How to Get a Loan With No Credit Score Check in Singapore

How to Get a Loan With No Credit Score Check in Singapore

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Along with certain milestones in life, we might encounter situations where we would need cash urgently for a large payment. From your dream home renovation to a sudden medical emergency, you might not have enough cash on hand every now and then to pay these bills. During times like these, an urgent loan can come in handy to assist you financially.

If you’ve already taken up several loans and are feeling anxious that you might not be eligible for another one, don’t worry. Taking on more loans is still possible, especially if your credit score is healthy.

Or perhaps, you might be wondering if there are loans for bad credit in Singapore or if there are even loans from money lenders without credit score checks with the Credit Bureau Singapore (CBS).

In short, the answer is yes.

Read on to find out if loan providers offer no credit check loans and how you can secure an urgent loan with no credit score check in Singapore if you require a quick loan approval and cash disbursal.

Do loan providers in Singapore offer no credit check loans?

As much as we’d like things to be different, no, loan providers in Singapore do not offer no credit check loans. Traditional banks and financial institutions —as well as authorised money lenders— are obliged to do some form of credit assessment before determining if they can offer loan applicants the loans that they’re looking to take up.

If anyone tries to convince you that they provide no credit check loans, be wary and do not believe this marketing gimmick. Legal loan providers in Singapore do not offer no credit check loans.

Can you get an urgent loan approved if you have a bad credit score or credit history?

Most bank loans that you apply for typically involve an assessment of your credit risk. This assessment determines your likelihood of defaulting on the loan that you’re applying for and this indication is called a credit score. Having a bad credit score means that there is a relatively high probability of the loan going into default.

Additionally, some lenders scrutinise your credit history specifically, as this component of your credit score goes a long way in determining whether you’re a reliable borrower.

When you take up loans from banks, they have to check your credit score with the Credit Bureau Singapore (CBS). The report the banks obtain will reflect your outstanding loan(s) with banks and other financial institutions. However, this does not include any loans from a legalised money lender in Singapore.

Therefore, if you have a bad credit score, and bad credit history by extension, there is a high chance that your loan application might not be approved by banks. What’s more, as banks require stringent checks, they can take up to two weeks to process your application. This might not be so ideal if you need cash urgently.

Consider applying for no credit score check loans with a money lender if you have bad credit

If you’re looking to get an urgent loan with no credit score check, taking up a personal loan from licensed lenders is a suitable alternative.

When you apply for a loan with a licensed lender, the lender will submit your information to the Money Lenders Credit Bureau (MLCB) to get your MLCB report. This allows the loan company to check your borrowing limit, outstanding loans with other licensed lenders, payable amount, and repayment record. This is a licensed lender’s version of credit check or credit assessment.

That being said, you can rest assured knowing that there are loans from money lenders without credit score checks with the CBS. Majority of licensed lenders aren’t invested in checking your CBS credit scores; they’re invested in doing a simple credit assessment using your Loan Information Report.

Additionally, licensed lenders tend to be more lenient in their loan approval process, which results in much faster approval.

Types of urgent loans with no credit score check in Singapore

If you’re looking for no credit score check loans, you can easily get one from a money lender — though this doesn’t apply to every loan. To help you get a loan without a credit score check, we have compiled a few types of money loans with no credit score check that might fit what you’re looking for:

  • Payday loan: A payday loan is a short-term unsecured loan that can get you your emergency funds fast. With payday loans, you will need to pay off the principal loan by your next payday. (Bonus: Here’s a simple guide to payday loans to better understand how they work.)
  • Personal loan: Personal loans with no credit score check do exist. A personal loan from licensed lenders can equip you with a lump sum of cash that can be repaid in fixed monthly instalments. Whether the payment is made weekly, bi-weekly, or monthly depends on your loan contract. As long as you can show proof of consistent income or your financial capacity to pay off the loan, you will be able to secure it quickly.
  • Debt consolidation loan: A debt consolidation loan is a low-interest plan suitable for borrowers who have multiple loans or outstanding debts. It is designed to combine all your various loans by multiple lenders into a single consolidated loan. This allows you to make a single monthly repayment under one payment channel. As a result, your loan repayment becomes less stressful as you will only have one loan deadline every month to deal with (or remember). Furthermore, it will help you work towards a debt-free future in a more manageable manner.

What are the advantages of urgent no credit score check loans from licensed lenders?

If you’re looking to obtain an urgent loan with no credit score check in Singapore, the best solution would be to apply for one from licensed lenders. Here are some benefits of doing so:

  1. An easy application process — It takes less than a minute to apply for a loan online.
  2. Fast approval — After you have submitted your loan application and if you meet all the loan criteria, your application will usually get approved in less than a day. You will then get a callback from the company’s loan executive to fix an appointment to review and sign the loan contract in person.
  3. Loan approval chances are high — If you meet all other eligibility criteria for the loan, your application can be approved even if you don’t have a good credit score.

Requirements for loan application and approval.

If you’re an employed or self-employed Singaporean or Permanent Resident earning less than S$20,000 annually, you will be able to borrow up to S$3,000. If you’re earning at least S$20,000 annually, you will be able to borrow up to six times your monthly income.

Note that while MLCB records are the main source of information for a licensed money lender, they may also consider your CBS credit score before approving your loan application.

Two simple rules to help you maintain good credit:

  • Do not default on loan payments.
  • Make installment payments in full and on time.

Borrowers with a history of loan defaults may not necessarily be refused a loan from a licensed money lender. However, they are more likely to be charged a higher interest rate as lenders may perceive that they have a higher risk of default.

What you need when applying for a loan:

  • NRIC or passport
  • CPF Contribution Statement (you can also retrieve this via Singpass)
  • Payslips over the last three months, or
  • IRAS Notice of Assessment for those who are self-employed
  • Proof of Income (bank statements, income statements, or other relevant documents, for those who are self-employed)

If you’re a Foreigner residing in Singapore earning less than S$10,000 annually, you can borrow up to S$500. If you’re earning S$10,000 or more and below S$20,000 annually, S$3,000 is your loan limit. And if your annual income is S$20,000 or more, you can borrow up to six times your monthly income.

What you need:

  • Work Pass (Work Permit, S Pass, E Pass, etc.)
  • Proof of home address (tenancy agreement, proof of billing address, etc.)
  • Payslips over the last three months

How can you apply for a loan?

You can apply for a loan with Dio Credit in just three simple steps:

  1. Submit your loan application form online. This will take you less than a minute.
  2. Once your loan is confirmed, our loan consultant will call you to visit our office for a face-to-face verification, loan contract review as well as loan contract signing.
  3. In less than 30 minutes, you can get the cash handed to you immediately or transferred to your bank account.

Get no credit score check loans from Dio Credit today

Although no credit score loans are not available in Singapore, applying for a loan doesn’t have to be a stressful endeavour as long as you’re borrowing from a legal, dependable money lender. Especially if you’re worried about your bad credit score and credit history, this no longer has to be a cause for concern — licensed lenders offer money loans with no credit score check.

At Dio Credit, you can borrow money with no credit score check needed. All we’ll do is a basic credit assessment using information detailed in your MLCB Loan Information Report. We understand that every individual’s situation is different, and we strive to put your financial needs first, always.

Get in touch with us and let us help in your loan journey. We’re a 24-hour money lender in Singapore with loan applications available online 24/7 — simply submit the loan application at your convenience and we’ll get back to you as soon as possible.

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