Bugis Credit Pte Ltd is a licensed moneylender (License No. 26/2021) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

Licensed Money Lender Personal Loan Eunos

Money Lender Eunos
Licensed Money Lender Personal Loan Eunos

Does your bad credit score stop you from getting a personal loan in Singapore?

Borrowers with bad credit will need to put in extra effort to qualify for a personal loan. This is especially true when you’re applying for a loan in financial institutions with rigorous credit checks like banks. But mistakes from your past don’t have to hurt your future.                  

You can take the necessary steps to improve your credit score, but it will take time. Do you need a personal loan now? Here are some options you can explore.

  1. Restructure Your Debt

A bad credit score is almost always due to outstanding debt. What if you can’t pay off your outstanding debt?

Here’s what you can do:

  • Contact the financial institution where you have an outstanding debt.
  • Ask if they have options to restructure your debt.
  • Work with your bank or creditor to reduce the interest rate being charged.
  • Try to negotiate a longer repayment period.

Other options include a debt consolidation plan or balance transfer. These steps can help you keep up with your monthly payments. By making regular payments, you’ll not only start clearing off your debt but also start repairing your credit history.

  1. Add a Co-Signer or Collateral

You can also look for a financial institution or licensed moneylender that allows you to add a co-signer. A co-signer could be a family member or a willing friend. The important thing is that they have good credit and income.

Adding a co-signer will help you get approved. But remember, the person who co-signs the loan will be required to pay the loan in case you default.

Another option is to apply for secured personal loans. This means putting property, like your home or vehicle, as collateral. You may have a better chance of securing a personal loan, but the lender can seize the collateral if you fail to make payments.

  1. Apply for a Smaller Loan Amount

What if you have a bad credit score due to a short credit history?

You can improve your credit history by applying for smaller personal loans. But make sure to make regular payments and strive to make each payment in full.

How will this help improve your credit score?

By keeping up with the repayment schedule, it’ll indicate your ability to repay your loan. Banks will find this favorable.

  1. Seek Other Sources of Money

Are banks giving you a hard time getting a personal loan?

Increase your chances by looking for other sources of money. Aside from banks, you can approach other financial institutions, like Singapura Finance. These companies offer a range of loans that will suit your needs.

Just like banks, they will still consider your credit score. But their evaluation process may not be as rigorous as banks.

Make sure to seek assistance from finance companies that are registered with the Monetary Authority of Singapore.

  1. Get a Personal Loan from a Licensed Moneylender

Lastly, you can get a personal loan from a licensed moneylender in Singapore. Credible lenders offer loan amounts up to six times your monthly income. They also charge a low-interest rate from 1% to 4% per month.

Licensed moneylenders will still consider your credit score. But their evaluation process is not as rigorous as banks, plus they are known for their quick application process. That said, you’ll be able to get a loan within 30 minutes.


Ideally, you must get a copy of your credit report before applying for a personal loan. The credit report will contain details on why your score is low. This will help you pinpoint which issues to address first.

If you need urgent cash, you can always rely on the best licensed moneylender in Singapore. Bugis Credit Pte Ltd. is a good start. They are a trusted loan provider near Eunos that will take your current circumstances into account and charge reasonable interest.

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