Yes payday loans are legal in Singapore, The Ministry of Law in Singapore has strict regulations around money lending, and before any payday lenders may offer any of their goods to the general public, they must first receive approval. Payday loans are short-term loans that help people who need money in a pinch. The loan's repayment schedule is spread over a period of time, typically six to twelve months. A payday loan is a quick solution for emergency financial needs, as it usually takes only a few minutes to apply. But payday loans come with a cost. The interest rate is high, and you may have to pay extra fees, like a service fee.