Fast loan approval Singapore: The complete guide5 min read

Get fast loan approval in Singapore quickly if you apply now

A fast personal loan is one of the best options for financial relief when you need cash quickly. It is perfect for emergencies or as a temporary bridge for your monthly budget during a money crunch. Getting fast loan approval in Singapore is simple if you know what to expect.

What is a fast loan?

A fast loan is a personal loan with a quick approval process. The application process is as secure as any other loan but the lender accelerates the approval process so that the loan principal is paid out to the borrower quickly.

Personal loan fast approval is more common with licensed money lenders than with banks. A good licensed lender can disburse the amount within a day of the formal application process. By contrast, most banks might take up to 2 weeks for bad credit loans fast approval.

The main reason for this difference is that licensed money lenders have a less stringent vetting process for applicants compared to banks. This simplifies the application stage, saving time and paperwork. The downside of fast loan approval in Singapore from a licensed lender is that they generally charge a higher interest rate.

What can fast loans be used for?

Fast loans may be used for a very wide variety of financial purposes. However, most people who end up applying for cash loan fast approval do so for a few common reasons:


  • Medical emergencies such as sudden surgery or hospitalisation
  • Pay utility bills (gas, water, phone, etc.) to avoid disconnection
  • Cover instalments of other loans to avoid huge penalties

The common factor for all these reasons is time. When you need cash urgently, fast cash loans are the obvious answer.

Who can apply for a personal loan fast approval and what documents do you need?

Cash loan fast approval with banks

Applicants must be:


  • Singaporeans or PRs. (Some banks extend loans to foreigners residing legally in Singapore)
  • At least 21 years old
  • Employed
  • Earning at least $20,000 if they are Singaporeans and $45,000 if they are foreigners (salary requirements vary between banks)

Documentation is essential for fast bank loan approval in Singapore. Applicants must also provide the following documents:


  • NRIC or FIN
  • Proof of employment or legal residency in the case of foreigners
  • Last 1 year Income Tax Notice of Assessment (NOA)

Note that salaried employees may provide a CPF contribution history statement for the past 9 months or their latest payslip or salary account credit statement in place of the NOA.

Fast loan approval in Singapore with licensed money lenders

Applicants must be:


  • Singaporeans, PRs or foreigners residing legally in Singapore
  • At least 21 years old
  • Employed

More details on how much borrowers can borrow up to as well as documents required can be found in Chapter 4 of our licensed money lenders borrowing guide.

What factors affect fast loan approval?

If you want to get fast loan approval in Singapore, you must understand what affects the speed of the approval process. Here are the 5 most important factors:

1. Credit score

Credit score is a number issued to an individual by the Credit Bureau Singapore (CBS). It varies between 1000 and 2000 and indicates the likelihood that an applicant will repay a loan. Banks usually reject loan applicants with a low score but licensed money lenders may still approve them. However, a low score may still affect the loan (which we will explain in the next section).

2. Credit utilisation

This is the proportion of total credit available to an individual that they have already used. A higher utilisation means that the person is approaching their debt limit.

3. Financial history

This shows how an applicant handles previous loans. A history of missed and delayed payments as well as defaults means that they are a high-risk candidate.

4. Employment

Current employment is important but so is the applicant’s work history. Those who have maintained steady employment over a longer period are seen as ‘safer’ borrowers.

5. Residency status

Singaporeans and PRs get the highest priority because of their ties to Singapore. Foreigners are seen as a higher risk because they are more likely to abandon the country when in debt.

An ‘ideal candidate’ is someone who has a high credit score, a credit utilisation of less than 20%, a strong history of timely repayments, a lengthy and uninterrupted work history, and who is a Singaporean or PR.

How do these factors affect your loan?

The section above touches on the individual factors that affect how fast a loan is approved. While speed is important, being a ‘good’ borrower comes with a host of other advantages, too.

Speed of loan approval

Better candidates can get faster approval for loans because there are fewer checks associated with their applications. This can be the most important advantage during an emergency.

Loan principal

If you are deemed more trustworthy (according to the factors above), you might be eligible for larger loans. Bigger loans give you a greater ability to meet your financial obligations.

Interest rate

Better candidates might also be charged less interest as a ‘reward’ for their reliability. Lower interest rates save you money with every instalment.

Repayment term

If you have a good credit score and financial history, you might be given a longer period to repay the loan. With repayment spread out, each instalment is smaller and easier to repay.

Processing fees

Also, better candidates might have some fees reduced or waived entirely.

What are the pros and cons of taking a fast loan?


  1. You can clear urgent expenses quickly to prevent debt accumulation
  2. It can provide you with cash flow during emergencies
  3. You can get bad credit loans with fast approval with licensed money lenders, as there are less stringent checks.


  1. Fast loans usually come with high interest rates
  2. If you repay late, it can result in late interests and fees, leading to a rapid accumulation of new debt.

How do you choose a licensed money lender for your fast loans?

Choosing the right lender does not have to be difficult – check out our comprehensive guide on comparing, choosing and verifying best licensed money lenders in Singapore (refer to Chapter 2).

Are you looking for fast loan approval in Singapore? LoanHere compares the latest rates from the best local licensed money lenders.

Get an obligation-free complimentary loan quote here.



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