13 November 2020

If you’re in a financial jam, you want to get a personal loan as quickly as possible. But what if you don’t have income proof? In this article, we share with you some useful tips on how you can get a personal loan in Singapore without standard income proof like payslips. 

But before we dive into this, let’s clarify how personal loans work and the general requirements to take note. 

How Much Can A Salaried Person Get For A Personal Loan?

The maximum loan amount you can get in Singapore depends on your loan provider, income, the personal loan interest rates, and the loan tenure you opt for.

Borrowing From Banks

When it comes to borrowing money, most of us will think of borrowing from the bank. 

After all, banks are able to offer you a larger loan amount with their loan packages than, say,  private financial institutions. However, they usually come with stricter eligibility criteria and formalities. 

For instance, if your annual income falls below S$30,000, you’ll not be able to apply for a personal loan with a bank. This is the general benchmark that banks in Singapore use to extend a loan. 

However, there are some exceptions to this rule.

For one, some banks may offer you a personal loan at a higher interest rate if you have a lower annual salary. And if you’re a foreigner residing in Singapore, your annual income has to be at least S$40,000 to S$60,000, depending on the bank.

Considering these strict conditions, borrowing from licensed moneylenders can be a better alternative. 

Borrowing From Licensed Moneylenders

While the word “moneylender” tends to be associated with loan sharks, it’s important to note that they’re not the same as licensed moneylenders. 

Interest Rates

For starters, there’s a limit to the interest rate that licensed moneylenders can charge. 

Unlike loan sharks or illegal lenders who charge sky-high interest rates, licensed money lenders in Singapore are not allowed to charge more than 4% interest per month. 

For instance, Crawfort’s nominal interest rate starts from as low as 1.8% per annum. 

Plus, licensed moneylenders adhere to the Ministry of Law’s strict regulations. 

Wondering what are the other differences between borrowing from a licensed moneylender and a loan shark? Learn all about them here. 

Loan Amount

Licensed moneylenders can only extend a loan of up to S$3,000 if you earn less than S$20,000 annually. If you’re making more than S$20,000 annually, you can borrow up to 6 times your monthly income.

On the other hand, some banks only allow you to borrow up to 4 times your monthly salary. This also means that you’ll have to pass through a longer approval process for a lower loan amount.

Loan Approval

Licensed moneylenders are generally more lenient than banks with their loan approval. When approving loan applications, they tend to focus less on your credit score, and more on your ability to repay the loan. So there’s a higher chance that you’ll get your loan approved on your first application. 

They’re also generally much more flexible and customise their loan products according to their customer needs. They’ll tailor your loan according to your financial capabilities, so that the interest, tenure, and repayment is manageable for you.

For instance, if you’re planning to borrow from Crawfort, you can choose the repayment schedule that suits your needs. You can either opt for monthly, bi-monthly, weekly, or payday repayments. 

Learn more about the differences between borrowing from banks and licensed moneylenders here. 

Documents You Need To Apply For A Personal Loan In Singapore 

Now that you know more about the eligibility criteria for taking out a personal loan in Singapore, let’s take a closer look at the documents you need for the application.

Infographic on documents needed to get a personal loan in Singapore, as you can’t get one without income proof

Other forms of income proof besides payslips include CPF contribution, income tax statements, and employment contract.

Proof Of Identity: NRIC

If you’re a Singapore citizen or a PR, you need to provide your NRIC when applying for a loan. 

If you’re a foreigner, banks and financial institutions will require you to present your passport and employment pass. 

Proof Of Residence

Banks and licensed moneylenders in Singapore will have to verify your proof of residence before they can offer you a loan. 

The following can be used for proof of residence:

  • Bank statements
  • Utility bills
  • Letters addressed to you
  • Tenancy agreements you made

Proof Of Income

Proof of income is essential to determine the amount you can borrow, the interest rate to be charged, as well as your capability to repay the loan. 

So a more significant income allows you to get a higher principal loan amount and a lower interest rate. 

In general, you can prove your income with your CPF contribution and payslips.  

CPF Contribution

Your contribution history statement lists the contributions you made based on your salary during the past 12 months, as well as any job changes. 

However, there’s a cap on how much of your salary goes into your CPF account. If your salary is significant and you would like to get a larger loan amount, submitting your payslip would be a better option. 


As a rule of thumb, most licensed moneylenders in Singapore require 3 months of your payslips, which you can get from your HR department.

You can submit them to obtain a higher loan amount if:

  • You have no CPF contribution
  • Your CPF contribution is very small compared to your salary

If you’re planning to apply with Crawfort, the application will be even easier as you don’t have to deal with submitting lots of paperwork. You can simply apply with your SingPass and get your personal loan approved in 8 minutes. 

Crawfort uses the MyInfo system, which speeds up your application process. Everything is automated; once you log in via SingPass, most of your information would have already been pre-filled. This saves you the hassle of entering your details and reduces the number of documents to be submitted. This also cuts down the loan application time from hours to just minutes. 

Once your loan application has been processed, you’ll receive an in-principle approval via text as fast as 8 minutes. 

After which, you’ll need to arrange for an appointment at the outlet for a face-to-face verification before you get your loan disbursed as cash or deposited into your bank account. This face-to-face verification process helps to prevent identity fraud and safeguard the interest of the borrower. 

During the appointment, the licensed money lender will go through the loan contract and terms in detail and address any questions you may have. This ensures that you and your lender are aligned with the loan terms, before you sign the contract. 

Can You Get A Personal Loan Without The Standard Income Proof In Singapore? 

 A self-employed woman typing on her laptop

A self-employed person can use other documents such as income tax as proof of income for a loan application.

Technically, it’s possible to get a personal loan without the standard income proof in Singapore. This means that if you don’t have the standard income proof like payslips or CPF contribution statements, you can use other documents to prove your ability to take up the loan and make prompt repayments. 

For instance, if you’ve just started on a new job and haven’t gotten a payslip or made a CPF contribution yet, you can still use your employment letter to support your loan application. 

There could also be other situations where you’re unable to get a payslip. They may be unavoidable due to the nature of your job or your company’s management. 

For example, some older companies may pay their employees in cash without issuing a payslip. 

Here are some examples of situations in which you may not have a payslip: 

  • Self-employed, including a taxi or private-hire driver
  • A freelancer
  • A contract worker
  • Your salary is paid in cash

If you fall within these categories of work, either an employment contract or an offer letter will suffice. We go into more details of alternative documents you can use below. 

Learn more about how you can apply for a personal loan as a taxi or private-hire driver here. 

Submit Alternative Documents As Proof Of Income

Licensed moneylenders still require some proof of income to ensure that you can repay the loan. As such, many licensed moneylenders in Singapore, including Crawfort, accept other types of documentation like income tax statements. 

Income Tax Statements

Without a standard proof of income like payslips, you can still get a personal loan in Singapore with your income tax statements. 

Sources of income that are taxable include income from employment, business ventures, investments, and rental payment. 

On top of tax income statements, you can also provide proof of income from non-taxable sources to increase your chances of loan approval, such as the following: 

  • Alimony. Alimony isn’t taxable in Singapore. So if you’re getting regular payments from your former spouse, you may include the proof of alimony in your loan application. Do note that some creditors might ask you for the court documents at some point of the application process.
  • Foreign-sourced income. Unless you get this income through a partnership in Singapore, you don’t have to pay tax for it. So if you’re a freelancer working with foreign clients, you can use this proof of income to apply for your loan. 

Notice Of Assessment (NOA)

Your Notice of Assessment is your tax bill. It features all the details about your chargeable income and the total taxes you’re paying for.

As an individual, you’ll get your NOA after submitting your income tax.

Here’s how you can request your NOA:

So what’s the difference between NOA and income tax statements?

NOA is the tax bill you’re getting after paying all your taxes. That means it does not include other non-taxable sources of income that you may have, which can increase your qualifying income. 

Employment Contract 

An employment contract with a pen on top of it

You can use your employment contract as proof of income if you’ve just started on your job.

If you only became employed recently, you may not have made any CPF contributions yet. You may not even have gotten your first paycheck yet. In that case, some licensed money lenders will accept just your employment letter or confirmation letter.

Situations in which an employment contract is used as proof of income include: 

  • First-time employees
  • Foreigners who have only just started working in Singapore
  • People getting back to the workforce after a period of time

You should ensure that your employment contract has the following: 

  • Features the company’s letterhead
  • Includes your commencement date of employment
  • Includes your full name and identification number
  • Includes your salary information
  • Is dated correctly
  • Is signed by you and your employer
  • Has the company stamp

Keep Your Credit Score Healthy

Another solution to help you get a personal loan in Singapore without a payslip as income proof is to keep your credit score healthy. Of course, this has to be coupled with other supporting documents we shared above. A healthy credit score alone will not get you the loan you need. But it can help increase your chances of getting one. 

This is because your credit score shows lending institutions whether or not you’re a creditworthy customer. Banks and licensed moneylenders are more likely to approve your loan when you have a high credit score. 

Your credit score is affected by the following: utilisation pattern, recent credit, account delinquency data, credit account history, available credit, and enquiry activity.

Here are the different credit score tiers by Credit Bureau Singapore (CBS): 

Score range

Risk grade
Probability of default
Min Max
1911-2000 AA 0.00% 0.27%
1844-1910 BB 0.27% 0.67%
1825-1843 CC 0.67% 0.88%
1813-1824 DD 0.88% 1.03%
1782-1812 EE 1.03% 1.58%
1755-1781 FF 1.58% 2.28%
1724-1754 GG 2.28% 3.46%
1000-1723 HH 3.46% 100%

Source: Credit Bureau Singapore


In Singapore, scores for bad credit ranges from 1,000 to 1,723. Those with credit scores within this range are seen to be most likely to default on their loans. This also means the chance of them getting a personal loan is low.  

Factors that cause low credit score include:

  • A very short or non-existent credit history
  • An inability to make timely payments to your pre-existing loans or bills
  • Owing a great deal of money that you’re unable to repay
  • Having a lot of open credit facilities
  • Multiple loan applications within a short time frame

Find out more about what might have brought down your credit score here. 

So if your credit score isn’t so good because of past financial slip-ups, now is the time to set it right. 

Here’s how to improve your credit score:

  • Build your credit history by applying for a standard credit card. This tactic helps you to build your credit history and show lenders that you can make timely payments. 
  • Check your credit report frequently. System errors can show repayment or credit issues even if you’re diligent with your finances. So it’s best to correct these errors before applying for a loan. 
  • Try not to miss or delay any payments. If you’re facing any difficulty managing your expenses, consider contacting a credit counselling agency for help. Learn more about how credit counselling can help you here.
  • Don’t over-utilise your credit card because it shows an inability to manage your finances responsibly. 
  • Don’t take too much credit than what you can repay. Loan defaulting is a red flag because if you did it once, you could do it again. Set priorities and only take out loans within your means. 
  • Reduce your active loans by consolidating them. Consider options such as a balance transfer to enjoy a lower interest rate for your credit card bills or a debt consolidation plan to help you manage your repayments better. 
  • Don’t send heaps of loan applications within a short time frame because it signals to financial institutions that you’re credit hungry. Only apply for the second time when your first application is rejected.

Read more about how to improve your credit score here. 

How To Apply With Crawfort 

If you want to get the best personal loan for your needs, consider applying with Crawfort.

The good thing about applying with Crawfort is that we have an enhanced and streamlined loan application process, allowing you to get your personal loan approval within 8 minutes. 

All you need to have for your application is your NRIC and your SingPass, which allows you to pre-fill most of your details. Plus, if you have CPF contributions, you won’t need to submit your proof of income, as the system is able to pull your income information from CPF. 

Need a personal loan fast? Apply with Crawfort today. 

A Personal Loan In 8 Minutes.
That’s how fast it takes.

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Are You Eligible For A Personal Loan In Singapore?

When we’re short on cash, most of us will consider borrowing from friends and family members. However, if you don’t want to trouble them, how about taking a personal loan instead? A personal loan is a lump sum of money borrowed from a bank or licensed money lender. You’ll need to pay it back over […]

Blogs and Opinions
5 Ways To Improve Your Credit Score At The Credit Bureau Singapore

Ever wondered what affects your loan applications? Or why some of your credit card applications were rejected?  It’s likely because of your credit score. A bad credit score can affect your applications for personal loans and credit cards. But what’s a credit score? How do you check it, and how can you improve your credit […]

Blogs and Opinions
6 Things A Licensed Money Lender In Singapore Can’t Do When Collecting Debts

Getting a loan from a money lender in Singapore might be nerve wracking for some. When most think of money lending, they think of a pig’s head hanging by their door or that ‘O$P$’ red paint on the corridor.  However, loan sharks and licensed money lenders in Singapore operate very differently.  Let us look at […]

Blogs and Opinions
Licensed Vs Unlicensed Money Lender In Singapore: What’s The Difference?

Life can get pretty unpredictable. Sometimes, you might find yourself in need of quick cash, but your savings is not enough. You may have thought about taking up a loan from the bank, but what if you can’t get across the red tape? The paperwork, the waiting period, and the anxiety of not knowing whether […]

Blogs and Opinions
Licensed Money Lender Vs A Pawn Shop In Singapore: What’s The Difference?

Something sudden happens and you find yourself in urgent need of cash. You might be considering borrowing from the bank, but they might take a long time to approve your loan. So, you start looking for alternatives to get a fast loan in Singapore. When it comes to getting quick cash in Singapore, 2 options […]

Personal Loan
6 Reasons Why You May Need A Personal Loan In Singapore

Have you ever found yourself stuck against a wall financially? When you have so many bills to pay, then suddenly, you or someone you know gets into an accident or gets sick. You are then overwhelmed with bills and the debt you need to pay, and the money you’ve saved or earned just isn’t enough […]

Personal Loan
4 Types Of Personal Loan In Singapore You Should Know

It is tough sometimes when we land ourselves in unexpected situations that require immediate financial assistance, such as medical emergencies or investment opportunities. At times like this, taking out a personal loan in Singapore could be a viable option to ease your financial burden.  A personal loan is a type of unsecured loan that does […]

Personal Loan
Personal Loans In Singapore: What To Consider When Applying

Personal loans can seem like a mystery. What are they? When should you take them? How do you go about applying for personal loans in Singapore? A personal loan is a lump sum of money borrowed from a bank or licensed money lender, which you have to pay back in instalments (fixed payments) over a […]

Personal Loan
How To Get A Personal Loan In Singapore Even With A Bad Credit Score

Whether it’s to buy a first home or pay for education, most of us probably need to take a loan at least once in our life. However, not all loan applications can turn out successful. If you’ve applied for a personal loan in Singapore before but it got rejected, it could be due to your […]

Personal Loan
An Essential Guide To Personal Loan In Singapore: What It Is And How To Apply

Whether you need a helping hand to achieve a resolution you’ve set for the year, or you’re in urgent need of money, getting a personal loan in Singapore from a licensed moneylender may come in handy.  But before you apply for a personal loan in Singapore, here are some important things that you need to […]

Blogs and Opinions
Licensed Money Lender in Singapore Vs Bank: Key Differences

Getting married and buying a home are some of the most significant milestones and expenses you’ll incur when adulting. The last thing you want is to be strapped for cash. When that happens, most people think of borrowing money to tide them through the rough patch. You’re usually faced with two choices – should I […]

Personal Loan
Top 5 Personal Loan in Singapore Myths Busted

It’s pretty common to take up a car loan and/or a housing loan, especially since it’s costly to own a car and a home in Singapore. But when it comes to taking a personal loan in Singapore, it’s usually perceived as the result of poor financial management.  Depending on the circumstances, taking a personal loan […]

Company News
Advisory on COVID-2019

In light of the COVID-19 situation, Crawfort Singapore has stepped up and implemented additional precautionary measures at our outlet.



Company News
Crawfort Is Awarded
ISO 9001 : 2015

Crawfort is proud to be awarded the TUV ISO 9001 mark of quality, and will continue to provide excellent quality of services.

Company News
Crawfort Is Honoured To Be Awarded The Singapore Prestige Brand Award (SPBA) 2019

We are pleased to announce that Crawfort has been awarded The Singapore Prestige Brand Award (SPBA) 2019 – Promising Brands. Into its 18th year, SPBA seeks to recognise and honour distinguished brands for their outstanding achievements in branding. Our team went through rigorous rounds of judging by stellar industry professionals who evaluated us based on […]

10 Business Leaders Recognised As Entrepreneur Of The Year

From training aspiring pilots to lending money, 10 local entrepreneurs received the Entrepreneur of the Year Award (EYA) 2019.

The Breakfast Huddle

Find out how we can help F&B SMEs scale their businesses.

CEO Conversation: Transforming Into A Digital Financial Services Provider

Find out how our Group is leveraging technology to serve underbanked customers in the region.

The Case For Alternative Lending

In the last decade, we have witnessed rapid growth in the alternative lending space, with the creation of new business models opening up the range of alternative lending products available.

How Fintech Is Driving Innovative Lending?

In Singapore, SMEs account for around two-thirds of the workforce and a large chunk of GDP growth. And if these firms can’t get funding, their failure to thrive has a dampening effect on the larger economy.

Company News
Crawfort Joins Singapore’s Fastest Growing Businesses

Crawfort rewrites the rules when it comes to moneylending solutions.

Crawfort: Breaking Stereotypes Through Innovation

Innovative business Crawfort is rewriting the rules when it comes to moneylending solutions

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