You’re running into a cash flow situation and want to apply for a personal loan. But the banks are rejecting your application because of those mistakes you made in the past. It’s frustrating to be penalised like that. But there’s nothing much you can do. Or is there…?
With a bad credit score, you can still have options. And there’s still a chance to improve your credit rating.
Introducing Bad Credit Loans!
What is a Bad Credit Loan?
A bad credit loan is an unsecured loan that can be taken by individuals with bad credit ratings. Most traditional moneylenders have very stringent rules on borrowing, and most of the time, a poor credit score will cause your loan application to be rejected.
When money is tight and you don’t have many alternatives to get a personal loan, QV Credit is here to help.
Eligibility and Requirements for Bad Credit Loan in Singapore
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:
Apply for a Loan with QV Credit
Get An Instant In-Principle Approval And Collect Your Money On The Spot!
Why Should I Take a Bad Credit Loan Singapore with QV Credit?
We help relieve your financial stress so you can focus on the issue at hand and claim your normal life back.
Easy and Quick Application Process: Our online application form is simple and to the point. You can find the form here. Just fill it in and hit “Send”! It is a fast process!
Fast disbursement of cash: 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!
Flexible loan packages: Everyone has their own unique problems. That’s why we tailor loan packages for each individual – the loan tenures, interest rates, loan amount, repayment terms etc that works best for you.
Minimum eligibility: Eligibility is easy with QV Credit. No income restrictions, no checks on bank statements or credit score. Even if you have existing debts, that’s ok. As a licensed money lender in Singapore, we exist to help individuals in this type of need.
How to Get Loans with Bad Credit?
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.
In typical situations, financial institutions like banks wouldn’t award loans to individuals (or even a business) with a bad credit score. However, a licensed moneylender like QV Credit is happy to help.
We offer Bad Credit Loans, which are like unsecured personal loans, to help people with a bad credit score.
However, as the moneylender taking on credit risk, we hope you understand if the interest rate we offer is a little higher than those offered by banks and traditional lending institutions.
But rest assured, the repayment terms are still extremely reasonable and are well within the limits set by the Ministry of Law.
A bad credit loan works just like a regular personal loan in Singapore, just that instead of getting the loan from a bank, you’re moneylending from a licensed moneylender.
This loan also works like any of our other loan products. The entire loan will be disbursed to you via cheque or credited to your bank account and can be used immediately for any purpose.
Whether you need to help with clearing debt or supplement your income, it’s yours.
There is a 4-digit score generated by Credit Bureau Singapore based on your past payment history. The score indicates the likelihood of you defaulting on (i.e. not repaying) your loans.
The highest score is 2,000 while the lowest score is 1,000. On this scale, a score of 1,000 to 1,723 would count as a bad credit score, and is regarded as risk grade “HH”.
A few factors can affect your credit score. These include: how much credit you have used, how many recent credit facilities (credit cards included) you have applied for, ther number of enquiries to your credit score and the frequency of late payments.
There are many instances in life when emergencies arise where you might need more money than your bank account can afford. These are times when taking out loans will be very beneficial to you. Here are some instances where bad credit loans will be useful:
1. You are in the middle of a medical situation that needs a sizeable amount of cash, but banks have rejected your loan application due to poor credit scores.
2. You did not pay your mortgage loan on time and hence your credit score was negatively impacted. You, however, need to apply for a loan to cover some urgent expenses. The bank and other lending institutions have denied you the loans.
3. You need a personal loan to pay off some urgent bills and expenses as your salary has been delayed, but the bank did not approve your loan because of an outstanding debt that caused you to have a bad credit rating. And you don’t have credit cards to help.