How Long Does Personal Loan Approval Take in Singapore?

As a bustling financial center in Southeast Asia, Singapore provides a variety of personal loan choices for its inhabitants. Whether you’re planning a European getaway, a kitchen overhaul, or clearing off your credit card bills, obtaining a personal loan is a convenient way to finance these expenses. 

However, before you apply, it’s crucial to have a clear idea of the approval process and how long it takes. This article will take you through everything you need to know about the personal loan approval process in Singapore.

Factors Affecting Personal Loan Approval in Singapore

To fully comprehend the timeline for the personal loan approval in Singapore, it’s essential to be familiar with the critical factors that can impact your application’s fate. These include:

Credit Score and Credit History

Loan eligibility and approval hinge on your credit score and credit history. In Singapore, lenders rely on the Credit Bureau Singapore (CBS) credit report to assess your creditworthiness. A favorable credit score and a positive credit history can boost your likelihood of getting approved for a loan. Conversely, an unfavorable credit score and a negative credit history can lessen your chances or lead to a steeper interest rate. 

Income and Employment Status

Loan approval is contingent upon various factors, among which, income and employment status play a pivotal role. It’s crucial for lenders to ascertain that you have a reliable source of income to repay the loan. If you’re an employee, you’ll be required to furnish evidence of income in the form of payslips or employment letters. On the other hand, if you’re self-employed, you’ll need to provide proof of income such as tax returns or business statements. 

Loan Amount and Repayment Term

Your loan amount and repayment term can also make or break your loan approval chances. Lenders scrutinize whether your income and expenses allow you to make monthly payments comfortably. The bigger the loan amount and the longer the repayment term, the riskier the proposition for the lender. This could mean a prolonged approval process or higher interest rates.

How Long Does Personal Loan Approval Take?

When you’re in need of a personal loan, time is of the essence. But how long can you expect to wait for approval? The answer varies based on your application method. 

Online Application

The digital age has brought about a revolution in the loan approval process. Opting for an online application for your personal loan can result in a loan decision being made within 24 hours. This speedy turnaround is made possible by the lender’s capacity to electronically verify your information and credit history promptly. Embracing the convenience of online loan applications can save you precious time and streamline your loan approval process.

Bank Branch Application

Are you the type of person who wants to get up close and personal when it comes to securing a loan? Then heading to a bank branch might just be your thing. The verification of all your personal information – yes, that means scrutinizing your credit history too – will happen face to face. So brace yourself for a lengthier waiting period, stretching from several days to over a week before loan approval is granted.

Licensed Moneylender Application

Licensed moneylenders in Singapore are your go-to solution for quick loan approvals, often within minutes or a day. The reason for such speedy loan processing is that they offer smaller loan amounts only. Applying for their loan services is a breeze, whether it’s through online form submissions or in-person visits to their office. Simply fill out the loan application form and provide the required documents, and you’re good to go.

Timeframe for Personal Loan Approval in Singapore

The timeframe for the personal loan approval in Singapore can vary depending on the lender and your eligibility. Here’s a general timeframe for some of the major lenders in Singapore:

Personal LoanLoan Approval / Cash Disbursement 
Accredit Personal LoanSame-day loan approval and cash disbursement 
HSBC Personal Loan1-minute approval & 3 to 5 business days for cash disbursement 
Standard Chartered CashOne Personal Loan15-minute loan approval 
CIMB CashLite Personal LoanUp to 10 working days of approval & instant cash disbursement
UOB Personal LoanInstant loan approval and cash disbursement for existing UOB customers 
DBS/POSB Personal LoanInstant loan approval and cash disbursement for DBS & POSB credit card/line of credit customers
Citi Quick Cash LoanSame-day loan approval and quick cash disbursement for existing Citibank customers
OCBC Personal Loan Instant loan approval and cash disbursement for existing OCBC customers

Loan Application Process

Once you’ve selected a lender, the next step is to successfully navigate the loan application process. This procedure generally involves:

Preparing Documents and Information Needed

Securing a personal loan requires meticulous preparation of crucial documents and information. It entails furnishing your NRIC or passport, income verification, bank statements, and credit reports. It’s vital to note that each lender may have unique prerequisites.

Filling Out the Loan Application Form

When you have all the essential documentation and information, it’s time to fill out the loan application form. You can complete this step online or visit the lender’s branch in person. Make sure to furnish precise and comprehensive information to sidestep any hold-ups in the approval process.

Submitting the Loan Application and Waiting for Approval

Once you’ve submitted your loan application, it’s time to play the waiting game. Approval timeframes differ depending on lender requirements and eligibility factors. Some lenders offer lightning-fast approval, while others require several days to review your application. Additional information or documentation may be necessary in some cases to bolster your application. 

Tips to Speed Up the Personal Loan Approval Process

If you want to speed up the personal loan approval process in Singapore, here are some tips to keep in mind:

  • Improve credit score and history
  • Ensure steady income and employment status
  • Apply for a loan amount within your financial capacity 
  • Check the eligibility criteria of the lender
  • Submit accurate information and complete documents


Getting approved for a personal loan in Singapore can feel like a game of chance. The timing can swing from a matter of hours to several days, with various variables in play. However, don’t let a more extended approval process discourage you. It could signal that the lender is taking the necessary steps to ensure the loan aligns with your financial needs. The secret to success is to stay organized and prepare your documentation in advance, so your application receives prompt approval.

Quick Loan Approval and Cash Disbursement with Accredit Moneylender

Need cash right away? Waiting for loan approval can be a hassle. At Accredit Moneylender, we provide same-day approval to all our customers. Not only can you get approved lightning-fast, but you can also get your cash on the same day if you meet the loan requirements. Say goodbye to waiting for days or even weeks to receive the funds you need. 

Apply now and experience the ease of our swift loan processing.

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