365 Credit Solutions Pte Ltd is a licensed moneylender (License No. 17/2024) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

How To Improve Bad Credit to Get A Personal Loan In Singapore?

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We’re living in a world run by money, and almost everything that we do and need needs money for it to go through properly. But what if we run short of it? What to do? Well, good thing there are personal loans in Singapore and the world over. It is good to mention that there are different plan types for personal loans.

These help fund expenses and consolidate your existing debts without using any credit cards. There are even some unsecured loans where you don’t have to turn your car or home as collateral.

Unfortunately, it’s hard to get a personal loan if you have got a poor loan credit because this means you’re most likely to not be capable of repaying your credit card debt Singapore on time. But that doesn’t mean there’s no chance of getting a successful application. It’s just that you have fewer loan choices.

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What does bad credit mean?

Having a bad credit score refers to your Credit Bureau Singapore (CBS) Credit Scores. It is a scoring model that considers bad loan credit to anyone below a certain threshold, with a sliding scale of 1,000 to 2,000 points with 1,000 is the lowest credit rating while 2,000 is the highest credit rating.

Your credit scores are graded between AA to HH. AA being the highest and HH the lowest. Grades BB and CC are indications of late repayments and delinquency, and grades D and below are caused by defaults.

Singapore banks will seldom vary their interest rates based on your bad credit score or credit history, though they will give you a smaller loan amount or reject your application outright.

This model is widely used in Singapore to evaluate the eligibility of borrowers. Your main goal is to have a higher loan credit rating so that it’ll be easier for a customer to avail of a loan. Having a high score means that you’re more capable of paying off the full loan payment on or before the deadline. Most licensed lenders in Singapore will approve your application if you have good credit.

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Can you get a personal loan with a lower credit score?

If you have a credit score below CC, that means that you have defaulted on your loan repayments before. This makes it harder for you to avail a personal loan and get new credit. But that doesn’t mean getting a loan in Singapore is difficult. In fact, you can still get the best personal loan Singapore.

In fact, there are a number of urgent loan Singapore providers that cater to those having lower credit ratings. Learn the requirements and their terms first so that you know the payments to make. They are important for a customer that has poorer credit scores. The usual loans in Singapore that accept ratings of CC and below are mostly unsecured credit cards that have high APR and low credit limits.

Will banks give loans with bad credit?

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  1. Apply for a minimum amount

Yes, banks can consider giving you a loan as long as you apply for a small amount. Low scores usually dictate the inability to repay debt. Thus, borrowing a small amount lowers down the risk.

You can also try getting a smaller personal loan first. And then pay back with the debt in as early as possible, and then apply for a bigger loan. This helps improve your credit scores.

White blocks with the word debt free on table

  1. Settle outstanding debts

Do you have an outstanding loan? Settle your current debts and don’t get a loan application from lenders if you still have an outstanding balance. This is especially true if you’re going to borrow a big amount and you have poor credit. Finish off your payment first.

There are also some banks that consider restructuring your current balance. This means that they can lower your interest rate so that you can pay your outstanding balance and apply for a bigger loan. Besides, this is a nice way of improving your credit score.

Which lender is easiest to get a personal loan?

There are a number of banks where you can get a personal loan easily, even with a low credit score. However, the process can be so complicated or the interest rates can be higher. There are certain bank loan products that maximize rebates on daily expenditures without any annual fee. Some will even allow you to earn rebates when you spend. However, since they will look at your credit scores, you will have to be careful with your scores.

That’s where a licensed moneylender comes in, with 365 Credit Solutions being one of the best ones. You can even get a best personal loan Singapore with an uninsured amount of $10,000 to $50,000 and repay it by monthly instalment or depending on your terms. This is your best choice if you have a bad credit and want to have low personal loan interest rates and still have your rights reserved.

Why choose 365 Credit Solutions?

365 Credit Solutions is a licensed money lender, one of the best choices if you’re looking for a personal loan in Singapore that has a low-interest rate. It’s great for personal loans with bad credit because you don’t have to worry about getting huge interests.

365 Credit Solutions is also one of the most credible moneylenders in the industry because it has been credited by the Registry of Moneylenders.

The Bottom Line

Nearly all financial institutions will look at your credit history when you send a loan application. You may be discouraged in case you have a bad credit score. However, there are still many financial institutions that lend to people with lower ratings like licensed money lenders – 365 Credit Solutions. This will allow you to obtain funds you need even if you are unable to take out a personal loan in Singapore.

Head on to our website to find out more!

About 365 Credit Solutions

365 Credit Solutions Pte Ltd is an established licensed moneylender since 2010 (formerly known as FLS Credit and Fu Lu Shou Credit), accredited by the Registry of Moneylenders in Singapore. We specialize in providing personal, payday, bridging, foreigner, business loans to Singaporeans & Foreigners working in Singapore.


Our mission is to help make taking a loan a simpler, more understandable process, and to educate our customers about their loan options in the event of an urgent need.

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