Your salary arrives in 10 days. The bill is due tomorrow. A payday loan from Magnus Credit covers the gap with one fixed repayment on your next payday. No collateral. No guarantor. Apply via Singpass MyInfo in 2 minutes. Magnus Credit has been a licensed moneylender in Singapore since 2009, regulated by the Ministry of Law.
Payday loans, also known as salary loans or cash advances, are short-term loans typically due on your next payday. These loans are designed to help you bridge the financial gap between paychecks when unexpected expenses arise.
At Magnus Credit, we understand that financial emergencies can happen to anyone. That’s why we’ve streamlined our payday loan process to provide you with the fastest, most convenient borrowing experience possible.
| Fee type | MinLaw cap |
|---|---|
| Interest rate | 4% per month on outstanding balance (reducing balance) |
| Admin fee | 10% of principal, one-time only |
| Late payment fee | SGD 60 per month (only if a payment is missed) |
| Total charges | Cannot exceed the principal amount |
Source: Ministry of Law — Guide to Borrowing from Licensed Moneylenders
Time is of the essence when you're facing a financial emergency. Our efficient process allows for:
Interest is capped at 4% per month on the outstanding balance under the Moneylenders Act 2008. Admin fee is capped at 10% of the principal. Late fee is capped at SGD 60 per month. These are the only fees we can legally charge.
Your borrowing limit is set by MinLaw based on your annual income. Singapore citizens and PRs earning SGD 20,000 or more annually can borrow up to 6 times their monthly income. Those earning below SGD 20,000 are capped at SGD 3,000. These limits apply to your total outstanding balance across all licensed moneylenders in Singapore.
We believe in complete transparency. All fees and charges associated with your payday loan will be clearly explained upfront. No hidden costs, no surprises.
Our experienced loan officers understand that seeking a payday loan can be stressful. We're here to guide you through the process with empathy and professionalism, ensuring you fully understand the terms of your loan.
As a licensed moneylender in Singapore, we adhere to strict regulations set by the Ministry of Law. This ensures that our lending practices are fair, ethical, and in your best interest.
At Magnus Credit, we offer payday loans to a wide range of applicants :
Fill out our user-friendly online application form with your basic details and loan requirements.
Provide the necessary documents, including:
- NRIC (for Singaporeans and PRs) or Passport and Work Permit (for foreigners)
- Proof of residence (recent utility bill or tenancy agreement)
- Proof of income (recent payslips or bank statements)
Our team reviews your application using the MLCB (Moneylenders Credit Bureau). We check your current income and outstanding loan balance. A bank rejection or low CBS score does not automatically disqualify you.
Upon approval, we'll present you with a loan offer detailing the terms and conditions.
Under MinLaw regulations, physical identity verification at our registered office is required before any loan is disbursed. Visit us at 301 Ubi Ave 1 #01-279 Singapore 400301, 3 minutes from Ubi MRT Exit A.
Once everything is in order, we'll disburse the funds to you promptly.
While payday loans should be used responsibly and only for short-term financial needs, here are some common situations where they can provide valuable assistance :
At Magnus Credit, we encourage responsible borrowing. Here are some tips to ensure you use your payday loan wisely :
When unexpected expenses arise and you need quick financial relief, a payday loan from Magnus Credit can provide the short-term solution you need. Our commitment to “The Smart Way to Borrow: Lending with Integrity, Borrowing with Confidence” ensures that you’ll receive not just a loan, but a supportive financial partner.
Apply via Singpass MyInfo in under 2 minutes. Our loan officers will review your application and contact you the same day during office hours. If a payday loan is not the right fit, we will tell you before you make the trip. Call +65 6338 9891. Monday to Friday 11am to 7pm. Saturday 11am to 6pm. 301 Ubi Ave 1 #01-279. 3 minutes from Ubi MRT Exit A.
A payday loan in Singapore is a short-term loan, a salary loan that provides quick cash until your next payday. It’s designed for emergency funding or unexpected expenses.
Payday Loans are designed for short-term financial emergencies, and the loan tenure is usually within a month aligned with your next payday. It’s essential to repay the loan on time to avoid late payment charges and damage to your credit score.
A payday loan from Magnus Credit is recorded on the MLCB (Moneylenders Credit Bureau), not the CBS used by banks. Your CBS credit score used for bank loans and HDB applications is unaffected. Consistent on-time repayments build a positive MLCB record for future moneylender applications.
There is no specific limit on the number of payday loans you can have at once. We recommend having only one payday loan at a time to maintain financial health. Taking multiple payday loans can lead to debt spirals and financial difficulties.
Yes, you can still get a payday loan in Singapore even with bad credit, but it may Yes, you can still apply a payday loan in Singapore even with bad credit. We may use alternative credit scoring models or consider other factors like Income stability or Employment history. Contact us to discuss your options.
You typically don’t need a guarantor to apply for a payday loan from a Magnus Credit. Payday loans are usually unsecured loans, meaning they don’t require collateral or a guarantor. However depending on the loan amount and your creditworthiness in an unlikely event it may be required to.
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