You can never be sure about your money needs. Even if you have taken a loan before and you have a bad credit score, you may be in urgent need. Not many lenders provide loan for bad credit in Singapore, but if you are sure that you are going to pay this one back in time, you have certain options to go for.
What is bad credit?
If you want to apply for a money loan Singapore, you need to be free of any bad credit. It is the mistake regarding your repayment structure in the past that results in a lower credit score. The Credit Bureau Singapore evaluates the paying record and provides you with a 4-digit score between 1000 and 2000. In Singapore, a score between 1000 and 1723 is considered a bad credit score. Your grade will be ‘HH’ which stands for a high-risk grade. Most of the banks and financial institutions will decline your request for a loan for bad credit in Singapore if you fall under the HH group.
How to improve your credit score?
- You can check out the credit counselling companies that will negotiate the paying terms, with the bank and will also find the root cause of your debt and help you to manage the same.
- You can choose a debt consolidation plan or balance transfer to manage your debt better. Pay off the debt instalment in time for some months and your credit score will increase.
- Make a full repayment of the previous debt and wait for 2 to 3 months before applying for a new money loan in Singapore. Your credit score will be back to normal.
There are certain financial firms like Golden Credit, that may offer your loan even if you have bad credit. The company provides a debt consolidation loan that manages all of your other loans and the interest is also quite low. The trusted money lender is your hope for a financially straightened life.