Fast Approval Personal Loans for Emergencies in Singapore (2020)

Getting a personal loan in Singapore is one way to meet your emergency needs - be it emergency medical bills, car repairs, or a financial misstep. With emergency funds, time is of the essence. So, we've shortlisted the personal loans in Singapore with the fastest approval and cash disbursement.

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3 Tips to Get Emergency Cash Fast from a Personal Loan

There are lots of personal loans in Singapore to choose from, but when you're cash-strapped and need to pay for emergency expenses, you can't exactly afford to shop around at leisure. You need that cash ASAP! Here are some ways to cut short your personal loan approval time and maximise your chances of getting the funds in your account as soon as possible.

  • Tap on Your Credit Card Limit

    The fastest and easiest way to get your personal loan is to convert the unused credit limit on your credit card, if any. That's because the provider already approved how much they were willing to lend you when you signed up for the card, so there's no need for another round of document processing and approval. Converting the unused credit into cash is almost instant if you have a deposit account with the bank. Otherwise it may take a few days for the transfer. Before you do it, make sure you are comfortable with the repayment terms.

  • Use SingPass MyInfo for Instant Approval

    If you do not have an existing credit card limit to tap on, look into personal loan providers that offer instant approval. How does that work? When you apply online via SingPass MyInfo, the bank pulls your identity and income data from SingPass (which is already verified), thus cutting short the processing time. You should see the approval-in-principle page within minutes of submitting your MyInfo. If you choose to accept the personal loan terms they offer, you're on your way to getting cash in the bank.

  • Check Cash Disbursement Lead Time

    For personal loans, approval speed isn't the only lead time that matters. If you need cash quickly, make sure that the provider promises to disburse the cash within a short time frame as well. Check the (a) cash disbursement lead time and (b) deposit account requirements. If you already have a deposit account with the same provider, you should be able to get the cash on the same day or within 1 day of your loan approval. But if you have to create a new account, that might cause delays.

Standard Chartered Personal Loan

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  • Processing Fee

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MoneySmart Exclusive: Get additional S$100 Cash Next day via PayNow! Applies for min. approved loan amount of S$20,000.

Online Promo: Get 50% cashback on your 1st month's instalment + $199 Cashback!

Online Promo: Instant cash disbursement + $20 cashback!

Online Promo: *E.I.R: Effective Interest Rate of 8.04% p.a. based on 3 Year loan tenure

Online Promo: Min. loan repayment of 1 year to Max. 5 years

One of the best personal loan providers in Singapore for emergencies is Standard Chartered. Standard Chartered's personal loan product, called CashOne, has a tagline that goes "cash in 15 minutes".

To get cash ASAP, apply for your Standard Chartered personal loan using SingPass MyInfo. You will get instant approval, and all you need to do is wait 15 minutes for your funds to come in. Standard Chartered can disburse the funds to any existing bank account in Singapore, so there's no need to create a new account.

On top of that, Standard Chartered personal loans have some of the lowest interest rates on the market, and no processing fee. That said, the interest rates are personalised, so if you have a poor credit score/history, you may be quoted a higher interest rate.

Standard Chartered CashOne is open to everyone aged 21 years old to 65 years old. Singaporeans/PRs need to earn at least S$20,000 a year, while foreigners at least S$60,000 a year, to apply. You can borrow up to 4X your monthly income.

DBS Personal Loan

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MoneySmart Exclusive: Secured application via DBS ibanking account on MoneySmart and get your instant approval!

Online Promo: Min. loan repayment of 1 year to Max. 5 years

Online Promo: *E.I.R: Effective Interest Rate of 7.90% p.a. based on 3 Year loan tenure

If you're Singaporean, you probably have a DBS/POSB bank account + credit card already. If that's the case, you're all set up to apply for a DBS personal loan and get the cash extremely quickly.

All you have to do is to log into your DBS internet banking and apply for a personal loan there. DBS will convert the unutilised credit limit on your credit card into cash, to be disbursed into your DBS bank account immediately. You can start using the cash right away, but note that the amount you borrow will be blocked out on your credit card, unless you request a credit limit review.

DBS personal loans have some of the lowest advertised interest rates in Singapore as well, but like Standard Chartered, the interest rates are personalised based on your risk profile. If your income is too low and/or your credit history isn't all that great, they may charge you more.

DBS personal loans are open to Singaporeans and PRs only. You need to be between 21 and 65 years old, earning a minimum annual income of S$20,000 to apply. It's best to apply only if you have a DBS/POSB credit card + bank account, otherwise the process will take much longer.

UOB Personal Loan

  • Interest Rate*

  • Processing Fee

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Online Promo: *E.I.R: Effective Interest Rate of 7.96% p.a. based on 3 Year loan tenure

Online Promo: Min. loan repayment of 1 year to Max. 5 years

As with DBS, UOB's personal loan is based on your existing credit limit with UOB. Therefore, you need an existing UOB credit card or UOB CashPlus account to apply. You do not need a UOB deposit account, though.

To get your personal loan right away, apply for a UOB personal loan online. You'll be prompted to log into UOB internet banking portal to complete the application procedure.

As long as you submit the application between 8am and 9pm, your emergency cash will be credited into your bank account (any SGD account of your choice) instantly once the loan is approved.

While UOB's personal loan interest rates look significantly higher than that of DBS and Standard Chartered, they are guaranteed interest rates. There's no "personalised pricing" going on here, so what you see is what you get.

The UOB personal loan is open to Singaporeans and PRs only, aged 20 to 60 years old. You need to be earning S$30,000 and above to qualify, and, once again, you need a UOB credit card to get the loan fast.

OCBC Personal Loan

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Online Promo: Min. loan repayment of 1 year to Max. 5 years

Online Promo: *E.I.R: Effective Interest Rate of 11.47% p.a. based on 3 Year loan tenure

OCBC's personal loan offers instant approval and cash disbursement as long as you apply via SingPass MyInfo. It is open to anyone; you do not need an OCBC credit card to apply.

All you need to do is log into your OCBC internet banking and fill out the personal loan application using MyInfo. As long as you apply through MyInfo, OCBC promises to approve your loan and disburse the cash instantly. However, make sure that you have access to a printer as you will need to print and send the completed forms to OCBC afterwards.

Note that the interest rate is on the high side, though. If you are an existing OCBC credit card customer, you can get a more favourable rate with the OCBC Cash-on-Instalments personal loan product. This is where OCBC converts your unused credit limit into cash.

The OCBC ExtraCash Loan is open to anyone who's at least 21 years old. Singaporeans and PRs need to be earning at least S$20,000 a year to apply, while foreigners need to earn S$45,000 and above. You can borrow up to 2X your monthly income (if your income is below S$30,000) or 4X your monthly income (from S$30,000 to S$120,000).

Citibank Personal Loan

  • Interest Rate*

  • Processing Fee

  • Processing Time

Online Promo: Min. loan repayment of 1 year to Max. 5 years

Online Promo: *E.I.R: Effective Interest Rate of 8.50% p.a. based on 3 Year loan tenure

With so many personal loan providers offering to disburse cash in a matter of minutes, Citibank's "next-day cash" promise seems to lag behind significantly. But if you do not have a severely pressing need for cash, it's certainly worth considering.

To get your personal loan disbursed by the next working day, you need to have a Citibank credit card and Citi deposit account already. (For non-Citi deposit accounts, disbursement can take up to 5 working days.)

Citibank Quick Cash is open to those earning at least S$30,000 p.a. (Singaporeans/PRs) or S$42,000 (foreigners).

Frequently Asked Questions

What should I consider before taking up a loan?

Most major banks in Singapore offer personal loans of some sort. If you are looking to get a personal loan for an emergency, the most important consideration is how fast you can get the cash. You should be able to get the funds on the same day, or the next working day at most. Other key factors to consider are the interest rate and whether the monthly repayments are manageable.

What are the personal loan requirements in Singapore?

Most personal loan providers in Singapore offer loans to customers aged at least 21 years old; some cap the age limit at 60 or 65 years old. You will need to meet minimum income requirements to get a loan. For Singaporeans/PRs, the minimum income is usually S$20,000 (though some banks require S$30,000). For foreigners, your minimum income is usually at least S$40,000 and it can go up to S$60,000. You may need to furnish your work pass as well. However, if you have a credit card with the provider, then you probably do not need to go through these eligibility conditions again.

How much can I borrow?

Because personal loans are unsecured loans (you do not offer the bank anything as collateral, such as your home), banks typically do not lend a large amount to individuals. You can expect the maximum loan amount to be 4 times your monthly income. If you are applying to convert your credit card limit into cash, the unutilised credit limit is your maximum loan amount.

How can I get a personal loan immediately?

To speed up your personal loan application process, it's best to approach a bank where you already have a credit card (and preferably a deposit account as well). Since the provider has already approved how much they are willing to lend you in the past, it's quick and easy to turn your credit limit into cash. Otherwise, look for a provider like Standard Chartered, which has an explicit instant approval + cash disbursement promise.