Best Instant Loans in Singapore (Feb 2025)

There are 2 things we all wish we had more of: money and time. When life throws unexpected bills your way, the last thing you want is to wait days—or even weeks!—for a loan to be approved. That’s where instant loans come in.

Whether it’s a medical emergency or urgent home repairs, instant loans promise to get you cash fast. But how do they stack up when it comes to interest rates and fees? Just how “instant” are they really? 

In this article, I’ll be sharing with you all you need to know about the top instant loans around, along with all the quickfire information you’ll need to know about them. Beyond that, you’ll also have my take on whether you should take a loan from a bank or a licensed moneylender. 

For fair comparison, all loan interest rates, effective interest rates (EIR), and fees in this article assume you’re taking a loan amount of $10,000 and repaying it over 3 years unless otherwise stated. Actual rates will be personalised to your loan amount, loan tenure, credit history, and annual income.

 

Best Instant Loans in Singapore (Nov – Dec 2024)

• DBS/POSB Personal Loan
• GXS FlexiLoan
• Mari Credit Card Instant Loan
• OCBC ExtraCash Loan
• Trust Instant Loan
• UOB Personal Loan
• Credible.sg Personal Loan
• Loans from banks vs licensed moneylenders
• Should I take a loan from a bank or licensed moneylender?
• How do I know if a loan is legit?

 

1. DBS/POSB Personal Loan

DBS/POSB Personal Loan—Quick facts
Minimum annual income	$20,000 for Singaporeans/PR
Maximum loan tenure	5 years
Interest rates	1.99% p.a. (EIR 4.17% p.a. )
Processing fee	1% of approved loan amount
Late fee	S$100
Early repayment fee	$250

Estimated loan approval time: 

So two things—if you:

1.  Have DBS/POSB Cashline account or credit card
2.  Have your salary credited into a DBS/POSB savings account

You can get your cash disbursed instantly. 

Loan breakdown: 

The main thing that caught my attention for the DBS/POSB Personal Loan is its incredibly low interest rate. As you go on and view the other loans listed in this article, you’ll see that none really even come close to the 1.99% p.a. (EIR 4.17 p.a.).

One interesting thing is that you don’t have to be earning a regular salary in order to take this loan. Self-employed individuals and freelance workers can also go for this one. 

How do I apply for the DBS/POSB Personal Loan?

You can apply for the DBS/POSB Personal Loan using your available credit limit easily via the respective digibank mobile apps.

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2. GXS FlexiLoan

GXS FlexiLoan—Quick facts
Loan type	Balance Transfer	Instalment Loan
Loan tenure	4 – 12 months	2 – 60 months
Interest rates	0% interest	From 2.88% p.a. (EIR 5.45% p.a.)
Processing fee	From 1.35% (EIR 4.13% p.a.)	None
Late fee	No late fee but there is late interest that is chargeable at a default rate of 18% p.a. upon late repayment.
Early partial/full repayment fee	None
Minimum annual income	$20,000 p.a. (Singapore Citizen or a Singapore Permanent Resident)

Estimated loan approval time: 

According to GXS, eligible applicants will usually only wait 3 minutes or less for their application to be approved.

Loan breakdown: 

The GXS FlexiLoan comes in 2 iterations:

• Balance Transfer: 0% interest but has a one-time processing fee. This option is more suitable for short-term loans of up to 1 year.
• Instalment Loan: From 2.88% p.a. (EIR 5.45% p.a.) but no processing fees. This option is suitable for longer loan periods of up to 5 years.

Between the 2 options, choose Balance Transfer for lower interest rates overall, starting from 1.35% (EIR 4.13% p.a.) with a one-time processing fee. Monthly repayments for Balance Transfer can also be smaller, from as little as 1% a month.

However, if you need a loan period longer than 1 year (perhaps if you’re taking a larger loan), choose the Instalment Loan option. This allows you to repay a loan over a maximum of 5 years.

In both cases, a high late interest rate of 18% p.a. is chargeable if you fail to make your repayments on time. So make sure you have the means for repayment sorted before you apply. 

Another thing to note is that you’ll only be able to take the Balance Transfer option once. Any future loans you want to take with the GXS FlexiLoan have to be under the instalment loan plan.

How do I apply for the GXS FlexiLoan?

1. Download the GXS Bank app and sign up for a GXS FlexiLoan account.
2. Customise your loan by entering your loan amount, choosing your repayment tenure, and selecting your preferred monthly repayment date.
3. Receive your funds. 

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3. Mari Credit Card Instant Loan

Mari Credit Card Instant Loan—Quick facts
Interest rates	0.24% per month (EIR 5.46% p.a.)
Processing fee	$0
Minimum annual income	– $30,000 for those between 21 to 55 years old – $15,000 for those over 55 years old This is to be eligible for a Mari Credit Card which is a requirement in order to apply for their Instant Loan.
Late interest	– 27.99% p.a. on any outstanding amount if the Statement Due is not paid in full by the due date. – 30.99% p.a. on any outstanding amount if the Minimum Payment Due is not paid in full by the due date. In both cases, interest is calculated on a daily basis.

Estimated loan approval time: 

MariBank says: “Applications will be processed instantly or otherwise within 1 to 2 days. We will notify you of your application outcome via MariBank app push notification, SMS, and/or email (subject to your preferred mode of communication).”

So most likely, you’ll get your money instantly after submitting your application. But in the event it isn’t, expect to wait a maximum of 2 days.

Loan breakdown: 

Mari Credit Card Instant Loan is an option for MariBank customers with a Mari Credit Card. It allows you to convert a portion of your remaining credit limit into cash. For example, if your Mari Credit Card’s credit limit is $20,000 and you charge $5,000 to the card, you have $15,000 that you can draw down from as a Mari Instant Loan. 

While the loan interest rate is low, MariBank has incredibly high interest rates if you’re late with your payments: 27.99% p.a. to 30.99% p.a. Do not, and I mean DO NOT, take this loan if you’re unsure of your ability to make punctual repayments. 

How do I apply for a Mari Instant Loan?

For existing MariBank customers	If you’re not a MariBank customer yet
Log in to your MariBank app. Navigate to Instant Loan via the home screen. Tap on the ‘Apply’ button. Use Singpass to register.  Get instant access upon successful application.	Download the MariBank app.  Register with a Singapore mobile number. Select ‘Instant loan’ and start your application You will instantly receive a Mari Credit Card and access to the Instant Loan feature.

If you don’t already have a Mari Credit Card and Mari Savings account, these will be issued to you once your loan application is successful.

Do note that the Mari Instant Loan is on an invite-only basis.

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ALSO READ: 9 Things to Look Out For When Taking Out Personal Loans

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4. OCBC ExtraCash Loan

OCBC ExtraCash Loan—Quick facts
Annual income requirement	Singaporean/PRs above 21 years of age: At least $20,000 Foreigners above 21 years of age: At least $45,000
	For annual income $30,000 and above	For annual income between $20,000 to $29,999
Interest rates	10.08% p.a. (EIR 11.47%)	22% p.a. (EIR 23.67%)
Processing fee	$200 or 2% of the approved loan amount, whichever is higher	$100
Late fee	$80
Early partial/full repayment fee	3% of amount to be repaid ($1,000 minimum repayment) 1 month interest in lieu will be charged if redemption is done immediately
Restructuring fee	3% of outstanding loan amount

Estimated loan approval time:

Instant approval and cash disbursement when you apply via Myinfo.

Loan breakdown: 

With the OCBC ExtraCash Loan, you can get instant approval and disbursement of your money when you apply via Myinfo. The major downside? Interest rates are sky-high. You’re looking at an EIR of 11.47% if your annual income is $30,000 and above, or a whopping 23.67% if it’s $20,000– $29,999. This is of course assuming you’re taking a 3-year repayment plan. 

How do I apply for an OCBC ExtraCash Loan?

Apply via Myinfo (which is authenticated using Singpass) for a smooth, secure and fast application process. This will also help you get your cash disbursed instantly.

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5. Trust Instant Loan

Trust Instant Loan—Quick facts
Age requirement	Between 21 to 65 years old
Minimum annual income	$30,000 (Singaporean or Permanent Resident) $60,000 (Foreigner with a valid work pass)
Interest rates	2.49% (EIR 4.74% p.a.)
Processing fee	None
Late interest rate / fee	27.9% p.a. & $100 late fee
Early partial/full repayment fee	3%

Estimated loan approval time:

According to Trust, you’ll get your loan approved and money deposited into your Trust account within 60 seconds from application.

Loan breakdown: 

Like the Mari Credit Card Instant Loan, the Trust Instant Loan lets you convert part of your Trust credit card’s credit balance into cash. This cash will be put into your Trust savings account. So, as you can guess, applying for a Trust Instant Loan means you’re also applying for a Trust credit card and savings account (if you don’t already have them). 

How do I apply for a Trust Instant Loan?

Apply for a Trust Instant Loan on the Trust app:

For existing Trust customers	For new Trust customers
Launch Trust app Select ‘Money’ Select ‘Loan’	Download Trust App Navigate to ‘Product Selection’ Select ‘Instant Loan’

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6. UOB Personal Loan

UOB Personal Loan—Quick facts
Age requirement	Between 21 to 65 years old
Minimum annual income	$30,000
Interest rates	From 2.88% (EIR 5.43% p.a.)
Processing fee	0%
Late fee	$100
Full repayment fee	$150 or 3% of the outstanding amount
Restructuring fee	No cancellation, restructuring, or partial prepayment allowed.

Estimated loan approval time:

You should be able to get instant approval and cash disbursement with the UOB personal loan.

Loan breakdown: 

If you’re an existing UOB Credit Card/CashPlus customer, consider taking a UOB Personal Loan. Aside from its instant approval, another strong point of the UOB Personal Loan is that it’s affordable—it comes with no processing fees and low interest rates of 2.88% (EIR 5.43% p.a.). You also have a good deal of flexibility in terms of how long you’ll borrow the money, with loan periods of 1 to a maximum of 5 years. 

How do I apply for a UOB Personal Loan?

You may apply for a UOB Personal Loan online from 8 am to 9 pm, Mondays to Saturdays using a UOB savings account or current account.

 

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7. Credible.sg Personal Loan

Credible.sg Personal Loan—Quick facts
Age requirement	21 and above
Minimum annual income	S$20,000 (Singaporeans and PR only)
Interest rates	14% p.a. (EIR from 16% p.a.)
Processing fee	$0
Late fee	2% of the outstanding balance
Full repayment fee	No penalty
Restructuring fee	No penalty

Estimated loan approval time:

According to Credibile.sg, you’ll be able to complete the digital application in under 5 minutes and receive same-day approval. 

Loan breakdown: 

So, you probably realised that this loan isn’t coming from a bank—and you’d be right because Credible.sg is actually a licensed money lender. And if the company’s name didn’t clue you in, the exorbitant interest rates might’ve. 

You’re probably thinking—why would I opt for a loan with a 14% interest rate when banks are offering way lower than that. Well, because licensed money lenders like Credible.sg, are less stringent with the requirements surrounding credit score. That’s the main draw. While interest rates are low for banks, you might not even be able to get your foot through the door with a bad credit score. So when all else fails, a licensed moneylender might be your only option.

On the bright side, you dodge early repayment and restructuring fees, plus there are no pesky processing charges. Whether you’re a full-time employee or a freelancer figuring it out as you go, they’ve got you covered—and the best part? You get your loan funds on the same day.

How do I apply for a Credible.sg Personal Loan?

Credible.sg has a really quick process from start to finish:

1. Gather up some key documents (Proof of income, ID etc) and fill out the straightforward application form. 
2. Wait for the Credible.sg team to process your application and documents.
3. Visit your selected outlet for a quick appointment, sign the relevant documents, and pick up your funds. 

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8. Loans from banks vs licensed moneylenders

The loans we recommended above are all from physical or digital banks. Considering taking a loan from a licensed moneylender instead? 

Here are the key differences:

	Bank loan	Moneylender loan
Credit history	Stricter, generally requires good credit score	More flexible
Annual income	Typically requires annual income of at least $20,000	Possible with an annual income below $20,000
Loan amount	Larger, up to 12 times your monthly income	Smaller: – Up to $3,000 if your annual income is below $20,000 – Up to 6 times your monthly income if you earn at least $20,000 a year
Loan period	Typically longer, 1 to 7 years	Typically shorter, within 1 year
Interest rates	Usually lower, starting from around 3% p.a.	Usually higher, but capped at 4% per month
Approval time	Usually longer, from a day up to a week	Usually shorter—from as little as within 30 minutes

So as you can tell from the comparison above, there are a unique set of advantages when borrowing from a licensed moneylender. 

Which brings us now to the big question.

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9. Should I take a loan from a bank or licensed moneylender?

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If you qualify for a bank loan (i..e you have a good credit score and earn at least $20,000 a year), it might be the best option for you. It’s the more cost-effective option, and you’ll also be allowed to take a larger loan amount if need be. While some bank loans require a longer wait to get your loan approved and money disbursed, the loans we highlighted above are very fast.

Consider a loan from a licensed* moneylender only if:

• You have a poor credit history, and/or
• Your annual income falls below $20,000

*Note that we said licensed moneylender. Read the next section to find out how to verify your institution is legit.

Whether you take a loan from a bank or licensed moneylender, always only borrow within your means. You can use our personal loan comparison tool to calculate your monthly repayments so you can be sure that you can manage the loan.

We actually explore this topic more extensively in another article—so take a read!

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10. How do I know if a loan is legit?

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• If you’re taking a bank loan, verify that your bank is licensed and regulated by the Monetary Authority of Singapore (MAS) using their Financial Institutions Directory.
• If you’re taking a loan from a moneylender, verify that it is licensed using the Ministry of Law’s Registry of Moneylenders in Singapore.

In both cases, never respond to unsolicited messages, emails, or calls about loan offers—banks and moneylenders are not allowed to advertise their loans this way. 

You’re either dealing with an unlicensed lender or a licensed one that is breaking the rules. Either way, don’t proceed! 

Report such advertisements immediately to the relevant authorities.

Registry of Moneylenders	1800-CALL-LAW (1800-2255-529)
Police	1800-255-0000

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