Can You Get A Personal Loan With No Income Proof?


When you need money urgently, your first thought may be to turn to a lender for a quick loan.

However, if you don’t have a job or stable unemployment, a licensed money lender is likely to reject your loan application – much less a bank.

While getting a personal loan without proof of income documents such as payslips is technically possible in Singapore, it depends on how lenient the lender is. Also, before you approach a bank or money lender, you must familiarise yourself with how this works.

Without further ado, let’s find out how you can get a personal loan with no income proof, and where to find no income proof loans Singapore.

How Much Can You Borrow With A Salary?

Loan providers decide how much you can borrow by reviewing the loan amount, loan tenure, and your creditworthiness.

Loans From Banks

Even though getting a personal loan without income proof Singapore may sound like a tall order, most of us will still try our luck with a bank. Why? Because banks are reliable.

That said, banks have fairly rigid requirements for loans. They can easily assess your credit history and will approve higher loan amounts if your credit score is good.

But if not, you may not be eligible for a bank loan because of the formalities and stricter criteria you must meet.

For example, you may only be eligible if you earn at least $30,000 yearly – a requirement you cannot meet if you don’t have an income. Foreigners must earn at least $40,000 to $60,000 annually.

However, there could be exceptions where a bank can issue you no income proof loans Singapore. But you may only get a loan at higher interest rates. Ultimately, the amount you get will vary, depending on your preferred bank.

For example, DBS can grant 10 times of your monthly salary if your annual income is at least $30,000.

In contrast, Standard Chartered Bank can only give you up to four times your monthly salary with a yearly income of at least $20,000, but the loan cannot exceed $250,000.

These strict requirements and eligibility criteria could be why you seek other lenders that can issue a personal loan with no income proof, such as licensed money lenders.

Loans From Licensed Money Lenders

It’s clear that qualifying for a bank loan is not guaranteed. But legit money lenders in Singapore are a good alternative if you want to get low income loans.

Licensed money lenders such as Katong Credit provide personal loans even if you have been in unstable employment.

Licensed money lenders charge interest rates of up to 4% monthly compared to bank loans (1-4% per annum).

When getting a low-income personal loan from a licensed money lender, you should be aware of the following:

Interest Rates

The Ministry of Law stipulates how much licensed money lenders should charge when issuing personal loans.

Consequently, legal money lenders cannot charge more than a 4% interest rate per month.

In addition, your creditworthiness plays a role in determining your interest rates – good credit scores attract favourable rates.

Loan Amount

How much can you get when applying for a personal loan for low income Singapore from licensed money lenders?

Most licensed money lenders will grant loans not exceeding $3,000 if your annual income is at least $20,000 and up to six times your monthly income if you exceed this limit.

Loan Approval

Unlike banks, licensed money lenders are more lenient when evaluating loan qualification criteria.

For example, most money lenders won’t place much emphasis on having a good credit score most of the time. Your income and ability to repay a loan is the main criterion that determines your eligibility.

Terms Of Service

Money lenders are more flexible and able to customise loan agreements to match individual requests.

The loan tenure, interest rates, and repayment installments can be adjusted to suit your repayment capability. This allows you to negotiate lenient terms and repay your loan more easily.

The advantages of getting loans from licensed money lenders include speed, flexible terms of service, and customised loan options.

Documents Required

Money lenders require specific documentation to approve a loan request.

Proof Of Identity

To validate your authenticity, you must present valid documents, such as your NRIC, a driver’s license, or passport.

Proof Of Residence

You need to prove that you reside in Singapore – so prepare bank statements, utility bills, a tenancy agreement in your name, or a letter with your name and address.

Proof Of Income Or Employment

Payslips, your CPF contributions, or a confirmation or employment letter can be useful in proving your income and employment respectively.

How Can You Get A Personal Loan With No Income Proof?

It may be possible to get a low income loan Singapore if you opt for licensed money lenders.

Suppose you are a casual labourer or self-employed, but still want to get a personal loan with no income proof.

In that case, you can present specific documents that can compensate for the lack of income proof, including:

  • Income tax statements for the self-employed
  • Alimony benefits
  • Foreign-sourced income – for freelancers
  • An employment contract or a job letter can speed up the approval process. This could be helpful if you recently got employed and are yet to be paid by your employer.
  • Bank statements
  • A Note of Assessment (NOA) that proves you file tax returns can be useful

Here’s why these documents will help you:

Employment Letter Or Contract

This can be helpful if you recently secured a job but have yet to be paid. Money lenders accept proof of employment or job contracts, provided you include the income paperwork and additional details.

Ensure the employment letter includes the following:

  • The company’s address, name, stamp, and logo
  • Your name, NRIC, and signature
  • When your contract starts and other details
  • Employer’s signature

Bank Statements Or Payment Details

This option is perfect if you have non-taxable income sources from freelancing, or are usually paid in cash without payslips.

Tip: Always include your payment invoices and vouchers in the loan application to validate your income status.

Notice Of Assessment (NOA)

A Notice of Assessment is a document from the government signifying that you have been paying taxes.

The document includes all your chargeable income like payslips, even if it is undocumented.

You can request for a NOA by logging in to the IRAS my Tax Portal using your Singpass.

Note that having a good credit history could also increase your chances of getting a loan, even without proof of income.

What To Do If You Are Unemployed But Need A Loan

Getting a personal loan when you are unemployed is challenging but not impossible. Here is what you can do to improve your chances of getting a loan when you are unemployed:

Own Some Assets

Your loan application will get a big boost if you have some assets to your name. Showing the lender that you have some assets such as a car, property, jewellery, or investments will definitely help.

Make A Joint Application

You can also try making a joint application with someone who has a good income and credit score. The joint applicant could be your spouse, relative, or friend.

This way, even if you don’t have an income, the other person’s income and credit score will increase your chances of getting approved for the loan.

Work On Your Credit Score

Financial institutions always evaluate your credit score before they can grant loan applications.  A better credit score increases your chances of getting personal loans at favourable rates.

You can use credit cards for low income loans – try the following to build your credit score:

  • Get a credit card if you don’t have one to build a credit history.
  • Borrow and repay your loans on time – good spending and loan management will up your score.
  • Maintain a debt-to-income ratio of at least 40%.
  • Use your credit responsibly.
  • Opt for debt consolidation schemes if you are struggling to repay loans.
  • Avoid taking multiple loans or exceeding the limit. Applying for several loans at once could hurt your credit as lenders will assume you are unable to manage your finances.
  • Get a copy of your credit report and ensure the entries are accurate and updated

Get A Co-Signer Or Pledge Collateral

There are two ways to do this: ask a salaried person you know to be your co-signer or provide collateral.

Whether you use collateral or opt for a co-signer, you remain liable for the loan, and failure to repay the loan could damage the relationship with your co-signer. In worst-case scenarios, you will lose your assets if you cannot repay the loan.

Where To Apply


This bank is one of the best lending institutions where you can get a personal loan with a low income – but you must earn at least $20,000 per year. However, foreigners must be earning at least $60,000 per year to get loans.

The bank promises instant loans even if you don’t bank here at a 3.48% interest rate.

Citibank can issue loans to you if you have a minimum annual income of $30,000 (Singaporeans) and $42,000 (foreigners). You can get loans even if you are new to Citibank at affordable interest rates of 3.99%.

The main downside for non-Citibank members is that you must wait longer to get loans approved.

Other banks that can approve loans without income proof include HSBC, POSB Bank, DBS Bank, and United Overseas Bank.

Licensed Money Lenders

If the bank turns down your application, you can try applying from Katong Credit. The lender has tailor-made loan services and flexible terms to meet your needs, and has no hidden charges.

Get A Personal Loan With No Income Proof Now

When emergencies occur, it’s stressful to have to worry about a lack of funds.

The proof of income criterion for getting loans shouldn’t worry you when you can use other documents to verify this, whether you have no income proof or are unemployed.

Licensed money lenders like Katong Credit review other documents before approving personal loans.

Whether you have proof of income, you can contact us now or apply for a loan today and deal with unplanned expenditures.