5 Things You Absolutely Must Know Before You Take Up A Bad Credit Loan in Singapore
You arrived on this page because you are looking for bad credit loans.
That is exactly what we offer.
With quick turnaround times of loan approval within 30 minutes, you’ll get your loan ready in no time.
Make sure that you attempt to apply for a smaller loan amount if possible
Most loans get disapproved because despite the borrower’s bad credit, the borrower decides to apply for an extremely high loan amount.
In order to increase your chances of your loan being approved with a bad credit score, try aiming for a lower amount instead.
Restructure your debts to ensure that you have least amount of debt left
One way to do this is to use debt consolidation loans . Right now, your priority should be to reduce the amount of outstanding debt that you have.
Seek an authorized money lender help since banks will likely reject your loan
Banks prefer stability. As such, you likely won’t be able to get a loan from a bank. Therefore, your chances are limited to getting a loan from an authorized moneylender in Singapore.
Getting Credit Counselling
This might sound fundamental. However, having the right mindset in order to manage your bad credit score will help you go a long way in repaying your loan so that you can recover from your bad credit score.
Understanding what a bad credit score is
A bad credit score is between 1,000 to 1,723. This can be checked at the Credit Bureau Singapore. You need to pay $6.42 in order to obtain a Credit Bureau Report.
Frequently Asked Questions About Bad Credit Loans in Singapore
You can apply for debt consolidation loans in order to get a loan.
It largely depends on what your requirements are. If you are paying off for a small debt, banks could be a better option. Otherwise, licensed moneylenders would make a better choice
A debt consolidation loan is the ideal way to get your loan approved.
It could be anywhere between 1% to 4% depending on which moneylender you go with.