Personal Finance

Can You Get A Personal Loan With No Income Proof?

December 28, 2022

Have you ever found yourself in a dire financial situation and required a personal loan immediately?

However, it could be challenging securing a personal loan with no income proof such as bank statements, payslips, or CPF account statements.

The loans’ interest rates, monthly payments, loan amounts, and eligibility criteria of lending institutions are also significant factors to consider.

But is it impossible to get a personal loan with no income proof?

How Much Can You Borrow With A Salary?

The loan amount you can borrow in Singapore is influenced by several factors, including your income, the interest rate, and loan tenure.

Bank Loans

The first place most of us will look if we need to borrow money is a bank. No matter how you slice it, banks have more lending capacity than private financial enterprises.

On the downside, they are notorious for being stringent regarding eligibility and procedures. A personal loan from a bank may be out of the question if your annual income is less than $20,000 and if your credit score is poor.

However, banks would usually require you to earn at least $30,000 per year to be eligible for a loan if you are a Singapore citizen or permanent resident.

On the other hand, you might have to prove you earn around $40,000 to $60,000 per year if you are a foreigner residing in Singapore.

Borrowing Funds From Authorised Creditors

Legitimate money lenders follow strict regulations outlined in the Moneylenders Act in Singapore.

Here are a few things you need to know when getting a personal loan with a low income in Singapore.

  • Interest Rate

Licensed money lenders have a maximum interest rate they can charge their customers.

No legal money lender should charge interest rates higher than the 4% allowed by law in Singapore.

  • Loan Amount

If your annual income is less than $20,000, licensed money lenders can only lend you up to $3,000. You can borrow up to six times your monthly income if you make more than $20,000 a year.

  • Loan Approval

In general, licensed money lenders are more accommodating than banks regarding loan terms.

When applying for a loan, the lender will focus on your ability to repay the money. This is why your income is often more important than your credit score.

In addition, most licensed money lenders are willing to modify their loan products to suit the requirements of their clients.

Depending on your financial situation, they’ll work out an appropriate interest rate, loan tenure, and monthly payment with you.

Documents Required

Here are the documents you’ll need for a personal loan application:

Identity Proof

As a Singapore citizen or permanent resident, your NRIC is sufficient to prove your identity. If you are a foreigner, you’ll need to provide your passport and employment pass to apply for a personal loan.

Proof Of Residence

Both banks and licensed money lenders would need some form of residence proof before approving your loan.

The most common documents used for this purpose are:

  • Utility bills
  • Bank statements
  • Tenancy agreements
  • Letters sent to your address
  • Income proof

You’ll need to show some form of income proof to get approved for a personal loan. The most common income proofs are:

  • CPF contribution
  • Payslips
  • Employment letter

But can you get a personal loan with no income proof?

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

You can receive a personal loan with no income proof in Singapore by using alternative documents to demonstrate your ability to pay back. This only applies if you’re trying to secure a loan but don’t have traditional proofs of income such as payslips.

There are various reasons why you might not be able to obtain a payslip, perhaps due to the nature of your profession or your company’s operations.

It’s not uncommon for employers to pay their employees only in cash and forego providing a payslip. If that is the case, you can try using your employment contract or offer letter.

You might not have access to a payslip if you are a:

  • Cabbie or independent contractor
  • Self-employed person
  • Contract worker

In which case, you must prepare the following:

Income Tax Statements

If you have a job, you can submit your Income Tax Statement as income proof.

Your income tax statement will feature all possible income streams, including your job, rental income, investment dividend, or any other business ventures you might be involved in. This helps lenders see that you have a steady income and can repay the loan.

You may also add your non-taxable income sources to your application to strengthen your case further, such as:

Alimony – If you and your spouse are separated, proof of alimony can also be added as a supporting document. Alimony isn’t taxed, but it shows you’re getting in some income, so you are more likely to pay back your loan.

Foreign income – If you work as a freelancer or have any other source of foreign income, you can also declare it in your application. Again, this income isn’t taxed but serves as a solid income-proof alternative.

Notice Of Assessment (NOA)

You’ll receive a Notice of Assessment, often known as your tax bill, after you file your income tax with the Inland Revenue Authority of Singapore (IRAS). It includes your tax and payment information.

You can access IRAs via your Singpass. If you’re self-employed, you’ll need to submit a request through the IRAS website and set an appointment with the Taxpayer and Business Service Centre at the Revenue House.

A NOA shows that the government has recognised your tax returns as valid.

The NOA only includes details regarding your taxable income. When filling up your loan application, include all of your income, not just what is taxable.

You won’t get an NOA if you have just started working and haven’t yet paid any taxes.

Employment Contract

You can improve your chances by including your employment contract in your loan application. That’s mostly if you just had your first job in Singapore and you don’t have evidence of income.

However, money lenders may reject your loan application if your employment contract lacks the following:

  • Company’s official letterhead
  • Your first day you started on the job
  • Full name and NRIC
  • Your paycheck specifics
  • Signature of a relevant personnel
  • The official seal of your company

Bank Statements

A bank statement can be used for income proof if you are mostly paid in cash. Don’t forget to attach relevant bank statements and credit cards to your loan application.

What To Do If You Are Unemployed But Need A Loan

There’re a couple of things you can use before applying for a loan if you are unemployed:

A Good Credit Score

You can get a personal loan more quickly if your credit score is high. So to maxmimise your chances, avoid paying late or defaulting on any loan as they lower your credit score.

Possess Several Valuable Assets

If you have assets such as a HDB flat, private property, a car, or equity in a property, you may be able to acquire a personal loan in Singapore even if you are unemployed. This is because the lender could use it as collateral to ensure repayment.

Consider A Joint Application

Applying for a loan together with someone with a job, such as a spouse or a friend with a stable income and high credit score, can increase your chances of approval.

Applying with a guarantor or cosigner, who may be your spouse, husband, relative, or friend, will be considered a joint application.

Both parties will be held equally responsible for the loan’s repayment.

Where To Apply


Banks offer lower interest rates and stability. However, there is a catch as banks are stringent with their requirements and prefer good credit scores.

A personal loan with no income proof from a bank may be difficult to obtain due to their stringent restrictions.

Licensed Money Lenders

You could also seek out a personal loan from a licensed money lender. These lenders are not the same as the loan sharks that charge exorbitant interest rates.

The Registry of Moneylenders regulates licensed money lenders. Only legal money lenders are eligible to provide regulated loans and you can find the list of approved money lenders in Singapore on its official website.

Some considerations while getting a loan from a licensed lender include:

  • Loan Amount

A personal loan’s maximum amount is typically tied to your annual income. As mentioned, if your annual income is less than $20,000, licensed money lenders can only lend you up to $3,000. You can borrow up to six times your monthly income if you make more than $20,000 a year.

  • Interest Rate

In Singapore, money lenders cannot charge more than a specified annual percentage rate, which is 4% per month.

Licensed money lenders have stricter regulations and can’t charge exorbitant interest rates like their unlicensed counterparts.

Can You Get A Personal Loan With No Income Proof?

The likelihood of being approved for a personal loan with no income proof in Singapore is low but not entirely impossible.

However, having your credit application denied again makes it more difficult to obtain future credit since it lowers your credit report.

For this reason, you must find a lender that you can put your faith in and relates to your specific needs.

A reliable licensed money lender will show concern for your circumstances and work hard to help you find a solution. That lender is no other than GS Credit.

Besides offering you flexible terms, we ensure you’re well informed by providing relevant and timely information.

We have the right loan product for you. Contact us now or apply for a loan today. It’ll be reviewed and disbursed within the shortest time possible.

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