Best Instant Loans in Singapore (Nov – Dec 2024)

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? And most importantly, how do we verify that we can trust an instant loan?

We can’t give you the money you need, but we can save you time. That’s why we’ve rounded up 5 instant loans in Singapore and broken down everything you need to know.

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)

1. GXS FlexiLoan
2. Mari Credit Card Instant Loan
3. OCBC ExtraCash Loan
4. Trust Instant Loan
5. UOB Personal Loan
6. Loans from banks vs licensed moneylenders
7. Should I take a loan from a bank or licensed moneylender?
8. How do I know if a loan is legit?

 

1. GXS FlexiLoan

Estimated loan approval time: 

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

GXS FlexiLoan—Quick facts
Loan type	Balance Transfer	Instalment Loan
Loan tenure	4 – 12 months	2 – 60 months
Interest rates	0% interest	From 2.99% p.a. (EIR 5.65% p.a.)
Processing fee	From 1.35% (EIR 4.13% p.a.)	None
Late fee	2 days past repayment date: None, GXS considers this a grace period 3 – 14 days after due date: 28% p.a. on the overdue amount 15 days onwards after due date: 28% p.a. on the total outstanding loan amount
Early partial/full repayment fee	None
Minimum annual income	$20,000 (Singapore Citizen or a Singapore Permanent Resident)

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 2.99% p.a. (EIR 5.65% 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 28% p.a. is chargeable if you fail to make your repayments on time. All the more you should choose the option that is manageable for you!

 

How do I apply for the GXS FlexiLoan?

Apply for the GXS FlexiLoan via the GXS Bank app:

1. Go to the ‘Home’ tab.
2. Select ‘Explore’ for GXS FlexiLoan.

Back to top

 

2. Mari Credit Card Instant Loan

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.

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 you need 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.

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—your fee for borrowing—is low, MariBank will charge you very high interest if you’re late with your payments: 27.99% p.a. to 30.99% p.a. Essentially, you’ll be paying credit card late interest fees, so don’t take this loan lightly if you aren’t 100% sure you can make every repayment in full.

How do I apply for a Mari Instant Loan?

Apply via the MariBank app. You’ll see the Instant Loan feature on the app home screen and can apply via Singpass. 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.

---

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

---

Back to top

 

3. OCBC ExtraCash Loan

Estimated loan approval time:

Instant approval and cash disbursement when you apply via Myinfo.

OCBC ExtraCash Loan—Quick facts
Annual income	$30,000 and above	$20,000 to $29,999
Interest rates	10.08% p.a. (EIR 11.47%)	22% p.a. (EIR 22.74%)
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

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 22.74% if it’s $20,000– $29,999. 

How do I apply for an OCBC ExtraCash Loan for instant cash disbursement?

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.

Back to top

 

4. Trust Instant Loan

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.

Trust Instant Loan—Quick facts
Minimum annual income	$30,000 (Singaporean Citizen or Permanent Resident) $60,000 (Foreigner with a valid work pass)
Interest rates	2.22% (EIR 4.24% p.a.)
Processing fee	None
Late interest	27.9% on outstanding balance
Early partial/full repayment fee	3%

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). 

The interest rates for the Trust Instant Loan are low at 2.22% (EIR 4.24% p.a.), and there are no processing fees. However, if you are late with your repayments, expect to face the usual credit card late interest rate of 27.9% p.a.

How do I apply for a Trust Instant Loan?

Apply for a Trust Instant Loan on the Trust app:

1. For existing Trust customers: Select Money > Loan
2. For new Trust customers: Go to Product Selection > Instant Loan

Want some freebies with your loan? Click here to apply via MoneySmart and you’ll receive gifts such as 

• Up to $1,000 cash via PayNow
• Apple Mac Mini, 512GB (worth $1,156.85)
• Sony PlayStation 5 (worth S$799)
• Apple iPad 10th Gen, 64GB (worth $529)

Plus, get $10 FairPrice E-Vouchers from Trust when you sign up with the referral code MONEYSMT. 

Promo ends 30 Nov 2024.

Back to top

 

5. UOB Personal Loan

Estimated loan approval time:

Get you instant approval and instant cash disbursement if you:

• Apply online between 8 am to 9 pm, from Monday to Saturday
• Use a UOB current/savings account for loan disbursements

UOB Personal Loan—Quick facts
Minimum annual income	$30,000
Interest rates	From 2.88% (EIR 5.46% 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.

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 5.46% 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 for instant cash disbursement?

To get your cash instantly, apply for a UOB Personal Loan online from 8 am to 9 pm, Mondays to Saturdays. You should also have a UOB savings account or current account.

When you apply via MoneySmart, you’ll also get gifts such as:

• Apple 13-inch MacBook Air M2 Chip, 256GB (worth $1,399)
• Apple 11-inch iPad Air, 128GB (worth $899)
• Apple Watch Series 10 (GPS), 42mm (worth $599)
• Apple iPad 10th Gen, 64GB (worth $499)
• Up to $1,200 cash via PayNow

Promo ends 30 Nov 2024.

Back to top

 

6. 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

Back to top

 

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

If you qualify for a bank loan (i..e you have a good credit score and earn at least $20,000 a year), we recommend you go for that. 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. Use our personal loan comparison tool to calculate your monthly repayments so you can be sure that you can manage the loan.

Back to top

 

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

• 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 to the Registry of Moneylenders at 1800-CALL-LAW (1800-2255-529) or the police at 1800-255-0000.

Back to top