How to Get a Personal Loan Without Pay Stubs in Singapore?

A personal loan can do wonders, but the application process can be quite challenging. Pay stubs are typically a key requirement to establish your income’s credibility, but what if you don’t have any? This can be a real headache, especially for self-employed or cash earners.

Thankfully, there are some nifty ways to convince your lenders that you’re still a credible borrower, even without a pay stub in hand. This article will enlighten you on some clever alternatives to demonstrate your income and secure that personal loan.

Reasons Why Someone May Not Have Pay Stubs

When applying for a personal loan, lenders typically require a pay stub as evidence of your income. However, certain circumstances could render this document unavailable. Here are some of the most common reasons why you might not have a pay stub to show your lender:

Self-Initiated Employment
Self-employment or freelancing may present a unique challenge for those seeking loans. Unlike their salaried peers, self-employed individuals and freelancers are not furnished with pay stubs. 

Cash Salary
Paying workers in cash is a prevalent practice in labor-intensive industries like construction or domestic work. However, this practice creates a dilemma when it comes to establishing proof of income since pay stubs may not be readily available.

Recent Job Change
New hires or contracted workers may also find it difficult to secure a personal loan due to insufficient documentation to verify their income. This situation can be especially challenging for individuals who have just started their job or signed a new contract, as they may not yet have pay stubs to demonstrate their financial capacity to repay the loan.

Alternative Forms of Income
There are various sources of income that don’t follow the traditional pay stubs route, such as rental properties and investments. This can make it challenging to provide the necessary documentation when seeking a loan or other financial services.

Alternative Methods to Show Income

In instances where you need a personal loan but lack pay stubs, you’ll have to come up with innovative ways to prove your income. Below are some examples of alternative methods that can help demonstrate your income to lenders.

Bank Statements

Bank statements are a powerful tool to showcase your financial activities within a certain timeframe. This approach is particularly advantageous for individuals with fluctuating earnings or those engaged in contract-based work.

Income Tax Statements

For those who are self-employed or have a business, income tax statements can serve as a valuable tool to showcase your income from the previous year. By presenting your tax statements to lenders, you can confidently demonstrate your earning capacity and secure the loan you need.

Employment Contract

An employment contract is a compelling document that attests to your job’s duration, pay scale, and other pertinent details that demonstrate your reliability as a borrower. Its significance lies in its ability to validate your income and employment status, making it an excellent tool to leverage when seeking financial assistance.

Tips for Securing a Personal Loan Without Pay Stubs

Aside from presenting substitute proofs of income, there are various approaches you can utilize to heighten the probability of securing a personal loan without pay stubs.

Improve Credit Score

It’s crucial to ensure that your credit report is error-free and rectify any inconsistencies. Timely payments and lower credit card balances can also go a long way in enhancing your credit score, ultimately improving your loan approval chances.

Reduce Debt-to-Income Ratio

As a loan seeker, reducing your DTI can boost your odds of being approved. One straightforward approach is to either eliminate your debt or increase your earnings. Taking this proactive step will demonstrate your financial responsibility and increase your creditworthiness.

Build a Relationship with a Lender

Crafting a bond with a lender can heighten your chances of securing a loan even without those elusive pay stubs. Consider commencing a checking or savings account with your preferred lender, forging a history of timely payments on your credit cards or loans, or consulting a loan officer to deliberate your circumstances and explore the gamut of possibilities.

Requirements for Personal Loans Without Pay Stubs

Securing a personal loan without presenting pay stubs is possible, but it comes with prerequisites. Here are the qualifications that you must meet:

  • Be a Singapore citizen or permanent resident
  • Be at least 21 years old
  • Have a good credit score
  • Provide alternative proof of income

Personal Loans for Self-Employed 

The Singaporean loan market provides several options for obtaining loans without income proof. However, for self-employed individuals, presenting a Notice of Assessment (NOA) is crucial. Here are some personal loan options for you.

Personal LoanInterest Rate (p.a.)EIR (p.a.)Loan AmountProcessing Fee
HSBC Personal Loan4%7.5%S$1,000 – 8x monthly salary S$0
SCB CashOne Personal Loan3.48%7.99%S$1,000 – 8x monthly salary S$0
CIMB CashLite Personal Loan3.38%6.38%Up to 90% of your credit card limit S$0
UOB Personal Loan3.99%7.49%S$1,000 to 95% of your available credit limitS$0
DBS/POSB Personal Loan3.88%7.9%S$500 – 10x your monthly salary 1% processing fee

HSBC Personal Loan

HSBC Personal Loan is the go-to choice for many due to its exceptional features. With an attractive interest rate of 4% (EIR 7.5% p.a.), it’s one of the best deals in town. It’s also noteworthy that this loan boasts the longest tenure of up to seven years, offering borrowers the flexibility they need. 


  • Singaporeans/PRs: minimum yearly income of S$30,000
  • Foreigners: minimum yearly income of S$40,000

Required Documents (for Self-Employed):

  • NRIC (front and back)
  • Last 2 years Income Tax Notice of Assessment

Standard Chartered CashOne Personal Loan

The Standard Chartered CashOne Personal Loan is a top choice for those who want to secure the best deal in town. Offering a competitive interest rate of 3.48% (EIR 7.99% p.a.), this loan is the ideal solution for those seeking a large sum at a low rate. What’s more, it boasts quick approval and fast cash disbursement, making it perfect for those who need urgent funds.


  • Singaporeans/PRs: minimum yearly income of S$20,000
  • Foreigners: minimum yearly income of S$60,000

Required Documents (for Self-Employed):

  • NRIC (front and back)
  • Last 2 years Income Tax Notice of Assessment

CIMB CashLite Personal Loan

When it comes to securing a personal loan with the best rates, CIMB CashLite stands out among the rest. For new customers, you can enjoy an incredibly low-interest rate of 3.38% (EIR 6.38% p.a.). Even existing customers can still enjoy a fair rate of 4.5% (8.21% EIR). Not only that, but the approval process is also quick, and you can expect to receive your funds in no time. 


  • Singaporeans/PRs: minimum yearly income of S$30,000

Required Documents (for Self-Employed):

  • NRIC (front and back)
  • Last 2 years Income Tax Notice of Assessment

UOB Personal Loan

UOB Personal Loan stands out as a loan option with highly favorable terms. It boasts a low-interest rate of 3.99% (EIR 7.49% p.a.) and a flexible loan term of up to 5 years. To apply for this loan, you must hold a UOB credit card or CashPlus account. If you meet this requirement, you can expect fast approval by submitting your application through UOB’s official website.


  • Singaporeans/PRs: minimum yearly income of S$30,000

Required Documents (for Self-Employed):

  • NRIC (front and back)
  • Last 2 years Income Tax Notice of Assessment

DBS/POSB Personal Loan

The DBS/POSB Personal Loan is a loan package that’s worth exploring. It boasts a competitively low-interest rate of 3.88% (EIR 7.9% p.a.) and provides swift loan approval and cash disbursement to existing customers. 

One unique feature that sets this loan apart is its suitability for low-income borrowers, which is a rarity in the industry. Additionally, DBS/POSB Personal Loan is perfect for those who only need a small loan amount, starting from S$500.


  • Existing DBS/POSB customers: S$20,000 to S$30,000 yearly income 

Required Documents (for Self-Employed):

  • NRIC (front and back)
  • Latest 1-year Income Tax Notice of Assessment

Accredit Pte Ltd: The Reliable Choice for Licensed Moneylending

If traditional bank loans aren’t your thing, fret not. Accredit offers a seamless loan application process that’s tailored to your needs. Unlike banks, Accredit’s criteria are more forgiving, and their terms are more transparent, making it an attractive option for those seeking financial support.

To qualify for a loan with Accredit, applicants must be at least 21 years old and earn a yearly income of SGD10,000 or more. Moreover, applicants must furnish the following credentials:

  • Proof of Identity: NRIC or Passport and Employment Pass (for foreigners)
  • Proof of Address: Bank statement or utility bills 
  • Proof of Income: Payslips, CPF, NOA, or Employment Contract
Borrower’s annual incomeSingapore Citizens and Permanent Residents Foreigners residing in Singapore
Less than S$10,000S$3,000S$500
Between S$10,000 to S$20,000S$3,000S$3,000
Greater than S$20,0006 times the monthly income6 times the monthly income

Steps to Apply for a Personal Loan Without Pay Stubs

Below are the necessary steps to apply for a personal loan without pay stubs in Singapore.

Research on Available Lenders

To find lenders that offer personal loans without requiring pay stubs, you need to do your homework. Look for lenders that have an excellent reputation for providing reasonable interest rates and positive reviews from past customers. 

Prepare Required Documents

To successfully obtain a personal loan, it’s essential to provide the necessary documentation that affirms your credibility. Documentation requirements typically involve providing proof of identity, proof of address, and proof of income. 

Submit Loan Application

The successful submission of your loan application depends on the completeness of the required documents and the accuracy of the application form. Omitting even a single vital paper or leaving some sections incomplete may result in unnecessary delays or even outright disqualification.

Wait for Approval

Once your loan application has been submitted, brace yourself for the waiting game. Approval processing times typically range from several days to as long as a week, hinging on the specific protocols of your chosen lender.

The Bottom Line

Personal loans can be a lifesaver, but the application process can be daunting, particularly if you’re unable to produce pay stubs. Nevertheless, there are alternative methods to establish your income’s authenticity and persuade lenders that you’re a dependable borrower.

Bank statements, tax statements, and employment contracts are some examples of these methods. Moreover, the Singaporean loan market provides numerous options for obtaining loans, even if you’re self-employed or paid in cash.

If you’re looking for a reliable moneylender in Singapore, consider Accredit. As a licensed lender, they can assist you in obtaining a personal loan without the stress of providing pay stubs. 

Take the first step towards financial freedom by contacting Accredit today.

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