Hourglass and jar of coins representing an urgent cash loan Singapore

Table of Contents

Urgent cash loan Singapore – A quick guide to the pros and cons

You won’t have time to look for solutions when a financial emergency hits. Keep yourself prepared for the worst by knowing your loan options beforehand. The best of those options is an urgent loan.

In this blog post, we talk about the idea behind urgent cash loans and how you can qualify, as well as their pros and cons.

What is an urgent cash loan?

An urgent cash loan is one that is approved very quickly. 96bm Credit specialises in such loans. We can approve an urgent cash loan Singapore faster than any bank. Visit us at our office and you could have the money you need in your hands within half an hour.

Are you eligible for urgent cash loans?

Urgent cash loans are very popular precisely because of the accelerated approval process. However, not everyone can qualify for one. One reason is that quick processing depends on the health of your financial record.

Applicants graded AA or BB (credit score of 1843 and above) ordinarily have never defaulted on a loan, have rarely or never made late payments, and are not involved in any legal financial proceedings. They are most likely to receive an urgent cash loan very quickly.

The other crucial factor is the right ID.

We respect our clients’ privacy and security and have very stringent measures in place to prevent identity theft and fraud. To do this, we require applicants to provide ID such as NRIC and/or passport so we can confirm their identity. This keeps both you and us safe from fraud and legal problems.

Pros of an urgent cash loan

There is always a huge demand for an urgent cash loan Singapore. Here are some of the reasons for its popularity.

A woman holding Singapore dollar notes as she obtains urgent cash loan in Singapore

Fast process

No one enjoys waiting. With our fast approval process, you can come in, get the cash you need, and then leave in less time than it takes to drink a cup of coffee.

Immediate relief

Most people who apply for an instant cash loan need the money desperately. It could be a medical emergency, a legal issue such as reclaiming an impounded vehicle, or maybe even a product that you need that is on discount for a limited time. In each of these scenarios, waiting too long can have unfortunate consequences.

No collateral

Some money lenders in Singapore who offer special loans attach tough conditions to the loan contract. At 96bm Credit, all our urgent cash loans are unsecured. So long as our loan executives approve the loan, you do not have to leave anything you own with us.

Cons of an urgent cash loan

Quick loans are very convenient when you need cash in a hurry but there can be downsides as well.

High interest

When a licensed moneylender approves an urgent cash loan Singapore, they have to dispense the funds at very short notice. The loan executives have to complete the formal process and paperwork within a very compressed timeframe.

One way that they account for this is by imposing an administrative fee. This may be a standalone cost or incorporated into the terms as part of the interest on the loan.

Unhealthy financial habits

There is no doubt that instant cash is very convenient. Unfortunately, that convenience can become addictive. Some borrowers put themselves in precarious financial circumstances, content in the knowledge that an urgent cash loan will give them temporary relief.

In the long run, though, this lax attitude leads to accumulated debt that is very difficult to pay off.

How to get a fast cash loan

So, you need cash urgently. Here are 3 ways to improve your chances of approval and also ensure a smooth application process.

Neon sign of cash loan logo with arrow sign represents the concept of getting urgent cash loan in Singapore

Employment – casual or formal

One of the best indicators of a borrower’s ability to repay a loan is their employment history. A steady income gives them the means to support their lifestyle as well as meet their financial obligations.

This is great news for someone who has always been employed. However, applicants who do not have a formal job can improve their chances of approval by consistently engaging in freelance work and earning other casual income.


Before you apply at our office, make sure you have all the necessary documents. This includes your NRIC or FIN card and/or passport. You will also need income-related paperwork such as payslips for at least the past 3 months. Know your SingPass password as you may need to log in to show related transactions.

Credit score

Maintain a good credit score even when you do not need to apply for a loan. Some easy steps are to always pay your debts on time, manage a range of credit lines, and maintain a healthy credit utilisation level.


While all reasonable efforts are made to include accurate and up-to-date information on this website, errors or omissions may still occur. We are not liable for any loss or damage caused by the use of this website. The information on this website is for general information only and should not be taken as professional advice.

Related Posts

Everyone faces some degree of financial uncertainty in their lives, some more often than others. The most common solution for most of us is to obtain a personal loan in Singapore. This can be in the form of a casual arrangement with a friend or relative or a formal loan from a bank or licensed money lender.

Formal loans come with specific criteria for repayment, including the additional cost of interest above the loan principal, processing or administrative fees, and a loan repayment period (i.e. loan tenure) where the borrower has to continually make repayments until the loan is paid off.

Curious? Read on to learn more about everything you need to know about personal loans in Singapore, what you should look out for and how to make the best choice for your needs.

What is a personal loan?

When it comes to personal loans, an individual borrows a sum of money for a specified period at a fixed interest rate and pays a fixed monthly payment throughout the loan tenure.

What can you use a personal loan for?

A personal loan can be used for anything you desire, and there is no need to disclose what you would be using the loan for.

You can use the personal loan to pay for things like your electricity and water bills, debts previously acquired, or unforeseen expenses like vehicle repair costs or a loved one’s medical bills.

While personal loans should ideally be taken only to fund real, pressing needs when one lacks cash on hand, some people use personal loans to fund their dream wedding or a vacation of a lifetime.

Unsecured personal loans vs secured personal loans

There are secured personal loans, but unsecured personal loans are the ones most commonly used.

Secured personal loans will require some collateral for security on the part of the lender, whether in the form of a cash deposit or some other asset (e.g. jewellery, car, home). Unsecured personal loans, on the other hand, do not require any collateral.

Consequently, it only makes sense that interest rates on secured personal loans are lower compared to unsecured personal loans since lenders carry higher risk should non-payment occur and they do not have the borrower’s collateral to fall back on.

How much can you borrow on a personal loan?

The amount of money lent to a borrower shall depend on the lending institution as well as other considerations like the duration of the loan, your credit history and income, and sometimes, your relationship with the lender.

For personal loans from banks, borrowers can borrow up to 4X – 6X monthly income if they meet the minimum income requirement and earn less than $120,000 per year. If they earn $120,000 or more per year, most banks in Singapore allow them to borrow up to 10X monthly income.

For personal loans from licensed money lenders in Singapore, how much you can borrow is also dependent on your income. You can expect to borrow up to 6X monthly income if you earn at least $20,000 per year regardless of whether you’re a Singaporean, Permanent Resident, or Foreigner.

Why is it important to compare personal loan interest rates?

The short answer to that question is — so you don’t throw away your hard-earned money. If your interest rate is higher, your cost of borrowing will naturally be higher. The reverse is true.

It pays to compare personal loan interest rates. Remember, a seemingly minuscule difference of just 0.1% can snowball into a significant amount throughout the loan.

What affects your personal loan interest rates?

Apart from where you would be getting the personal loan from, interest rates can vary pretty drastically. Foremost, they are not static and depend on several criteria.

The first of these is the prevailing economic environment; interest rates are usually lower during a recession and higher during an economic boom.

An applicant’s financial standing, level of debt, employment status, credit score, and recent financial history all affect the interest rates on a loan, too.

Before applying for a loan, you should also consider whether a loan from a bank or licensed money lender is the better option for you. If you are facing financial problems, a fast cash loan can help you ride through a rough period.

Personal loan interest rates charged by licensed money lenders in Singapore

The typical interest rate charged by licensed money lenders varies between 1% and 4% per month. This upper limit of 4% is a figure set by the Ministry of Law.

However, a licensed money lender is allowed to charge an additional late interest rate of 4% per month on overdue payments. They may also impose a late repayment penalty fee, capped at $60 per month. A processing fee of up to 10% may also be imposed when you take up the loan.

These are some factors that may affect interest rates offered to borrowers:

  • Credit score – based on the current and recent financial history of the applicant
  • Income – a higher income generally indicates a lower-risk applicant
  • Credit utilisation with other lenders – every person is given a debt limit and the closer to that limit they get, the higher the risk

How are licensed money lenders’ interest rates calculated?

Licensed money lenders do not use a flat rate method to calculate interest. Instead, they apply the reducing balance method. While the calculations may be simpler with a flat rate, the reducing balance method saves you money.

Let us consider an example where a borrower takes a $3,000 loan to be repaid in 3 months.

With a 1% p.a. flat interest rate calculation

  • Month 1 – Beginning balance amount: $3,000; Interest: $2.50; Principal paid: $1,000
  • Month 2 – Beginning balance amount: $2,000; Interest: $2.50; Principal paid: $1,000
  • Month 3 – Beginning balance amount: $1,000; Interest: $2.50; Principal paid: $1,000

The total amount paid over 3 months is $3,007.50, including interest amounting to $7.50.

With a 1% p.a. reducing balance calculation

  • Month 1 – Beginning balance amount: $3,000.00; Interest: $2.50; Principal paid: $999.17
  • Month 2 – Beginning balance amount: $2,000.83; Interest: $1.67; Principal paid: $1,000.00
  • Month 3 – Beginning balance amount: $1,001.83; Interest: $0.83; Principal paid: $1,000.84

The total amount paid over 3 months is $3,005.00, including interest amounting to $5.00.

All else equal, the borrower would have paid 50% more interest using the flat rate method.

What are the personal loan interest rates charged by banks?

Bank loan interest rates generally range from 3% to 6.5% per annum on paper. After including fixed charges, processing fees, and other miscellaneous expenses, the effective interest rate (EIR) may rise to between 5.7% and 14.7% p.a.

As with all loans, you should consider the fine print and not just the advertised rates. The most important piece of information you need is the EIR as it tells you your true cost of borrowing.

Effective interest rate (EIR)

The effective interest rate (EIR) gives you a more accurate impression of the cost of your loan than just the advertised rate. It factors in costs such as processing or administrative fees.

Let us again consider an example where a borrower takes a $3,000 loan. The interest rate is 10% p.a. but there is a bank processing fee of 1%.

The total amount to be repaid = Principal + Interest + Processing fee = $3,000 + $300 + $30 = $3,330

The EIR here is 11% despite the advertised interest rate of 10%.

Things to consider before taking a loan from banks or licensed money lenders in Singapore

Loans can be a wonderful tool for financial independence if you make good use of them. Otherwise, they can become a source of additional financial stress instead.

Always be aware of the additional costs of a loan. These may include:

  • Late payment interest rates
  • Late payment penalty charges
  • Administrative fees or processing fees

There are also other factors to consider:

Your credit history

Banks typically immediately refuse a loan to anyone with a poor credit rating. Licensed money lenders, on the flip side, are more lenient in this regard. Licensed money lenders are more willing to offer loans to borrowers with poor credit.

However, loans from licensed money lenders are more expensive compared to those offered by banks. Therefore, if you can, always try to obtain a bank loan first.

The credibility of the lender

Not all licensed money lenders are the same. Some offer greater flexibility and better terms than others. It’s important to choose the right money lender for yourself. Do your research and read up on their reviews online.


Scrutinise and digest all the fine print on anything you read, sign, or might sign with a bank or licensed money lender. Ask questions about anything you do not understand whether it be the jargon used, loan repayment schedule, or total interest chargeable.

We understand that choosing the right personal loan and comparing rates can be time-consuming and confusing if you aren’t the most familiar with such concepts. This is why we are here to help.

Reach out to us today to enquire about personal loans with 96bm Credit. Our friendly loan officers will get all your queries answered in no time.

In times of financial need, we may take loans to help us overcome various cash flow needs. A popular type of loan is an unsecured loan. This includes personal loans, business loans, and more.

Here, we will share with you everything you need to know about unsecured loans in Singapore – read on to find out!

What is an unsecured loan and how do unsecured loans work?

An unsecured loan is a loan that does not require collateral. If we compare unsecured loans with secured loans, the biggest difference between a secured loan and an unsecured loan is the penalty when you default on your loan.

Secured loans require you to use a high-value asset (such as property, vehicles, etc) as collateral. If you default on your loan, the lender can seize your asset and sell it to cover their losses.

On the other hand, unsecured loans don’t require collateral. If you default on your loan, your credit score will be adversely impacted. This would likely lower your chances of getting future loans approved.

Unsecured loans in Singapore also tend to have higher interest rates, lower loan amounts, and a shorter loan tenure as compared to secured loans.

Unsecured loans’ interest rates – flat or reducing

Unsecured loans’ interest rates are either flat or reducing (monthly rest).

For flat rates, interest payments are based on the original loan principal. This means that you pay the same monthly interest throughout the tenure, even as your outstanding loan gets lesser.

For monthly rest, the monthly interest is calculated based on your loan’s outstanding balance. This means that your interest reduces every time you make a payment.

What are the types of unsecured loans?

Here are four types of unsecured loans offered by banks and licensed money lenders:

1. Personal loans

Personal loans are versatile – they do not come with restrictions on what you can use them for. You can use them for various small and large expenses like paying off urgent expenses, bills, wedding expenses, surgeries, vacations, etc.

2. Study loans

Study loans provide you with the funds you need to further your studies. They are great for financing your tertiary education. They are typically interest-free while you are studying and you can start repaying your study loan after you have graduated.

3. Renovation loans

If you’re looking to renovate your house, renovation loans would be able to help you ease your cash flow, so you don’t need to make a huge dent in your savings in one go. You will need to prove that you are the owner of the house or a family member of the owner. This loan can only be used for renovation works.

4. Business loans

It is common for SME owners to look for business financing. Business loans can help you finance that extra inventory purchase or expand your business. To be eligible for an unsecured business term loan, your company must be incorporated in Singapore and generally has to be in operation for at least two years.

What are the advantages and disadvantages of unsecured loans?


1. Legal

It is perfectly legal in Singapore to obtain an unsecured loan.

2. No collateral required

You don’t have to worry about losing your assets backed as collateral should you be unable to repay the loan. The lender will instead consider your credit history and salary to ensure that you are capable of repaying the loan extended to you.

3. The fast and easy application process

Compared to traditional banks, licensed money lenders provide a fast and easy application process for small unsecured loans as well as bigger ones. Licensed money lenders could be a viable, legal loan option for those looking for fast cash loans.


1. Smaller loan amount

As unsecured loans are not backed by collateral, lenders will tend to minimise their risk by offering a smaller loan amount as compared to secured loans.

2. Higher interest

Due to the higher risk borne by lenders, you will have to pay a higher interest rate as compared to secured loans.

Where and how you can apply for an unsecured loan in Singapore

1. Applying for an unsecured loan with banks

Banks offer interest rates of 3% per annum onwards for unsecured loans and would typically conduct a stringent inspection of your credit history before approval.

Before you apply, ensure that you are eligible. If you are a Singapore citizen or Permanent Resident, have a minimum annual income of $20,000, are between 21 to 65 years old, and have a good credit history, you should be able to qualify for an unsecured loan.

Set up a meeting with your bank, and remember to bring the required documents like your IC, proof of income, and other documents that your bank may require.

2. Applying for an unsecured loan with licensed money lenders

Licensed money lenders offer unsecured loans in Singapore with competitive interest rates ranging from 1-4% a month, as well as a streamlined application process.

Find out more about your eligibility, documents required as well as loan limits here.

Tips to get the best unsecured loan in Singapore

Here is what you can do to get the best unsecured loans:

1. Maintain a good credit score

Because of the lack of collateral, banks and licensed money lenders will carefully consider your credit history and borrowing history with other lenders to ensure you can repay the loan.

Maintaining a good credit score may even lower the interest rates, and increase the loan amount and loan tenure offered to you.

To get a good credit score, always repay your loans consistently in full and on time.

2. Maintain employment

As long as you are employed with a steady source of income, even if your employment is of an informal or freelance nature, you will have a higher chance of getting an unsecured loan.

Looking for unsecured loans with low interest rates?

96bm Credit offers the best unsecured loans with competitive rates and loan terms. Apply for a loan with us now. Need advice? Feel free to contact us — our friendly loan officers are more than happy to help.

There are plenty of money lenders in Singapore, but how does one go about choosing the right money lender when applying for personal loans? It may be difficult but not impossible. While the choices are aplenty, taking the time to research and pick the right money lender goes a long way in making your personal loan journey more pleasant.

Intrigued? Read on for our round-up of handy tips and tricks you can follow to help yourself narrow down and choose the right money lender for your personal loan needs.

Prioritise credibility

It can be tricky looking for money lenders especially when there are so many options available. What should you look out for?

With increasing reports of scammers and unlicensed money lenders swindling people of their hard-earned money, the first thing you have to find out is if the money lender is registered with the Ministry of Law. Dealing with a licensed money lender is one of the safest ways to take out a loan if you find yourself unable to get one from the bank.

It is also important that you look for money lenders with good reputations. This can come via word of mouth from your friends and family or even online reviews. Don’t be afraid to ask for advice from the people around you, especially if it is your first time applying for a loan. A recommendation from someone you trust can help put your mind at ease when it comes to deciding on whom you should borrow from.

The Internet is a great platform for you to conduct thorough research on the various money lenders in the market. Keep a lookout for information on different loan packages, interest rates, and charges that can help you determine whether the money lender is legitimate or not.

Consider how fast you can get your loan

This pretty much explains it. Time is of the essence when you need fast cash loans. In times of emergency, finding a money lender that can offer you quick and efficient loans (e.g. instant online loans) can make a huge difference.

While every money lender has its own operating procedures, choosing a money lender that can address your needs promptly can help get your finances going. When you are stuck in a crisis, you wouldn’t want to sit around and wait for long background checks and approvals. It is important that your loan request can be promptly addressed.

Compare interest rates and the repayment period

Make sure to compare interest rates and loan offers to find the best one in the market that best suits your budget and needs. Avoid accepting the first loan offered to you; chances are there will be a better option out there worth considering.

Agreeing on a repayment period that is suitable for you is just as important. Most money lenders have repayment terms of up to 12 months, with some even offering loan tenures of up to 24 months. Discuss with your money lender the best repayment term for your unique financial situation as this would affect your ability to repay the loan on time. This is very important — being able to afford your monthly repayments lowers your chances of making late repayments, hence avoiding unnecessary late payment interest and penalty charges that add up quickly.

Bottom line

There is no one-size-fits-all approach when it comes to applying for a loan. It is therefore important that you choose a money lender that can best address your needs and concerns. Choose a money lender that is credible and efficient, and half the battle is won.

Be aware of seemingly low interest rates that appear too good to be true. Take your time to conduct proper research on the interest rates and repayment terms before choosing the right loan package for your needs. Most importantly, ensure that the money lender you’re interested in borrowing from is fully licensed and registered with the Ministry of Law’s Registry of Moneylenders!

96bm Credit is a licensed money lender with over 2,200 5-star Google reviews that you can trust. We offer tailored loan solutions coupled with top-notch professional service for all your loan needs. Contact us today to find out more.