Can You Get A Personal Loan With No Income Proof?

Personal Finance

Can You Get A Personal Loan With No Income Proof?

November 5, 2022

You may have heard that you need to have a regular income before you can get a loan from the bank. This is true, except there are other ways to get a personal loan for low-income earners in Singapore.

You just need to know where you can find such loans and how to apply for them.

In this article, we will share useful tips to help you get a personal loan with no income proof such as payslips.

How Much Can You Borrow With A Salary?

To answer the question of how you can get a personal loan with no income proof, let’s first discuss how much you can borrow with a salary.

Firstly, it all depends on your annual earnings and the loaning institution in question. The lender is the one that sets the repayment schedule and interest rates.

Now let’s look at the criteria of banks and licensed money lenders.


When we compare banks to other lenders such as licensed money lenders, banks in Singapore offer low interest rates.

However, banks have rigid eligibility requirements. Some only offer loans to those who earn at least $30,000 a year, while others have age restrictions in place.

If you’re a foreigner, your total annual salary has to be above $40,000 to qualify for a loan. Some  banks set this ceiling at $60,000.

Despite all these rules, you may be able to get a personal loan even with a lower income if your credit score is stellar.

Licensed Money Lenders

Legal money lenders in Singapore may also offer no income-proof loans in Singapore if you don’t meet the bank loan threshold.

However, money lenders’ interest rates are higher compared to bank loans. Bank loans have an interest rate of about 7-8% per year while licensed money lenders’ rates are 1-4% each month.

Despite this, you should still consider taking a personal loan with a licensed money lender.

If you need quick money and don’t qualify for a bank loan, a 4% interest charge each month is a small sacrifice.

How Can You Get A Loan Without Income Proof?

Do you need a personal loan, but don’t have proof of income? Don’t worry, there are a few things you can do to get the low-income loans you need.

1. Find More Income

If you’re not earning enough to support yourself and pay back your loan, then it’s time to find a way to bring in more cash.

Can you pick up an extra shift at work? Tutor students for extra cash?

Or you might want to consider asking for an increase in pay from your current employer if possible. It’s always worth it to ask.

You might even be able to borrow from friends or family members who are willing to co-sign the loan with you.

2. Find A Co-signer

Consider getting someone else with a higher income such as a family member or friend to co-sign on the loan with you.

You could also look into forming a business partnership with another person so that he or she can be your co-signer or guarantor on the loan, too.

This means that he or she will be responsible for repaying any missed payments if you hit a bad patch financially down the line.

This person should have a vested interest in making sure that doesn’t happen.

3. Get A Home Equity Loan

You can also consider taking out a home equity loan with your home as collateral if you have enough equity in it (at least or more than 30%) and have been paying off your mortgage for at least five years.

This would allow you to borrow against the value of your home without needing to provide any proof of income or credit score.

So it’s important that you only take out what you need and pay off the balance quickly so that it does not accrue interest over time. Don’t risk losing your home.

Documents Required

1. Proof of Residence

The first and most important document is your proof of residence. You’ll need to prove that you live in Singapore and are a permanent resident of the country.

This can be done by providing any one of the following:

  • NRIC
  • Your passport
  • A letter from your employer stating that it is aware of your current address in Singapore (must be dated within the last six months)
  •  A utility bill issued dated within the last six months (e.g. a phone bill)

2. Identity Proof

You’ll also need to provide some form of ID so that the lender can verify your identity.

Some banks may even require you to provide two forms of ID. You can use any one or more from the following list:

  • A copy of your NRIC
  • A copy of your passport or birth certificate

3. Employment Letter

If you have been employed by the same company for more than six months, you can submit your job contract and an employment letter as evidence that you are earning a steady income.

It is one of the easiest ways to prove that you are making enough money for a loan.

This letter should have your company letterhead and be issued by your employer . It must include your name, address, phone number, and the following information:

  • Period of time you have been employed with the company
  • Your job title and salary range (if applicable)
  • Your expected date of separation from the company

4. Income Tax Statements

These statements should be issued by a registered tax agent or an authorised person who has access to your income tax records.

They should show your annual income for the last two years.

You will need to submit both the current year’s and the previous year’s tax statements stamped with official government stamps or seals.

The tax statements must include your name and contact details. You will also need to provide copies of all relevant documents such as bank statements and payslips to support these claims.

5. Notice of Assessment (NOA)

A Notice of Assessment (NOA) is one of the most common documents used to apply for a personal loan with no income proof.

The NOA is issued by the IRAS to report your income, tax, and contribution history. It lists all your income and tax payments made by you in a year.

So if you want to apply for an unsecured personal loan without any income proof, you can use the NOA as your proof of earnings.

What To Do If You Are Unemployed But Need A Loan

When you’re looking for an unemployed loan in Singapore, you may be wondering if it’s possible to get one.

The good news is that some lenders will accept applications from those who don’t have proof of income. However, this is not a given.

That said, there are a few things you can do before applying for a personal loan with no proof of income so that your application stands out and enables you to get approval.

Here’s what you need to know about getting a low-income loan in Singapore with no proof of income:

1.     Start Making Timely Payments

Try to pay off your debts as soon as possible, even if that means taking on a second job or cutting back on expenses.

If you have a high-interest credit card, start paying off the balance each month with extra money from your paycheck until the debt has been paid.

2.     Don’t Go Over Your Credit Card Limit (And Keep It Under 40%)

Try to avoid using credit cards altogether until after you’ve been approved for your loan.

If you must use them, keep the balance under 40% of the card’s limit so that it doesn’t negatively impact your credit score, which is used by lenders to gauge your loan eligibility.

3.     Keep Your Debt-To-Income Ratio Under 40%

If you’re applying for credit cards for low-income personal loans with no income proof, make sure that you don’t take on more debt than you can handle.

For example, if your monthly income is $2,000 and you want to apply for a $10,000 loan with no income proof, ensure that your other debts (e.g. a revolving credit card balance) don’t make up  more than 40% of your total monthly income.

4.     Reconsolidate Your Loans

If you already have multiple loans, consider consolidating them into one new loan so that they will be easier to manage and pay off quickly.

This will help improve your debt-to-income ratio because it will reduce the number of bills that need to be paid each month without affecting the total amount owed by other creditors.

5.     Limit Your Loan Applications

When searching for a personal loan, it might be tempting to apply for every loan that comes your way.

But this could hurt you in the long run as lenders may think that you’re desperate for money. Consequently, they may think you are less likely to make payments on time or repay the loan in full.

Hence, it is important to not apply for too many loans at once as this can increase your chances of being rejected by lenders due to your poor credit history or high debt levels.

Instead, only apply for one loan at a time until you find one that suits your needs and requirements perfectly.

Where To Apply

You might think that getting a personal loan without income proof in Singapore is difficult, but that’s not the case.

There are so many lenders out there who offer loans to Singaporeans without proof of income. The only thing you need to do is find one that works best for you.

Be sure to only choose a reputable bank or licensed money lender like Credit Thirty3. This way, you can be assured that the lender is stable and trustworthy enough to lend money to people without income proof.

Here are some rates* that banks are charging for personal loans.

BankInterest RateBest For
Standard Chartered Bank3.48% per annum onwardsSingapore citizens looking for an interest-free personal loan
HSBC Personal Loan3.4% per annum onwardsPersonal loan with some of the lowest interest rates
OCBC Extra Cash5.43% per annum (fixed)Singapore citizens with low income or bad credit looking for a personal loan
CitiBank Quick Cash3.45% per annum (0% for 12-month tenure)Foreigners looking for an interest-free personal loan
DBS Personal Loan3.88% per annum onwardsSingapore citizens who are existing DBS customers

 *Information correct at time of publication 

Get Your Personal Loan With No Income Proof Today

To sum it up, you can get a personal loan without proof of income, but it’s important to know exactly what you are getting into before applying.

You can try getting a payday loan without proof of income, or with bad credit or no credit at all.

Many lenders are open to working with people without a regular income and using co-signors is one way that individuals with less-than-perfect credit scores can secure financing for their needs.

Try Credit Thirty3, a trusted licensed money lender today. We are a top-rated lender in Singapore with some of the best rates for personal loans.

Get in touch with us now, or use your Singpass to apply for a loan. It only takes a few minutes.