How to Get A Bad Credit Personal Loan in Singapore

Posted by loantoday on November 12th, 2015

Bad credit scores are punishment for bad behaviors. People who with a bad credit score or no credit will be considered as a high risk customer and it could be difficult to get a personal loan. However, there are still many options for getting a bad credit personal loan.

1. Home equity line of credit. If you own equity in your property, you possibly could apply for a tax deductible and low interest line of credit from banks. It will put your property in danger if you fail to repay the debt. The lender or the bank will take your property or asset if you default. But if you have stable and high income and you can pay down this home equity line of credit on time, it will be an inexpensive option for you to get a bad credit personal loan.

2. Apply for a peer to peer loan. Borrowers need to post a loan listing that includes how much money they want and the reasons why they want it by an online platform. Then investors will review loan listings and choose the ones who meet their criteria. This is a win-win solution that borrowers will pay low interest rates and investors can earn high interest rates. So it will be a good option to get a bad credit personal loan.

3. Apply to credit unions. Credit unions and banks share something in common like living in the same area and working in the same industry. But credit unions have higher customer service.

4. Look for a co-signer. You can ask help for someone with good credit who is willing to co-sign a personal loan with you. But the creditor will require your co-signer for full payment if you fail to repay the debt. Furthermore, payment history would be recorded on both your co-signer's and your credit reports.

Well, there are some licensed private lenders in Singapore such Credit Hub Capital also can offer bad credit personal loan with a particular low interest rate and suitable repayment plan as long as borrowers can meet their requirements. People who need instant money to deal with an emergency can consider this option.