If you’re like most Singaporeans, you probably work hard to ensure that you have a steady income. 

But what happens if an unexpected expense pops up and you don’t have the cash in hand to cover it? 

A personal loan could be a great solution in this type of situation, but what if you don’t have an income or can’t prove that you earn enough money to repay the loan? 

Don’t worry – there are still loans available if you’re in this situation. Keep reading to learn more about how to get a personal loan with no income proof.

How Much Can You Borrow With A Salary?

The potential amount you can get from a personal loan depends largely on your income. 

If you make more money, you’ll most likely be able to take out a bigger loan. Of course, other factors, such as your chosen loan provider, interest rates, and desired repayment period, will also play a role in determining the final loan amount. 

Let’s look at different lenders and how they use your income to determine loan amounts in Singapore.


Most banks in Singapore require that you earn a minimum monthly income of $30,000 before they even consider your application for a personal loan. 

And if your loan is approved, the amount you can borrow will be based on your monthly income. 

For example, DBS Bank and POSB Bank offer personal loans that are up to 10 times your monthly salary, while Standard Chartered Bank and Citibank offer up to four times your monthly pay.

If you are a foreigner working in Singapore, you may still be able to qualify for a personal loan from some banks. However, the minimum income requirements are often higher for foreigners – usually around $40,000 per year. 

In addition, most banks require that you have been employed in your current job for at least six months before they’ll consider your loan application.

Licensed Money Lenders

Unfortunately, many turn to loan sharks when they need money, but it’s often because they don’t think they’ll qualify for a personal loan from a bank. 

The good news is that there are plenty of licensed money lenders in Singapore that can offer loans to people with all types of incomes, including those who are self-employed or have a low income.

Some money lenders will even offer loans without any income proof. However, such loans often have higher interest rates and shorter repayment periods. 

That’s why it’s important to compare different loan options before you decide which one is right for you.

Here are some advantages of borrowing from licensed money lenders like Lending Bee

  • Speed: From the moment you submit your loan application, it only takes a few hours to a couple of days to get approved. This is much faster than going through a bank, which can take weeks or even months.
  • Flexibility: Licensed money lenders are often more flexible than banks when it comes to personal loans. For example, they may be willing to lend you more money or offer a longer repayment period.
  • Ease of application: Applying for a personal loan from a licensed money lender is usually much easier than going through a bank. In most cases, you must fill up an online form, provide some basic information about yourself, and show your proof of income. 

Documents Required 

When you apply for a personal loan, the lender will need to see some documents to verify your identity and income. The specific documents required vary depending on the type of loan and lender, but they usually include:

  • Your NRIC or passport
  • Income tax assessment notice
  • Payslips or other proof of income
  • Bank statements
  • Employment letter or other proof of employment

Foreigners looking to apply for a personal loan will also need to provide their work permits or employment passes. 

They will also need to provide proof of residence in Singapore, such as a utility bill or rental agreement, as well as bank statements or payslips from their current employer.

What To Do If You Are Unemployed But Need A Loan  

If you are currently unemployed but in need of a loan, there are a few steps you can take to increase your chances of getting approved for one. 

Here are a few tips:

Get A Co-Signer

If you can’t get approved for a loan on your own, you may be able to get approved if you have a co-signer. A co-signer or guarantor is someone who agrees to repay the loan if you can’t.

For example, if your parents are willing to co-sign for a loan, the lender will consider their income and credit history when deciding whether to give you the loan.

Of course, this means that your parents would be on the hook for the loan if you can’t repay it, so make sure you’re confident in your ability to repay the loan before you ask someone to co-sign.

Work With Lenders That Don’t Require Proof Of Income

If you’re self-employed or work on commission, you know that your income can vary greatly from month to month. 

This can make it difficult to get a personal loan, as most lenders require proof of income. However, there are some lenders who are willing to work with borrowers who don’t have traditional forms of income.

A few options to consider include pawnbrokers, payday lenders, and peer-to-peer lenders. Each of these has its own set of pros and cons, so be sure to do your research before choosing one. 

However, if you need a personal loan and don’t have traditional forms of income, these may be worth considering.

Maintain A Good Credit Score

Even if you don’t have a traditional source of income, you can still get a personal loan if you have a good credit score. 

Lenders will look at your credit history to see how you’ve handled borrowing in the past. If you have a strong credit history, lenders may be more willing to work with you.

If you don’t have a strong credit history, you may still be able to get a personal loan by providing collateral. This could include putting up your car or home as collateral. 

However, if you default on the loan, you could lose your collateral.

What Lowers Your Credit Score?

There are a few things that can lower your credit score, including:

  • Late or missed payments
  • Maxed-out credit cards
  • A high debt-to-income ratio
  • A history of bankruptcies or foreclosures

A lower credit score means you’re more likely to get denied for a personal loan. Even if your loan does get approved, you may have to pay a higher interest rate. 

So, make sure you avoid the above habits to maintain a good credit score.

How to Apply for a Loan With No Income Proof in Singapore

The process of applying for a personal loan with no income proof in Singapore can seem a bit daunting at first, especially if you are unfamiliar with how financial systems work in this country. 

To help you navigate this process and increase your chances of being approved for a loan, we have come up with the following tips:

  • Know what type of documentation you need to apply for a personal loan with no income proof in Singapore. The most common types of documentation required are your identity card, payslips, bank statements, and tax returns.
  • Research the different lenders that offer loans without income proof in Singapore. Once you have found a few potential options, compare their interest rates, terms, and conditions.
  • When you are ready to apply for a loan, be sure to fill up the application form completely and accurately. Inaccurate or missing information can result in your loan being denied.
  • Once you have submitted your loan application, it is important to follow up with the lender to ensure that it has received all the required documentation.
  • If your loan is approved, be sure to make all your payments on time. Missing a payment can damage your credit score and make it more difficult to get loans in the future.

Following these steps will put you in a good position to get approved for a personal loan with no income proof in Singapore and successfully manage any debts that you take on in the future. 

Get A Personal Loan Today

As you can see, getting a personal loan with no income proof is possible in Singapore. 

However, it’s important to compare your options and choose the loan that’s right for you. Be sure to read the terms and conditions carefully before signing any loan agreement. 

And remember, always borrow responsibly. 

If you’re looking for a personal loan but don’t have traditional forms of income, consider working with Lending Bee

We offer loans with competitive interest rates and flexible repayment terms. Plus, we have a team of experienced loan officers who can help you through the application process.

Get in touch with us now or apply for a loan using your Singpass today. It just takes five minutes.

About Ashley Sim

Calling herself a “professional multi-tasker”, Ashley worked as a relationship manager in a bank for five years. She left her job just before the pandemic happened and became a freelance writer for about a year. Now, she’s making the most of her love for writing and knowledge of the banking and financial industry in her role as a content marketing lead. She hopes to help people make better financial decisions through her content and campaigns.