Have you ever found yours found yourself in a hard-financial rock bottom?  People often find themselves in such situations, and to add to it, there is no proof of income that could aid them in getting some emergency to meet their financial obligations.

As we think around this, we need to know whether getting a loan without income proof in Singapore is possible. The answer to this is that it is indeed possible to get one. But then, it is important to know how these loans work and the requirements that ought to be taken before accessing such loans.

  1. The maximum amount that one can get without income Proof

This depends on the moneylender that one is dealing with, the ability to repay depending on the salary and interest rates.

  1. Can a bank grant personal loans to people who do not have income proof?

Yes, the banks can still extend such loans, and bearing in mind that their interest rates are low, the borrower may feel obliged to work with the bank. However, other tight conditions warrant the borrower to fail in accessing such loans. An example of such is a bad credit report.

Other drawbacks include stringent measures such as asking for bank statements with a minimum income of $30,000 per annum, which may not be practical to the borrowers. This can discourage the borrower from accessing their loans.

  1. Borrowing a loan from Moneylending institutions.

In most circumstances, borrowing from moneylenders is the way to go. This is because they have several flexible conditions that enable a borrower to work with them. In the recent past, Moneylenders were perceived as loan sharks, and many people could keep away from them.

This is despite the reprieve, that could be seen to offer to people who had already borrowed from them. Below are some major reasons people opt to work with moneylenders even without income proof after learning that there are legitimate and licensed ones.

  • Flexible loan period- Depending on the person’s ability, the moneylenders can listen and tailor one’s loan tenure to a comfortable figure for repayment. This is contrary to banks that have defined loan periods and mostly do not offer such flexibility.
  • Access to cash at a faster rate- Moneylenders give the borrower an option to access the money even within 24 hours to help meet their emergencies. When it comes to banks, so many protocols must be followed, which takes time before the final approval.
  • Moneylenders have low-income requirements- Did you know that one can borrow with as little as $10,000 per annum annual income? With moneylenders, they offer this flexibility to ensure that the borrower can meet their obligations in time and hence pay back within the required time.


Since tons of companies in the industry offer the products, it’s paramount for one to watch out and work with the right moneylender to ensure that they do not put one into more challenging situations than before. Always confirm that the moneylender is licensed, has a good reputation, and also has room for flexibility.  One such organization is OT Credit Pte Ltd. This company has earned a reputation and continues to give people money depending on their ability and accessibility.  We find more OT credit on https://otcredit.com.sg/ and assure you of the best services.

However, one must meet the Singapore requirements of qualifying for a loan. Such requirements are

Proof of Residence

Proof of residence is ascertained before any moneylender or bank in Singapore concludes to give one a loan. They ask for documents such as the tenancy agreements, utility bills, bank statements, and any letters addressed to you.

Identity Proof

For the permanent residents in Singapore, they are required to provide the NRIC. If one is a foreigner, they will still have access to such loans, but they will be required to provide a passport and a pass to prove that they are working or doing business in Singapore.

Now that it is possible to give a loan without income proof in Singapore, below are the documents that ascertain that the borrower qualifies for the loan and there is an assurance of repayment.

  1. Employment Letter- Assuming that the borrower has just been employed and has no payslip in place. They can use the employment letter to access the facility as they wait to get the payslips later. This option is mostly provided to persons who have just started employment or Foreigners who have just started working in Singapore and need emergency loans.
  2. Income Tax Statements

Some do not have payslips, no letter of employment, but still, there is proof of an income that comes in monthly. For instance, Freelancers do not have any payslips since they are contracted virtually at most times, there is the rental income that passes through the bank for those people who have properties for leasing, and many more sources of income that are taxable.

There are still other incomes, such as Alimony, which are not taxable but pass through the bank statement. The income statements will therefore provide proof that the borrower can pay back the loan comfortably.

It’s important then to disclose the sources of income, which will help the lender draw a credit assessment report to aid in disbursing the loan.

  1. Notice of Assessment (NOA)

NOA is a document in Singapore that the government gives to prove that they have been submitting the income tax. This gives an overview of the chargeable income that one has even if it is not documented like the payslips and acts as a confidential document that the person does not keep away from paying taxes as they are deemed to be.

When requesting the NOA certificate, one must log in to  IRAS myTax Portal using the SingPass details and fill in the required information. You will later be requested to visit the revenue house to access the physical document.

These are the basic requirements that one has to give as proof of income to access personal loans in Singapore. Besides, it is important to keep your Credit Score healthy. This will give confidence to the borrower that even though there is no Income Proof, you will be able to pay back the loan without much of a hustle.

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TTMedia - a digital agency in Singapore that designed the creative website for OT Credit - a money lender in Singapore that offers the best loan services.