Life is full of surprises, and sometimes you need money quickly. Whether you’re suddenly faced with a pressing medical need, or your important work equipment unexpectedly broke down, financial emergencies happen to everyone, and you might find yourself needing to get a loan in Singapore.
If you’re worried about a credit check getting in the way, we’ll guide you on where to find money lenders without credit score checks and walk you through the simple steps to getting a loan without a credit score check.
Do no credit check loans exist?
Before we explore no credit score check loans, let’s talk about traditional loans from financial institutions, such as banks. In a typical scenario, banks are required to conduct credit checks through Credit Bureau Singapore (CBS) to ensure that you have a low probability of default. This credit check might make it prohibitive for some people to get their loans approved, such as those with bad credit scores.
So, the short answer is: no. No credit check loans do not exist regardless of whether you’re looking at borrowing from banks or licensed lenders.
However, here’s some good news — licensed lenders do offer no credit score check loans, and we’ll go through how these work next.
What are no credit score check loans?
No credit score check loans are a type of loan where the lenders do not conduct a credit check based on your CBS credit report. These types of loans are suitable for people who may have a poor credit history, making them unable to qualify for traditional bank loans.
Sounds too good to be true? Don’t worry, you can indeed borrow money with no credit score check. One of the places you can get a loan without a credit score check, such as a personal loan with no credit score check, is from licensed local money lenders in Singapore.
What do money lenders check for if they don’t do credit score checks?
While these lenders might forgo credit score checks, they look into other criteria to assess your ability to repay the loan, such as your employment status and income, so you can still borrow money with no credit score checks.
In particular, licensed lenders are required to check your Loan Information Report for details such as active loans you have on hand with licensed lenders, the repayment status of these loans, the total principal amounts and outstanding balance you have with these loans, etc.
Who can get loans from money lenders without a credit score check?
Generally, anyone who can demonstrate their ability to repay the loan, for example through employment or allowances, such as alimony, can obtain loans from money lenders without a credit score check.
You might be wondering, can I still qualify for no credit score check loans if I’m self-employed, working part-time, or a freelancer? The answer is yes, as long as you can show a consistent income, you can get a loan without a credit score check.
However, as explained in the above section, licensed lenders will still do a simple credit check via your Loan Information Report at the Moneylenders Credit Bureau before determining whether or not to extend the loan to you.
What are the loans from money lenders with no credit score checks?
1. Payday Loan
A payday loan is a popular option to get quick cash for financial emergencies from a money lender with no credit score check. It’s also a very short commitment because you’ll need to repay your loan by your next payday. The amount you can borrow is tied to your pay to ensure you don’t overextend yourself.
2. Personal Loan
If you need a longer time to pay back your loan, a personal loan with no credit score check can be a suitable option. You’ll receive your loan in a lump sum, and you can slowly pay it back in a fixed monthly instalment, usually with a loan tenure of up to 12 months. Depending on your financial situation and preference, you can choose to pay your personal loan with no credit score check every week, bi-weekly, or once a month. Simply discuss with your chosen licensed lender!
3. Debt Consolidation Loan
If you have multiple loans from different lenders, a debt consolidation loan from a money lender without a credit score check can simplify the payment. You will no longer need to keep track of different payment dates and amounts. This inadvertently lowers your chances of missing payments and incurring penalties, and it’s a step towards getting rid of your debt for good in a more streamlined manner.
What are the required documents to borrow money with no credit score check from licensed lenders?
- NRIC or passport
- CPF contribution statements
- Most recent 3-month payslips
- For self-employed applicants, the IRAS Notice of Assessment
- Any other proof of income such as bank statements, income statements, or other relevant documents.
Simple steps to get loans with no credit score check from money lenders.
1. Find a money lender without a credit score check located in a convenient place for you.
Take extra steps to ensure that they’re a trustable, licensed lender. It also pays to do your research by asking for recommendations from friends and families, apart from reading reviews.
2. Apply online or in person at your chosen money lender with no credit score check.
Nowadays, most lenders allow online applications round the clock for added convenience. To ensure speedy processing and fast approval, ensure that all the supporting documents are in order.
If you’re applying online, a face-to-face interview will be conducted at the licensed lender’s official premise. Do note that this is a necessary step mandated by the Registry of Moneylenders’ rules and regulations before the loan can be disbursed.
3. Read the contract carefully.
Before signing on the dotted line, make sure you understand everything stated in the contract. If you’re unsure about any of the clauses, ask for clarification immediately. A professional lender is obliged to go through the documents with you and ensure you truly understand all terms and clauses.
Once you sign the contract, the loan will be disbursed to you via cash or transferred to your preferred bank account.
How long will it take to get a loan from a money lender with no credit score check?
If everything is in order, an efficient loan company in Singapore like 111 Credit can approve your application and offer you a loan with no credit score check in under 30 minutes!
No credit score check loans from money lenders can be a practical solution for those facing financial challenges. At 111 Credit, we understand the importance of flexibility and accessibility. Talk to us today or visit our convenient office in the heart of Orchard to find and apply for the right loans with no credit score check for your unique needs.
Get a loan that meets your requirements by submitting a loan application today. We’re ready to help and ease you into the loan journey.
About the Author
Claire, an ex-banker turned freelance finance writer, specializes in personal finance planning. With a knack for crafting engaging narratives, Claire seamlessly integrates her background in finance to offer insightful perspectives on navigating the complexities of personal finance.
