans need to be paid, along with the fees, in just a few weeks.

  1. How Much Do You Need?

Payday loans are small loan amounts. If you need a larger loan, consider other types of loans like a personal loan or a business loan. You may consult your representative about the right kind of loan for your needs.

  1. Can You Pay On Your Next Payday?

You must pay on your next payday. Pay on time because these can help you improve your credit score. Yes, lenders may report to financial authorities and the more loans that you take and pay off in time, the better your credit score would be.

  1. Payday Loans vs Personal Loans

The key differences between payday loans and personal loans are the loanable amount and repayment terms. The loanable amount for payday loans, as the name suggests, is a month’s worth of your income that is usually due within a month. Meanwhile, a personal loan’s loanable amount is up to six times your monthly income, payable up to 6 months.


A payday loan is a small, short term loan that takes care of small financial concerns. To avoid penalties, take time to reevaluate your needs and budget.
If you are ready to apply for your first payday loan, keep in mind that it’s also important to borrow from a licensed money lender with an established reputation, has excellent customer reviews, and knowledgeable loan staff. This is so you will be safe and be able to fully understand your responsibilities as a borrower and handle your commitments efficiently.

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