Payday Loan

A payday loan is a short term loan that gives you enough cash to cover your most immediate financial needs before your next paycheck arrives. The borrower usually takes on a loan with a licensed money lender with the aim to repay the loan and the interest within the next few weeks when their next paycheck arrives.

A payday loan is one of the many ways for an individual to find financial help. Like any tool, if used carefully and responsibly, you will find it extremely helpful to your situation or if used without care or thought, will hurt you in the long run.

Similarly, once your loan application has been approved with us, you will receive your funds and you would then be able to pay off your bills without much worry.

There are several differences between a payday loan and a personal loan, mainly due to the amount loaned and the tenure.

A payday loan is a short term loan that you would repay back to the lender once you have received your next paycheck. A payday loan is a smaller sum as it is meant to be used for immediate and urgent financial relief, like catching up on your bills and smaller emergencies.

On the other hand, personal loans can be a larger loan amount and have a longer loan repayment term due to the larger amount that you have taken out. It is mainly used for larger expenses that a single monthly paycheck cannot sufficiently cover or repaid in full.

Generally, the best payday loan is an unsecured one, without any collateral involved. An unsecured loan works best with money lenders as the sums involved are smaller and are quicker to approve. One of our best selling points as a money lender is the fact that we do not judge anyone with poor credit.

This means that anyone with bad credit can take out a quick payday loan with us and receive the money they need within the hour without going through a lengthy loan application process. However, make sure you only use payday loans in case of emergencies. We do not want to see our borrowers fall into a deep cycle of debt.

There are many reasons that a payday loan can be helpful to anyone. Here are a few reasons listed below.

• Emergency money on the double. No longer would you need to undergo lengthy application processes with a bank when time is of the essence
• No need to worry about bad credit
• You don’t need to put out collateral when you apply with us
• A simplified application process that anyone can apply from

When you take out a payday loan with money lenders like Raffles Credit, you can pay for your utility bills or any other smaller emergencies in advance, avoid missing your cut-off period, and prevent having to spend any more on penalties and added late repayment interest rates.

Don’t forget to bring your employment and income details when you do make the trip over. In doing so, we can provide your loan application result and release your financing in no time.

Yes, it is. Moneylender in Singapore is highly regulated by the Ministry of Law and all loan products offered by any lender must be approved before they can be given to the public.

As such, payday loans are fully licensed under the Ministry of Law and are available to all Singapore citizens and foreign workers working in Singapore by all licensed moneylenders. As a licensed lender, our activities are governed under the law in Singapore.

However, do not borrow from Ah Longs or loan sharks as these groups are not licensed moneylenders and will charge exorbitant interest rates that will quickly trap you in an endless cycle of debt. Raffles Credit strongly advises you to seek only licensed moneylenders or banks if you are in need of loans.

There are several factors that determine how much you can borrow from us. If you are taking out a secured loan with us, you would be able to borrow any amount with us. However, if you are taking out an unsecured loan with us, there are several factors that determine the amount. 

If you are a Singapore citizen or PR with an annual income of less than $20,000, you would only be able to borrow up to $3,000 with us. If your annual income exceeds $20,000, you would be able to take out a loan up to six times of your monthly income with us. 

If you are a foreigner or expat working in Singapore with an annual income of less than $10,000, you would only be able to loan up to $500 with us. If you have an annual income of less than $20,000, you would be able to loan up to $3,000 with us. Foreigners or expats with an annual income of $20,000 and above would be able to take out a loan up to six times of your monthly income with us.

Yes. With a licensed moneylender, you can only borrow a certain amount they set depending on your current salary and employment contract. While banks can provide your ideal amount of cash, the amount also comes with more stringent requirements and terms, and an excellent credit score.

The application process is swift and efficient. Please expect to receive your borrowed cash within an hour only, or upon the signing of the contract when you’re contacted to come in for the signing of the contract.

Raffles Credit is a licensed lender in Singapore. We have been praised for being a financial agency that treats our clients with the utmost professionalism and exceptional customer service experience. 

What differentiates us from other moneylenders is our fair and trustworthy loan plans and interest rate. We never force our customers to borrow more than what they can afford and help them become a responsible borrower. Ethical lending is at the top of our core values and we adhere with law in Singapore.

We take pride in our accomplishments and will continue to serve every foreigner, resident, and citizen of Singapore in good faith.

Honors & Achievements

• 2020 listed: top 10 licensed moneylenders in Singapore by Loan Advisor
• 2020 listed: top-performing legal moneylenders in Singapore by Top Brands

Reviews & Testimonials

• Received excellent 4.9 stars from verified clients on Google Reviews
• Praised as “professional, helpful, and friendly” by customers on Loan advisor