All About Loan In Singapore
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Getting A Loan When You Have Bad Credit

Do you know your credit history record? You might think that you know what it look like but in real life, it could be different. Your personal credit record history any personal loans that you have had, the payment timeliness, and whether full payments or partial payments on your personal loans have been made. These records can be found at the credit bureau in Singapore. Bankruptcies, bad debts, or partial settlements for Singapore personal loans are all in there. These records will be taken into account when a credit officer assess your application for a new personal loan. There theory is that if you have had a history of bad credit, the risk to the lender will be higher.

Interestingly, there are many money lenders available that cater specifically to people with bad credit who wants to take up a loan. Since the mass market is attended to by banks, the only way for licensed money lenders to survive is to find niches where the banks have discarded. So if you are worried that you might not be able to find cash for an urgent situation, you can relax a little. But because of the increase credit default risk to the money lender offering you a personal loan, higher interest rates can be expected. And since these lenders cater specifically to customers in your situation, you can be comfortable sharing your personal credit details.

In the case where you have assets like a house, fixed deposits, jewelry, etc, you can try to take up a bad credit secured personal loan. This means that the loan you take up will be secured against your assets. Since you will be repaying back the loan, why not go for these types of personal loans. Secured loans tend to have a more affordable interest rate. In the event that you cannot pay up, your assets used to secure the loan will be repossessed. In these cases, credit record is a lesser priority as there is security involved.

Sales people and lenders will always ask you to take as much you want. This is expected because they make a profit from the interest. The higher the personal loan, the higher the profits. Do not fall for this. Only borrow what you need. Control that temptation. And one of the biggest fees that you might be charged is on late payment administrative charges. So avoid late payments whenever possible. If you cannot make full payment, at least make the minimal payment.

The thing is, if you know yourself that you have very bad credit, you can save time by skipping the banks immediately. They are unlikely to attend to your needs. They have big shareholders to report to and lending to you can make their own positions untenable. Go to those licensed money lenders that specifically lend to people with bad credit. You can quickly find out how much you can borrow and get your hands on the cash you need within one day.

Before you go online to search for information on personal loans that suit you in Singapore, you should already work out and calculate how much you need, how much you can afford to pay a month, and by when will you want to fully settle the personal loan. This will save all parties a lot of time and you can make a quick decision when the right offer is on the table.