When your credit history isn’t perfect, you might find yourself wondering: Can I borrow money with no credit checks? Is it possible to get a loan without credit checks? Are there personal loans with no credit checks? How can I apply for a loan with no credit checks? Do moneylenders with no credit checks even exist?
As appealing as no credit check loans might sound, the reality is simple — no credit check loans do not exist in Singapore. This applies to both banks and licensed moneylenders in Singapore.
By law, all legal lenders must conduct credit assessments before granting any loan — whether it’s a personal loan, a renovation loan or a wedding loan. That said, while you cannot legally get money loans with no credit checks, there are legitimate alternatives that allow you to access funds even if your credit score is less than perfect.
The Myth of Moneylenders Without Credit Checks
Every now and then, you might stumble upon ads or websites promising instant loans with no credit checks or quick connections to moneylenders with no credit checks.
These offers might catch your eye if your bank loan applications have fallen through in the past, but here’s the truth: moneylenders claiming to offer personal loans with no credit checks often turn out to be scammers or illegal moneylenders (also known as loan sharks) who trap unsuspecting borrowers with sky-high interest rates.
In Singapore, licensed moneylenders cannot provide loans with no credit checks. Every loan application must go through a basic credit assessment process, which includes reviewing your Moneylenders Credit Bureau (MLCB) loan report and checking your repayment ability to ensure that you are not taking on more debt than you can manage.
Safe Alternatives to Personal Loans With No Credit Checks
We understand that there may be times when you need urgent financing and wish you could get a loan with no credit checks. While no credit check personal loans and moneylenders without credit checks do not exist, do not fret — you’re not out of options. Here are legal alternatives for borrowers who are concerned about their credit history and require cash urgently:
Insurance Policy Loans
Did you know that you may be able to borrow against the accumulated cash value of your whole life or endowment insurance policy?
This option provides a way to borrow money with no credit checks, since you are essentially borrowing from your own policy and using its cash value as collateral. Keep in mind, however, that borrowing against your policy may reduce its maturity value and benefits, so speak with your insurance agent to assess the repercussions before proceeding.
Pawning Valuables
Pawning your valuables is a traditional yet effective way to get a loan with no credit checks. Items like gold, luxury handbags and watches, precious jewellery, and electronic gadgets can be brought to a licensed pawnbroker in Singapore.
The pawnshops will assess the item’s market value based on its authenticity and condition. You will then receive a loan of up to 80% of the valuation with a fixed repayment period, typically six months. Your item may be sold to recover the loan amount if you do not redeem it.
Credit Card Cash Advances
For those with a credit card, cash advances are a quick and safe alternative to no credit check loans. Instead of swiping your credit card for purchases, you withdraw money directly from your available credit limit through online banking or ATMs.
However, convenience comes at a cost — cash advances are among the most expensive forms of borrowing, as fees are charged upfront and steep interest accrues from day one, even if you repay the full amount within the billing cycle. Hence, borrowers should exercise caution and only consider cash advances for emergencies or when every other option has been exhausted.
Buy Now, Pay Later (BNPL) Services
Ever heard of Atome, Grab PayLater, Hoolah, or SPayLater? These platforms provide Buy Now, Pay Later (BNPL) schemes that have been widely adopted by retailers in Singapore. With BNPL, you can spread out a single payment into manageable instalments, sometimes interest-free. This can be particularly helpful if you need to fund urgent purchases and don’t qualify for traditional bank loans.
While BNPL services offer a fuss-free alternative to money loans with no credit checks, their ease of use can encourage overspending, and late payments can rack up additional charges. Hence, individuals need to be mindful of their spending habits and ensure that they use BNPL only for essential purchases.
Loan Guarantors
A guarantor-backed loan can open doors to financing when your personal credit record is weak. By pledging repayment responsibility, the guarantor provides lenders with a layer of added security, improving your approval odds.
However, note that the guarantor’s credit history will still be assessed, so this is technically not a no credit check personal loan option. Still, it remains a practical approach for those looking to enhance their chances of securing a loan without relying heavily on their own credit history.
Is It Easy to Get Loans From Moneylenders With No Credit Score Checks?
Unlike banks that primarily rely on your Credit Bureau Singapore (CBS) score, licensed lenders review your MLCB report, which focuses on your existing loan obligations with other licensed lenders and repayment history.
This means that legal lenders place greater emphasis on your repayment ability rather than your credit score, making them a more accessible option for borrowers seeking safe alternatives to getting a loan with no credit checks from unlicensed or illegal providers.
To increase your chances of obtaining a licensed moneylender loan, provide proof of consistent income, such as your recent payslips and CPF contribution history. Demonstrating financial stability reassures the lender of your repayment capacity and increases your likelihood of securing a legitimate loan in the absence of no credit check personal loans.
Guide to Applying for Loans From Moneylenders Without Credit Score Checks
Even though no credit check loans do not exist in Singapore, you can still access funds from licensed moneylenders who focus on your repayment capabilities rather than how impressive your CBS credit score is.
Here’s how you can apply for loans with no credit score checks:
- Research reputable lenders. Pro tip: Check the latest updated list of licensed moneylenders from MinLaw to avoid dealing with illegal lenders that claim you can apply for loans with no credit checks.
- Contact your shortlisted lender(s) for more information. Check and compare interest rates, repayment terms, and Google reviews before applying with your desired lender.
- Submit your application. Furnish your loan application with supporting documents such as your NRIC/Work Pass and income proof.
- Head down to the moneylender’s office for a face-to-face verification. Note that this is a mandatory step for licensed moneylenders before granting any loan.
- Review the loan agreement. Make sure that you’re clear about the interest rates, fees, and repayment terms before signing the contract.
- Receive your funds. You can expect to receive your funds almost immediately after signing the loan agreement.
The Bottom Line: Steer Clear of No Credit Check Loan Offers
At the end of the day, it’s simply impossible to get a loan without credit checks in Singapore — not if you want to avoid scams and unlicensed lenders posing as legitimate providers. Anyone advertising “borrow money with no credit check”, “personal loans with no credit check”, or “get a loan with no credit check” is either misleading you or operating as an illegal lender.
Instead of taking unnecessary risks with “no credit check personal loans”, work with a reputable licensed moneylender in Singapore like 1-Money, where your loan eligibility is assessed based on your repayment ability rather than your credit history. With us, it is possible to obtain a personal loan even with a low credit score. We offer lawful, competitive private moneylenders’ interest rates, too. Reach out to us today or apply now to start your financing journey on the right footing!