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No credit check payday loans in Singapore

Learn about the features, costs and eligibility requirements of this type of short-term borrowing.

If you are considering a payday loan from a moneylender you should read the “Notes for Borrowers” (PDF) from the Ministry of Law Singapore.

Some payday loan lenders don’t conduct credit checks, which makes them more compatible with people who have poor credit histories. However, applicants must still meet certain eligibility requirements involving income, employment and bank statements before receiving such a loan. Read on to find out more about payday loans in Singapore with no credit check, including eligibility guidelines and fees that may apply.

What does a “no credit check” loan in Singapore involve?

  • The lender will not request for a credit report. When someone applies for a loan, the lender typically won’t request a credit report from the Internal Revenue Service to review borrowing history.
  • The loan details will still appear on future credit reports. While the lender will not check your credit report, it will notify the credit bureau of your “no credit check” loan application. This means that the credit enquiry and the loan will be listed on your credit report.
  • Bank statements will be checked. The lender will use your banking history to judge whether you can afford the loan. It will consider income, expenses and if the account has been overdrawn to understand your ability to repay.
  • Applicants must earn an income. Applicants are still required to meet eligibility requirements and demonstrate that they can repay the loan by providing evidence of income including proof of employment, payslips and sometimes CPF balances.

People with a low credit score can also consider their options with bad credit loans.

What are the risks involved?

As a credit product, there are some risks involved when applying for such a no credit check payday loan. Before you submit an application for a payday loan, consider the following factors:

  • Make sure the lender you’re applying with is reputable. Check the lender has a credit licence and is regulated under the Monetary Authority of Singapore. You should also check that the lender is easily contactable, and look through reviews online to better understand your potential borrowing experience.
  • Don’t apply for a loan you can’t afford. Consider the regular repayments you’ll need to make and whether you can afford to repay the loan within the loan term. If not, you’ll be charged extra fees.
  • Avoid applying multiple times. Every loan application shows up on your credit report. While these lenders might not consider your credit history, every application you make will be listed on your report and several applications within a short period can have a negative impact on your credit score.
  • Check rates and fees. Establishment and monthly fees are capped by law, so be wary of lenders quoting prices beyond the legal maximum amounts. It’s important to check what will be charged for late payments or default on the loan.
  • Consider if you really need the loan. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can’t repay.

The eligibility requirements for a no credit check payday loan

The specific requirements will vary between lenders and products, but the criteria usually include:

  • Age. You must be at least 21 years old.
  • Citizenship. You typically have to be a Singaporean citizen or Permanent Resident in order to quality for a “no credit check” payday loan.
  • Income. Applicants must prove that they receive a regular income.
  • Banking statements. To assess income and expenses, lenders usually require access to your personal bank statements.
  • Liabilities. Applicants must provide details of any other liabilities including outstanding loans or credit card repayments.

As long as the eligibility requirements are met, people can apply online for these payday loans with no credit check. The applications usually only take a few minutes and applicants can expect a response quickly. If approved, the lender may make the deposit on the same day.

Comparing loans in Singapore with no credit check

At the time of writing, in March 2020, these were some of the no credit check loans available in Singapore. It is crucial that you understand the terms and conditions, and the eligibility requirements, of each loan you compare before you apply. Given their typically high fees and penalty charges, payday loans are often an expensive way to borrow and should only be considered as a last resort. You should only apply for this or any other type of loan if you are completely sure you will be able to make all of the repayments on time.

LoanDescriptionLoan amountLoan termTypical turnaround timeArrears feeTypical rates of interest
Cash Mart FastCash Payday LoanCreating breathing space for you in a cash crisis.Up to S$15,0004 – 8 weeks1 working dayNIL – other fees and charges will applyCheck on this lender’s website
Crawfort Fast Payday LoanA hassle-free loan with no credit check, for you to settle urgent bills.Up to 4x Monthly Salary,
10X if your annual income is SS$120,000 and above
Up to 1 YearNear-instant Approval10% of the loan principal – other fees and charges will applyMinimum interest rates monthly of 4%
AKB MoneyLenders Payday LoanInstant no credit check payday loans for repayment by the next payday.Up to 4x Monthly Salary,
10X if your annual income is SS$120,000 and above
4- 8 Weeks1 working dayS$0 – other fees and charges will apply4% of the monthly loan principal
CreditHub Capital Payday LoanFree up your financial concerns with CreditHub.S$3000 or 6x monthly income
(above S$10000 monthly income)
1 month1 working day10% of the principal of the loan when a loan is granted – other fees and charges will applyCheck on this lender’s website
FastMoney Payday LoanFor a stress-free loan application processS$350001-12 months1 working day10% of the principal of the loan when a loan is granted – other fees and charges will applyCheck on this lender’s website

And as always you should read the “Notes for Borrowers” (PDF) from the Ministry of Law Singapore if you are considering a payday loan.

Frequently asked questions

Is there a maximum age to apply for payday loans with no credit checks?

Some loans have a maximum borrower age of 65 years old.

Are no credit check loans guaranteed?

No loan is ever guaranteed. Legitimate lenders offering loans with no credit checks still need to assess if customers can afford to repay the loan which is why they consider income, employment, bank statements and other factors before approving a loan.

Will the lender contact my employer?

In some cases, yes. The lender might need to verify that you are indeed employed and receiving an income, especially since there’s no credit check for this loan type.

What type of fees should I watch out for when applying for a “no credit check” loan?

Similar to other loan types in Singapore, you should be familiar with the provider’s policies on late payment fees, processing fees, restructuring fees, partial repayment penalties and full repayment penalties.

Are “no credit check” loans legal?

Yes — as long as the provider is a registered financial provider in Singapore, and regulated by the Monetary Authority of Singapore.

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