Payday Loan in Singapore —
Your salary comes on the 7th. Today is the 28th. The bill is due tomorrow. That is not a financial crisis. It is a timing problem. A payday loan is a salary advance that solves a timing problem.
Swift Credit is a licensed moneylender in Singapore regulated by the Ministry of Law. Our payday loan is a short-term, unsecured loan designed to bridge the gap between now and your next paycheck. The interest is capped at 4% per month by law. The total you repay cannot exceed the amount you borrowed.
These two products serve different solutions. Choosing the wrong one costs you more than it should.
A payday loan is a short-term salary advance. the tenure is typically 1 month, occasionally 2. You borrow a smaller amount, your salary arrives, you repay. It is designed for people who have money coming but cannot wait for it to arrive.
A personal loan is a larger amount spread across multiple months with fixed installments. It is designed for planned expenses like renovation, medical bills, or education fees where the repayment needs to be structured over time.
If you need SGD 1,000 to SGD 3,000 for something urgent and your salary covers the repayment within 30 days, a payday loan is the right tool. If you need SGD 5,000 or more and cannot repay in full next month, look at our personal loan or monthly installment loan instead.
The reason this distinction matters: taking a longer tenure than you need means paying more interest than you need to. A 1-month payday loan at 4% costs SGD 40 interest per SGD 1,000 borrowed. The same loan stretched to 6 months costs significantly more. Match the tenure to the actual timing of your cash flow.
This is the concern we hear most from first-time borrowers. Taking a salary advance or short-term loan will not reach your employer. Not through any system, not through any process.
Your loan is completely confidential. We do not contact your employer under any circumstances. Your information is not shared with any party outside of the MLCB reporting requirements set by MinLaw.
Your MLCB record is visible only to licensed moneylenders when you apply for a loan. It is not accessible to employers, government agencies, or any party outside the licensed moneylending system.
MinLaw sets the maximum unsecured loan amount across all licensed moneylenders combined. This is your total limit across every licensed lender in Singapore at any one time.
For a payday loan, you would typically borrow well below your maximum limit. The right amount is whatever your next salary can comfortably repay after covering your other obligations that month.
Most lenders in Singapore describe the 4% monthly cap without showing what it means in real numbers. Here is the full breakdown on two common payday loan amounts.
Two things the examples make clear. First, the admin fee is deducted upfront. You borrow SGD 1,500 but receive SGD 1,350. Your repayment is still calculated on the full SGD 1,500 principal. This is standard practice regulated by MinLaw and applies to all licensed moneylenders. Second, on a 1-month payday loan the total cost is modest relative to the amount borrowed.
Every licensed moneylender in Singapore must follow these caps. No exceptions.
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The fear of taking a loan to pay a loan is legitimate. It happens when fees are uncapped, when the lender has no ceiling on how much they can charge, and when the borrower has no visibility into their total exposure. Licensed moneylenders cannot create that spiral for three reasons. The spiral risk in Singapore exists primarily with unlicensed lenders who are not subject to any of these caps. That is the difference between a licensed moneylender and a loan shark.
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Our team reviews your application and contacts you. We confirm what you qualify for before you visit. If you do not qualify, we tell you at this stage. You do not travel to us for an uncertain outcome.
MinLaw requires all loan agreements to be signed in person at our registered office. This protects you. We walk through the full contract before you sign. You know the interest rate, the monthly repayment, and the total cost before your pen touches the paper. You can walk away at any point at no cost. Funds are disbursed to you the same day after signing.
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We call you within the hour during office hours to confirm your assessment.
Yes. One pay slip or a bank statement showing your first salary credit is sufficient proof of income. Bring it to the office appointment. New employees are assessed on the same basis as everyone else, current income and MLCB record.
Call us before the due date. We assess each situation individually. Late interest is capped at 4% per month on the overdue instalment only, not on your full outstanding balance. Late fees are capped at SGD 60 per month. Contacting us early gives us more options to work with before the late charges apply.
Yes. The admin fee of up to 10% is deducted from the principal before you receive the funds. If you borrow SGD 1,500, you receive SGD 1,350 in hand. Your repayment is calculated on the full SGD 1,500 principal — not the amount you received. This is how every licensed moneylender in Singapore operates under MinLaw regulations. We explain this clearly before you sign so there are no surprises at disbursement.
Yes. EP, S-Pass, and Work Permit holders can apply. You need a valid work pass with at least 6 months remaining, proof of income, and a Singapore address. The borrowing limits are the same as for citizens and PRs once your annual income exceeds SGD 20,000.
Yes, as long as your total outstanding balance across all licensed moneylenders has not reached your MinLaw limit. We check your MLCB record when you apply and tell you exactly how much headroom you have.
A payday loan is typically 1 to 2 months. It is designed to bridge a short cash flow gap until your next salary. A personal loan is a larger amount repaid in fixed monthly installments over a longer tenure. If you need to borrow more than your salary and comfortably repay next month, a personal loan is the more appropriate product.
No. A payday loan from a licensed moneylender is unsecured and unrestricted for legitimate personal use. You do not need to provide a reason or justify the expense.
Call us before the due date, not after. We assess your situation and discuss the options available. Late interest on the overdue amount is capped at 4% per month. The total charges across the life of the loan cannot exceed your original principal regardless of how long the delay runs. The earlier you contact us, the more options remain on the table.
Yes. Licensed moneylenders can pursue civil recovery through the courts if a loan remains unpaid. This can result in a court judgment, which may affect your ability to take on future credit. This is a last resort and not where any reasonable lender wants to go. Contact us before the situation escalates.
No. Licensed moneylender loans are recorded in the MLCB system. HDB uses your CBS credit score, which is a separate system. Your payday loan history with licensed moneylenders does not appear on your CBS report.
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