There could be many occasions when you find yourself in need of cash, whether due to unforeseen circumstances like a health emergency or a funeral, or to pay for important milestones in life such as weddings, buying a car, or getting your own home. This is when you might need to get a cash loan in Singapore.
What is a cash loan?
Cash loans are commonly referred to as personal loans in Singapore. They can be used to meet a variety of purposes, such as paying off debt, purchasing high-value items like appliances and furniture, going for a holiday, renovating your home, or meeting any other financial needs.
There are a few different types of cash loans in Singapore, and they come with different interest rates, terms and conditions, depending on the lender. Typically, cash loans in Singapore have loan tenures of between 12 months to five years.
Cash loans tend to have higher interest rates and lower loan quantum than other types of loans, such as business credit loans and home mortgage loans.
Where can you get a cash loan in Singapore?
Personal loans or cash loans are readily available in Singapore. They are commonly offered by local banks such as DBS and OCBC, as well as offshore banks like Citi and HSBC.
Additionally, cash loans are also widely offered by legal money lenders; between banks and moneylenders, there are plenty of choices for finding the cash loan you need.
Eligibility criteria for cash loans in Singapore
When applying for a cash loan, there are certain eligibility criteria to be fulfilled. These differ between banks and licensed moneylenders.
See the following table for a summary.
| Bank cash loans | Licensed moneylender cash loans |
| Annual income:
– Singaporeans and PRs: S$20,000 – Foreigners: S$40,000 |
Annual income: No minimum required |
| Subject to credit checks, need to have a good credit score | Can qualify even with a bad credit score |
| May require a few business days to receive the loan | Can receive your loan within the same day |
| Loan tenure from 1 to 5 years | Loan tenure up to 24 months |
| Loan up to 4x your monthly salary (10x if annual income exceeds S$120,000) | Loan up to S$500, S$3,000, or 6x your monthly salary, depending on income level and citizenship status. |
As you can see, bank cash loans are generally more difficult to qualify for, as they have stricter eligibility requirements.
On the other hand, cash loans from licensed moneylenders are easier to qualify for, such as personal loans not having any income requirements. For instance, you can get a personal loan without a high income even, and you can apply even if you have a bad credit history.
Note, though, that the different eligibility criteria also result in differences in loan durations and amounts. If you can meet the stricter qualifying criteria set by banks, you will be able to access larger loans and longer loan tenures.
However, if you are unable to meet the criteria, licensed moneylenders can offer fast cash loans in Singapore of a smaller amount and with a shorter repayment duration.
How long does it take to get a cash loan in Singapore?
The time taken to get your cash loan depends on who you take the loan from, so you should consider this if you’re in need of a fast cash loan.
Banks typically take up to a few days to process and disburse your loan, owing to the need to conduct more stringent and wider checks. These include checks on your credit score, borrowing history, and whether you have any other unsecured bank loans.
In contrast, licensed moneylenders are not required to conduct as many checks, and thus, can process your loan application much quicker. And yes, you can apply for a cash loan from a moneylender even if you have a poor credit score.
In fact, licensed moneylenders can disburse your loan within the same day of your application.
How to apply for a fast cash loan in Singapore?
If you need a cash loan, don’t want or can’t afford to wait for your loan to be processed, or do not satisfy bank loan criteria, your best option would be to get a fast cash loan from a licensed moneylender in Singapore.
You can get your loan in four simple steps:
- Make your loan application online.
- The loan specialist will contact you to fix an appointment in as little as an hour, sometimes sooner.
- Pay a visit to the moneylender’s office to verify your documents, view the loan terms, and sign the loan contract.
- Receive your loan on the spot, whether in cash or direct deposit to an account of your choice.
Synergy Credit is a top-rated licensed moneylender offering fast cash loans in Singapore. Enjoy a simple and fuss-free application process, competitive interest rates from 2.27% a month, and flexible repayment terms. Apply now!
About the Author
Formed in 2009, Synergy Credit is your trusted financial partner that delivers customised loan packages and well-researched blog content for anyone and everyone, seasoned borrowers and greenhorns alike.
