Instant Personal Loans, Cash Loans, Payday Loans: What's The Difference & How Do They Work?

Whether you’re in search of an instant personal loan, an instant cash loan, or payday loans, you’re basically looking at the same thing: A quick source of funding to tide you over an emergency. The main advantage of these loans, as the name suggests, is that they have a quick application process and is a viable option if you happen to be in the need for instant funds. Depending on the policy of the financial institution, the maximum amount that you can borrow for most personal loans is usually two or four times your monthly salary. However, in certain cases, you may also be allowed to borrow up to 10 times your monthly salary.

For instance, if you are a Singaporean earning a monthly salary of $3,000 per month, you’ll be able to get a loan of up to 4 times your salary. Thus, you’ll be able to borrow up to $12,000. If you have an annual income of over 120,000, you’ll most likely be approved for any amount.

What Can I Use An Instant Loan For?

Medical Emergencies

When a medical emergency occurs, it's not only the mental and emotional aspects of your life that suffer. Your finances will take a toll as well. Hence, an instant cash loan can help to ease your financial burden.

Business Operations

As the saying goes, strike when the iron is hot. When an idea strikes but the capital isn't forthcoming, it might be wise to consider getting an instant cash loan and turn that idea into reality.

Debt Consolidation

Getting an instant cash loan can help in paying off the various debts that you might have. By consolidating your debts, you can be more aware of your repayment schedules, and manage easier repayments.

Home Renovations

Leaking pipes, termite infestations and HVAC repairs all pose as serious problems for homeowners and need to be looked into asap. However, the cost of such repairs don't come cheap. Therefore, an instant cash loan can aid in such situations.

Wedding Bills

An unexpected pregnancy might result in couples having to rush into a wedding without having enough time to have saved up the necessary funds. An instant cash loan can help in ensuring that your finances are well taken care of.

Vehicle Breakdown

Imagine trying to start your car in the morning, and nothing happens. A few days later, you're panicking as you get slapped with the bill since there is only so much your insurance can cover. An instant cash loan can come in handy in such a situation.

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Finding The Best Deal

There are over 160 legal licensed moneylenders in Singapore. With so many to choose from, it is important to identify if  you are getting the best instant cash loan at the lowest interest rates. Check out our suggested list of the top licensed moneylenders in Singapore below, to ensure that your finances will be well taken care of.

Business Name Business Address License No. Website

AP Credit

10, Anson Road, #01-38A, International Plaza, Singapore 079903 31/2018

BST Credit Pte. Ltd

801, French Road, #02-33, Singapore 200801 153/2017

Credit 21 Pte. Ltd.

10, Anson Road, #01-07, International Plaza, Singapore 079903 51/2018

Credit Thirty3 Pte. Ltd.

801, French Road, #02-33, Singapore 200801 2/2018

CreditMaster Pte. Ltd.

1, Park Road, #01-50, People’s Park Complex, Singapore 059108 44/2018

Horison

1, Park Road, #01-15, People’s Park Complex, Singapore 059108 92/2018

Katong Credit Pte. Ltd.

304, Orchard Road,#02-30/31, Lucky Plaza, Singapore 238863 15/2018

S.E. Investment Pte. Ltd.

135, Jurong Gateway Road, #01-335, Singapore 600135 164/2017

U Credit (Pte.) Ltd.

180, Bencoolen Street,#01-19, The Bencoolen, Singapore 189646 183/2017

Credit Matters Pte. Ltd.

801, Geylang Road, #02-01, Singapore 389681 70/2018

Benefits of using InstantCashLoan.sg

Fast & Reliable

Emergency situations means needing the required funds quickly. We'll ensure that you receive your loan within the hour.

flexible repayment

Our customisable repayment schedules ensure that you concentrate on your personal emergencies first.

low interest rates

We ensure that our interest rates are kept to a minimum. Therefore, your cost of borrowing will also be as low as possible.

Who Is Eligible For An Instant Loan?

In order to qualify for an instant cash loan, you will need to:

  • Be a Singaporean citizen or permanent resident. For foreigners, have a passport and employment pass.
  • Be above 21 years of age, not an undischarged bankrupt and not facing any bankruptcy proceeding
  • Prove that you have a source of income (bank statements, income tax returns, letter of employment, pay slips)
  • Present your Identification Card (IC)
  • Prove that you are living in Singapore (recent bill or letter addressed to your home address)

3 Steps to Instant Cash

Send in your loan application

Submit your loan application and any other queries that you might have through our website.

Wait for approval

Once we have received and gone through your application, we will schedule an appointment with you.

Receive your cash

Upon the sign off, you’ll be able to receive the cash you need.

What Do I Have To Consider Before Applying For An Instant Loan?

Before you enter into any agreement with the licensed moneylender, be sure to take note of the following points:

How Much Are You Intending To Borrow: Be prudent and take a look at your current financial situation (monthly income and financial obligations). Do this by accessing your ability to repay the loan amount. Then, decide how much you’ll borrow. It’s always best to borrow within your means.

Interest Rates: When it comes to taking out a personal loan, everyone wants the lowest interest rates. As of 2015, the maximum interest rate that moneylenders can charge is 4%. Ensure that you are not being charged more than this.

Application Fees:  Familiarise yourself with the various fees that a moneylender can charge you for.

Repayment Schedule: Don’t get caught up in the instant loan that you’ll be receiving and forget about your repayment schedule. Be realistic and note the repayment schedule that you’ll have to adhere to. Some loans require a payment every month, or every fortnightly.

Discern Between Advertisements And Reality: Oftentimes, advertising material for an instant loan does not paint the whole picture. Hence, it is best to check with your loan provider on the terms and conditions of the instant loan you’re interested in.

Licensing: Any moneylender who is legitimately providing loans will have a license. In addition, they will subject themselves to regular audits by the right auditing bodies.

Apply For An Instant Cash Loan Now!
Solve the Problem on Hand, Fast.