Bad Credit Loans in Singapore | Fast Approval & Flexible
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Bad Credit Loans 101:
What They Are and How They Benefit you
Bad Credit Loans 101: What They Are and How They Benefit you
Being turned down by banks and lenders for a loan because of a poor credit score can be incredibly demoralising, especially when you desperately need the funds during an emergency.
This is where Sumo Credit can help you. Our bad credit loan in Singapore has high approval rates to help you ride through difficult times. Despite bad credit, you can access the financial support you need.
A loan for bad credit in Singapore is a specialised personal loan designed for individuals with low credit scores requiring immediate financial support. It is ideal for people who face constant rejection from banks due to their bad credit scores. In Singapore, poor credit loans are available through private money lenders who are happy to give them the opportunity to secure urgent funds in times of need.

Discover How Bad Credit Loans Can Help You Achieve Your Goals
If you are looking for a bad credit loan in Singapore, we’ve got you covered. Here are some advantages of applying for a bad credit loan with Sumo Credit:
Bad Credit Friendly
At Sumo Credit, you do not need to stress over your credit score because it will not stand in the way of securing a loan. Instead, share your financial circumstances with us, and together, we will create a loan plan that works best for you.
Boost Credit Rating
Getting a loan for bad credit in Singapore isn’t just about securing sufficient funds, but it’s also another effective way of bringing up your credit rating. Truly the best of both worlds, right?
No Collateral Required
Bad credit loans in Singapore are unsecured in nature, which translates to no need for any collateral; no risk of losing your assets. This lets you have peace of mind knowing that you’re getting the sum with zero risks.
Consolidating Debts
Rather than paying off many loans on different dates and dealing with numerous lenders, a poor credit loan can be a form of debt consolidation that combines all your existing debts into one loan, easing the entire loan journey.
Speedy Access to Funds
Bad credit loans in Singapore are specially designed to provide borrowers with quick access to necessary funds during trying times. Never ever fret when you opt for a poor credit loan.
Ideal for Any Situation
From delayed salary, medical bills, household expenses, financial emergencies to urgent purchases — a bad credit loan in Singapore can come in handy in all kinds of situations.
Urgent Bad Credit Loans in Singapore: Your Solution Awaits!
Don’t let your credit score hold you back! For quick and easy loans, get started with Sumo Credit today.
The Benefits of Bad Credit Loans with Sumo Credit
Tailored Financial Solutions
At Sumo Credit, we create personalised loan packages designed specifically for you. We will work with you to develop a loan plan that fits your budget and financial situation comfortably. Just share your needs with us, and we’ll handle the rest!
Obtain Funds Swiftly
At Sumo Credit, bad credit loans in Singapore boast quick approval and funds, with disbursement as quick as 15 minutes. Not only are we here to provide a smooth loan journey, but also we want to ensure the end-goal is achieved — a sufficient loan sum that you’ll receive swiftly.
Transparent Pricing
When applying for a bad credit loan in Singapore with Sumo Credit, you can be assured that you will receive clear information regarding interest rates, administrative fees, and any other relevant costs — with no hidden fees involved. We pride ourselves on offering honest, fair rates and charges.
Competitive Interest Rates with Clear Terms
Sumo Credit’s commitment to fairness means that you can count on us for competitive interest rates with clear and straightforward terms. We prioritise transparency to ensure that you know exactly what to expect. With us, you will benefit from poor credit loans with affordable interest rates, flexible repayment options and borrower-friendly terms.
Easy Application Process
With Sumo Credit’s streamlined application process, getting a loan for bad credit in Singapore is a piece of cake. Using just a simple online form, the application procedure is convenient and easy altogether.
No hard-selling
Sumo Credit comprises a team of experienced, passionate and sincere loan officers and consultants who would never be pushy when discussing your loan solution. We respect your needs, budget, and opinion — without ever pressing you into taking up any particular loan package.
3 Fuss-free Steps to Secure Your Bad Credit Loan
Here’s how to apply for a bad credit loan with Sumo Credit:
1. Submit your application form online
Head to Sumo Credit’s website and complete the bad credit loan application form.
2. Get updated on your application status
Receive a reply from our loan executive within 15 minutes of your bad credit loan application form submission.
3. Retrieve your disbursed funds
Once you agree with the terms and sign the loan contract in person at our office, your loan will be disbursed on the spot via cash or bank transfer!
Frequently Asked Questions on Bad Credit Loans in Singapore
How does a loan for bad credit in Singapore work?
In Singapore, a bad credit loan is usually offered to borrowers with low credit scores by licensed lenders. These lenders often provide rapid approval and prompt disbursement of funds.
In what kind of situations will I need a bad credit loan?
A bad credit loan is typically used when individuals have a bad credit score and cannot qualify for traditional loans. These loans can be useful in handling emergencies, such as urgent medical expenses and overdue bills.
What’s the typical loan tenure of a bad credit loan?
Most legal lenders offer repayment plans that spread over 6 months, with consistent monthly payments. Some lenders may offer a maximum of 12 months, subject to negotiation and approval.
How much can I borrow on a bad credit loan from Sumo Credit?
As bad credit loans are unsecured, the maximum amount you can borrow depends on your income.
For Singaporeans/Permanent Residents, you can borrow up to:
- $3000 if your annual salary is less than $10,000 OR at least $10,000 but less than $20,000.
- Or, six times your monthly salary if your annual salary is at least $20,000
For foreigners living and working in Singapore:
- $500, if your annual salary is below $10,000
- $3000, if your annual salary is at least $10,000 but less than $20,000
- Six times your monthly salary if your annual salary is $20,000 or more
Is there any restriction on what I can use the funds from a bad credit loan for?
Nope, there are no restrictions on what you can use the bad credit loan for. You may use the funds from the loan however you deem fit, though you should ideally only be taking out loans for needs, not wants.
What documents do I need to get a bad credit loan from Sumo Credit?
Documents needed for a bad credit loan vary, depending on your citizenship status.
Employed Singaporeans:
- NRIC
- CPF Statement, which can be retrieved via Singpass
- Payslips from the past 3 months for those with a monthly salary of more than $76,4000
Self-Employed Singaporeans:
- NRIC
- IRAS Notice of Assessment (NOA), which can be retrieved via Singpass
○ OR
- Proof of income, such as a bank, commission or official income statements
Foreigners:
- Work Pass
- Proof of home address via a tenancy agreement or proof of billing address
- Payslips from the past 3 months
Does my Credit Bureau Singapore credit score matter?
No. However, if a particular emergency led to your current bad credit status, letting the lender know about your situation may foster much-needed understanding and empathy from them.
Will Sumo Credit give loan approval even though I’m not a high income earner?
At Sumo Credit, our primary focus is on your capacity to repay the loan, making a steady income the most crucial factor. We maintain a straightforward loan eligibility process and there is no minimum income requirement for our loans.
How high or low are the interest rates for bad credit borrowers?
Interest rates for bad credit loans from licensed lenders tend to be higher, generally ranging from 3-4% per month due to the higher risk of nonpayment or late repayment by borrowers.
In comparison, traditional banks typically have advertised annual interest rates of 2%-6% for personal loans. However, banks often prefer to lend only to those with good credit scores, turning away bad credit borrowers in the process.
Is there a legal limit to how much I can borrow on a bad credit loan?
Yes. The legal limit depends on your income. At any one point, you may borrow up to a maximum of 6 times your monthly salary for an unsecured bad credit loan.
Why should I choose Sumo Credit’s bad credit loan over other licensed lenders?
With 14 years of experience, Sumo Credit understands that emergencies arise unexpectedly. We offer competitive interest rates and are open to all applicants, including foreigners.
As a swift money lender, you can expect approval within 15 minutes of your application submission. Plus you can also receive your cash immediately after loan contract signing. This allows you to secure the funds quickly without any unnecessary delay.
Can I get Sumo Credit’s bad credit loan remotely?
Yes. You can get a loan for bad credit in Singapore through our straightforward online application form. However, you will still be required to drop by the office for a face-to-face interview to verify your eligibility and run through the loan contract.
What happens if I’m unable to repay my bad credit loan instalments on time?
Several serious consequences come with not repaying a bad credit loan or any other loan for that matter.
If you miss loan payments:
- Interest will continue to accrue, making repayments more challenging and potentially leading to late interest of up to 4% per month, on top of late repayment fees.
- Defaulting loans may also prompt lenders to restructure your loan, which extends the repayment period and increases your total repayment amount.
- Missing payments can harm your credit profile, classifying you as a “high-risk” borrower and leading to future loan rejections.
- Legal actions could also follow if you fail to repay after receiving notice, as you are legally bound by the loan contract.
That being said, money lenders are generally understanding of your financial situation and in the event that you’re unable to repay a money lender, you can let them know of your circumstances and work out a solution together. Some possible solutions include renegotiating the repayment terms and credit counselling.
What happens if I clear my bad credit loan instalments ahead of time?
At Sumo Credit, you will not be penalised if you were to repay your bad credit loan instalments early. In fact, the faster you pay down your debt, the lower your overall cost of borrowing (i.e. interest) will be.
Additionally, clearing your instalments ahead of time can improve your credit profile within your Loan Information Report as this is deemed a positive behaviour befitting of a responsible borrower.
Our Bad Credit Loan Is the Key to Your Fresh Start
With a bad credit loan, your credit score is no longer a cause for worry. Settle all your funds with ease today!