A Guide On Getting Gym Memberships In Singapore

Selecting a gym is not as simple as going to the nearest gym at your place and registering. There are a great number of factors that you have to consider. Some of those factors include the available equipment in the gym, the type of classes that they offer, and how far the gym is located from your place of residence. It’s really a wise decision to make a list of factors that you want, to make certain that the gyms you investigate have the things that you need. In this article, you will learn more about the things you need to be aware of when buying a gym membership.

 

Carefully assess the trainers

The majority of gyms possess in-house coaches that will help you with your gym sessions. Regardless of whether you want to get one for your sessions or not, it is still important to go to a gym with high skilled trainers. It’s likely that the gym trainers are going to be the personnel that will help you with concerns about their various equipment and gear usage, and those are the information that you will want to get from professionals.

If you are really serious about working with a personal fitness trainer, be aware that at most franchise gyms, the trainers are enlisted to focus on promoting their course, not to assist you accomplish your objectives. Stay away from these mediocre workout classes without exception.

Always inquire about the certificates and training of the fitness trainers at the gym, and whatever happens, do not settle with a trainer without any certification. Generally, the trainer must be at least certified in CPR and first aid administration. You will be placing yourself at risk when going with a personal trainer with no certifications.

 

Charges and supplement sales

For the majority of gym-goers, expenses are among the most significant things to consider. If this is also true for you, you must pay attention to the expenses because gym fees can accumulate easily if you are not cautious. Always go through the legal agreements carefully, or else you have the risk of being locked in a long-lasting agreement with no way to terminate early, or you might overlook hidden charges that can throw off your budget plans.

You will also need to check and confirm if you possess the ability to cancel the subscription whenever you want. If the agreement does not include it, then you must think twice before signing the deal, and it is generally better for you to search for other gyms that allow the cancellation of plans. This is because you never know what might happen that will require you to cancel your membership. You might run into an emergency that requires you to cut expenses, or you might be required to relocate to a location that is far from the gym.

When evaluating expenses, take into consideration stuff like the services, amenities, and courses provided. An elegant drink bar probably seems wonderful, however, there is absolutely no good reason to pay extra for it if you are not going to use it. The same also applies to group lessons and gym trainer fees.

Likewise, be careful of gyms that you observe forcing health supplement sales to their members. Their motives for doing so is purely for profit and not for your health. A never-ending routine of pressuring you to purchase their products is not a healthy workout setting.

Sanitation

When physically checking the gyms, be sure to check their cleanliness and sanitation. See if their floors are cleaned, if the lockers are being taken care of, and the pools are being maintained. With numerous individuals arriving in the gym and using their tools each and every day, germs and bacteria will surely be everywhere. For that reason, the staff should be putting the best effort to reduce the propagation of bacterias.

Athletes working out at a gym are coming across a variety of contagious microbes. As such, the risk of contracting skin diseases are incredibly usual in gyms. This information is not intended to discourage you from getting a gym membership. Rather, we are informing you and highlighting the importance of finding a gym with good sanitation conditions.

The gym employees must be doing continuous work to maintain the cleanliness of the gym. There must be readily available sprays or wipes supplied to wash the equipment after use. If you have obtained a visitor pass, check out the gym and keep a look at the number of times in which gym members make use of the cleansing agents. Additionally, you must inquire about the cleaning procedures of the gym.

Our recommendations

Now that we have those out of the way, let’s go with some of our gym suggestions.

For people who like a gym that has a very reputable name, we recommend Fitness First. Fitness First got a variety of gym equipment and trackers to help you stay in shape even without the help of a personal trainer. They also offer class workouts, so if working out with other people is your thing, Fitness First is a great choice.

Having said that, Fitness First can cost upwards of $200 per month. If you are not into spending that much for a gym, we recommend Anytime Fitness which costs $80 to $100 per month while still keeping the high quality that premium gyms have. Anytime Fitness is open 24/7, so you can hit the gym regardless of your schedule. However, the price and level of quality differ considerably from different branches. The majority of branches are quite modest and do not have a great deal of equipment, particularly weight lifting devices such as plates as well as benches.

Are you in need of money to pay for your Fitness First membership fee? Taking a personal loan at 356 Credit may be the best move for you. Click here to go to their website and learn more about their loan offers.

 

How To Apply for An Urgent Loan Singapore This 2020

 

Payday loans

Payday loans, as the name suggests, is a short-term loan that is usually required to be settled as soon as your next payday arrives. As opposed to a personal loan that is usually repaid in monthly installments, payday loans tend to be repaid in full at the same time, except for some cases.

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Before taking a payday loan, however, be sure that you are dealing with a trusted moneylender.

A potential issue with payday loans is their ability to lead the borrower into a debt trap if not handled well. If you are not able to pay the debt within your next payday, you will be forced to take out another loan to repay your payday loan. This can spiral into a debt trap that is hard to get out of, in which you are continually taking loans to pay back your existing loans.

Pawn shop loans

Pawn shop loans generally require the borrowers to surrender a valuable item before they can acquire the loan. A pawn shop will measure the price of the said item and take it from you to serve as collateral for the loan.

If you are not able to settle the loan on time, the pawn shop has the option to sell your item as a consequence. Since a pawn loan does not require a credit assessment or even an application process and will give you a loan if you have a valuable item, it can be great for people that do not have a lot of choices.

Title loans

An additional alternative is a title loan. If you are an owner of a vehicle in Singapore, you can make use of the title of your vehicle as leverage in order to qualify for a short-term loan. Vehicle loans are definitely a good choice especially if you need the money fast because usually, there are no credit assessments required. However, be aware of the possibility of your car being taken away if you are not able to pay back the loan in time. Due to that risk, you must take care when choosing this type of loan and refrain from unnecessary expenses.

Are you looking for an emergency loan provider in Singapore that is open 24 hours a day? We got you covered! 356 Credit is among the leading lenders in Singapore, offering the best emergency loans 24 hours a day, 7 days a week. Click here to visit their website for more information

How To Find The Best Moneylender In Your Area

Finding a good money lender in Singapore that will not try to lead you into a debt trap is hard, but it is not impossible. In this article, we will guide you on how you can find the best money lender that is best for you. It doesn’t matter if you are looking for a moneylender in Clementi or anywhere else, this guide is applicable for you as long as you are located in Singapore. Before we dive in, let’s briefly discuss the characteristics of a good money lender first.

What constitutes a good money lender?

Before we go on our guide on how to find a good money lender, you must be aware of their characteristics first. A trustworthy money lender has got the required licenses and qualifications to provide service and deliver loan products within their area. A reputable loan provider should offer fair terms and conditions on the loan in addition to providing an alternate settlement system for their customers who have trouble paying. Getting a loan from a reliable money lender is essential for people in search of loan money, especially if their loan purpose is due to an emergency, for business investment, or other acceptable reasons.

 

Another important factor that money lenders should have is their level of experience. The length in years that a lending provider is operating can give you some insights on whether you will get quality service or not. Keep in mind that when analyzing the experience of a loan company, you must also keep an eye on the way in which they are giving services to their clients. This can be effectively gauge by looking at online reviews by past clients, which will be discussed later in this article.

Now that you know a few basics in what to expect from a good money lender, let’s move on to our guide on finding one. To assist you in your quest to locate a reliable and trustworthy money lender doing business in Singapore, be sure to read our tips and suggestions below:

 

  1. Verify the licenses and permits of the money lender

Before you start filling up an application, be sure that you are dealing with a licensed moneylender first. Check if the moneylender has the necessary permits to operate. If the moneylender you want to get a loan from has a website, confirm the validity of what they claim to be on the internet. Also, you must check if they are listed in the government database of licensed money lenders. This topic will be discussed in depth later in this article.

  1. Check with your family members and close friends

If you have family members and friends living in the same area as you do, chances are high that some of them have experienced getting a loan from a local lending company. With this, you will be able to call for suggestions about the money lenders that they have good experiences from, and the type of loan that they already took.

Your family and friends will provide you with genuinely reliable suggestions, in addition to warnings regarding money lenders that are not good to take a loan from. If you do not have family members or friends who can help you, you can also try reaching your co-workers and business partners. With such a broad network of people to ask from, you will surely get a good suggestion in no time.

  1. Carry out research on the internet

After consulting with your family and friends, the next step you must do is to check out the web. You will find a variety of information and facts on money lenders in Singapore on the internet that will allow you to make a decision. By looking on the internet, you will be capable of getting more info on loan selections, repayments, company details and other stuff that may be beneficial in figuring out if the loan company you want to take out a loan from carries a good standing or not.

A good source of information about the lenders is by looking at their reviews, ratings, and discussions about the loan company and their loan products on community forums. By reading the reviews and forum discussions, you can have a general idea of how the lender operates. Additionally, you will learn about the experience of those who have already taken a loan from them, which will provide you with valuable information. If you see a lot of complaints or rants in the forums, or a lot of low ratings, find out why people are giving such reactions. Generally, you will want to avoid companies with low reviews online. By diligently going through online reviews and internet forums, you will become aware of how good or how bad a loan company is without having to deal with them yourself, saving you a lot of time (and money).

  1. Take a look at government databases for certified money lenders in Singapore

Singapore’s Moneylenders act has given way for a government-maintained listing that contains the record of every certified money lending establishments in Singapore that has received their license from the Ministry of Law. As such, money lenders that are not indexed by that directory are not licensed and are not considered to be legit. If you cannot find the moneylender you are eyeing in the government database, do not take out a loan from them as they are not probably licensed.

By getting your loan from a reliable and trustworthy money lender in Singapore, you will guarantee that you deal with proper procedures without any stress when it comes to repayment conditions and other related agreements.

A guide on finding the best moneylender would not be complete without our own suggestion. One of our recommendations is 356 Credit, a licensed moneylender in Singapore. Get in touch with 356 Credit today! Just visit this link https://www.365credit.com.sg/contact-us/ to find out how to apply for a quick and hassle-free loan. 

6 Qualities That Good Money Lenders Should Have

Searching for a moneylender in Singapore is very easy. You can find many licensed moneylender that offers emergency or personal loans. However, the decision to choose a Singapore moneylender should not just come from a simple Google search. In this article, we will discuss the qualities that you should search for in a money lender.

  1. Responsive to your queries and concerns

Loan terminologies can be overwhelming and complicated for the common people. For this reason do not be reluctant when it comes to asking questions if you fail to fully understand. One sign of a good lender is their ability to explain everything that you might ask about the loan you are taking. A good money lender will have knowledge of every little aspect of the loans that they are offering. A representative from the lending company have to be able to give you with a walk-through of the loan that you are taking, which includes the advantages and disadvantages with that particular loan. A good loan provider should be capable of responding to your questions in order to assist you in making a decision.

   

  1. Open 24 hours a day, 7 days a week

Being open 24/7 is another indication of how good a money lender is. The greatness of money lenders operating 24/7 will be apparent if you had an emergency situation in a weekend or on Sundays, or in the early hours of the morning.

  1. They take a look at your credit health

A huge feature for many money lenders in Singapore is their claim of conducting minimal credit reports. Provided that you possess a legitimate and steady income and collateral, you will typically be qualified to take their loans. However, this does not mean they should never assess your credit score. You want the money lenders to take a look at your credit background at the very least. All money lenders you consult with must carry out a history credit test, even if your credit score does not make a difference or your history of loans will not be an issue in their decision to approve your loan. They must at least talk to you about the ways in which you will be able to settle your loan and explain the guidelines of your loan to you. A money lender that cannot be bothered to even check the reliability of the people they loan to is a red flag that you should avoid.

  

  1. The lender should NOT try to persuade you in borrowing more or less

A good lender will not try to convince you to take out a higher amount of borrow that is more than what you are asking for. In most cases, lenders like that are only trying to make more money from you in the form of interest payments and higher fees and charges due to the increased amount of your loan. Conversely, if the lender is not willing to lend you the full amount that you need, you are better off with another lender that is more open-handed.

  1. Transparency on loan fees

Loan companies must be up front regarding the charges they impose so you are able to assess the entire expenses of a loan, allowing to compare it to another loan. The usual charges that you must expect includes origination charges and prepayment fines and overdue prices.

There are some instances in which it is reasonable for a lender to charge an increased charge. For example, if your loan have a low interest rate, it is acceptable for it to have a increased fee. You should avoid having a loan of from any kind of lender that does not reveal precisely what fees you will be incurred once you obtain your loan, or throughout the settlement procedure.

On a sidenote, you should be wary of loan providers that will charge surprise fees once you get deeper within the loan application procedure. Some loan providers have a habit of popping up surprise charges that are not revealed when you first selected the loan. If such a thing occurred, it will be better for you to step back and take out a loan from a transparent lender instead. A good money lender should be transparent at what fees they charge from the first time that you inquire about the loan.

  1. Provide reasonably fast approvals

Another sign of a good money lender is if they have a quick process of approving loans. As soon as your credit history check and other requirements has been settled, the approval for your loan should be made so that you can get the money in a speedy manner.

The majority of people who take out a loan do so for the simple reason that they need money, and they need it fast. You might need the personal loan money for a major investment or you might require the money to pay back high-interest personal debt that you are attempting to consolidate. Whatever the reason, one thing is clear: the earlier you get the money, the better.

If your situation forced you to have a loan, you most likely do not want to wait a long time spent applying for the loan, preparing the documents, waiting for the approval, and the release of loan funds. You want your loan money ASAP. However, a number of loan companies are processing loans more slowly compared to others.

Numerous loan providers offering online applications can present near instantaneous approval for as low as 30 minutes, and release your loan funds in just 7 days or even less.

A Guide For Getting Short Term Payday Loan In Singapore

Before we dive in-depth into payday loans, let’s discuss the basic definition of payday loans first. A payday loan can be defined as a kind of temporary or short term borrowing in which a lender will provide credit to a borrower that is based on their income. Payday loans generally have a high interest, and its principal is based on a part of the borrower’s upcoming paycheque. Payday loans impose high-interest charges for immediate funding and they will provide borrowers with instant cash. These financial loans are also known as quick cash loans or advance check loans. In the next section, we will discuss how you can borrow money cheaply through payday loans:

How to obtain a cheap payday loan

Payday loan companies are usually small credit providers utilizing physical offices and branches that make it possible for them to conduct on-site credit approvals and agreement. A number of payday loan providers might also be obtainable by means of applying online through their website. There are a lot of options for getting short term loan Singapore, you just have to be patient when searching for the right payday loan company.

To accomplish an application for a payday loan, a borrower needs to present a payslip given to them by the employer or company that they are working at currently. The payslip needs to have important information, such as the name of the borrower and their current income on the job. Payday loan providers generally base the initial size of the loan on a portion of the income of the borrower. This is to make sure that the borrower can afford to settle the loan when their payday comes. There are also payday loan providers who take the wages of the borrower to serve as collateral. This is done by requiring borrowers to surrender their paycheck or ATM that is used for payment.

Other variables that affect the terms and conditions of a loan include their credit history and score, which is extracted from a credit background check when the borrower applied for a loan.

   

 The advantages of payday loans

1. Short term payday loans are easy to be qualified for

The main benefit of payday loans is their ease of qualification. Actually, a lot of cash advance loan companies guarantee to provide cash within just a single day. They also guarantee a quick lending conclusion, so that you will know if your application is approved or not in a speedy manner. This allows borrowers to obtain instant cash, which is perfect for those needing money right away. There are even some lenders that are open 24/7, and some offer applications and approvals carried out through the internet. This means that if you need to have money on a Sunday, or any other time in which there are no banks open, you can always turn into payday loan providers and they will be able to help.

As opposed to regular loans, which could take too long to make an application for, these payday loan requests normally take as low as 5 minutes and a maximum of 1 day, adding up to their already speedy process.

2. They have less prerequisites compared to other loans

Standard loan companies generally demand proof of income from your employer, Social Security number, ID pictures, a credit assessment and will first confirm your capability to pay back that loan. Contrary to regular personal loans, the majority of payday loan providers have much less prerequisites to submit.

Usually, all the requirements for applying to a short term payday loan is to be of legal age, possession of valid IDs issued by the government, have a job or other regular revenue stream, and a bank account on your name.

Although having reduced prerequisites allows for cash to be obtained faster, take into account that the extra demands from banking institutions and other loan companies are being used to protect the borrower.

Payday loan providers do not look at your credit history

As opposed to regular loans in which you need to have an excellent credit history to be accepted, payday loans seldom demand a credit rating check. However, this also goes both ways. Even if you pay your payday loans on time, they will rarely help you in raising your credit score. If you want to build your credit rating, you will have to take out loans that will analyze your credit score.

  

Can foreigners avail of personal loan while in Singapore?

Yes, there are banks who offer personal loans for foreigners on Singapore, provided that they possess a valid visa for work. One such bank is Citibank with its HSBC personal loan. Their loan needs foreigners to be a holder of P1, P2 or Q type employment pass as a requirement.

Payday loans do not require any collateral

As opposed to vehicle financing, mortgage and even some regular loans, payday loans are generally not guaranteed through personal property as collateral. This ensures that even if you did not pay off the loan, the lending company cannot take your property as a result.

A Guide On Using Debt Consolidation Plans When You Have A Lot Of Loans

Taking out a lot of loans have their own advantages. You can have varying interest rates, and you can take out a loan even if you have already taken one from another loan company. However, there can be some problems involved in having a lot of loans. Your monthly payment schedules can overlap with each other, leaving you with no space to spend money for your needs. Additionally, taking care of the paperwork for multiple loans can be a nightmare, as well as keeping track of which loan payments are already due. Problems involved with having a lot of debts can be solved by debt consolidation, which will be discussed in this article.

The two types of debt consolidation loans

 

  • Secured loans

A secured loan is a loan that is supported by your asset that will act as the security for the loan that you take. Because of the collateral, secured loans normally have low-interest rates and are easier to obtain.

 

  • Unsecured loans

An unsecured loan is a loan that has no collateral, however, they are harder to qualify for. Additionally, unsecured loans generally have higher interests and lower amounts provided compared to secured loans.

Is it a good idea to consolidate your debt?

Debt relief has the ability to modify the conditions or quantity of your debt, allowing you to recover faster from your financial troubles. However, debt consolidation is not a magic solution that can work for everyone. There are some consequences that you have to be aware of before trying a debt consolidation plan to see if it is the right solution for your problems.

   

 

What is the difference between debt relief and debt consolidation

Debt relief could include removing the financial debt completely by declaring bankruptcy. You can also have your interest rate adjusted, or modify your payment schedule so that you will be able to pay all of your loans on time. Additionally, you can even persuade your creditors to allow you to pay below the amount that you still have to pay.

On the other hand, debt consolidation involves combining all of the loans in your name and taking out a single loan to pay all of your existing loans. By doing so, you can take advantage of just having a single loan to pay every due date, reduced interest rates, and worrying about only a single loan as opposed to taking care of multiple loans at a time.

How does debt consolidation affect my credit score?

This is a frequent question by those seeking to consolidate their debts. The answer to this is dependent on the actions you do after consolidating.

Your credit score will have the chance to improve if you are paying the monthly due of your consolidation loan in a timely manner. Always remember that settling payments for debts have the best positive impact on your credit rating. Additionally, you will be in the position to get rid of your outstanding balances or decrease them to below 30 percent of your total borrowing limit. The proportion of credit employed to the total of credits available for you is called credit utilization, which provides a significant impact on your credit rating.

By debt consolidation, you will be capable of broadening your loan profile, allowing you to increase your credit score by having various types of credit in your profile. When consolidating debt, be sure to improve your spending practices and making changes to your lifestyle to avoid taking more debts.

Meanwhile, your credit score will have the chance to go down if you keep using your credit card after setting your outstanding balances. Any increase you got from lowering your credit utilization will disappear easily once your balances increase once again.

Your credit score will also suffer if you are making late payments after consolidating your loan. Applying for loans that you are not qualified for can also decrease your credit score, as well as applying to many loans in a short period of time.

   

Which bank is best for debt consolidation?

After making your mind regarding the usage of debt consolidation, the next step that you must do is to determine the best bank to consolidate your loans.

One step to determine if a bank is good for a debt consolidation loan is if they offer a reasonable interest rate. The normal interest rates that you can expect to be charged on loans for debt consolidations are generally within the 8% to 28% range. If the bank is offering a higher interest rate than that, or if the bank is offering a higher interest compared to the loans you are seeking to consolidate, it is probably a better idea to switch banks that you want to use.

Can I use my credit card after debt consolidation?

To answer this question, yes, you can still use your credit card after consolidating your debt. However, if you have to use your credit card, be sure to be mindful about it. After you have combined your credit balances, you must cease from using them except for emergencies. It is possible to secure or hide them in a safe place, or you can even physically cut the cards if you easily give in to temptations. You must make sure that the balances on your credit accounts remain zero.

Once you get yourself a debt consolidation loan, a good way to ensure all those credit cards continue to have zero balances would be to connect those loans into a bigger plan to become free of debt and make improvements to your financial situation. In case you firmly believe that you have problems in managing your spending, or usually do not think you make use of your credit properly, you can try to look for a reliable financial consultant who will be able to assist and help you in managing your finances.

Are you interested in taking out a debt consolidation plan to solve your financial problems? Taking out a loan from 356 Credit may be the answer to your problems. Visit their website now at https://www.365credit.com.sg/ for more information.

How Much Personal Loan Can I Get in Singapore

Getting a personal loan isn’t as easy as asking for money. You need to go through a complex process to get things done, not to mention that you need to pass all the needed requirements. But that doesn’t mean getting one is hard.

In fact, it’s all a matter of having the right resources and being in the right company. So, how much money can you get from personal loans Singapore? Well, the loan amount depends on a variety of factors. Some of which are your income, credit rating, and overall background.

What is the best money lender for personal loan?

365 Credit

365 Credit Solutions is one of Singapore’s leading and premier personal loan providers because of its established credibility and experience in the industry. The company is accredited and licensed by the Singaporean Registry of Moneylenders.

The company specializes in offering different kinds of loan such as, personal loan, business loan, and even payday loan and bridging personal loan, both to Singaporeans and overseas clients alike. This makes it one of the best credit cards and loan of choice of many looking to get a loan,  along with debt consolidation plan loan.

 Financial Institution Singapore  

It also boasts low interest rates and it doesn’t need you to present many documents. This makes the loan application process simpler, unlike banks where you have to wait for days to get your loan approved.

365 Credit also has its own credit cards which they call as the OCBC 365, which can be used to avail a loan. It is an all-around cashback credit cards for those who spend money on everyday items. It even has a bonus cash feature where you can earn from 3% up to a maximum of 6% on grocery, online shopping, dining, and gasoline bills.

 

Compare interest rates.

There are a lot of loan providers in the market and you can easily get confused in all of it. This is why you need to be careful in choosing the right loan for you. Take 365 Credit for example. It is one of the leading companies providing personal loans in Singapore because of its low-interest loan rates and appealing personal loan tenure deals. This makes it a great choice for local and overseas clients, instead of getting credit cards as credit cards get complicated loan tenure such as 60 months duration, especially if you have many.

How 365 Credit works?

365 Credit works by no longer splitting dining rebate tiers by weekdays and weekends with a rate of just 6%. It even covers food delivery apps such as FoodPanda and Deliveroo. A 3% loan rate on groceries is also included in its terms conditions.

This is one of the many reasons why it is one of the most sought-after credit cards by most Singaporeans. Meanwhile, bonus cash backs for loan include online travel bookings, electric bills, as well as public transport, and each still having a 3% rate, according to a review.

Take note, though, that you can get extra loan rebates on gasoline spent from your personal car and not from public commute. This is great if you need to invest loan funds for your investment scheme.

Can you get a personal loan with 550 credit score?

Yes, you can. But you’ll have a harder time than if your credit score is higher than 550. Most Singapore personal loans prioritize applicants who have credit rating of 600 and above. While there are some accepting a minimum of a 550 credit rating, expect that you’re going to have to present more documents such as income statements to prove that you can repay the amount. There are also times when you get a shorter loan tenure. Don’t worry if your salary is only S$30,000 because you can still get one, though.

 Loan Agency Singapore (Main) 

Which moneylender in Singapore has the lowest interest rate?

365 Credit Solutions

365 Credit Solutions offers one of the lowest interest rates in Singapore. It has an effective interest rate EIR of 3.5%, which actually is the lowest rate in the current market.

Though there’s a 1% processing fee for your initial personal loan application, it isn’t really that bad knowing that you’re free from paying any fee for your next personal loan application.  It’s also very similar with a DBS personal loan and OCBC personal loan.

Also review your balance first before availing to avoid issues. Along with the loan, you can also avail its credit card. It’s a great choice of entry-level cardholders or those that have minimum annual income of S$30,000.

Take note, though, that the minimum OCBC expenditure is $800, with no maximum amount stated. Not hitting the $800 mark means that you’re only getting a minuscule OCBC 0.3% personal loan rate, which is a bit similar to a DBS personal loan.

This is a great card to use on many different things, except for retail shopping and leisure. It’s because restaurants are the only qualified venue to get a cashback. Pubs, bars, and amusement parks aren’t included.

If you are looking for a credible and established professional money lending service in Singapore, then 365 Credit should be your number one choice. We offer the lowest interest rates for personal loan in the market. We are also licensed under the Registry of Moneylenders in Singapore, assuring you that you are in safe hands. Contact us now and learn more about our appealing offerings.

How to Get a Personal Loan with Bad Credit in Singapore?

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.

These help fund expenses and consolidate your existing debts without using any card. 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’ve got bad loan credit because this means you’re most likely to not be capable of repaying your debt 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 and the interest rates will also be higher.

What does bad credit mean?

Having bad loan credit refers to your personal FICO score. FICO is a scoring model that considers bad loan credit to those being below the rating of 579. Your main goal is to have a higher loan credit rating so that it’ll be easier for a customer to avail a loan. Having a high FICO score means that you’re more capable of paying off the full loan payment on or before the deadline.

Can you get a personal loan with a credit score of 550 and 500?

The FICO Score 8 rating model is the rating standard that is followed by most (if not all) loan providers and credit cards. It features a scale rating of 300 to 850, with 300 being the lowest possible rating.

This might put a 500 to 550 score to be somewhere in the middle. But it doesn’t work that way because 700 is the average FICO Score. And all that’s under 580 is considered as bad credit loans. This makes it harder for you to avail a personal loan and get new credit. But that doesn’t mean getting one is impossible.

In fact, there are a number of loan providers that cater to those having credit ratings of 500 to 550. Learn the requirements and PTE first so that you know the payments to make. Requirements and PTE are important for a customer like you who loans bad credit. The usual credit cards and loans that accept credit ratings of 500 to 550 are mostly unsecured credit cards that have high APR and low credit limits.

Financial Institution Singapore 

Will banks give loans with bad credit?

Apply for a minimum amount.

Yes, banks can consider giving you a loan if you have bad credit as long as you apply for a small amount. Low scores usually dictate 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.

Settle outstanding debts.

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 fast 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 fast so that you can pay your outstanding balance and apply for a bigger loan.

OCBC 365 Loans

The OCBC 365 Credit is a great choice if you’re going to apply for a loan and you’ve got bad credit score and credit history. It’s one of the best personal loan in Singapore, as well as a credible licensed moneylender. It’s very tolerable even if you have bad credit score because it’s designed to take care of your everyday lifestyle needs and expenses. You’ll find it appealing with its many offer benefits, deals, and incentives. It also offer fast loans for bad credit. For sure, it’s what you need if you’re looking for bad credit loans. It also is certified with a copyright 2019.

Which bank is the easiest to get a personal loan?

There are a number of banks where you can get a personal loan easily. But it’s a different story if you’ve got bad rating because you have to go through a complicated process to get accepted.

That’s where licensed moneylending services come in, with 365 Credit Solutions being one of the best ones. You can even get a personal loan with an uninsured amount of $10,000 to $50,000 and repay it in six months or depending on your terms. This is your best choice if you want to loan bad credit.

You can also avail of the OCBC 365 Solution loan products which maximizes rebates on daily expenditures without any annual fee. You can also earn up to 6% or even more with online food deliveries and dining bills. You can also get up to 3% for transport, groceries, and travel bookings, and up to a massive 23% for fuel savings.

Credit Counselling Service Singapore 

Why choose OCBC 365 Credit Solutions?

365 Credit Solutions is 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 bad credit because you don’t have to worry about getting huge interests. It even has an interest rate of just around 3.5%, which is the lowest one in the market.

There is, however, a small 1% processing fee for first time applicants. But that isn’t an issue because you’re no longer going to have any problem paying any fee the next time you apply for another. This is a huge benefit to clients because it’s inexpensive and doesn’t put much hassle on you.

Furthermore, 365 Credit Solutions is also one of the most credible moneylenders in the industry because they have been credited by the Singaporean Registry of Moneylenders.

How Much is the Interest on Personal Loans in Singapore?

The interest rate of personal loans varies depending on many factors relating to the borrower. Some of these are your loan amount, annual income, as well as the loan duration.

These factors help licensed money lenders measure your capability of repaying back the debt on or before the deadline. This has a huge effect on the loan. The less risky the loan is, the lower the interest rate becomes. This makes it easier for the borrower to repay the loan.

The usual interest rate of banks is around 7% annually. This means that if you borrow S$20,000 with an interest rate of 7% and you’ll repay it within 3 years, then you’re going to incur an interest rate of S$1,400 annually. Though interest rates vary, it usually comes around this figure.

How much interest do money lenders charge?

Unlicensed moneylenders usually charge higher interest rates. Though the government created a 4% maximum cap on monthly interest rates, licensed money lenders still usually double their interest rates compared to banks, sometimes even going four to five times higher than from banks.

An example would be borrowing S$500 with an interest of S$20 monthly. That might not be that much if you pay it within a month. But that value will cost you hundreds, if not thousands of dollars more in interests and administrative fee if you pay late.

However, that’s not the case for all money lenders in Singapore. Take for example 365 Credit Solutions, which is considered one of the best licensed money lenders in Singapore. They offer low rates depending on the background of the loan applicant. Their loans can even go head to head against banks.

 Loan Agency Singapore (Main) 

Knowing More About Licensed Moneylenders

Licensed money lenders target clients who were rejected by banks, which is why they make sure that they cater to their needs. Banks make sure that loan applicants have a low-risk profile, unlike lenders that even approve the riskiest of background.

Banks usually don’t approve loan applications from people who have a salary less than S$20,000. Meanwhile, moneylenders are pretty good with people who are on this salary bracket. They don’t even put much emphasis on their credit history. They also don’t need to get strict supervision from the ministry of law as the ministry of law only focuses on banks.

Another defining characteristic of moneylenders is that they don’t usually approve huge loans, unlike banks. The usual maximum loan they can approve is around S$1,500 for clients who have salaries of less than S$20,000. Meanwhile, banks can lend up to 2x to 6x your monthly salary as long as you have good background and credit rating.

Review and assess your current situation first before filing an application. You don’t want to be paying heavy fines and interest rates. Moneylenders can, however, take care of these especially if they have a copyright 2019.

What is the interest rate for private loans?

Private loans from PTE companies have high interest rates. The usual ones start at around 4% and can go up to 7.5% and even higher. This makes the cost of borrowing money more expensive for PTE firms. However, there are also loans that have much lower interest rate, but this is reserved for those who have annual salaries of S$50,000 and above, as well as those having good credit rating.

Private money lenders or PTE also have terms and conditions that charge higher interest rates compared to banks. It’s because they lend funds to high-risk clients. This means that there’s a chance that the PTE won’t get paid back. Private loan sharks also usually borrow money from other investors and even possibly banks that charge higher interest rates.

All these increase the costs of a PTE because they have to pay back the funds they borrowed from the bank and other private investors.

Thus, the possibility of not getting back the lent money makes up for the higher-than-average interest rates of a PTE lender.

 Financial Institution Singapore  

What is the legal interest rate?

The legal interest rate varies, but it currently is around 4% to 6% annually. This, however, isn’t strictly followed especially by a PTE because of the varying circumstances depending on the borrower’s credit rating and background.

Which moneylender is the best in Singapore?

There are a number of banks that offer attractive loans for borrowers. However, it’s best to go for a licensed moneylender in Singapore. One of the best and credible choices is 365 Credit Solutions.

We are a renowned moneylender in Singapore since 2010 and is even accredited by the Singaporean Registry of Moneylenders.

Clients can benefit from us because we have different kinds of loans such as bridging, personal, business, and foreigner loans, both for Singaporeans and foreigners alike. This makes it easier for you to choose the kind of loan you need to solve your needs.

Settling for a loan application is also easier with us because our process is simplified and we don’t require much and unnecessary documents unlike other PTE firms. You will benefit greatly from this because you don’t have to spend lots of time waiting for your loan to be approved.

Clients don’t have to worry about their funds when you’re with us because we do our best to have your loan applications approved as long as you conform to the requirements. Payments are done fast and can be attested by the many reviews found in the internet about our company.

Our clients can also benefit from our transparency because there are also no hidden costs. Loan and debt processing take only one hour and the cash is given to you directly. There’s no more need for annoying phone calls or overly complicated rules and regulations with 365 Credit. Simply send the payment via bank transfer and you’re good to go.

Where to Get Personal Loan in Singapore

How Much Personal Loan Can I Get in Singapore

Getting a personal loan isn’t as easy as asking for money. You need to go through a complex process to get things done, not to mention that you need to pass all the needed requirements. But that doesn’t mean getting one is hard.

In fact, it’s all a matter of having the right resources and being in the right company. So, how much money can you get from personal loans Singapore? Well, the loan amount depends on a variety of factors. Some of which are your income, credit rating, and overall background.

What are the best Singapore banks for personal loan?

 Loan Agency Singapore  

1. DBS Bank

DBS bank’s DBS POSB personal loan base your account either on your personal credit line for your loan or your credit cards. What’s great about this bank is that you can easily apply a loan using their internet banking feature if you’re on a DBS POSB plan. Loan processing is also fast and the funds are credited directly to your loan account.

2. Citibank

Citibank offers one of the best Singapore personal loan because of its low interest rates. You also don’t have to pay for loan processing fees.

If you’re one of those who need money ASAP, then a Citibank loan is for you. You can even just wait for the personal loan Singapore processing to finish as it only takes around an hour. Loan funds are deposited the next day for Citibank loan accounts, and up to five working days for other bank loan accounts. It’s also a bit similar with the DBS POSB loan conditions.

Compare interest rates.

There are a lot of loan providers in the market and you can easily get confused in all of it. This is why you need to be careful in choosing the right loan for you. Take 365 Credit for example. It is one of the leading companies providing personal loans in Singapore because of its low-interest loan rates and appealing personal loan tenure deals. This makes it a great choice for local and overseas clients, instead of getting credit cards as credit cards get complicated loan tenure such as 60 months duration, especially if you have many.

What is the best place to get a personal loan?

365 Credit

365 Credit Solutions is one of Singapore’s leading and premier personal loan providers because of its established credibility and experience in the industry. The company is accredited and licensed by the Singaporean Registry of Moneylenders.

The company specializes in offering different kinds of loan such as, personal loan, business loan, and even payday loan and bridging personal loan, both to Singaporeans and overseas clients alike. This makes it one of the best credit cards and loan of choice of many looking to get a loan, along with debt consolidation plan loan.

365 Credit also has its own credit cards which they call as the OCBC 365, which can be used to avail a loan. It is an all-around cashback credit cards for those who spend money on everyday items. It even has a bonus cash feature where you can earn from 3% up to a maximum of 6% on grocery, online shopping, dining, and gasoline bills.

How 365 Credit works?

365 Credit works by no longer splitting dining rebate tiers by weekdays and weekends with a rate of just 6%. It even covers food delivery apps such as FoodPanda and Deliveroo. A 3% loan rate on groceries is also included in its terms conditions.

This is one of the many reasons why it is one of the most sought-after credit cards by most Singaporeans. Meanwhile, bonus cash backs for loan include online travel bookings, electric bills, as well as public transport, and each still having a 3% rate, according to a review. Take note, though, that you can get extra loan rebates on gasoline spent from your personal car and not from public commute. This is great if you need to invest loan funds for your investment scheme.

Can you get a personal loan with 550 credit score?

Yes, you can. But you’ll have a harder time than if your credit score is higher than 550. Most Singapore personal loans prioritize applicants who have credit rating of 600 and above. While there are some accepting a minimum of a 550 credit rating, expect that you’re going to have to present more documents such as income statements to prove that you can repay the amount. There are also times when you get a shorter loan tenure. Don’t worry if your salary is only S$30,000 because you can still get one, though.

 Credit Counselling Service Singapore  

Which moneylender in Singapore has the lowest interest rate?

365 Credit Solutions

365 Credit Solutions offers one of the lowest interest rates in Singapore. It has an effective interest rate EIR of 3.5%, which actually is the lowest rate in the current market.

Though there’s a 1% processing fee for your initial personal loan application, it isn’t really that bad knowing that you’re free from paying any fee for your next personal loan application. It’s also very similar with a DBS personal loan and OCBC personal loan. Also review your balance first before availing to avoid issues.

Along with the loan, you can also avail its credit card. It’s a great choice of entry-level cardholders or those that have minimum annual income of S$30,000. Take note, though, that the minimum OCBC expenditure is $800, with no maximum amount stated. Not hitting the $800 mark means that you’re only getting a minuscule OCBC 0.3% personal loan rate, which is a bit similar to a DBS personal loan.

This is a great card to use on many different things, except for retail shopping and leisure. It’s because restaurants are the only qualified venue to get a cashback. Pubs, bars, and amusement parks aren’t included.

If you are looking for a credible and established professional money lending service in Singapore, then 365 Credit should be your number one choice. We offer the lowest interest rates for personal loan in the market. We are also licensed under the Registry of Moneylenders in Singapore, assuring you that you are in safe hands. Contact us now and learn more about our appealing offerings.