Many Singaporeans face challenges securing a personal loan if they have a poor credit history. Banks usually have strict requirements based on your credit score from the Credit Bureau Singapore (CBS), which can limit your chances of approval.
A bad credit loan offers an alternative pathway. Licensed moneylenders in Singapore, regulated under the Moneylenders Act, may provide options even if your past borrowing record isn’t ideal. These loans can help with urgent needs such as medical bills, utilities, or short-term expenses, provided borrowers understand the responsibilities, risks, and repayment commitments involved.
When applying for personal loans with bad credit, your credit rating plays a significant role in how financial institutions view your application. Banks and licensed moneylenders assess factors such as your credit bureau report, income level, and repayment history to determine your loan eligibility. Here’s how a low score typically affects loan outcomes:
A poor credit score often reduces your chances of loan approval at traditional banks, as they treat it as a sign of higher financial risk in Singapore. Licensed moneylenders, however, may be more flexible, considering your current income and repayment capacity rather than just past mistakes.
Applicants with low scores are usually offered higher interest rates by banks to offset potential risks. Licensed moneylenders provide regulated rates with transparent terms, making the process fairer and easier to manage.
A weaker credit bureau report can also result in lower borrowing limits. While banks may restrict the amount heavily, licensed moneylenders like 118 Credit can still provide tailored packages to match your needs and repayment ability.
Case Study Example:
John, a full-time employee with a modest income, applied for a loan with a bank but was rejected due to past late payments reflected in his credit rating. Instead, he approached a licensed moneylender in Singapore, where his stable employment and ability to repay were considered. While the loan amount was smaller, he received approval within the day—something a bank could not offer.
We help relieve your financial stress so you can focus on the issue at hand and claim your normal life back.
Our online application form is simple and to the point. You can find the form here. No need to download, scan and fax, just fill it in and hit “Send”! It is a fast process!
We know how urgent the money is. Therefore, we will give you the money via cheque or cash right after the loan is approved. You can get it within 24 hours if needed!
Everyone has their own unique problems. There is no template for a repayment scheme. We tailor loan packages for each individual, and we work out a repayment plan that works for you. We do not want you to be stressed over finances even after the current problems are over.
We hold our clients as the number one priority. We will always put you first. Our loan assistants are extremely experienced in finance and are both friendly and helpful. They are available for queries or concerns, always.
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
We understand times are tough and you need financial assistance. So we make it easy for you to get access to personal loans.
All a borrower needs is to be at least 21 years old and a Singapore citizen, or a PR with a valid Work Permit. We will also require the following documents during the loan appointment, just for compliance purposes:
If you have any questions regarding the needed documents, feel free to give us a call at +65 6835 7666 and our assistants at 118 Credit will be more than happy to explain more.
The thing about having bad credit is that the whole world thinks you’re a bad person. But sometimes, you’re just forced by circumstances. And it’s not your fault!
In order to save innocent people who fall in this category and give others a second chance, bad credit loans are offered by licensed moneylenders.
Apply for a loan online here.
Wait for our team to contact you, this will be done within a day.
Our loans assistant will ask some questions and inform you of the documents needed. You will set a date and time for the appointment.
You will meet our loan assistant at our office.
They will take your documents, and go through the loan agreement, including all terms and agreements and other fees. We will not keep any charges hidden, we are fully transparent with everything. They will also work out a repayment schedule that is comfortable for you.
Once you agree to the terms and conditions, you will sign the loan agreement.
After this, the loan assistant will give you the money in cheque or cash.
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
Here are some of our Frequently Asked Questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!
The Credit Bureau Singapore (CBS) generates a score based on your repayment history, outstanding debts, and overall borrowing pattern. This score influences your loan eligibility when applying for financial products.
Yes. You can still apply for personal loans even with bad credit through a licensed moneylender in Singapore. Unlike banks, we look at your current ability to repay rather than only your past record.
You can request your credit report directly from Credit Bureau Singapore. Reviewing your score helps you understand how lenders may assess your application.
The amount depends on your income, loan type, and repayment capacity. You can estimate your potential loan amount and instalments with our loan calculator in Singapore.
Yes. By borrowing responsibly and repaying on time, a bad credit loan can demonstrate positive repayment behaviour, which may gradually improve your credit rating over time.
We offer a range of different loan types based on your needs. It doesn’t matter if you have a bad credit history, or low-income, the best money lender for you is 118 Credit!
