Friday Finance Personal Loan

Friday Finance Personal Loan

From 10.56% p.a.
Interest Rate EIR* From 11.09% p.a.
S$11,056
Total Amount Payable
S$800
Processing Fee

Loan Details

Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

Friday Finance Personal Loan Benefits 2025

Looking for a fast personal loan without the red tape of traditional banks? Whether you’re a freelancer, gig worker, or just need emergency funds, the Friday Finance Personal Loan offers speedy approvals, transparent pricing, and even a fee refund if you pay on time.

Pros and Cons of Friday Finance Personal Loan

*The personal loan protection insurance offered by Friday Finance is a personal accident insurance insuring against financial burden in the event of (i) temporary and total disablement (>14 days of hospitalisation leave), and/or (ii) accidental death or permanent total disablement. For more coverage details, refer to their T&Cs.

Pros ✅

  • Interest rates start from 1.8% per month (flat rate)
  • Can borrow up to 6X gross monthly income, subject to factors like income and debt-to-income ratio, credit history, and MinLaw Regulatory Constraints
  • Admin fee is charged at 6%, with 50% refund once loan is fully repaid
  • Receive complimentary personal loan protection insurance*
  • Flexible loan tenures across 6, 12, 18, or 24 months
  • Easy and seamless application via SingPass MyInfo
  • More lenient eligibility criteria, great for freelancers and non-traditional borrowers
  • Fast loan approval and same-day funds disbursement
  • No early repayment fee/penalty

    • Cons ❌

  • Can reach a high EIR from ~21.6% p.a. depending on profile and tenure
  • Maximum loan amount capped at $500,000 (as seen on site)
  • Shorter and more limited loan tenure of up to 24 months, compared to bank loans that can stretch to 60 months
  • Admin fee is charged upfront, reducing net loan disbursed initially
    • Two column content

    How are Friday Finance’s Personal Loan’s Repayment Terms Like?

    Currently, Friday Finance’s advertised promotional interest rate starts from 1.8% per month, along with a one-time (from) 6% admin fee with 50% refund upon full loan repayment! 🪙

    To make things easier to understand, take this scenario for example.

    Loan amount: $20,000
    Loan tenure: 1 year (24 months)
    Interest rate: 2% per month

    According to Friday Finance’s personal loan calculator:
    Based on a 2% per month interest rate, your estimated monthly repayment would be around $1,057.42, with a total amount repayable of $25,378.13.

    Unlike typical bank personal loans, licensed moneylenders like Friday Finance might not always disclose their Effective Interest Rate (EIR) upfront on their site. You might have to send in specific enquiries.

    But as a general rule of thumb, it’s always preferred to compare EIR before committing to a personal loan because the EIR reflects the true borrowing cost–accounting for factors like frequency and number of instalments, fixed or varied repayments, and any other administrative or processing fees involved.

    How to Apply For Friday Finance Personal Loan?

    Before you start applying for the Friday Finance loan or any other personal loans, you’ve got to be clear of the reason why you need to take up a personal loan, a manageable loan amount that you can afford to pay off in monthly instalments, the other costs involved such as Effective Interest Rate (EIR), processing fees, annual fees, vice versa.

    Step 1

    Apply via MoneySmart’s Friday Finance Personal Loan page


    You may begin your application clicking on the Friday Finance “Apply Now” button.

    If you choose to apply via SingPass MyInfo, Friday Finance will pull your identity and income data from SingPass (which is already verified), thus cutting short the processing time. The approval-in-principle page will appear within minutes of submitting your MyInfo.
    Step 2

    Provide all required documents


    Unlike banks, Friday Finance does not have any restrictions on Notice of Assessment (NOA) and CBS.

    You only need to submit your credit bureau report when applying for a Friday Finance loan. This report ensures accurate evaluation of your application and loan offer.
    Step 3

    Select your monthly repayment plan


    Choose your preferred loan tenure (up to 24 months) and your monthly repayment plan will be calculated accordingly.
    Step 4

    Review and confirm details


    After completing the application form and providing required documents, you will likely be directed to a review and confirm page.

    Carefully review all the information you have entered throughout the application process. This includes:
  • Personal details like your name, NRIC, contact information, employment details, etc.
  • Loan details such as requested loan amount, loan tenure (repayment period), interest rate, and monthly repayment amount.
  • Bank account details which you have to ensure that the chosen bank account number for receiving the loan funds you've provided is correct.
    • Step 5

    Receive your cash disbursement quickly


    The cash loan amount should be disbursed to your designated savings account upon successful approval.

    Frequently Asked Questions About Friday Finance Personal Loan

    Is Friday Finance a bank?

    No, Friday Finance is not a bank. It is a licensed moneylender regulated by Singapore’s Ministry of Law.

    Can I repay loans taken from Friday Finance early?

    Yes, you can repay your Friday Finance personal loan early. You’ll even receive a 50% rebate on admin fees, as long as your loan is fully repaid!