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 would 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 whether you’ll still receive approval if you have a bad credit score or if there are even loans out there that don’t require any credit history checks or checks with Credit Bureau Singapore (CBS).
In short, the answer is yes.
Read on to find out how you can secure an urgent loan with no credit check in Singapore if you require a quick loan approval and cash disbursal.
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 usually have to check your credit score with the Credit Bureau Singapore (CBS). The report that the banks obtain will reflect your outstanding loan(s) with banks and other financial institutions. However, this does not include any loans from licensed money lenders.
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. Additionally, 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 a loan from a money lender if you have bad credit
If you’re looking to get an urgent loan with no credit check, taking up a personal loan from licensed money lenders might be a more suitable alternative. Licensed money lenders tend to be more lenient in their loan approval process, which results in much faster approval.
When you apply for a loan with a licensed money lender, it will submit your information to the Money Lenders Credit Bureau (MLCB) to get your MLCB report. This allows the company to check your borrowing limit, outstanding loans with other licensed money lenders, payable amount, and repayment record.
However, most of them will not check your credit score with CBS.
Type of urgent loans from licensed money lenders in Singapore that don’t need a credit check
- 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 payday.
- Personal loan: A personal loan from licensed money lenders can equip you with a lump sum of cash that can be repaid in fixed monthly installments. Whether the payment is made weekly, bi-weekly, or monthly depends on your loan contract. As long as you can show proof of 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 accumulate all your various loans by multiple lenders into a single consolidated loan. This allows you to only provide a 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 under a single loan. Furthermore, it will help you work towards a debt-free future.
What are the advantages of urgent loans from licensed money lenders?
If you’re looking to obtain an urgent loan with no credit check in Singapore, the best solution would be to apply for one from licensed money lenders. Here are some benefits of doing so:
- An easy application process – It takes less than a minute to apply for a loan online
- 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 call back from the company’s loan executive to fix an appointment to review and sign the loan contract in person.
- Loan approval chances are high – If you meet all other eligibility criteria of 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.
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 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 an urgent cash loan?
You can apply for an urgent cash loan with Dio Credit in just three simple steps:
- Submit your loan application form online (available on our website). This will take you less than a minute.
- Once your loan is confirmed, our loan consultant will call you to visit our office for a face-to-face verification and to sign the loan contract.
- In less than 30 minutes, you can get the cash handed to you immediately or transferred to your bank account.
Need an urgent loan but worried about your bad credit score and credit history? We understand your needs and we can get your loan approved quickly. Apply for an instant loan now.
