Your Ultimate Guide To Getting A Personal Loan Without Income Proof In Singapore

If you’ve ever found yourself at financial rock bottom, you’re not alone. Many people have been in the same boat as you, and to add to your dilemma, you may not have proof of income that can help you qualify for the most popular loans in Singapore.

You may be wondering: can I get a personal loan without proof of income?

Thankfully, there’s a way you can work around this. It is indeed possible to qualify for a personal loan without income proof in Singapore. However, you must know how these types of loans work, as well as the requirements that you need to qualify for before you can access them.

Personal Loan Without Income Proof In Singapore: Your Top Choices

So, can I get a personal loan without proof of income? Absolutely. If you’re wondering where you can borrow from a personal loan in Singapore, here are the top answers.

Bank Loans

When it comes to interest rates, bank loans are the ultimate winner. These types of loans offer the best rates compared to licensed money lenders. It’s also the clear winner when it comes to the maximum loan amount.

Most banks in the country have strict requirements, with some banks only approving loans for individuals who earn at least S$30,000. Other banks also place age restrictions on loans.

This can be extremely limiting not only for Singaporeans and PRs but also foreigners who need to qualify for higher salary requirements, usually S$40,000 or up to S$60,000.

Despite this, you can talk to your bank and ask if it’s possible for you to apply for a personal loan without income proof in Singapore. You may need collateral for this type of loan, though. You’ll also have a higher chance of getting approved for this loan if you already have an account in that bank.

More from OMY: Personal Loan Vs Line Of Credit In Singapore: Which Works Better?

Licensed Moneylenders

For people who don’t qualify for a bank loan from the bank, a licensed moneylender in Singapore can help them.

It’s worth noting that although these are more accessible if you’re looking for loans for the unemployed with no bank, these loans have a higher interest rate that usually ranges from 1% to 4% per month.

Licensed moneylenders are a great answer to those who need a small amount and want to pay back the loan in a short time.

Applying for a loan with a moneylender is definitely the best thing to do, especially if you don’t qualify for a bank loan, and if you urgently need funds. Moneylenders offer instant loan approval without income proof, and you can even get your money on the same day you applied for the loan. These businesses are also great at tailoring affordable loans if you pick the right company.

What Should You Do If You’re Unemployed And You Need To Apply For A Loan?

Getting a personal loan in Singapore is truly no walk in the park, especially if you’re unemployed. However, it’s not impossible. Follow these steps below to improve your chances of getting a personal loan without a payslip.

Work On Your Credit Score

When you have a high credit score in Singapore, it shows that you are a credible and reliable borrower. The higher your credit score is, the more lenders will want to grant your loan request. If you have a high credit score, lenders are even willing to let your employment status pass and approve your loan instantly.

More from OMY: How To Improve Your Credit Score In Singapore

You can increase your credit score by not making any late payments to your loans, even if that means cutting back your unnecessary expenses or getting a second job. If you have a high-interest credit card, pay off the balance each month on time until you’ve paid everything.

Another tip you can follow is to keep your Credit Utilisation Ratio low. It is recommended to keep your balance under 40% of your card’s limit.

Limit Your Loan Applications

When looking for the best personal loan in Singapore without proof of income, it’s tempting to apply for every single loan you find. However, this may only hurt you in the long run. Lenders will think that you’re desperate for money and that you cannot make payments on time.

That said, apply for one personal loan at a time until you find the best loan that suits your situation.

Go For A Joint Application

The best way to get approved for a personal loan without income proof in Singapore is to apply with someone who has a good income and credit score. This can be your parent, spouse, friend, or relative.

When you apply for a joint application, the other person’s economic standing will increase your chances of getting approved.

Own Assets

If your biggest question now is “Can I get a personal loan without proof of income?,” and you want to apply for a bank personal loan without income proof in Singapore, then you should have an asset.

Show the lender that you have bought property before, and you’ll look appealing to them since these can serve as your collateral. The best assets you can have in Singapore include investments, a car, properties like homes, and jewellery. These assets can also serve as your collateral.

Personal Loan Without Income Proof In Singapore: Documents You Need

There are many specific situations where you need to get a personal loan in Singapore without income proof. For instance, you may have just joined your company and you haven’t withdrawn your first salary yet. It’s also possible that you’re working with a business that doesn’t have an organised employer that pays you in cash.

Here are the documents you need to prepare to qualify for a personal loan in Singapore without income proof.

Proof Of Identity

As a Singaporean or PR, your NRIC is enough to prove your identity in Singapore. For foreigners, they need to provide their employment pass and passport to get a personal loan in Singapore without income proof.

Proof Of Residence

Banks and licensed moneylenders also require a form of residence proof before they can approve your instant loan approval without income. Some of the most common documents you can use include bank statements, utility bills, letters that were sent to your current address, and tenancy agreements.

Employment Contract

Another supporting document you need to present to get a personal loan without proof of income in Singapore is your employment contract. This will help lenders understand your income, employment status, and job role better.

Your employment contract should have your company’s letterhead, your contract dates, your salary information, your signature, your full name, and NRIC number, and your employer’s stamp and signature.

Income Tax Statement

If you’re employed, the document that you can submit as your income proof is your tax statement which features all your possible income streams such as rental properties, your job, investment dividend, and other business ventures that you have. The tax that you pay for all these will enable lenders to see that you are trustworthy enough to repay the loan.

If you have non-taxable income sources, you may also add them to strengthen your chances of getting approved. This can include:

  • Foreign Income

If you work as a freelancer or have other forms of income abroad, declare these in your loan application. Although this income isn’t taxed, it’s still a good income-proof alternative.

  • Alimony

If you and your partner are separated, you may present your proof of alimony as a supporting document in your loan. Keep in mind that this isn’t taxed but it proves that you have a consistent flow of money. Therefore, you’re more likely to pay your loan back.

Notice Of Assessment

If you want to apply for a personal loan without income proof in Singapore, you need to submit your Notice of Assessment or NOA. This is a document that displays your total taxable income, as well as the taxes you paid for a particular financial year. This is also referred to as your tax bill.

To get a copy of your NOA, just head to the Inland Revenue Authority of Singapore or IRAS website. For employed individuals, just log in with your Singpass and download a copy of your NOA. For people who are self-employed, simply submit a request through the IRAS website. Then, you can set an appointment with the Taxpayer and Business Service Centre at the revenue house.

A Word From OMY

It’s truly possible to get a personal loan without income proof in Singapore. However, you need to do your research well. This will ensure that you’re working with the best moneylender and you will not be put in a more challenging situation.

Always ensure that the lender you choose has a great reputation and is willing to work with you to offer you more flexibility.

More From OMY: Best Personal Loan for Low Income Earners in Singapore

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