Best Loans for Bad Credit in Singapore

Updated: 10 Jul 2025

Looking for a personal loan with poor credit? Bad credit doesn’t mean no options. Explore a curated list of lenders in Singapore that may approve your application based on income or employment not just your credit score.

If your credit score isn’t where you’d like it to be, securing a loan in Singapore can feel challenging. Whether you’ve faced financial setbacks or missed a few payments, finding the right loan can seem daunting. But don’t worry — there are options available that cater specifically to those with bad credit.

Bad credit loans are designed for borrowers with low credit scores or thin credit histories, offering access to funds when traditional lenders may not approve your application. However, these loans for terrible credit often come with higher interest rates and stricter terms.

Some key considerations when exploring bad credit loans include comparing interest rates across different lenders, understanding your approval odds, carefully reviewing repayment terms, and meeting specific lender requirements.

If you’re thinking of applying for a personal loan with bad credit, consider applying for one with SingSaver’s cashback promotions to enjoy attractive rates.

Loan
Monthly Repayment
SingSaver Reward
Annual Interest Rate
Total Cost of Loan
EIR
JD Credit Pte Ltd
JD Credit Pte Ltd
S$104
-
25.00 %
S$250
25.00 % p.a.
Lendela Free Loan Matching Service
Lendela Free Loan Matching Service
S$99
-
18.23 %
S$182
18.23 % p.a.
Credible.sg Personal Loan
Credible.sg Personal Loan
S$95
-
14.00 %
S$140
16.00 % p.a.
Friday Finance
Friday Finance
S$93
-
12.00 %
S$120
12.00 % p.a.
Shenton Credit
Shenton Credit
S$106
-
26.88 %
S$269
26.88 % p.a.
MoneyPlus Capital
MoneyPlus Capital
S$113
-
36.00 %
S$360
36.00 % p.a.
Standard Chartered CashOne Personal Loan
Standard Chartered CashOne Personal Loan
S$85
-
1.90 %
S$19
3.49 % p.a.
Trust Bank Instant Loan
Trust Bank Instant Loan
S$85
-
1.99 %
S$20
3.80 % p.a.

Show All Loans (9)

CIMB Personal Loan

Best for flexible loans with imperfect credit

JD Credit Pte Ltd

JD Credit Pte Ltd

Monthly Repayment
S$ 104
EIR
25.00 % p.a.
Processing Fee
S$ 80
Annual Interest Rate
25.00 %

SingSaver's take

Loan details

Best for comparing multiple lenders

Lendela Free Loan Matching Service

Lendela Free Loan Matching Service

Monthly Repayment
S$ 99
EIR
18.23 % p.a.
Processing Fee
S$ 50
Annual Interest Rate
18.23 %

SingSaver's take

Loan details

Best for transparent loan rates

Credible.sg Personal Loan

Credible.sg Personal Loan

Monthly Repayment
S$ 95
EIR
16.00 % p.a.
Processing Fee
S$ 50
Annual Interest Rate
14.00 %

SingSaver's take

Loan details

Best for short-term loans without collateral

Friday Finance

Friday Finance

Monthly Repayment
S$ 93
EIR
12.00 % p.a.
Processing Fee
S$ 80
Annual Interest Rate
12.00 %

SingSaver's take

Loan details

Best for easy application with flexible options

Shenton Credit

Shenton Credit

Monthly Repayment
S$ 106
EIR
26.88 % p.a.
Processing Fee
S$ 80
Annual Interest Rate
26.88 %

SingSaver's take

Loan details

Best for convenient loan consultation and application

MoneyPlus Capital

MoneyPlus Capital

Monthly Repayment
S$ 113
EIR
36.00 % p.a.
Processing Fee
S$ 100
Annual Interest Rate
36.00 %

SingSaver's take

Loan details

Best for instant disbursement to SCB accounts

Standard Chartered CashOne Personal Loan

Standard Chartered CashOne Personal Loan

Monthly Repayment
S$ 85
EIR
3.49 % p.a.
Processing Fee
S$ 0
Annual Interest Rate
1.90 %

SingSaver Reward up to S$1,200

Bank Gift - On Top of SingSaver's

SingSaver's take

Loan details

Best for instant approval & funding

Trust Bank Instant Loan

Trust Bank Instant Loan

Monthly Repayment
S$ 85
EIR
3.80 % p.a.
Processing Fee
S$ 0
Annual Interest Rate
1.99 %

SingSaver Reward up to S$1,700

SingSaver's take

Loan details

Best for penalty-free early repayment

CIMB Personal Loan

CIMB Personal Loan

Monthly Repayment
S$ 87
EIR
7.30 % p.a.
Processing Fee
S$ 0
Annual Interest Rate
4.00 %

SingSaver Reward up to S$1,350

SingSaver's take

Loan details

Learn more about the best loans for bad credit in Singapore

Our pick for a fast approval process

Credible.sg

Why we chose this: Credible.sg acts as a bridge between borrowers and various vetted lenders in Singapore, offering a streamlined approach to finding suitable loan options, particularly for those who may have difficulty qualifying with traditional lenders. They highlight quick approvals and disbursement, making them a potential choice for borrowers with bad credit looking for personal loans to cover urgent financial needs.

Recommended loan uses:

Looking for bank loan options instead?

While licensed money lenders can provide fast access to cash with flexible eligibility requirements, some borrowers may prefer the stability and lower interest rates typically offered by banks. If you're exploring more traditional financing options, SingSaver also partners with trusted banks in Singapore to bring you competitive personal loan offers. These bank loans may come with longer repayment periods, lower total costs, and promotional perks.


Here are some recommended bank loan options you can consider:

Our pick for instant cash disbursement

Standard Chartered CashOne Personal Loan

Why we chose this: The Standard Chartered CashOne Personal Loan offers instant loan approval and disbursement, potentially within 15 minutes, directly to your designated bank account. Combined with competitive interest rates and attractive cashback rewards for longer tenures, it's a strong contender for borrowers needing quick access to funds.

Recommended loan uses:

Our pick for the best debt consolidation loan

HSBC Personal Loan

Why we chose this: The HSBC Personal Loan offers a competitive interest rate starting at 2.92% p.a. (EIR 5.50% p.a.), making it an attractive option for consolidating debt. The availability of longer tenures, up to 7 years, also provides flexibility in managing repayment.

Recommended loan uses:

Our pick for long repayment tenures

UOB Personal Loan

Why we chose this: The UOB Personal Loan offers a range of repayment tenures, allowing borrowers to spread out their loan repayments over a longer period. This can be beneficial for managing larger loan amounts or for those seeking lower monthly payments.

Recommended loan uses:

Our pick for personalised loan options

Citibank Quick Cash Personal Loan

Why we chose this: The Citibank Quick Cash Personal Loan offers a streamlined approach to accessing funds, leveraging your existing Citibank relationship. The personalised interest rates and flexible loan tenures allow borrowers to tailor the loan to their specific financial needs.

Recommended loan uses:

What are bad credit loans?

As the name suggests, personal loans for bad credit in Singapore are there to help people with poor credit scores, particularly those who can't get loans from regular banks because of their credit history.

What constitutes bad credit in Singapore?

The Credit Bureau Singapore (CBS) is the primary credit bureau in Singapore, and it provides the credit scoring system used by most financial institutions to assess an individual's creditworthiness and debt-to-income ratio.

By CBS, credit scores range from 1,000 to 2,000. A score under 1,723 is considered poor and poor credit is typically a result of late payments, not paying back debts, and using too much credit.

Risk Grade

Score Range

Probability of Default

AA

1,911 - 2,000

≤ 0.27%

BB

1,844 - 1,910

0.27% to 0.67%

CC

1,825 - 1,843

0.67% to 0.88%

DD

1,813 - 1,824

0.88% to 1.03%

EE

1,782 - 1,812

1.03% to 1.58%

FF

1,755 - 1,781

1.58% to 2.28%

GG

1,724 - 1,754

2.28% to 3.48%

HH

1,000 - 1,723

≥ 3.48%

Bad credit loans in Singapore can be either secured or unsecured. Secured loans require collateral, such as a car or fixed deposit, which the lender can seize if the borrower defaults. This reduces the risk for the lender, making them more likely to approve the loan even with a low credit score.

Unsecured loans, on the other hand, do not require collateral and are based primarily on the borrower's creditworthiness and income. Due to the higher risk for the lender, unsecured loans for bad credit are generally harder to obtain and may come with higher interest rates.

Bad credit loan amounts in Singapore can vary, but they are generally smaller than loans offered to borrowers with good credit.

Typical loan amounts might range from a few hundred to several thousand dollars, depending on the lender and the individual's financial situation. Interest rates for loans for terrible credit are typically higher than those for borrowers with good credit, reflecting the increased risk for the lender.

Repayment terms for bad credit loans are generally shorter, ranging from a few months to a few years.

Bad credit loan interest rates and fees

Current rates

Interest rates for bad credit loans in Singapore can range from 5% p.a. to 6.5% p.a. (EIR), this is considerably less than some countries such as the USA, where bad credit loans can have interest rates ranging from 20% to even 30%.

Common fees

Fees associated with loans for bad credit in Singapore can impact the overall cost of borrowing. These include:

  • Processing fees: Some lenders charge a one-time fee to process the loan application. This can be a fixed amount or a percentage of the loan. Some lenders advertise "no processing fees."

  • Late payment fees: These are charged for missed payments. The amount varies and can be a fixed sum or a percentage of the overdue amount.

  • Early repayment fees: Some lenders charge a fee for paying off the bad credit loan early. However, this is becoming less common, and several lenders now waive these fees.

  • Other potential fees: These may include administrative fees, legal fees, or fees for specific services. Always ask for a full breakdown of potential fees.

Expert take: How to increase your chances of approval for bad credit loans

Different lenders in Singapore have different criteria, and some specialise in providing loans for individuals with less-than-perfect credit. It's worth exploring various options and comparing offers. Consider using a loan comparison platform or pre-qualifying with multiple lenders to check your eligibility without impacting your credit score. This will give you a good starting point for finding a suitable loan.

Calculate personal loan payments

To help you estimate your monthly repayments for a personal loan with bad credit in Singapore, you can use a personal loan calculator. These calculators are typically available on the websites of banks and financial institutions.

You can experiment with different loan amounts, interest rates, and repayment terms to see how they affect your monthly payments. Knowing this information ahead of time can help you better manage your personal loan payments.

Types of bad credit loans in Singapore

There are several types of loan options for those with bad credit scores in Singapore:

Secured loans (using assets as collateral)
Unsecured personal loans
Payday loans
Installment loans

Shop for other types of bad credit personal loans in Singapore:

Bad credit loans pros and cons

Pros:

  • Fast approval and funding.

  • Fixed, predictable repayments.

  • Can improve credit score if repaid on time.

Cons:

  • Higher interest rates than regular personal loans.

  • Potential risk of default due to financial strain.

  • Some lenders may have hidden fees or predatory practices.

Where to get a personal loan for bad credit in Singapore

If you have a less-than-perfect credit history and are looking for a personal loan with bad credit in Singapore, there are several avenues you can explore:

  • Online lenders: Several online lenders in Singapore cater specifically to borrowers with bad credit. These lenders may offer bad credit loans with more flexible eligibility criteria than traditional banks. They might consider factors beyond your credit score, such as your income stability and employment history.

  • Licensed money lender: Licensed money lenders can be more flexible than traditional banks when it comes to giving personal loans to individuals with bad credit scores. They often offer smaller loan amounts and may have less stringent credit score requirements. However, it's crucial to ensure that the lender is reputable and licensed to operate legally.

  • Non-bank financial institutions: These institutions, such as credit unions or online lenders, sometimes have more lenient criteria for borrowers with bad or even terrible credit scores. They might offer competitive rates and terms on personal loans, but it’s wise to compare offers and read reviews to find a trustworthy option.

  • Banks and financial institutions: While banks generally have stricter lending criteria, some may offer bank personal loans with bad credit options or have more lenient policies for existing customers. It's worth checking with your current bank or exploring options from different banks to see if you qualify.

Saver-savvy tip

Some banks and financial institutions in Singapore may be willing to look beyond just your credit score, especially if you're an existing customer or have a good banking history with them. They might consider factors like your income stability, employment history, and overall financial situation. It's worth checking with your current bank or exploring options from different banks, as their lending criteria can vary. You can also use SingSaver to compare loan offers and find lenders that may be more lenient towards applicants with less-than-perfect credit scores.

6 Steps to get a personal loan for bad credit in Singapore

Looking to apply for a loan while having terrible credit? Here’s a step-by-step guide on how to do so:

1. Check your credit

Before applying for a bad credit loan Singapore, you can perform a hard credit check by requesting for your credit score from the Credit Bureau Singapore (CBS). Knowing your score helps you understand where you stand and what kind of loan terms you might qualify for. A lower score might mean higher interest rates or stricter eligibility requirements.

2. Review your budget

Carefully review your monthly income and expenses to determine how much you can realistically afford to repay each month. Choose a loan amount and repayment tenure that aligns with your budget to avoid late payment fees and further damage to your credit score.

3. Check lenders' borrowing requirements

Different lenders have different criteria for bad credit loans. Check the minimum income requirements, employment history requirements, and any other eligibility criteria before applying. Some lenders may also have specific requirements for foreigners, such as a valid Employment Pass and a minimum length of residency in Singapore.

4. Pre-qualify with multiple lenders

Many lenders offer a pre-qualification process that involves a soft credit check, which doesn't affect your credit score. This allows you to compare potential interest rates and loan terms from different lenders without any negative impact on your credit.

5. Submit an application

Once you've chosen a lender, gather the necessary documents, typical application requirements include:

  • Proof of income (payslips, tax returns)

  • Identification (NRIC for Singaporeans/PRs, passport for foreigners)

  • Employment details (employment contract, employment pass for foreigners)

Submit your application online or in person, depending on the lender's requirements.

6. Add the new loan payment to your budget

Once you've secured the loan for bad credit Singapore, incorporate the monthly repayment into your budget. Consider setting up automatic payments to avoid missing any deadlines and incurring late payment fees. This also helps build good credit habits for the future.

Other tips to qualify for a bad credit loan

  • Consider a secured loan: If you have assets to use as collateral, a secured loan might offer better chances of approval and potentially lower interest rates.

  • Explore licensed moneylenders: Licensed moneylenders often have more flexible eligibility criteria for loans for bad credit.

  • Improve your creditworthiness: Take steps to improve your credit score over time, such as paying bills on time, avoid defaulting on buy now pay later payments, and reducing existing debt.

  • Seek financial advice: If you're struggling with debt or credit issues, consider seeking professional financial advice to explore alternative solutions and improve your financial situation.

Applying for bad credit loans? Use this checklist

To expedite your bad credit personal loan application in Singapore, and increase your chances of approval, it's helpful to gather the necessary documents beforehand. While specific requirements may vary between lenders, here's a general checklist of what’s required:

  • Proof of identity:

    • Singaporeans/PRs: NRIC (front and back)

    • Foreigners: Passport and valid work pass (e.g., Employment Pass, S Pass)

  • Proof of income:

    • Salaried employees: Latest computerised payslip or latest 6 months' CPF contribution history statement

    • Self-employed individuals: Latest 2 years' Income Tax Notice of Assessment and latest 3 months' bank statements

    • Commission-based earners: Latest 3 months' payslips or latest 6 months' CPF contribution history statement

  • Proof of residence:

    • Latest utility bill or tenancy agreement

  • Other supporting documents:

    • Latest Income Tax Notice of Assessment (for all applicants)

    • Bank statements (for self-employed or commission-based earners)

    • Educational certificates (for certain lenders)

How to compare the best loans for bad credit in Singapore

Comparing loans for bad credit in Singapore? Consider these factors:

  • Effective Interest Rate (EIR): The EIR gives you a true picture of the total cost, including interest and fees. Compare EIRs from different lenders to find the most affordable bad credit loan.

  • Legitimacy: Always ensure the lender is licensed by the Ministry of Law to avoid predatory practices. Check their website or the Ministry of Law website for verification.

  • Monthly payments: Choose a loan with monthly repayments that fit comfortably within your budget. Consider the loan tenure and its impact on the monthly payment amount.

  • Additional loan features: Look for extra loan features like flexible repayments or online account management. These can make it easier to manage your loan.

Compare effective interest rate range across lenders in Singapore

Provider

EIR

Credible.sg

16% p.a.

CIMB Personal Loan

5.28% p.a.

Standard Chartered CashOne Personal Loan

5.43% p.a.

HSBC Personal Loan

5.50% p.a.

UOB Personal Loan

5.43% p.a.

Citi Quick Cash

6.50% p.a.

How to spot a bad credit loan scam

When you're looking for a bad credit loan in Singapore, it's important to be wary of predatory lenders or scams. Learn how to spot a personal loan scam with these red flags:

  • No credit check or guaranteed approval: Legitimate lenders in Singapore will always conduct a credit check to assess your creditworthiness. If a lender promises guaranteed approval without checking your credit history, it's a sign they may be operating illegally or engaging in predatory lending practices.

  • Upfront fees or payment requests via gift cards: Licensed moneylenders in Singapore are allowed to charge fees, but these fees must be clearly disclosed and should be paid only after the loan agreement is signed. Be wary of lenders asking for upfront fees before approval or those requesting payment through unconventional methods like gift cards, as this is a common tactic used by scammers.

  • Pressure to sign quickly or lack of transparency: Predatory lenders often pressure borrowers to sign loan agreements quickly without giving them sufficient time to read and understand the terms and conditions. If a lender is not transparent about their fees, interest rates, or repayment terms, or if they rush you into signing an agreement, it's a warning sign.

Verifying if a lender is licensed in Singapore:

To protect yourself from bad credit loan scams, always verify if the lender is licensed in Singapore. You can do this by:

  • Checking the lender's website: Licensed moneylenders are required to display their license number on their website.

  • Verifying with the Ministry of Law: You can search for licensed moneylenders on the Ministry of Law's website using their name or license number.

  • Looking for the official licensed moneylender logo: Licensed moneylenders are required to display the official logo on their website and marketing materials.

Alternatives to personal loans for bad credit in Singapore

Looking for alternatives to get loans with bad credit? Here are some of the options worth considering:

Licensed money lender

Licensed money lenders can be more flexible than traditional banks when it comes to giving personal loans to individuals with bad credit scores. They often offer smaller loan amounts and may have less stringent credit score requirements. However, it's crucial to ensure that the lender is reputable and licensed to operate legally.

Non-bank financial institutions

These institutions, such as credit unions or online lenders, sometimes have more lenient criteria for borrowers with bad or even terrible credit scores. They might offer competitive rates and terms on personal loans, but it’s wise to compare offers and read reviews to find a trustworthy option.

Applying for smaller sums with banks

Some banks may consider applications for smaller loan amounts, even if your credit score is bad. These loans are typically easier to qualify for and can help rebuild credit if managed responsibly. After applying, don’t forget to check your personal loan application status.

Home equity loan

If you're a homeowner, a home equity loan can be an alternative to a personal loan, even with bad credit. This type of loan allows you to borrow against the equity you've built up in your property. Because your home acts as collateral, lenders may be more willing to approve a home equity loan even if your credit score isn't perfect. However, it's essential to remember that you risk losing your home if you fail to repay the loan.

Frequently asked questions about loans for bad credit in Singapore

    What lender offers the best loans for bad credit in Singapore?

    What is the fastest way to get a loan with bad credit in Singapore?

    How can I borrow money quickly with bad credit in Singapore?

    Can I get a loan with no credit check in Singapore?

    How much can I borrow with bad credit in Singapore?

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Methodology

SingSaver’s best loans for bad credit (February 2025)

Credible: Best for fast approval

CIMB: Best for flexible repayment

Standard Chartered: Best for instant cash disbursement

HSBC: Best for debt consolidation

UOB: Best for long repayment tenure

Citibank: Best for personalised loan options