How to Apply for an Emergency Loan in Singapore

Whether we like it or not, emergencies are bound to happen, in one way or another. It could be a medical emergency, a house or car that needs urgent repairs, a calamity, or other unexpected events. Fortunately, you can always take an emergency cash loan.

In Singapore, there are many banks, licensed moneylenders, and other financial institutions that offer emergency cash loans. If you are wondering how you can apply for this type of loan, keep on reading as this article will serve as your guide!

How to Apply for an Emergency Loan in Singapore

Guide to Getting Emergency Loans in Singapore

When it comes to emergencies, time is of the essence. Usually, a certain amount of financial expense is involved — an expense that you may not be prepared for. In these cases, an emergency cash loan could serve as a timely solution.

The great thing about emergency loans is that they have a shorter processing time. You can expect to receive your much-needed funds in just a matter of hours… or minutes! Usually, an emergency loan is unsecured, which means that you don’t need to submit collateral to avail of the loan.

Uses of Emergency Loans

Why would you need an emergency loan? Here are some of the most common reasons why people apply for emergency loans:

Medical Emergency

Accidents, hospitalization, surgery… These things happen. And even if you have medical insurance, it may take some time to get processed. With an emergency loan, you can address upfront fees and pay for necessary tests and treatments, while waiting for insurance reimbursement.

Car Repairs

Bumps, scratches, a battery dying down… Repairing a car could cost a hefty sum! You can use an emergency loan to pay for urgent vehicle repairs, so you can start using your car again!

Utility Bills

Electricity bills, water bills, Internet and phone bills… These expenses could pile up, especially if you are not able to pay them on time. An emergency loan could help with utility bills payments, so that you can avoid disconnection of services.

Rent and Mortgage

Is the deadline for your rent or mortgage payment coming up, but you don’t have enough funds? Try getting an emergency loan to make payments, as you take time to look for more long-term financial solutions.

Funeral Expenses

The death of a loved can affect a family not just emotionally, but financially, too. Funeral prices can be costly, especially if you do not have any funeral plans or money set aside for this purpose. Fortunately, an emergency loan could help.

Natural Disasters

Earthquakes, floods, typhoons… We don’t expect them to happen, but they do — and you might find yourself needing house repairs, new appliances, and so on. Having access to an emergency loan would be a big help in these situations.

How Much Can I Borrow?

With emergency loans, the amount you can borrow would depend mainly on two things: your annual income, and credit score.

Basically, the higher your annual income, the better your chances of getting a loan approved, since you are likely able to pay installments on time. Likewise, a higher credit score could lead to an approved loan, with higher loan amounts.

Still, the Ministry of Law in Singapore has specific guidelines when it comes to emergency or urgent cash loans.

Singapore citizens and Permanent Residents (PRs) can expect to receive:

  • Up to SGD 3,000, if their annual income is less than SGD 20,000; or
  • Up to six (6) times their monthly income, if their annual income is more than SGD 20,000.

Meanwhile, foreigners residing in Singapore can expect to receive:

  • Up to SGD 500, if their annual income is less than SGD 10,000;
  • Up to SGD 3,000, if their annual income is between SGD 10,000 and SGD 20,000; or
  • Up to six (6) times their monthly income, if their annual income is more than SGD 20,000.


As for eligibility, Singapore citizens, Permanent Residents, and foreigners can apply for emergency loans — provided that they have a stable source of income. The age requirement may vary among financial institutions… Some require a minimum age of 18 years, while others require applicants to be at least 21 years old.


With regard to documentary requirements, loan applicants should prepare the following:

For Singapore citizens and Permanent Residents

  • Proof of identity (e.g. NRIC, passport); and
  • Proof of income (e.g. CPF, bank statements).

For foreigners residing in Singapore:

  • Work Permit / S Pass / E Pass;
  • Proof of residence (e.g. tenancy agreement, utility bills); and
  • Proof of income (e.g. pay slips, bank statements).

NOTE: NRIC stands for National Registration and Identity Card, which is issued to every Singapore citizen and Permanent Resident. Meanwhile, CPF refers to the Central Provident Fund, a social security system designed for Singapore citizens and Permanent Residents, as well.

Where to Get an Emergency Loan

There are three main options for those who are planning to get an emergency loan in Singapore: banks, credit cooperatives, and licensed moneylenders.


If you already have an account with a bank, consider applying for an emergency loan with them. Keep in mind, however, that banks usually have stricter requirements and processes. Usually, you would need to submit more documents and have a good credit score.

Credit Cooperative

Typically, credit cooperatives offer different types of loans, including emergency loans. The interest rate may be lower than a bank’s, and the requirements are more flexible. That being said, one must first be a member of a cooperative before being eligible for a loan. And of course, membership involves fees and other conditions required by the group.

Licensed Moneylenders

Licensed moneylenders are private companies that provide a wide range of financial services, including loans. Only a few requirements are needed, and processing is much faster compared to banks. However, the interest rates tends to be higher. In any case, make sure that the moneylender you visit is indeed, “licensed,” before you submit a loan application.

Tips for Getting Emergency Loans

Before you decide to get an emergency loan, here are some important tips and reminders:

  • Compare different loans — including interest rates, fees, and repayment terms — before submitting a loan application.
  • Read a loan offer carefully before signing a contract.
  • Manage your finances and pay loan installments on time.
  • Avoid taking several loans at the same time.


As long as you are qualified and have all the necessary documents, you can expect your loan application to be approved. Moreover, be sure to choose a financial product that suits your needs and budget.

Meanwhile, if you are currently out of job and looking for a loan, check out this article about fast cash loans for the unemployed in Singapore.