Top 5 Loans For People With A Bad Credit Score

It is not easy to find out which loan can be obtained by debtors with bad credit ratings, since loan companies are generally not really clear with regards to how they approve or reject loan applications. Nevertheless, we are here to provide you with a few loan suggestions for borrowers with a low credit score so that they can get started on applying for loans.

Without further ado, let’s start:

HSBC Personal Loan

  1. HSBC Personal Loan

This loan is one of the best personal loan Singapore bad credit that you can apply for since it is affordable. Featuring a low rate of interest at just 7%, HSBC’s personal loan offer is preferred by a lot of potential loan borrowers. HSBC also offers an increased loan duration of up to 7 years, as compared to other bank’s maximum of 5 years tenure.

Having an increased tenure will lessen the loan pressure on repaying since you will be able to spread the impact of the loan repayment on your income over a longer amount of time, while paying less each month.


POSB and DBS Personal Loan

  1. POSB and/or DBS Personal Loan

If you are in need of a personal loan that releases funds in a speedy manner, a personal loan from either POSB or DBS Bank will be a good choice for you. A lot of borrowers decide to obtain a personal loan since they immediately require the money, particularly people that have below-average credit.

If you will be using the loan money for emergency purposes, it is recommended that you get a loan from POSB and DBS since their loans are disbursed immediately as soon as yuo get approved. If you happen to be a credit card holder to the said banks, your loan will be automatically approved.

In addition to their good campaign and tremendously fast cash release, DBS and POSB jump out from the other loan providers due to their flat rates of interest.

Their interest rates starts at 3.88%, which is one of the cheapest interest for personal loans offered in Singapore. However, take note that you will not be able to avail of the low interest rate if you are earning lower than $30,000 yearly. The flat rate for people who have a yearly revenue of less than $30,000 is 11%.

  1. HSBC foreigner loan

If you are a foreigner currently residing in Singapore and you have no or low credit score, HSBC foreigner loan is a good choice. HSBC features a lot of cheap loans with low rates of interest in Singapore, and they even have something to offer for foreigners.

Featuring foreigner loans with a $40,000 income requirement and a maximum of 7 years of tenure, they offer loans that are not matched by other loans offered in different banks.

This permits debtors to distribute their repayment over a longer period of time and reduce their payment on a monthly basis. Getting this type of loan also makes it possible for foreign debtors to boost their credit score as time passes.

  1. Standard Chartered CashOne

People with poor credit in addition to having a low yearly income will find CashOne loan by Standard Chartered a lifesaver. This financial institution imposes an interest rate varying from 9.8% to 10.8%, in addition to not billing any kind of service charge as long as you earn $20,000 to $30,000 annually.

These percentages are very competitive in the Singaporean loan market in which 11% to 13 % is the standard interest rate, in addition to charging an interest rate of 4 %.

Take note that although the loans offered by Standard Chartered are competitively priced, they come with a limit of a total loan amount of $5,000, or double the amount of your monthly income.

This limitation can be very restrictive especially if you are getting the loan for a big expenditure like a wedding, car purchase, or home improvement. However, if the amount that you intend to borrow fits in the limitation, taking a loan Standard Chartered CashOne loan is a great choice.

  1. Citibank Quick Cash Personal Loan

Even though the requirements that Citibank has for this loan is unknown, it is known that they offer competitive rates even to new borrowers. For instance, Citibank only imposes a 7.5 to 8.5 % interest rate to loans with a duration of 1 to 3 years, Citibank.

That interest rate is very low compared to the standard interest rate in Singapore. Additionally, Citibank doesn’t impose a processing charge, making their loan offers very enticing to borrowers.

However, Citibank’s Quick Cash Personal Loan is not without its drawbacks. If you are planning to take a loan with longer tenure, the effective interest rate of their loans jumps to 10.5 %, which is higher compared to the rates of the other loans mentioned in this list. As such, this loan is not recommended for people who want to get a long-term loan.


The loans listed above are appropriate for debtors with bad credit ratings since they are cheap and can be easily applied to. Furthermore, we have outlined the bare minimum revenue qualification of every loan so that loan applicants with reduced source of income can figure out which lending institution is best suited for their situation.

In combination with searching for a loan featuring the lowest cost, debtors also need to try to look for a personal loan that features a monthly repayment plan that they will be able to adhere to, so that they can start increasing their credit. By doing so, you will be able to add more loan opportunities.

Are you looking for a licensed money lender in Singapore that supports online loan applications? Look no further than Bugis Credit. For more information regarding their loan offers and other perks, be sure to visit their website at You can also give them a call at 6345-9123.

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