Bugis Credit Pte Ltd is a licensed moneylender (License No. 25/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

How To Apply For An Urgent Money Loan in Singapore


We all know that there are always times when we need money urgently. Sometimes we face all sorts of emergencies and need access to some cash. Well, Singapore is a country that can give assistance to any of such emergencies. And with that, an urgent loan is usually the solution.

You might be getting anxious now because of thinking that you are not qualified for a loan (especially when you have such a bad credit score). You won’t have to worry though, because moneylenders are more lenient when it comes to the credit score of their client and this is actually an advantage for you.

So, get that anxiety out of you because having bad credit scores is no longer a problem for most people in Singapore. A lot of processes will only cost you 30 minutes to approve, and with affordable interest rates! And, boom–within an hour, you will then receive your fast cash loan, and you will now be able to attend to your emergencies.

Let’s guide you through, and let’s talk about the details, shall we?

What is an Urgent Loan?

An urgent loan, as the term implies is a fast, short term loan that people can access whenever they’re in an emergency. Sometimes, access to such money needs to be fast; but sometimes this gets hampered because of long processes banks require you to go through. Not only that, non-performing credit histories will only lessen your chances to get your loan.

On the other side of the coin, generally, having a good credit history will get your bank loans approved fast. That’s why getting such scores is important–as they play a huge role in loaning and emergencies.

Now, from paying your bills to having home maintenance and upgrades, having access to money this way can serve just about anything. usually urgent loans need to be paid back within a range of 1 to 6 months. This short period also makes some people call it a short term loan.

But when it comes to these urgencies, what loan options do you exactly have? Let’s get into the details.

What are the types of Urgent Loans?

1) Personal loans

This type of loan will be easy to understand: as the name suggests, a personal loan is money that borrowers can access when they borrow from financial institutions, whose repayment method can be paid for in fixed interests and installments via a comprehensive payment plan. Personal loans can be used for any personal purpose. 

This type of loan requires certain types of eligibility requirements such as a stable income stream and other indicators that suggest that you have the capacity to pay in return.

As compared to other types of money loans such as a home or other asset loans, personal loans usually don’t require the commitment of collaterals, however, when you end up defaulting on this type of loan, it may have devastating effects not just on your finances, but also with your credit score. Therefore, to keep a good financial record, you must pay your personal loans on time.

Don’t worry, because the Ministry of Law has regulated lenders, and has made sure that the rights reserved for you such as your privacy policy, pay terms and interest rate are well regulated.

2) Payday loans

The second type of loan are payday loans. A payday loan is also an urgent, unsecured loan that is more attendant to financial emergencies rather than typical, personal ones. As the term suggests, this short term transaction must be paid back on your next payday–hence the name. You can also loan a lot of times as long as you pay well–according to the agreed terms.

As I have mentioned earlier, personal loans is money that can be paid back through an institutionalized monthly repayment scheme. Payday loans, on the other hand, requires its borrowers to pay back the money in full. Now, just like personal loans, the approval for this type of loan payday will depend on your credit record as well as your capacity to pay.

3) Credit card advance loans

Another interesting type of urgent loan is called a credit card advance loan. A credit card loan (also known as a cash advance loan) is also a short term loan that allows you to access money whenever your card gets declined while shopping at the mall, for instance. The loan amount will depend on how much your available balance is on your credit cards.

Normally, credit card loans will warrant higher interest rates and may even charge you processing fees that are more expensive as compared to using the card at a regular basis. Also, it is important to note that your interest rates start accumulating the moment you withdraw that money from the ATM.

There is nothing wrong in patronizing loans from your credit cards, but you will have to be extra careful in minding your remaining balances to avoid overspending penalty fees.

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Why do you need an Urgent Loan?

Consider debt consolidation or loan renovation as one of the reasons why you would need an urgent personal loan. When you apply for loans for instance, so that you could use it to pay your other loans and credit cards, debt consolidation is key. 

This means that you are combining all of your balances into one, hassle free repayments scheme. If you have high interest debt on your current loans Singapore, debt consolidation or loan renovation will benefit you the most.

Emergency cash would be the next reason, of course. It has been established that because these money lending services can be issued out very quickly through a simple loan application form, immediate loan terms, and with the lowest interest possible, personal loans and other urgent loans is a good, hassle free way to access those funds.

Other personal items such as a renovation loan for your home, or a small business loan for your start-up, or even covering your vacation costs would be other great reasons on why you should take a personal loan in Singapore. A foreigner or other customers would get to their dream destination in no time!

Now given these, consider that applying for a personal loan from licensed money lenders is something that is extremely convenient because of the following reasons:

1) Fast approval

As compared to the traditional loans offered by your typical, traditional financial institutions, urgent loans will no longer have you wait for a long and tedious application process, because this is literally access to quick cash–made easy!

You can’t call something “urgent” if it will take you 1 to 2 business days to process and apply for a loan. That’s why a fast cash loan like this is something that can put its borrowers to an advantage. People who apply for a loan can even secure approval and get access to their money in as fast as 30 minutes! Just be sure to check on your privacy policy and other items on your agreement.

2) Low interest rates

Relative to other loan products, you can put into consideration that urgent loans have low interest rates!

3) No worries about bad credit scores

A third reason that puts you in an advantage for this is that sometimes it is so much faster and easier to have your loan approved by moneylenders as compared to banks or other traditional moneylenders in Singapore. Because of technology and faster processes, lenders would opt having quick review systems and processes to determine requirements and their eligibility for a loan.

Because urgent loans, such as a payday loan, for example are relatively small in amount, a money lender in Singapore would not be bothered in approving your application.

4) Few requirements

Now, to be in sync with reason number 3 above, urgent loans are something you can patronize because of the relatively few requirements they ask from their borrowers. Moneylenders these days would only give you a short list to verify your identity and your income stream. This makes the loan application process very much easier than ever before.

How to choose the Best Urgent Loan?

While all types of urgent loans in Singapore are beneficial to some extent for the borrower, it is important to consider a few things to ensure that you get the best value out of your money.

1) Loanable amount

To weigh in which loan will work best for you, it is important to consider your loanable amount. As mentioned earlier, your loan amount will depend on your capacity to pay the legal money lender, and of course your credit score. The higher the loanable amount with the optimum interest rate will surely meet your loaning needs.

2) Repayment period

Repayment period is also a very important consideration when choosing which type of urgent loan is best for you. Sometimes, a money lender Singapore can offer you tailor made financing solutions that can loan fast cash out to with a competitive interest rate and with a malleable payment schedule.

If you opt to pay for cash straight up and one time for your renovation loan, for example, then a payday loan may work best for you. However, if you would want to nurture your credit history and would opt to have a longer loan tenure, then a personal loan, a foreigner loan, or a loan business would work better.

3) Interest rate

Another consideration in thinking which best money lender and what type of loan would be best suited for you is the amount of interest that comes along with your loan terms from, as indicated in your loan contract. Some money lenders in Singapore would offer a higher interest rate for the same loan amount as compared to other licensed moneylenders.

Usually interest rates can be determined from the side of the clients or borrowers. All they have to do is to access a licensed moneylender website, just check or go to their website’s loan calculator. With this, you can determine your amount interest, repayment plans, terms and conditions, as well as other loan solutions. All customers have to do is to enter their desired loan tenure, their cash flow history, and other details such as loans personal income

For some websites, depending on its copyright 2020, you can access more moneylender information online aside from their installment calculator. Some would even place in their operating hours just in case you would want to get in touch with them!

4) Charges and fees

Lastly, it is highly important to consider the licensed moneylenders’ charges and fees that they’ll be imposing against you. Take note: such fees are different from your interest rate!

Consider that there are Singapore licensed moneylending services that offer the lowest interest there is, but charge the highest fees for their loan services. It is important to balance-in these options when opting for loan personal services like these. Without checking your terms and conditions properly, you might end up losing a lot of cash, as well as damaging your credit in the long run.

5) Eligibility and requirements

You won’t have to worry when it comes to the eligibility for qualifying for cash loans in Singapore. If you are a local or a permanent resident who works for a company in Singapore, all you would need to do is to have a minimum salary income of SGD 2,000.

With the minimum salary, you can apply for a cash loan as long as you bring an identity card, documents that can prove your residence (this can be a utility bill, a letter addressed to you, or even a tenancy agreement). The next requirement would be proof of employment. This is so that the licensed money lender will know that you have some sort of capacity to pay for your personal loan. Lastly, to qualify for a personal loan, all you need is your SingPass.

Be sure to submit these requirements to your money lender in Singapore. Afterwards, you will be able to get your loan contract for your business loan or personal loan needs.

A foreigner loan in Singapore would usually require slightly different items to be submitted to the licensed moneylender. A loan foreigner would need a minimum salary of SGD 3,000 which is higher than resident clients. They will also need their work permit, so that the staff of the loan business are assured that the loan foreigner can repay their foreigner loan.

Other requirements needed

  • An identification card
  • Proof of residence in Singapore
  • Proof of employment in Singapore
  • SingPass (To login into the CPF, HDB, IRAS websites) 
  • Note: All citizens, permanent residents, pass holders, and selected work permit holders are eligible for SingPass.
Borrower’s annual incomeSingapore Citizens and Permanent ResidentsForeigners residing in Singapore
Less than $10,000$3,000$500
At least $10,000and less than $24,000$3,000$3,000
At least $24,0006 times monthly income6 times monthly income


Applying for a loan is really not that difficult, if you come to think of it–as long as you get it from the right moneylender. You wont need to have a good credit to be eligible, and you won’t have to worry about the other debt you have from your credit cards just yet. 

Transacting with a moneylender in Singapore is completely legal as they are regulated by the Moneylenders act and rules, as governed by government agencies such as the ministry of law as well. 

You can check online for the registry of moneylenders or the list of licensed moneylenders and even look up their moneylender license number if needed. If you are looking for the best loan deals in Singapore, visit Bugis Credit for more loan products! 

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