Bad Credit Loans in Singapore for All Credit Scores
Poor credit? No problem.
Even with a less-than-stellar credit score, our bad credit loans don’t discriminate. A bad credit loan in Singapore is specifically designed for individuals like yourself who may have struggled with credit issues in the past and require a loan for bad credit.
Enjoy a seamless process
Borrow affordably with low interest rates
Get quick loan approval and funds
What Are Bad Credit Loans?
Having an urgent need for cash yet being unable to secure financial help due to bad credit is a painful situation to be in. But fret not, because bad credit loans are here to help.
In essence, bad credit loans are personal loans tailored for those with poor credit histories or limited credit experience.
While traditional banks might shy away from lending to someone with a low credit score, various financial institutions, including licensed money lenders, offer alternatives to help you get back on your feet.
Why Choose 1-Cash for Bad Credit Loans?
Our bad credit loan is designed to help you achieve your financial goals when others won’t.
Free consultation
Our experienced loan officers are here to guide you through every step of the way, starting from our free consultation where we’ll make sense of your financial situation.
Salvage your credit profile
With discipline, a bad credit loan allows you to make repayments on time. Once your debts are paid off, your credit profile will improve.
Clear loan terms
Whether it’s our bad credit loan or our monthly loan, our loan terms are transparent and made clear from the very start. There are no hidden fees or charges.
Quick application process
Our application process is streamlined and efficient. We respond to your application as soon as possible. That’s not all. We offer same-day approvals and disbursement majority of the time, too.
Quality and trustworthy lending solutions
For over 17 years, we have been a highly-rated licensed lender, providing quality and trustworthy lending solutions to our customers.
How Bad Credit Loans in Singapore Can Help
If you’re grappling with the aftereffects of a poor credit score, bad credit loans in Singapore can offer a potential lifeline. By providing access to funds, opportunities to rebuild credit, and flexible repayment options, here’s how a poor credit loan can help you regain financial stability and set you on the path to recovery.
1. Access to Funds
A bad credit loan in Singapore provides an avenue for individuals who may otherwise struggle to secure financing. Whether you need to cover unexpected medical expenses, repair urgent home issues, or pay off urgent bills, a bad credit loan can provide the necessary funds to help you manage immediate financial needs.
2. Rebuild Credit
While it may seem counterintuitive, responsibly managing a bad credit loan can actually help improve your credit rating over time. By making timely payments, you demonstrate to lenders that you’re capable of managing debt, which can gradually enhance your creditworthiness.
3. Flexible Approval Criteria
Lenders offering loans for bad credit borrowers in Singapore often have more lenient eligibility requirements compared to traditional banks. This flexibility means you might have a better chance of getting your bad credit loan approved, even if you’ve faced financial challenges in the past. A loan for bad credit can open doors that may have previously been closed due to your credit history.
4. Quick Access to Cash
In many cases, bad credit loans can be processed quickly, allowing you to access cash in a matter of days or even hours. This rapid turnaround can be critical in emergencies, ensuring you have the funds you need when time is of the essence.
5. Customised Loan Options
Different lenders provide different loan amounts and repayment terms, allowing you to choose a poor credit loan that fits your specific situation. Whether you need a small amount for a short period or a larger sum with a longer repayment schedule, options are available to suit your needs.
6. Potential for Improved Financial Management
Taking out a bad credit loan can serve as a wake-up call for some individuals to take greater control of their finances. It may motivate one to create a budget, prioritise repayment, and establish better spending habits, leading to improved long-term financial health.
3 Fuss-free Steps to Get Your Funds
1. Apply for the bad credit loan
Send in your bad credit loan application via Singpass or our online form.
2. Await your application status
Receive notification of your bad credit loan application status within minutes.
3. Receive your cash
Visit our office to sign the loan offer and retrieve your funds in-hand or via PayNow.
Bad Credit Loans in Singapore — Common FAQs
How do bad credit loans work?
A bad credit loan from 1-Cash is aimed at those who need quick funds but have a low credit score, operating like a standard personal loan. It can be used for personal expenses, including crucial costs like rent, transportation, and groceries, as well as for larger receipts such as vacations, weddings, or emergency medical bills.
Where can I get a loan for bad credit in Singapore?
There is the option of getting a loan from the bank, but you probably stand a lower chance of securing the loan as they will assess your credit history closely.
On the other hand, licensed lenders like 1-Cash are more than willing to offer loans for bad credit. Licensed lenders focus on conducting a basic credit assessment based on your Loan Information Report instead of being so fixated on your credit score at the Credit Bureau Singapore.
What are the interest rates for bad credit loans?
You can expect the interest rates for a bad credit loan to hover around 1% to 4% monthly.
What documents do I need to provide to get a bad credit loan?
Singaporeans and Singapore PRs require:
- Proof of identity (NRIC, passport)
- Proof of income (CPF / bank statements / payslips)
Foreigners require:
- Work Permit / S Pass / E Pass
- Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
- Payslips / bank statements
How much can I borrow on a loan for bad credit in Singapore?
The amount you can borrow on a poor credit loan depends on your income, credit history, and current financial commitments. Our goal is to offer you the necessary funds while keeping your repayments manageable.
Who is eligible for bad credit loans in Singapore?
Anyone above the age of 18 can feel free to talk to us.
Can I get the funds from a bad credit loan on the same day of my loan application?
Yes! We understand the urgency our borrowers feel, and strive to deliver your cash as soon as possible.
How does a bad credit loan help me improve my bad credit standing?
A bad credit loan can help improve your credit standing in a few ways:
- Timely Payments: By making consistent, on-time payments on the loan, you demonstrate responsible borrowing behavior, which positively impacts your credit rating.
- Credit Mix: Having a variety of credit types (like instalment loans) can benefit your credit profile. A bad credit loan adds to your credit mix.
- Utilisation Ratio: If the loan helps pay down existing high-interest debt, it can lower your credit utilisation ratio, which is a factor lenders consider.
- Credit Reporting: Many lenders report your payment history to credit bureaus, so successfully managing the loan can gradually improve your credit profile.
What else can I do to improve my bad credit rating?
Before leveraging poor credit loans, you can take some measures to improve your bad credit rating. Here’s our roundup of the top strategies for your consideration:
- Pay Bills on Time: Ensure all your bills, including utilities and credit card payments, are paid on time to avoid negative marks.
- Reduce Debt: Focus on paying down outstanding debts, especially high-interest accounts, to lower your overall credit utilisation.
- Check Your Credit Report: Review your credit report for errors or inaccuracies and dispute any mistakes you find.
- Limit New Credit Applications: Avoid applying for multiple loans or credit cards at once, as this can negatively impact your score.
- Use Secured Credit Cards: Consider getting a secured credit card, which can help you rebuild credit by reporting your payment history to the Credit Bureau Singapore.
- Set Up Payment Reminders: Use reminders or automatic payments to help you stay on track with bill and loan payments.
- Keep Old Accounts Open: Maintain your older credit accounts to lengthen your credit history, which can boost your score.