Payday Loan in Singapore | Get Quick Funds With Cash Advances

Having insufficient funds on hand can be a real dilemma, which is why payday loans in Singapore can be so useful. We hear you — our payday advance loan gives the cash you need to get through the month until the next paycheck arrives.

Let our payday loans tide you over until payday

Having a personal emergency when you’re just days away from getting your salary can be agonising, especially when it calls for urgent cash at the very moment. In such cases, a payday loan in Singapore may just be the answer to your prayers.

At GoldStar Credit, our payday advance loans are ready for any emergency. We offer payday loans online with fuss-free applications and same-day cash disbursement, so you get the funds you need without wasting a second.

What exactly is a payday loan?

A payday loan is an extremely short term unsecured loan to cover sudden expenses until your salary gets credited to you. Payday loan tenures are only 30-31 days long, with one repayment.

For example, if you took up a S$5,000 payday advance loan on 13 July, simply repay the full amount – plus interest – by 13 August. That’s it. Your payday loan contract is fulfilled.

Why should you apply for a payday loan in Singapore?

If you urgently need a smaller set of funds before your salary comes in, a payday loan is the perfect solution. A payday loan, also known as a payday advance loan, disburses funds based on your monthly salary instead of your credit limit. Payday loans are among the quickest ways to legally obtain funds on a short notice in Singapore.

Also, applying for a payday loan in Singapore is safe with GoldStar, a licensed money lender. Payday loan applications are processed swiftly and they don’t affect your credit score. A payday loan’s repayment is hassle-free too, with just one installment due the following month. Payday loans aren’t too hard to understand, right?

What’s so great about Goldstar’s Payday Loan

1. Swift application processing and fund disbursal

No matter if you’re applying for your payday loan online or in person, GoldStar will process your payday loan application as quickly as possible. Make the payday loan application process even more efficient by first preparing all the supporting documents below. Once your payday loan is approved, the funds will be disbursed equally fast, whether in cash or via a bank transfer.

2. Low interest rates

Licensed money lenders abide by strict rules from the Ministry of Law. Therefore, GoldStar only applies an interest rate of up to 4% a month on all payday loans. This limit for payday loans applies to the late repayment interest too. Rest assured you won’t be worrying about more expenses after resolving your current emergency with a payday loan.

3. Zero credit checks performed

Remember, a payday advance loan in Singapore only requires you to provide income proof to ensure you qualify for the loan amount you’re applying for. Your credit score isn’t affected by your payday loan application, and no inquiries will be made to Credit Bureau Singapore. This allows GoldStar to process your payday loan even faster.

4. No collateral pledging required

Because a payday loan in Singapore is considered an unsecured loan, you won’t need to pledge any collateral (property, equities, etc.) to have your application approved. Your assets are completely safe, and this keeps the payday loan’s terms straightforward. This lets you use your assets for secured loan types, such as a vehicle loan or housing loan.

5. Flexible fund usage

Unlike a renovation loan or car loan, a payday loan has full flexibility. You can use your payday loan’s funds to settle any personal or professional emergency without having to inform GoldStar. No post-disbursement checks will be done for payday loans as well. You’re free to use the payday loan for your unique needs.

Can’t wait for payday and need urgent funds? Resolve your financial emergencies with our payday loans.

Apply now

Commonly asked FAQs about payday loans in Singapore

Q1. How does a payday loan work?

A payday loan is a single instalment loan with a one-month tenure (30-31 days). The payday loan’s funds are meant to take care of unexpected emergencies until you receive your salary. Although the payday loan’s name suggests that the loan limit is one month of your salary, you can borrow up to six times your monthly income. Do note that this depends on your income.

Q2. What can I use a payday loan for?

Payday loans in Singapore can be used for any purpose. If your parents get injured and they have no insurance coverage, you can quickly apply for a payday loan online to settle the hospital bill. Or, if several kitchen appliances and fittings break down at one go, you can use a payday loan’s funds to settle the purchases and contractor’s invoice.

Q3. Is a payday loan the same as a personal loan?

In Singapore, payday loans from licensed money lenders are essentially much shorter versions of personal loans. Therefore, applicants would borrow much less for a payday loan. However, both a payday loan and personal loan have limits subject to your income rather than credit score. That said, you can enjoy better rates for a personal loan if you have a good credit score.

Q4. What are the requirements to get a payday loan?

Whether you’re applying for a payday advance loan online or at GoldStar’s office, you need to be at least 21 years old. Additionally, you need to provide the following documents to support your payday loan application:

Proof of income. For example, your three most recent payslips or CPF statements.
Your NRIC or passport
Residence proof. For example, the latest utility bill or telco bill that’s sent to your residential address in Singapore.
(For Foreigners only) Proof of employment. For example, your employment contract or work permit.

Q5. How do I apply for a payday loan?

Applying for a Singapore payday loan takes just a few steps:

Have your payday loan application submitted online.
Be updated on your payday loan application status in 20-30 minutes.
Head over to our office, sign the loan contract, and get your funds in cash or through PayNow.

That’s all it takes to apply for a payday loan online or in person with GoldStar. What’s more, if you have Singpass, your payday loan online application becomes much quicker too.