There are instances when the need for funds is so urgent that all you want is the fastest and easiest loan to get approval for.

Such a loan would have relaxed eligibility criteria, require less paperwork and collateral, and a fast approval process. 

However, the amount you can borrow is limited, usually depending on your monthly salary. This type of loan will also not have a longer repayment period.

In this article, let’s look at the easiest loans in Singapore and how you can have one approved as soon as possible.

Easiest Loans To Get Approved For

It’s normally pretty stressful when you’re in a scenario where you need money immediately. 

While there are several ways to obtain the loan cash you require, it is advisable to do detailed research on the options available.

That said, if you need to get cash immediately, what is the easiest and most convenient loan you can get approved for so you can take care of urgent needs? 

The options for an easy loan in Singapore include personal loans, online cash advances, payday loans, or pawn shop loans.

However, even though you are looking for an easy loan, always be careful with easy cash options. Some lenders don’t have credit checks and take advantage of borrowers with bad credit scores to impose unreasonable interest rates.

While customers with excellent credit often qualify for the cheapest loans, having a bad credit score doesn’t mean that no online money lenders can assist you.

Here are some popular options for an easy cash loan.

Payday Loan

This is an unsecured instant loan in which you must repay the principal and interest by the following payday. Ideally, you’ll have two weeks to repay the loan and interest.

Because this loan comes with high interest rates and fees, you may find it difficult to repay on time. If you are unable to do so, your lender will most likely charge you additional fees and interest.

Many payday lenders will not even run a credit check before agreeing to issue the loan. This is a surefire sign that the lender is not trustworthy.

Personal Installment Loan

This is an unsecured personal loan that provides quick cash. 

In most cases, it allows you to repay over a period of several months. The payments are made on a monthly basis, allowing you to spread your payments out over time.

These loans typically have lower interest rates than payday loans. This means you will have more time to repay them. 

The best feature of this loan is that you will not need a perfect credit score to get approved. Many online money lenders provide this loan and usually deposit the cash directly into your account upon approval.

Applying For Loans Online

It is now easier than ever to find loans online. If you need money now, making your application online is a faster way of borrowing money. 

You can have cash at your disposal within a day, depending on the type of loan chosen. But you’ll want to ensure you’re dealing with a trustworthy and licensed money lender.

Personal installment loans, payday loans, and cash advances are the most common types of online instant cash loans.

However, just because online applications are easy doesn’t mean they are always safe.

So before deciding which loan you need, do your homework to verify the money lender. Check its credibility and trustworthiness before putting your personal details on its website.

Where Can You Borrow Money Immediately?

One of the most common ways to get money immediately is to use licensed money lenders. 

There are currently legally authorised money lenders from which you can obtain urgent online loans in Singapore. 

A payday loan, for example, is available at U Credit, a legal and licensed money lender in Singapore. The instant loan application process is simple, and minimal documentation is required.

All you need is a valid street address, a valid phone number, a steady source of income, and a valid form of identification. U Credit will verify the information you provided for the loan agreement and disburse your funds within an hour.

Another quick loan option is to use a cash advance service, which credit card companies usually provide. This allows you to easily access cash at an ATM or over the counter using your credit card.

What Is A Short-Term Loan?

A short-term loan typically offers small sums of money, which you must repay in a short period of time. 

It is commonly called small personal loans offered by money lenders. Short-term loans come with various features, but one thing they all have in common is that the borrower does not have much time to repay the loan.

Depending on the interest rate and additional fees, this loan can become extremely expensive to repay. 

However, this will ultimately depend on the specific loan, money lender, and your financial situation (credit scoring). Due to ease of approval, a short-term loan is a favourite for borrowers with urgent needs.

If a financial situation arises unexpectedly, you may need this loan if you don’t have enough savings to cover your expenses.

If you have a job, but your pay is insufficient to meet an urgent personal financial need, a short-term loan will save you some trouble. 

Such urgent needs include purchasing an important household asset, paying college fees for your child, or even paying for a medical expense.

This loan also provides entrepreneurs with quick cash to bridge a gap when buying stock or paying for business expenses such as payroll, utility bills, and rent. 

It is useful when you need a one-time unique inventory to capitalise on an upcoming business boom, such as the holiday season. After you have made the sale, you can repay the entire amount.

What Documents Do I Need To Prepare For A Loan?

If you want to apply for a short term loan at U Credit, you’ll need to bring your NRIC, proof of reliable income, and banking statements.

Depending on the type of loan required, you may be required to provide more personal or financial information. 

For instance, a Payday loan is the easiest financial product if you need quick cash and you don’t require any collateral to get one. 

More documents may be required if you are looking forward to applying for a monthly installment loan. For salaried individuals, the following additional documents are required;

  • Either the last three months’ monthly pay slips, Income Tax Statements (taken from Inland Revenue Authority of Singapore website), or 15 months’ CPF statements.
  • Copy of Rental Agreements showing your address
  • Letter from Employer stating the current address
  • Government-issued document showing your address (CPF, IRAS, ICA)

If you are self-employed, you must provide your Income Tax Statements for the last two years.

More on this Topic:

What Can I Use A Personal Loan For (With Examples)

Rejected By Banks But Need Money Urgently? Apply For A Bad Credit Loan With High Approval Rates

Are You Eligible For An Unsecured Loan?

An unsecured loan does not require any type of collateral. Hence, you won’t have to give up your valuable asset in order to get the loan approved. 

This loan is offered mostly to borrowers based on their credit and borrowing history, and their ability to repay. 

This means that an unsecured loan application and approval process may be more stringent. However, it is dependent on the particular loan and your lender.

Therefore, maintaining a good credit score, borrowing history, and income can help you easily qualify for an unsecured loan. However, some money lenders do issue unsecured loans to borrowers with poor credit.

A good or fair credit score also helps you to obtain an unsecured loan at a lower interest rate and with better repayment terms. 

This is because lenders interpret your credit score as an indicator of whether or not you make payments on time.

You still have options if your credit score is less than perfect and you’re looking for an unsecured loan. 

At U Credit, you can still get approval for a monthly loan regardless of your credit rating. The amount at first may not be as high but sufficient to sort your needs, but you will be eligible for more in the future. One popular choice is a personal installment loan. 

Compared to banks, borrowing urgent cash is much easier from licensed money lenders, and the minimum annual income requirement is also lower. 

For instance, a minimum annual income of $30,000 is typically required to obtain an installment loan in Singapore from a financial institution such as a bank. Secondly, their application processes would also include more rigorous credit checks.

When you obtain a personal loan from U Credit with monthly payments, the licensed money lender will simplify the loan process and expedite loan approval.

To be eligible, you need to meet the following requirements:

  • Be a Singaporean, Permanent Resident, or foreigner with a valid Singapore Employment Pass.
  • Be over the age of 21.
  • Be employed with proof of salary/CPF statement/income tax.


Family and friends are not long-term alternatives to your financial problems during hard times. 

When you are going through a crisis, the best option you can hope for is to find a licensed money lender that can offer an easy loan. 

Most licensed money lenders in Singapore such as U Credit offer unsecured loans designed for borrowers with poor credit scores but who need emergency cash quickly. 

They also offer loans online, and the best part is that you can get approval for a loan in time to meet your urgent needs.