Q. What is a payday loan?

A payday loan is a small cash advance which may be obtained at a relatively short notice, allocated to meet small and immediate expenses. A payday loan is payable on your payday and is a good way to get the money you need without waiting until payday.

Q. How do I qualify for a loan?

We assess every application individually, based on your creditworthiness and ability to repay the loan. We tailor the best loan solutions that are most suitable for you.

Q. How much can I loan?

You may obtain a loan of any amount for unsecured loan.

For unsecured loans, you may obtain:

  • Loan amount of up to $1,500, if your annual income is less than $10,000 and loan amount of up to $3,000 if your annual income is at least $10,000 but less than $20,000, if you are a foreigner;
  • Loan amount of up to $3,000, if your annual income is less than $20,000 if you are a Singapore Citizen or Singapore Permanent Resident;
  • Loan amount of up to 6 months’ income, if your annual income is at least $20,000 for both Singapore Resident and foreigner.

Please note that final approved loan amount is based on individual eligibility, on a case by case basis.

Q. What are the required documents for a loan application?

Singaporean/ PR (Employed)

  • NRIC
  • Singpass & 2FA done
  • 3 months latest payslip

 
Singaporean/ PR (Self-Employed)

  • NRIC
  • Singpass & 2FA done
  • 2 years NOA

 
Foreigner (Employed)

  • WP/SP/EP
  • Letter of consent (LTVP/DP)
  • 3 months latest payslip
  • Proof of address

 
Foreigner (Self-Employed)

  • WP/SP/EP
  • Letter of consent (LTVP/DP)
  • 3 months latest payslip
  • 2 years NOA
  • Proof of address

Q. How long does loan approval take?

Generally, payday loans are approved within minutes if all documents are in order.

Q. Am I under any obligation when I apply for a loan?

You are under no obligation when you apply for a loan. You may choose to accept or reject our loan offer.

Q. I have a bad credit history. Can I still receive a loan?

Factors which may affect the approval of your payday loan include personal income, past payday loan history, and place of residence. Your credit history will not affect the loan approval process, which is determined on a case by case basis. We strive to do our best to tailor a loan plan that meets your needs and best interests in our loan relationship with you.

Q. How is interest on the payday advance calculated?

It is calculated on daily, pro-rated basis. For example, at an interest rate of 0.8% per annum, the sum of interest will be divided by 365 days and multiplied based on the tenure of the loan.

Q. In what ways may I make loan repayments?

You may make repayment of your loan in a number of ways: 
1. AXS and SAM machines islandwide
2. Post offices islandwide
3. Crawfort retail branch (cash payment only)

Q. Can I make full repayment before the end of my contract? Are there any penalty fees for early repayment?

You may make full repayment prior to the end of the contract period without incurring any penalty charges. 

Q. Is my application secure?

Yes, absolutely. The safety and security of your personal information are very important to us and we employ ChaCha20-Poly1305 to protect your data and verify data integrity when transferring the information between your devices and our servers.

 

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