Bad Credit Loans in Singapore Made Accessible

A bad credit loan is an unsecured personal loan designed for borrowers with a low or poor credit history. It helps individuals who may have been rejected by banks or other lenders due to past defaults or late payments.

You can use a bad credit loan to:

• Pay off urgent bills or debts
• Cover medical or emergency expenses
• Manage daily living costs during financial hardship
• Consolidate existing loans into a single repayment

At Horison Credit, we believe your past should not define your future. We assess your current financial situation, not just your credit score.

A lower CBS credit score in Singapore generally suggests a higher credit risk, but for loans from a licensed moneylender, your MLCB report is also relevant. Licensed moneylenders may assess your repayment history with licensed moneylenders, together with your income and ability to repay, rather than relying on your CBS score alone.

Banks in Singapore typically have a low risk appetite. If your credit report shows a low credit score or a HH risk grade (highest risk of default), they may reject your application due to the increased likelihood of loan default. This makes it harder for borrowers with bad credit to access financing through traditional channels.

Yes, you can. At Horison Credit, we believe that one mistake shouldn’t define your future. Instead of judging solely by your credit score, we:

• Review each application on a case-by-case basis
• Focus on your current financial situation and repayment ability
• Consider applicants who have missed payments or faced financial challenges

Our goal is to make access to credit fair, inclusive, and judgement-free. Giving you the second chance you deserve.

Yes, you may still be eligible for a loan, especially if you have stable income. We will assess:

• Your total outstanding debt
• Your monthly income (based on Total Debt Servicing Ratio)
• Your repayment history

Our goal is to provide responsible loans without adding unnecessary financial strain.

Bad credit loans are tailored for borrowers who may not qualify for traditional bank loans due to poor credit scores or past defaults. At Horison Credit, the process is simple:

• We assess your latest income and financial obligations
• You’ll receive a loan offer with a clear breakdown of interest, fees, and repayment terms
• Once approved, funds are disbursed on the same day after face-to-face verification

These loans are offered under the guidelines set by the Ministry of Law, ensuring legal protection for borrowers.

A bad credit loan can offer practical financial relief and even help you rebuild your credit. Benefits include:

• Quick access to funds for emergencies or urgent expenses
• Flexible usage – use it for daily costs, medical bills, or education fees
• No collateral required – it’s an unsecured loan
• Opportunity to improve credit score by repaying on time

Horison Credit supports borrowers with poor credit through fair assessment and transparent terms.

Yes. Licensed money lenders in Singapore must follow strict rules under the Ministry of Law:

• Maximum interest rate capped at 4% per month
• Administrative fee capped at 10% of loan principal
• No harassment or abusive recovery practices allowed

Always verify the lender against MinLaw’s official list to avoid scams.

No, you don’t. Horison Credit’s bad credit loan is unsecured, meaning you don’t need to pledge any assets. It’s a fast, flexible solution designed to help you access funds without the stress of putting up collateral.

The loan amount you can borrow depends on your residency status, income, and current debt obligations. As a licensed money lender, Horison Credit follows the guidelines set by Singapore’s Ministry of Law:

If you are a Singaporean or Permanent Resident (PR):

• Annual income below $20,000: Borrow up to $3,000
• Annual income of $20,000 or more: Borrow up to 6 times your monthly income

If you are a Foreigner residing in Singapore:

• Annual income below $10,000: Borrow up to $500
• Annual income between $10,000 and $20,000: Borrow up to $3,000
• Annual income of $20,000 or more: Borrow up to 6 times your monthly income

Final approval is still subject to a credit assessment, debt servicing ratio, and responsible lending checks.

No, submitting a loan application will not affect your credit score.

Your credit record is only updated when the loan is officially approved and disbursed. Here’s how it works:

• Horison Credit reports loan activity to the Moneylenders Credit Bureau (MLCB)
• MLCB data is not shared with banks or Credit Bureau Singapore (CBS)
• Your repayment history may be reviewed by other licensed money lenders in future

If you repay on time, this record can even help rebuild your credit profile within the MLCB system.

Horison Credit has a high approval rate for borrowers with bad credit, especially if you meet the basic eligibility requirements. Your approval chances increase if:

• You have a stable monthly income
• You provide complete and accurate documents
• You apply using Singpass, which auto-fills your data and speeds up assessment

Every application is assessed fairly, and we will customise a loan plan based on your profile and needs.

You can receive in-principle approval within 1 hour after submitting your application. To speed up:

• Apply with Singpass (auto-retrieves your details)
• Ensure your income and ID documents are ready

Full approval and disbursement usually happen on the same day.

If you’re not applying with Singpass, please prepare the following:

For Singaporeans / PRs:

• NRIC
• Latest 3 months’ payslips or bank statements

For Foreigners (with valid work pass):

• Passport and valid Employment Pass, S Pass or Work Permit
• Proof of address (e.g. utility bill or tenancy agreement)
• Latest 3 months’ payslips or salary credit bank statements

If you’re applying with Singpass, your personal and income details will be auto-filled, making the process faster and paperless.

Not necessarily. Horison Credit assesses more than just your credit score:

• We consider your current income and repayment ability
• We offer flexible options tailored to your situation

Even if you’ve been rejected elsewhere, you can still apply with us.

Once you submit your application, you’ll receive an in-principle approval in as fast as 1 hour, especially if you applied using Singpass.

After a quick in-person verification at our office, your loan can be disbursed on the same day, sometimes within 30 minutes.

Yes, it can, if you repay on time. Here’s how:

• All repayments are reported to the Moneylenders Credit Bureau (MLCB)
• A consistent payment history can improve how other licensed lenders view your profile
• While this won’t affect your bank credit score (CBS), it boosts your credibility when applying with other licensed money lenders

Think of it as a chance to prove your financial reliability again, and regain access to better loan options in the future.

At Horison Credit, your loan is repaid through fixed monthly instalments based on the repayment schedule agreed during loan approval. Repayments can be made conveniently via PayNow or bank transfer. We will provide your full repayment schedule upfront, so you can clearly understand your monthly commitment before proceeding.

Horison Credit uses the reducing balance method, where interest is charged only on the outstanding amount. That means:

• Interest reduces as your balance decreases
• You can save more if you repay early
• Interest is capped at 4% per month by law