Singapore is one of the most expensive countries to live in. In fact, the average cost of living can range between S$1,100 and S$1,400 for a single person per month. On top of that, unexpected situations can also arise at any time.

Whether it’s to help tide you through financial difficulties or to pay for medical bills or to improve cash flow, it’s good to have emergency funds ready. But what if your emergency funds are not enough? Where do you turn to for help?

Getting an urgent loan in Singapore from a financial institution or licensed money lender is one way to meet your emergency needs. Here is a comprehensive guide to the different types of urgent loans in Singapore, how much you can borrow, and where to apply.

What Is An Urgent Loan?

An urgent loan allows you to get quick cash from a licensed money lender. As with any emergency, time is of the essence. That said, urgent loans have a shorter processing time and you can get cash within minutes if your application is successful.

An urgent loan is a short term loan that you can use to pay for:

  • Medical emergencies
  • Unexpected car repairs
  • Minor home renovation
  • Funeral costs
  • Monthly bills
  • Education bills
  • Sudden health problems for your pets

So what are the key features of an urgent loan?

  • Loan Amount: The amount you can borrow will depend on several factors, including your credit score and annual income. It will also depend on the type of urgent loan you apply for. For instance, with a personal loan, you can borrow up to 6x your monthly salary from a licensed money lender.
  • Interest: Traditional financial institutions will look into your income and credit score to determine your interest rate. However, if you’re borrowing from a licensed money lender, they can only charge up to 4% interest rate.
  • Application Approval: Most successful urgent loan applications get approved within 30 minutes.
  • Disbursal of Cash: Due to the fast application and processing time, you can get your cash on the same day in person.

How Much Can I Borrow?

There are different types of fast cash loans – secured and unsecured. With an unsecured loan, where you don’t offer the loan provider anything as collateral, you can expect a lower maximum loan amount.

Additionally, the amount you can borrow from an urgent loan will depend on certain factors:

Annual Income

Whether you’re borrowing from a bank or other financial institution, your annual income will play a role in your loan application. For one, it will determine how much you can borrow. A higher annual income will grant you a large maximum loan amount.

Why? Because banks think that you are less likely to default on your loan.

For instance, some banks offer a loan amount of up to 4x your monthly salary if you have a minimum annual income of S$30,000

Licensed money lenders, on the other hand, offer up to 6x your monthly income if your annual income is at least S$20,000. 

Borrower’s annual incomeSingapore Citizens and Permanent ResidentsForeigners residing in Singapore
Less than $10,000$3,000$500
At least $10,000and less than $20,000$3,000
At least $20,0006 times monthly income6 times monthly income

Credit Score

Aside from your annual income, banks will also look into your credit score.

But, what is a credit score? This is basically a rating on your financial activities. It gives banks and financial institutions an understanding of your ability to pay for the loan. It also helps them identify your risk of defaulting on your loan.

That said, a higher credit score will grant you access to a larger maximum loan amount.

Take a look at the credit score table below:

Score Range

Risk Grade

Probability Of Default



1911 – 2000




1844 – 1910




1825 – 1843




1813 – 1824




1782 – 1812




1755 – 1781




1724 – 1754




1000 – 1723




To maintain a healthy credit score, you need to be on top of all your debt obligations. This means repaying your existing loans and bills on time. Additionally, avoid applying for too many loans at the same time. 

If you have a poor credit record, don’t lose hope! You can still apply for urgent loans with licensed money lenders even with bad credit.  

To illustrate, here’s an example:

Say, you’re applying for a fast cash loan with a licensed money lender. You have a yearly income of S$20,000 which makes you eligible for a loan amount of up to 6 times your monthly income.

If you take out a loan of S$10,000 at 3.92% interest and payable in 6 months, your monthly payment will be S$ $1,902.45.

Types of Urgent Loans

Personal Loan

Personal loans are short or mid-term loans that can be used for a variety of purposes. A personal loan can be a secured or unsecured loan. A secured loan will require collateral, such as your property. Whereas, an unsecured loan doesn’t require collateral.

Some personal loans that banks offer have similar terms and approval processes to an emergency loan. However, banks have a more stringent application process than licensed money lenders. That said, you may have to wait a couple of days to weeks. So, when should you consider a personal loan with banks?

  • You have a high annual income or at least meet their eligibility criteria
  • Need a larger loan amount
  • Have a high credit score

With a licensed moneylender, your application will be processed within a few minutes and cash will be disbursed within the day. 

Foreigner Loan

A foreigner loan works just like a personal loan, but it is offered to non-citizens working, studying, and/or living in the country. The key difference between a foreigner loan and a personal loan for locals is in the eligibility criteria.

Foreigners need to meet a higher income requirement. For instance, the Singapore banks’ minimum yearly income requirement for foreigner loans is between S$40,000 and S$60,000. Plus, ex-pats need to present additional documents, such as Employment Pass/Student Pass.

On the other hand, if you’re applying with a licensed moneylender, you’ll need a minimum monthly income of S$2,000.

Payday Loan

One of the many types of urgent loans is payday loans. It is an unsecured, short-term loan that is more applicable to financial emergencies. This means it offers quick cash without collateral.

As the name suggests, a payday loan must be paid back within a month or on your next payday. You’ll need to pay back the money in full. 

Plus, they are less likely to check your credit score, making payday loans a viable option for those who have a poor credit score.

Business Loans

Business loans are available in over 20+ banks and traditional financial institutions in Singapore. Different banks have various eligibility criteria, interest rates, and types of loans offered.

The average interest rate of a business loan with banks can range between 4% and 20%, depending on the tenure and type of loan. On top of that, you also need to meet high eligibility requirements. Banks have a reputation for being stringent when it comes to business loan applications.

That said, a traditional bank business loan may take a few weeks to months. If you’re looking for an urgent loan, it’s best to consider other types of loans.

On the other hand, if you borrow from a licensed moneylender, you don’t need to meet a minimum salary. But your business must be operated for at least 1 year and have a minimum turnover of $60,000. You can also borrow up to S$200,000 which makes it a good option if you’re in need of a larger loan amount.

What’s the catch? The interest rates are between 5% and 15% which is considerably higher than personal loans.

Credit Card Advance

Another type of instant cash loan is a credit card advance loan. You can borrow as much as the available balance on your credit card – no paperwork required.

What’s the catch? Credit cards have high-interest rates. Plus, the interest starts accumulating the moment you withdraw the money from the ATM. If you’re not careful, your credit card debt may snowball.

That said, it’s best to get a personal loan instead. Personal loans have lower interest rates. It allows you to pay off the money in smaller amounts on a set repayment schedule.

girl shrugging shoulders

How To Choose The Best Urgent Loan?

There are different types of urgent loans available for Singaporeans, permanent residents, and foreigners. But not all loans are created equal. Some may be more beneficial to some extent, while others may lead to higher costs.

So choose the urgent loan that will suit your needs and financial capacity to pay.  Here are a few factors to consider when comparing your options:

Loan Amount

First, you’ll need to determine how much you need. Remember, your annual income plays a role in determining your maximum loan amount. So take that into account when deciding how much you will borrow. Choose a licensed money lender who can offer you the right principal amount.


According to the Ministry of Law’s website, the maximum interest rate that licensed money lenders can charge is 4% per month. This cap applies regardless of your income and whether the loan is secured or unsecured.

Choose an urgent loan with the best interest rates. There are licensed money lenders who will tailor an urgent loan for your specific needs. They will also consider your financial capability and offer you affordable interest rates.

Repayment Period

Choose a loan tenure that will suit your financial situation:

  • Long-term tenure: This allows you to spread out the monthly repayments to make them more affordable. However, a long tenure may also mean paying more interest. So take this into account.
  • Short-term tenure: With this repayment period, you’ll be paying higher monthly repayments but you may end up saving on interest in the long run. Plus, you are debt-free faster.

That said, most urgent loans have a short tenure. This is because they are used for emergency expenses. Choose a licensed lender who can offer a flexible payment schedule.

Other Charges and Fees

Some banks in Singapore charge processing fees and other charges. The amount may vary per bank. If you’re borrowing from a licensed moneylender, they are only permitted to impose the following fees and charges:

  • An administrative fee of 10% of the principal loan upon granting the loan
  • A S$60 late repayment fee for each month the loan is repaid late
  • Legal costs for a successful claim by the moneylender for the recovered loan

Reviews and Reputation of the Lender

Lastly, make sure to deal with licensed money lenders only. Do a background check on your moneylender of choice before reaching out.

That said, read Google reviews and other customer feedback from forums or loan comparison websites. High client satisfaction indicates that they are a friendly provider who is willing to tailor urgent loans to suit your needs.

Where To Apply For Urgent Loans?

Most individuals immediately turn to banks when they need financing. However, if you need emergency cash then an urgent loan from a legal money lender is the next best solution. Make sure that you’re dealing with a licensed lender.

Licensed money lenders are governed by Singapore’s laws and they abide by a certain set of rules and regulations. You can find the complete list of licensed moneylenders in Singapore on the Ministry of Law’s website.

Or you can take a shortcut and choose Fortune Credit. Established in 2010, Fortune Credit is regarded as one of the top 10 licensed money lenders in Singapore. Here are some of their key features:

  • No early repayment fees
  • No credit score is needed – you can apply even with a bad credit score!
  • Affordable interest rates
  • Quick and hassle-free cash disbursement

With years of experience and excellent Google review ratings, Fortune Credit will offer tailor-made loans just for you to tide over financial difficulties.

How To Apply?


  • Minimum Age: At least 18 years old
  • Minimum Income:
    • Singaporean/Permanent Resident: S$1,500
    • Foreigners: S$2,000


Local and Permanent Residents

  • Identity Card
  • Proof of residence, such as a utility bill, a letter addressed to you, and or tenancy agreement
  • Proof of employment, such as employment letter if your job is less than 3 months
  • Recent 3 months payslip
  • SingPass to log into CPF, HDB, IRAS website


  • Passport
  • Work Permit/ S-Pass/ Employment Pass
  • Proof of residence, such as utility bill or tenancy agreement
  • Proof of employment such as employment letter if your job is less than 3 months
  • Recent 3 months payslip
  • Proof of income, such as bank or account statement
  • SingPass to log intoIRAS website

Steps To Apply

Step 1: Call or Apply Online

Apply from the comfort of your own home via our online facility. You may also contact us at 6777 1887.

Step 2: Visit Our Office For In-Person Consultation

One of our loan officers will be in touch and schedule an appointment for you. Upon visiting our office, the consultant will discuss the terms and conditions of your loan package. 

Step 3: Receive Your Cash Within The Day

If you agree with the loan terms, you will need to sign a loan agreement. You will be able to get your cash loan soon after.


It can be frustrating when you’re faced with an emergency situation where you’re not financially prepared to deal with it. Thankfully, there are instant loans you can take to get the urgent cash you need. But before signing a loan contract, make sure to compare all your options and read the terms and conditions of the loan.

Key Takeaways:

  • An urgent loan allows you to get quick cash from a licensed money lender.
  • Your annual income and credit score will affect the maximum loan amount you can borrow.
  • Licensed money lenders are only permitted to charge up to 4% interest rate per month on urgent loans, such as personal loans.

Find yourself in a difficult financial situation? Fortune Credit is a licensed money lender in Singapore that offers tailor-made loans just for you. We aim to offer fair interest rates and hassle-free cash disbursement. With an excellent 4.9 Google Review star rating, we are known to treat our clients like family. Browse our full suite of loan offerings today!