We offer unsecured loans for bad credit up to $50,000 SGD with one of the lowest interest rates to help you tide through the bad times.
Constantly rejected from financial institutions because of your bad credit?
We understand that this can be frustrating. This is why Lending Bee® has specially tailored a bad credit loan to support borrowers suffering from bad credit.
A bad credit loan is a form of personal loan specifically targeted at those who have less than ideal credit scores, yet require prompt financial assistance. It is suitable for those who have faced repeated loan rejection across financial institutions as a result of their poor credit ratings.
At Lending Bee®, a bad credit loan can help to relieve your financial burden, and provide you with the necessary financial help.
We believe that everyone should have equal access to credit. This is why we do not discriminate against bad credit score borrowers.
Our bad credit loan stands out as we provide our borrowers with a wide range of unique benefits.
Frequently Asked Questions
A bad credit loan is typically for those suffering from poor credit. It works just like a personal loan and can be used for your personal expenses.
This includes things such as paying for your necessities like rent, transport and groceries.
It can also be used to fund bigger ticket items such as a vacation, wedding or for emergency medical expenses.
1. Consider credit counselling
As a non-profit social service agency, Credit Counselling Singapore is a good place to begin.
They assist individuals by addressing their unsecured debt troubles and in the process, allows them to have a clearer understanding of their finances and how to manage them properly.
They are also able to schedule debt negotiation meetings with banks to restructure your loans.
2. Avoid applying for new credit cards
It is important to limit your application for new credit cards if you already have a bad credit rating.
Applying for more credit cards will only increase your risk of falling into greater debt.
A good option is to reorganize your budget so that you can pay off your current credit cards on time.
As you make your payments punctually, your credit rating will improve.
3. Make full and timely repayments
Ensure that you stick to your repayment schedule by paying in full and on time.
This way, you will be able to gradually improve your credit score.
By doing so, it also shows that you are a responsible borrower that can take charge of your own finances.
Every individual will have their own unique credit score.
This credit score ranges between 1000 and 2000. 1000 being the highest likelihood of defaulting on a payment, and 2000 being the lowest chance of reaching a delinquency status.
Along with the score, the risk grade is also provided.
The risk grade ranges from AA – HH with AA being the lowest risk grade (least likely to default on a loan), and HH being the highest risk grade (most likely to default on a loan).
Factors that play a part in your credit score include:
With the help of a bad credit loan, you will be able to clear your debts more efficiently at lower interest rates.
More importantly, ensure that you make your monthly repayments on time and pay off your full loan amount. This can help to improve your credit score.
1. Delayed salary
There may be times when your employer might delay your salary due to unforeseen circumstances.
What happens when you have utility or rental bills to pay?
This can prove to be very distressing. With a bad credit score loan, you’ll be able to account for your rental and utility expenses.
This way, a bad credit score loan can tide you through till your next pay cheque.
A bad credit score loan is suitable to finance any forms of emergency.
This could be a medical emergency, a funeral, an accident, or any other urgent situation that has arisen.
Such emergency situations are usually distressing, and are made even worse with the lack of funding.
A bad credit loan will be of great help in cushioning you during these times of crisis.
That said, you should only take out the sum you require to avoid grappling with repayments after.
3. Paying for your child’s education
At Lending Bee, we believe that your finances should not limit your child’s education opportunities.
As a parent, you only want the best for your child. This includes sending them to prestigious educational institutions
You could be interested in furthering your education, or a family member could in need of school fees.
With a poor credit rating, it will be difficult for you to get any other loan. A bad credit loan will enable you to pay the school fees required.
4. Wedding expenses
If you are planning for a wedding and your credit rating is not favourable, a bad credit score loan will help you to finance your big day.
Such a loan is ideal for occasions like weddings because it is generally short term in nature.
You can organise your budget and repay the loan within a few months after your wedding.
This way, you can plan for your dream wedding without having to worry about costs.
5. Vacation / staycation expenses
Holidays can be very expensive. You may desire to take a well-deserved break to unwind and have a time of bonding with family and friends.
A negative credit rating should not hinder you from enjoying this time of rest.
A bad credit score loan can be used to finance your short vacation. This way, you’ll be able to enjoy your vacation without worrying about costs.
For Singaporeans / PRs:
To qualify for a credit card consolidation loan with Lending Bee®, you’ll simply have to:
At Lending Bee®, all applications for our bad credit loan are kept fast and simple.
We will disburse the funds to you immediately after you have accepted and signed our loan contract at any of our branches.
Yes, you are still welcome to apply for a loan with us!
Lending Bee® aims to help as many borrowers as possible and provide them with one of the best loan packages in the market.
We are here to serve your needs.
No, we do not charge any fees for early loan repayments.
Outstanding interests, if any, will also be nullified once you have finished repaying your loan earlier than the date stipulated in your loan contract.
No, we do not mail any of your loan information to your home.
All loan details will be kept digital, and private with us, unless a physical copy is requested.
Receive your loan within the hour!
Check out our other available help options below.