There exist many individuals and business entities who are facing a financial crunch. Loans are some of the few alternatives available for them to find support. However, many suffer from low credit scores even when they once missed just a small repayment on their debt. As a result, they cannot avail themselves of further assistance in the form of loans from most regular financial institutions or banks. Particularly in Singapore, there are a considerable number of people with a low credit score. The lower one’s credit score, the lesser are their chances of getting reasonable loan options. Yet, there is a silver lining for such people in the form of a bad credit loan in Singapore. They can find the service of bad credit loans for their financial needs and emergencies.
What does a bad credit score denote?
All individuals looking for a loan in Singapore must showcase their credit score. A credit score refers to a four-digit rating system that showcases the debt repayment capability of an individual. The score ranges from 1000 to 2000, where 1000 stands as the lowest score. One can find their credit score through the credit report available from the Credit Bureau Singapore. Usually, lenders regard a credit score between 1000 to 1720 as a low credit score. Such cases get categorized with grade HH representing a high risk of default in repayment.
A bad credit score is a result of multiple factors such as the number of credit facilities like credit cards applied for recently, the amount of credit used in the past, frequency of delayed repayments, and the inquiry count for your credit rating.
What is a bad credit loan in Singapore?
A bad credit loan connotes a credit facility available to a person with a poor credit score. It is generally a form of unsecured loan. You can find a bad credit loan in Singapore from eminent licensed moneylenders like OnLine Credit. Such moneylenders do not let you stay devoid of any financial support because of some mistakes you committed in the past. A bad credit loan can be an excellent way for many struggling borrowers to get their financial health on track.
How can one apply for a bad credit loan?
The process of applying for a bad credit loan is more or less similar to that of any standard personal loan. Usually, a borrower might need to provide the following documents to the lender while filing their application for a bad credit loan in Singapore.
- Details of assets or properties owned and the status of payment with respect to each of them
- Forms W-2 and 1099 along with the tax returns for a minimum of two years.
- Specifications regarding unsecured loans like credit cards
- Information related to child support or alimony received if any
- Bank statements to view deposits and savings
- Employment history, pay, and salary records
Many moneylenders do not demand all of the above-mentioned documents for assessing your loan application. They are keener to know the repayment ability that you presently possess to repay the loan granted on time in the coming future.
How can you improvise your bad credit score?
If you find your credit rating falling, it is always desirable to initiate measures to stop the downslide and improve your credit score. Here are some methods that our financial experts suggest you can take.
Opt for debt restructuring
Many individuals with bad credit scores are already struggling to get out of a debt trap. If you are stuck in such a vicious cycle, you can make use of the avenue of debt restructuring. Such a restructuring plan will enable you to divide your overall debt into small feasible loans with lesser interest. You can draft a debt restructuring strategy or a balance transfer plan with a financial expert.
Gather resources for making full repayments
Stop your spending on unnecessary aspects and focus on getting all your repayment schedules on track. If you are able to better your position as a dependable borrower, you will see a rise in your credit scores eventually. Thus, accumulate all possible and practical means to meet your payment obligations on time.
Choose credit counseling
Another wise way to enhance your credit rating is to start with credit counseling. There are specialized debt counseling entities in Singapore. They assist debt distressed people to manage their debt repayment with advisory services. Such entities also help in negotiating loan terms to allow simpler repayment.
Why should you get a credit loan in Singapore with OnLine Credit?
Choosing a bad credit loan in Singapore with OnLine Credit comes with a plethora of merits. Engage us for your debt requisites and gain benefits like:
Our entity OnLine Credit is a compliant financial service provider. It is a licensed money lending company that caters to all regulatory requirements and maintains utmost accountability.
Simplified application process
The loan application process for all our loan services including bad credit loans in Singapore is quite hassle-free and effortless. You can easily find all the details on our website and fill up a few forms to get your loan approved.
Quick disbursement of funds
In the majority of our mortgage applications, the borrower finds access to his loan money within a day’s time. The funds are available via checks, cash, and online transfers.
We enable our loyal and compliant customers to tailor their loan repayment arrangements. Thus, if you want a customization facility for bad credit loans in Singapore, you can trust us.
Reliable customer service
OnLine Credit has a skilled and well-trained team for your queries. We handle all your loan-related doubts and apprehensions with utmost sincerity to give you a top-notch experience.
Contact one of the outstanding licensed moneylenders in Singapore- OnLine Credit!
Let us lend you a helping hand with your debt needs like finding a credit loan in Singapore. Collaborate with us and improve your financial standing. Contact us now!