Just ensure that you are fully aware of the risks of putting down collateral on the loan amount. You could lose your home, land, vehicles, or other items on your pledge should you fail to repay the loan.
2. Get a co-signer
In a case where your income and credit aren’t enough to get your loan approved, using a co-signer can improve your odds. A co-signer is an extra person, usually a friend or relative, who puts his/her income and credit to your application, assuming that they have a decent income and good credit.
Therefore, should you default to pay the loan, the lender can go after the co-signer too. This can also damage the credit of the co-signer. As such, you should only use a co-signer who knows and understands that risk going forward.
3. Apply somewhere else
Just because one licensed moneylender in Singapore denied you a loan doesn’t mean that the next one will. Remember, that’s just one lender’s opinion. You never know. A different lender may just approve your loan request. Sometimes, all you need is to try somewhere else.
Being denied a personal loan doesn’t necessarily mean that you are not eligible.
You only need to make a few financial tweaks to improve your credit to be on the safe side again. And the pointers mentioned above are the quickest way to do that.
Check out http://moneyloans.com.sg/