Payday Loan

A payday loan is a short-term and unsecured loan which you can use to cover expenses until your next salary or payday. 

You will receive a portion of your salary’s value in advance of the actual paycheck. Once your salary has been banked in, you can use it to pay off the loan immediately. This loan is ideal for unexpected or urgent expenses you cannot afford to delay until payday.  

Due to how payday loans work, these loans have a much shorter tenure. Accordingly, your interest will be calculated based on the number of days remaining until your next payday. 

At Quick Loan, you can apply for a payday loan in Singapore through a quick and easy online process, through WhatsApp or by visiting our office.

Licensed moneylenders  like us can offer you a payday loan, also known as a cash advance loan. This loan lets you borrow money as emergency funds to cover your expenses until you receive your next salary.  

All licensed moneylenders in Singapore are subject to the Moneylenders Act and are listed under the Registry of Moneylenders. We adhere to strict regulations on interest rates, fees and other charges. 

Payday loan applicants must be 18 years of age or older, with a minimum income of SGD1,800. Singaporean or PR borrowers must present their NRIC, SingPass, residence information, payslips and bank tokens. 

Foreign borrowers must provide a valid work permit, Employment Pass or S Pass. We’ll also need your passport, residence information, payslips, bank tokens, employment contract and staff card.

Yes, you can get your payday loan approved on the same day at Quick Loan. 

We offer a range of quick loans where you can get your cash in 30 minutes. This means you can receive your funds on the same day you place your loan application. 

Our fast and hassle-free application process makes us a reliable choice if you need to access funds urgently.  

You can apply for a payday loan online, through WhatsApp or by visiting our office. We’ll invite you to a free consultation at our office, where you’ll provide us with all the necessary documents. 

Once your loan is approved, you may sign the agreement and receive your cash on the spot.

A payday loan with a licensed moneylender will not appear on your CBS credit report, which is commonly used by banks in Singapore. However, a payday loan might appear in credit reports from other agencies. 

The good news is that a payday loan is typically smaller in value, so you can clear it with your paycheck through a single lump-sum repayment. This means you’ll ideally not have to commit to a long-term payment schedule that would have an impact on your credit history. 

We advise you to commit to timely repayments of any loan you take to ensure a good credit score. You can take advantage of the low interest rates and flexible plans available at Quick Loan, which are designed to keep your instalments affordable.   

Get in touch with us to learn more about how payday loans work.