8 Fast Cash Loans for the Unemployed in Singapore

Previously, we talked about how to apply for an instant cash loan in Singapore. Usually, one of the requirements is to be employed… but what if you’re unemployed? Is it still possible to get a cash loan if you don’t have a job? The answer is “yes, it’s possible!”

After all, whether you’re employed or not, you are likely to encounter emergencies — car repairs, medical expenses, and so on. Fortunately, there are companies willing to “lend” a hand, even to the unemployed. Keep on reading to know more about them!

Fast Cash Loans for the Unemployed in Singapore

Guide to Cash Loans for the Unemployed

Just like in other countries, most banks and moneylenders in Singapore require their loan applicants to be employed. However, there are financial institutions whose services are available — even to whose who don’t have jobs. Of course, these companies still have a set of criteria and requirements that must be followed!


The eligibility criteria for cash loans or personal loans may vary among banks and moneylenders. Nevertheless, here are some of the most common criteria. Loan applicants must:

  • Be at least 21 years old;
  • Be a valid resident of Singapore;
  • Have employment or source of income.

With regard to salaries or income, most companies have specific criteria. For instance, Raffles Credit requires the following from their Personal Loan applicants:

  • For Singaporeans/Permanent Residents – Regular employment or source of income above SGD 2,000 monthly; or
  • For Foreigners/Expats – Regular employment or source of income above SGD 3,000 monthly.


Similar to the eligibility criteria, the required documents may vary among banks and licensed moneylenders, too. For example, here are the requirements when applying for Fast Money’s Personal Loan. Note that the list is different for Singaporeans/Permanent Residents and for Foreigners/Expats:

For Singaporeans/Permanent Residents:

  • National Registration Identity Card (NRIC) or Passport number;
  • Phone bill or power service bill;
  • Payslip for the past 3 months (for employed individuals); and
  • Income tax statements for past 2 years (for self-employed individuals).

For Foreigners/Expats:

  • Passport;
  • Valid Employment Pass;
  • Tenancy agreement, power bill, or phone bill;
  • Appointment letter from company;
  • Payslip for past 3 months; and
  • Bank statement.

List of Loans for the Unemployed

At this point, let us take a look at some of the licensed moneylenders in Singapore that offer cash loans to employed as well as unemployed applicants:

1. Accredit

For more than 20 years, Accredit has been providing loan and credit options. Customers can easily apply through their website or mobile app, and expect same-day loan approvals. The interest rate is up to 4%, and the processing fee is up to 10%. Loans are offered to Singaporeans, Permanent Residents, and foreigners.

Notably, Accredit is an awardee of the Pilot Program by the Ministry of Law. To learn more about this company, do check out its official website.

2. Credit 21

Credit 21 is a licensed money lender that provides customised loan packages, including personal loans, payday loans, business loans, and more. No minimum income is required, the interest rate is up to 4%, and the processing fee ranges from 5% to 10%. The company caters to Singaporeans, Permanent Residents, and foreigners, too.

For more information about Credit 21, just head to its official website.

3. Credit Thirty3

Credit Thirty3 is among the fastest-growing licensed moneylenders in Singapore, offering digital applications for faster loan processing. Within hours, you can expect quick approval of a loan that is tailor-fit to your specific budget needs.

Credit Thirty3 is also known for its fast replies to customer inquiries. For more details about this company, simply head to its official website.

4. Fast Money

As the name says, Fast Money aims to provide quick, reliable financial products to its customers. Accredited by the Registry of Moneylenders, this company offers loans at competitive rates. Singaporeans, Permanent Residents, and even non-residents can look forward to efficient services from Fast Money.

Check out the official website of Fast Money to know more about its products and services!

5. GoldStar Credit

GoldStar Credit offers a wide range of loan packages to its customers, including: personal loans, payday loans, medical loans, vacation loans, wedding loans, and many others. Interest rates range between 1% and 4%, with 5% to 10% processing fee. Moreover, a minimum income is not required!

Notably, GoldStar Credit is a certified member of the Credit Association of Singapore. It also holds certifications in “Money Lender Operations and Compliance Training,” as well as “Prevention of Money Laundering and Financing of Terrorism.”

To know more about GoldStar Credit, you can visit its official website.

6. Raffles Credit

With more than 10 years of experience, Raffles Credit is one of the most popular licensed moneylenders in the country, offering financial products and services to Singaporeans and foreigners, too. The company provides five types of loans, namely: personal loan, business loan, foreigner loan, monthly loan, and payday loan.

Raffles Credit’s Personal Loan comes with up to 4% interest rate. For late payments, there’s a late interest fee of up to 4% per month.
For more details about this loan, check out the company’s official website.

7. Soon Seng Credit

Another well-known credit provider in Singapore is Soon Seng Credit, which offers tailor-fit loans to every customer. Singaporeans, Permanent Residents, and foreigners are welcome to inquire and apply for their loans.

Customers of Soon Seng Credit can look forward to low interest rates, easy and convenient processes, and flexible payment options. Just head to the company’s official website for more details.

8. 118 Credit

Since 2021, 118 Credit has been providing financial services to the people of Singapore. Each loan is customised based on the customer’s needs. Customers can also apply online. There’s a late payment fee of up to 4% per month, although generally, the entire process is secure, accessible, and hassle-free.

Visit the official website of 118 credit for more information about its products and services.

Loan Tips for the Unemployed

Before you apply, please take note of the following tips and reminders, which could improve your chances of getting a cash loan.

  • Be prepared to show other sources of income. Even if you are unemployed, you might have other sources of income, such as: rent from property that you own, income from investments, and others.
  • Maintain a good credit score. Be sure to pay credit cards, bills, and existing loans on time to maintain a good credit score.
  • Try applying from your credit-card issuing bank. If you have a credit card, consider applying for a personal loan from the card-issuing bank. The process would be easier since they already have a record of your payments and credit score.
  • Be cautious of hidden costs. Do not hesitate to ask for any upfront charges, late payment penalties, and other costs. Take time to read the entire loan offer, and clarify any confusing statements.
  • Consider getting a guarantor. A guarantor is someone who is willing to assume responsibility for the loan, together with you, of course. Ideally, he/she should have a good credit score, as this would boost your chances of getting a cash loan approved.
  • Always borrow within your means. Do not forget to consider your capacity to pay! As much as possible, do not borrow too much, and see to it that you will be able to cope with monthly payments.


If you are currently unemployed, but you need to apply for a cash loan, we hope that the above guide has been helpful. In addition to the tips provided, be sure to do your research and get in touch only with licensed and accredited moneylenders!

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