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

Loan Agency Singapore (Main)

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.

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.

Recent Posts

× Whatsapp Chat Us!