A bad credit history is a setback to getting loans from most banks. You will be scan for your credit background by any bank, credit union and hire purchase company before they can let you have their money. Sometimes simple issues can lead to a black mark in your credit report, for example being late on your credit card payments. Regardless of the source of the negative marks, negative points still remain a minus to your credit attractiveness. So what to do when in need of a loan with bad credit history weighing you down?



Another group of people who do not earn more then the minimum income and will not qualify to take up a bank loan. This will cause panic when time to come to cover some sudden expenses, daily or medical expenses.

Look for alternatives

Banks extract credit report and do their due diligence and reply you with a Yes Or No. Only moneylender are more attentive to customer needs. Competition has pushed them to ensure they retain customers and make them as comfortable as possible. You can talk to your loan officer about your bad credit history. If it was caused by something minor like late credit card repayments, he will probably give you some leeway.

Get a secured loan

Lenders will feel comfortable issuing a loan that is backed up by a guarantee. If you have valuable assets that are quickly disposable, lenders will always welcome your loan application. Popular items to back up your loan include share certificates, valuable jewellery, and title deeds. The lender is comfortable knowing that the loan is backed up by an asset that is equal or even more valuable than the loan.

Get a Surety loan

If you have a relative or friend with excellent credit history, you could get them to guarantee your loan. Most money lenders will ask for this arrangement if you have no assets to guarantee your loan. Most people are uncomfortable guaranteeing loans so you may have to explain your situation really well to the co-signee. Ensure they understand the terms and conditions of the loan so that there is no bad blood in case you are unable to repay the loan.

There are many money lenders who are willing to listen to people with bad credit and low income . Depending on how bad your history is, you are bound to get varying offers. You can use these offers to build up your credit history again and get more opportunities for bigger loans. On the other hand , Moneylenders also give loan to those who are not qualify for bank loan with amount that can able to help them tight over their financial crisis legally under the law of Singapore. Give us a call and you will be amaze how easy you can have solution for your financial