Can You Get 1 Hour Payday Loans in Singapore?

Application for 1 hour payday loans from licensed money lender offering payday loan
Application for 1 hour payday loans from licensed money lender offering payday loan

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What exactly is a 1-hour payday loan?

A payday loan is an instant cash loan intended to tide you through the rest of the month until you receive your next paycheck. You make a one-time repayment when you get paid. 

By extension, a 1-hour payday loan is a payday loan that lets you get funds within the hour. This may or may not be feasible in actuality. That said, it is a fact that your payday loan application can be approved within minutes. 

In case you’re wondering, lenders will not offer a payday loan quantum that’s more than what you make. 

How does a 1-hour payday loan work?

It takes just minutes to submit your payday loan application. Most licensed money lenders have a website for you to do that. Typically, you only need to furnish the licensed money lender with your name, contact details, and loan amount required. 

The loan approval process is quick, with many licensed money lenders promising to get back to you in less than an hour.

There’s no need for security or collateral if you’re getting a payday loan in Singapore from licensed money lenders. 

Can you get a 1-hour payday loan in Singapore?

In the real world, it may not be that feasible to process and disburse funds within an hour of your application.

Licensed money lenders in Singapore are not allowed to disburse funds remotely. They are also required to verify the identity of their borrowers in person. (The same cannot be said if you go down the illegal money lender route.)

If you live near a licensed money lender, you might be able to get a 1-hour payday loan. All you have to do after receiving the offer is set up an appointment and do a walk-in right away. The loan officer will go through the contract and terms with you before you sign on that line in black and white. 

Feel free to clarify anything you’re unsure of with your loan officer. You should only sign the loan contract if you are very clear about what you’re getting into — the loan amount and repayment date, interest charges, processing fees, late fees, etc. 

TL;DR? In reality, it is more likely that borrowers will get their 1-hour payday loan application approved in a jiffy and their cash loan disbursed the next business day. 

Who provides 1-hour payday loans?

Licensed money lenders offer 1-hour payday loans in Singapore. 

When does a 1-hour payday loan make sense?

A 1-hour payday loan makes sense if you need urgent cash mid-month to tide you through an emergency until you get your next paycheck. 

You may even be able to use a payday loan to improve your credit score. Check with your licensed money lender if the credit bureau will be notified of your payday loan and loan repayment behaviour. If the answer is yes, simply make your repayment promptly — this will add positive points to your credit score. 

Is there such a thing as a 1-hour payday loan with no credit check?

Not really, there will be credit checks but the approval rate is high. Rest assured that licensed money lenders do not practice credit discrimination. Even those with poor credit history can be approved.

What are the fees for 1-hour payday loans?

  • Max. processing fees capped at 10% of the approved loan amount
  • Max. interest rate of 4% per month

Should I apply for 1-hour payday loans with bad credit?

You can apply for 1-hour payday loans even if you don’t have a good credit score. However, you must be prepared to deal with an extremely high cost of borrowing. 

If you can qualify for a personal loan, definitely consider getting it for its interest rates and processing fees are a lot lower compared to payday loans!

Do you qualify for the 1-hour payday loan plan?

It is easy to qualify for 1-hour payday loans in Singapore. Many licensed money lenders offer such short-term loans to borrowers who are above the age of 21.  

Borrowers can be employed or self-employed. It does not really matter. The main requirement that borrowers have to meet is that they must have a regular source of income.


The information contained on this website is not intended as a substitute for advice from a licensed professional. We do not guarantee the accuracy, completeness, suitability, or validity of any information provided on this website. We will not be responsible for any errors or omissions on the site nor will we be liable for any loss or damage caused by reliance on any information obtained through this website.

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