Personal Loans For People With Bad Credit


Though others may claim that money is not that important but family and health is full of crap. The statement might be true 2000 years ago but these days, it is all about the money. Human beings in order to survive needs a lot of things like food, shelter and clothes. Unfortunately all our basic needs need cash in order for us to make use of it. We need money for food, for buying or renting a house, for clothes and just about anything else.

good-credit-vs-bad-credit2The necessity to get financial help may come from any person for any kind of reasons; sick family member, tuition, mortgage and many, many more reasons. Asking money from family members and other people is just not an option; you have to work for it, earn it. But most times it’s just not possible when you don’t earn that much in the first place.

Unsecured Personal Loans

Unsecured personal loans are available to many Singaporeans in Singapore even with a bad credit because credit checks are not required. Unsecured personal loans are is one of the most expensive forms of loans in Singapore so one is advised to only take out a loan enough for your immediate needs. Make sure that you can pay that loan in the shortest amount of time possible to save your money paying for the interest and always pay if not more than your monthly due then exactly the amount needed as penalties can arise.

In a matter of minutes you have your cash in your hand already which is a big plus especially during emergencies. Though lenders typically don not do any background and credit checks, they usually do not approved loans from someone with low level income. They need to be assured that you are earning and is capable of paying them back. That being said, they require that you have a job or a stable source of income.

Payday Loan

Another option for you is a Payday loan. Payday loan is a scheme where you get a cash advance of your paycheck thus the name. Normally this kind of loan is for particularly small amounts for a limited time only. The loan you must get should be not more than your net income. Loans like these are available online through many websites. Though the span of time from borrowing the money to paying it is less than a month, companies like so have high interests from 15% to 30%. Loans like these are available to anyone with bad credits thus the high interest rate. The loan can be easily renewed for a small fee if one cannot pay the entire amount at the promised date of payment which is of course on payday.

Installment Loans



Another unsecured loan you can do is Installment loans. Installment loans, unlike payday loans, are easier to the pocket because you get to pay your loans in small amounts in a longer span of time. This form of unsecured loan has become more popular than a payday loan as it doesn’t need any form of collateral and can be applied even with a bad credit history. The interest is still quite high and since you get to pay it longer the interest when accumulated over time is quite high too.

Government Loans

Another type of loan that you can get is a Government loan. Grant money in billions of dollars is available in the government treasury to help the needy. You must first identify what kind of category you fall into and submit the necessary papers. The interest is quite low since it is from the government and technically the tax payer’s money which is you (as the tax payer). You also get a longer time to pay the loan which is less straining for you.