Best Payday Loan in Singapore​

Quick Comprehensive Guide for Payday Loan in Singapore​

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Fast Cash Payday Loan Singapore – Eligibility Requirements


  • Loan applicant must be aged 21 years and above
  • In employment

For Salaried and Commission-based Employees

  • Identification Card (NRIC)
  • Singpass Login
  • Proof of billing ( Any latest bill indicating residential address)
  • Latest 3 month original payslip (Only applicable if there is no cpf contribution)
  • Letter of employment (Only applicable for new employment)

For Self Employed

  • Identification Card (NRIC)
  • Singpass Login
  • Notice of assessment (NOA indicating trade income)
  • ACRA (Accounting/Corporate Regulatory Authority)
  • Proof of billing ( Any latest bill indicating residential address

For Taxi Drivers

  • Identification Card (NRIC)
  • Vocational license
  • Taxi pass
  • Min 7 days job summary
  • Proof of billing ( Any latest bill indicating residential address)


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Our loan executives will verify your eligibility and documents. Learn
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cash disbursement.

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We are committed to providing fast, convenient and affordable loan solutions.


Fill up our simple enquiry form here.
We will get in touch with you within
1 working day.


Our loan executives will verify your eligibility and documents. Learn
more here.


Sign the contract and expect your cash disbursement

Your Comprehensive Guide to Payday Loan in Singapore

Even those with regular jobs sometimes need emergency cash. If your paycheck is still a few days or weeks to go, yet you have to immediately pay a bill or you can’t pass up an opportunity of buying a valuable item that rarely goes on sale, then you can get a payday loan.

However, every time you sign a loan contract, there are two things that will come to mind: “Are you getting the best payday loan deal?” and “Are my information really safe?”

Learn to identify the best legal payday loan with our comprehensive guide to ensure that you are not getting ripped off.

Payday loans are usually multi-purpose.

Like on a few occasions a year, an unexpected bill, a nice holiday, a chance to pamper yourself during a great sale or even during a festive season, there are times when cash consumption is high. These moments are when we run low on our personal daily cash flow and a need for a cheap payday loan will arise to bridge over for a short term.

Cash Mart provides useful payday loans that help fill the gap before the next pay cheque arrives.

Payday loans do not require any collateral. This type of unsecured loans is easier to process since there are lesser requirements compare to the secured loans.

Licensed moneylenders understand your emergency needs means a quick cash disbursement, choose a moneylender who can provide cash in less than an hour such as Cash Mart which can disburse cash in 30 minutes. Your loan will be disbursed to you on the spot in the form of cash or cheque.

Once you received your cash, do not forget to repay your loan based on your agreed terms. This way you can keep your credit score high and your relationship with your lender healthy.

Every lending company has its own loan process. Nevertheless, all of them needs to require the basic qualifications and documentation as mandated by the Moneylenders Act.

But since a payday loan is usually used for urgent needs, the easies you can get is the online payday loan.

With online payday loans, you can simply visit the lender’s website and fill up the application form. Once an appointment is set at your convenience, you can visit the office to sign the contract and get your cash. Online transfer of cash loans is prohibited.

The whole loan process can take as short as 1 hour up to a day.

A payday loan online is a tool to help you in times of urgent financial needs. However, with too many options, you need to take the time to shop around, research, compare, and decide which payday loan is best for you. Get to know the fees and charges, check the repayment options, and choose the most favorable for you.

Get online payday loans only from licensed moneylenders who strictly abide with the Moneylenders Act and are part of the Credit Association of Singapore (CAS). The Registry of Moneylenders and CAS have agreed that all registered moneylenders must be a member of the Association.

Of course! Payday loans are usually used for emergencies and urgent needs. This is why there has always been a growing need for 1 Hour Payday loans. Now that we have online payday loans it is possible to get your disbursed cash in less than 1-hour.

It only takes 3 to 5 minutes to get the online payday loan application done. Once approved, you can immediately get your cash.

Add to that, if you are able to keep a good relationship with your money lender, you can even strike a better loan package with the same quick application process.

Getting any kind of loan is a serious financial responsibility. You need to consider that any loan amount should both fit your need and your capacity to pay on time. Too little amount may cause you to get another loan sooner than you think, but too much might make it hard for you to repay your loan.

It is a good thing if your money lender will be able to provide an online loan calculator. This way you can make a well-informed decision.

Get a payday loan only from licensed moneylenders.

Do not be tempted to borrow from Ah Longs, they may give you more cash yet they will ask for higher interest rates that can bury you in debt for a long time. Loan sharks are known to use illegal ways to get their money, and the MinLaw has strict regulations when it comes to people associating with Ah Longs.

Anyone can get a legal payday loan as long that he/she is able to meet the set eligibility requirements and able to present the required documents. Moneylenders Act mandates every licensed moneylender to conduct due process when providing loan services.

This means that only those who have successfully gone through a loan application process will get approved for a legal payday loan.

If getting a payday loan is too easy without even having to submit a requirement, then you are dealing with a loan shark.

What constitutes a good payday loan term in Singapore? You can get a payday loan from a handful of licensed moneylenders but having lots of options can sometimes be confusing.

You have to identify how much you will need.

Calculate how much you can afford to borrow and repay. Work out how long it will take to settle the full amount. Compare your options online. Shop around and look for a lender with eligibility requirements that you can meet.

Since you are getting a loan from a registered cash lender, you can be assured that the interest rate will not be more than 4% a month. Do your research and pick a payday loan that is going to suit your needs. Take a short-term loan offered by a reputable money lender.

Licensed lenders are highly regulated in Singapore. This is why rules and regulations are often updated to make the money lending industry fair and safe to both borrowers and lenders.

The Ministry of Law has put in place the unsecured loan caps.

For low income borrowers who earn less than $20,000 annually, the maximum total loan from all moneylenders in Singapore will be capped at $3,000 only.

Those earning more than $20,000, the aggregate loan cap will be 6 times the monthly salary.

Consider, Borrower A has a monthly income of $3,000. This means the borrower’s annual income is more than $20,000. The maximum loan he can get from all moneylenders in Singapore is $18,000. If Borrower A was approved for a $5,000 cash loan, he can only apply for $13,000 from other lenders.

Take note that the loan cap only includes the capital loan amount. Interest charge and other fees are excluded.

Payday loans, just like any unsecured loan from a licensed moneylender is computed based on the guideline of the Moneylenders Act. Your payday loan is calculated based on your annual income.

The annual income is calculated based on your salary for the last three month prior to the loan application.

Let’s say Borrower B was jobless for a month but started to work in January 2019. He applies for a loan of $3,000 in March 2019.

  • December 2018 = no salary
  • January 2019 = $3,000
  • February 2019 = $3,000

Annual Income = 0 + $3,000 +$3,000 = $6,000

  • $6,000 ÷ 3 = $2,000
  • $2,000 x 12 = $24,000

Since Borrower B’s annual income is more than $20,000, he can borrow as much as 6 times his monthly salary which is $18,000.

When you use a payday loan calculator, you have to key in how much you want to borrow and the repayment term that lets you settle your loan with ease.

Remember that you also have other financial responsibilities such as your bills, food, and transportation. You need to consider your daily needs aside from your loan repayments.

With the loan calculator, you can easily see if you can repay it without sacrificing your basic needs. This will also help you see how you will adjust your finances effectively.

Refinancing a payday loan means to replace an existing payday loan with a new one. The new payday loan will pay off the current one. This is a smart option if the new payday loan has good and manageable terms to help you improve your finances.

Take note that the new loan has to pay off the existing one completely. Make repayments to the new loan until you are able to settle it.

Payday loans are financial tools you can use to regain financial stability. Depending on your financial skills and discipline, a payday loan can be most helpful in times of unforeseen needs and can even help you build a healthy credit score.

Make sure that you get a loan amount that you can confidently repay with ease while also handling your other financial responsibilities.

There can be various reasons why your loan application could get declined. The most common reason is a low credit score.

Prior to granting a loan, the licensed money lender must obtain the necessary information from the loan applicant. The information will be verified by checking the information and identification against complete, genuine and up-to-date documents.

The licensed money lender will then inform the applicant that the information will be submitted to the Moneylenders Credit Bureau (MLCB). Your credit report is produced and will be kept in the record of the licensee.

Your credit report is the record of your previous loans. If it is low, it means that you have unsatisfactory payment behavior. The lender will derive a low credit score which means you are at a high risk to default a loan. If you have a high credit score, you are likely to get approved.

If declined, your credit report will be disposed of from the lender’s records. But if approved, your lender will keep your credit records for 5 years upon the completion of your repayment.

Another reason to get declined is when you have exceeded the loan cap based on your salary. Remember that the MinLaw have aggregate loan cap on lenders offering unsecured loans. If you are earning less than $20,000 a year, you can only borrow up to $3,000. If you earn more than $20,000 a year, you can borrow up to 6 times your monthly salary. Once the lender sees that you have borrowed the maximum amount from other lenders, you will be immediately declined.

You will also get declined if you fail to provide complete requirements and information.

However small is the amount you want to borrow, you need to make sure that you pay the loan on time as it will be reflected on your credit history.

Money lenders are strictly mandated to update your credit profile. In the future, should you decide to get loans from banks and financing facilities, your credit score will be one of their main considerations.

Licensed moneylenders follow a strict regulation. They are only allowed to disclose the borrower information to the borrower, Moneylenders Credit Bureau (MLCB), and the Registrar. This is also applied to registered money lenders who offer payday loan applications online.

The common reason for refinancing is to save money on interest costs. Payday loans usually have short repayment terms and are quite manageable, however, in times of unforeseen need some people opt to do the refinancing.

To do this, you have to do your research and find a lender that has flexible repayment terms and affordable interest rates.

You can refinance your payday loan from the same lender where you got your existing payday loan. If you apply for a new loan, the lender will use the funds to close the old loan contract. This is easy if you are able to meet your previous repayments on time.

Most money lenders are closed on weekends, but your need to apply for a payday loan may happen on any day. Fortunately, there are moneylenders who let their borrowers apply for a loan even on weekends.

A payday lender nearest to you is the one in you can apply to even in the comforts of your home.

You can apply for a payday loan online in just a few minutes anywhere you are, any day of the week. Once you get preapproved, then you can visit the lender’s office to sign your loan contract and get your cash.

  • Be rational. You may be emotional or stressed but not thinking rationally may lead you to bad decisions. Never get a loan from a loan shark. It may seem to help you right now, but it will only drag you more into a spiraling debt.
  • Confirm if the money lender is licensed. Check the list of Licensed Moneylender provided by the Registry of Moneylenders.
  • Use a loan calculator. Borrow only the amount you need and choose the repayment term that you can confidently meet without sacrificing your necessities.
  • Check the interest rate. Licensed moneylenders can only charge not more than 4% of interest a month. Higher than this interest rate means you are dealing with a fraudster.
  • Confirm other fees. Make sure that your lender is transparent. Every fee must be indicated in the loan contract as well.
  • Be wary of advertisements. Licensed money lenders are prohibited to advertise through pamphlets, SMS, or emails. The lending industry is highly regulated. The legal lenders are only permitted to advertise in online and print directories, in their own websites and office. Any other advertising is not allowed.
  • Understand the terms of the contract. Before you sign the loan contract, you need to ensure that you have read and understood everything.
  • Get a copy of your contract. Once you have signed your loan contract, make sure that you get your own copy for safe keeping.
  • Get your cash in person. Money lenders are not allowed to issue loans online. You need to personally drop by the lender’s office to sign the contract and get the disbursed loan.

Over the years, the need for quick cash solutions continues to grow. This led Cash Mart to innovate its loan offers and create a simplified process. Cash Mart’s payday loan application is made available online to accommodate every borrower who wants to make an application in their most convenient time. Try it now to experience the best payday loan in Singapore.

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