In Singapore, a short term loan is an unsecured financing option used to cover immediate expenses over a brief period (typically a few months up to a year). Common users include salaried individuals managing urgent bills and SMEs smoothing short-lived cash gaps. Because these facilities are assessed on income and repayment ability, approvals are generally quicker than bank loans. Repayments are structured over a short tenure to avoid long-term commitments. This page explains how short term loans work, what they can be used for, and how to apply responsibly with 118 Credit.
Submit the online form with basic details (NRIC/Passport, proof of income, proof of address). Singpass Myinfo helps auto-populate fields for accuracy.
We review income stability and existing obligations to confirm affordability. If approved, you’ll receive an in-principle offer and an office appointment to finalise terms.
At the appointment, a loan officer explains the agreement clearly before you sign. Funds are disbursed on the spot (cash or bank transfer).
Repay by instalments over the agreed tenure. Example: Borrow $1,000 → repay over 6 months with a monthly interest (capped by law at up to 4%); total cost varies by profile and tenure.
Illustration is for explanation only; actual figures depend on assessment and the final loan contract.
Medical emergencies often come with unexpected costs, from consultations and procedures to medication and follow-up care. Short term cash loans provide quick access to funds, helping you cover immediate bills without waiting for insurance claims or salary. This ensures treatment is not delayed due to financial stress. By repaying over a short tenure, you can manage the costs in a practical and controlled way.
Overdue rent, electricity, water, or internet bills can cause disruptions that affect daily life. In Singapore, a short term loan allows you to settle essential household and utility expenses promptly, preventing service cut-offs or late fees. It serves as a bridge until your next paycheck or other income source arrives. Responsible borrowing ensures you remain financially stable while keeping your commitments up to date.
For small businesses, temporary gaps in cash flow are common, particularly when awaiting client payments or managing seasonal expenses. Short term lenders can provide quick financing to cover wages, supplier invoices, or urgent stock purchases. This helps you keep operations running smoothly without long waits for bank facilities. Once receivables are collected, the loan can be cleared, restoring balance and financial flexibility.
Apply online in minutes with Singpass Myinfo, receive a quick assessment from our team, and finalise your loan at our office. Same-day decisions are common, keeping access to funds straightforward and timely.
Our loan officers guide you through documents, eligibility and repayment options in clear terms. If we need anything else, we’ll contact you promptly so your application keeps moving without unnecessary delays.
We focus on current affordability and documentation rather than only past records. Once approved, funds are released immediately after signing—use them for medical needs, bills or urgent repairs without prolonged waiting.
Repayments are structured to your income cycle, with clear terms and no hidden fees. Early full settlement is welcome and can reduce interest charges. Choose a short tenure to minimise overall cost where possible.
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
Just because a short term loan has few conditions for eligibility, that does not mean there are no criteria. There are still some documents and proof you will have to show in order to qualify for a loan:
The only time that 118 Credit will not extend credit to an individual is when they are already overextended and have exceeded their capacity to borrow.
You will have to show all the necessary documents and proof for eligibility in order for the loan to be approved.
Complete the online application form available on our website, providing accurate personal and financial information.
Utilise Singpass Myinfo for automatic form filling, streamlining the application process and reducing manual data entry.
Our team promptly reviews your application, often responding within an hour, to discuss your situation and inform you of any additional required documents
Schedule a convenient appointment to visit our office, where our loan assistants will address any questions and guide you through the next steps.
Bring the necessary documents to your appointment for verification and finalisation of loan details.
Review and sign the loan agreement after a thorough explanation of the terms and conditions, including a tailored repayment plan.
Receive your cash immediately upon signing the agreement, providing swift access to the funds you require.
Licensed moneylenders are legally capped at up to 4% interest per month. Your actual short term loan interest rate depends on your profile, loan amount and tenure, all disclosed before you sign.
Under current regulations, licensed lenders may charge: an administrative fee (up to 10% of the principal), late interest (up to 4% per month on overdue amounts), and a monthly late fee (up to $60). All fees are stated clearly in your contract.
Borrow only what you need, pick the shortest practical tenure, and repay on time. These steps help reduce total interest and keep short-term borrowing efficient.
Most short-term facilities run from a few months up to about a year. The exact tenure depends on your assessment and the repayment plan agreed with 118 Credit.
Eligibility criteria for a short-term loan Singapore are straightforward. Applicants must:
– Be at least 18 years old
– Have a stable source of income
– Provide required identification and financial documents
At 118 Credit, we assess applications quickly and efficiently, ensuring that borrowers receive the funds they need without unnecessary delays.
Our short-term lenders prioritise speed and efficiency. Once your application is approved, you can receive your cash on the same day. The process includes:
– Online application submission
– Quick review and approval (within 30 minutes to a few hours)
– Visit our office for final verification
– Immediate cash disbursement upon signing the loan agreement
The short-term loan interest rate varies based on factors such as loan amount, repayment period, and borrower profile. Our interest rates are transparent and competitive, following Singapore’s government-regulated lending guidelines. Unlike credit cards or payday loans with high interest rates, we provide affordable financing solutions with no hidden charges.
Licensed short-term lenders offer fast and reliable financing solutions compared to traditional banks. Our simple application process, quick approvals, and same-day disbursement make us a preferred choice. Unlike banks that may have strict eligibility criteria and long approval times, we provide accessible and flexible short-term loans for both individuals and businesses.
Yes! At 118 Credit, we offer flexible repayment options, allowing borrowers to clear their loans early without additional penalties. This means you can reduce interest costs and manage your finances more efficiently. We also provide customised repayment plans to ensure that your loan is affordable and stress-free.
Yes, eligible work-pass holders can apply with the required documents. Learn more about our loan for foreigners in Singapore.
Manage one-off expenses with a structured plan and clear terms.
Time-sensitive bills or repairs? Access same-day decisions and disbursement
Combine multiple repayments into one schedule for clarity and control.
Financing options tailored for expatriates and work-pass holders.
We are a licensed moneylender operating under the Ministry of Law, with clear compliance to the Moneylenders Act and Registry guidelines.
All loans are finalised in person at our licensed premises. Terms are explained before you sign, with immediate disbursement after approval.
Our loan officers provide straightforward guidance on eligibility, documents and repayment, so you can borrow responsibly and with confidence.
