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How To Get A Loan With No Income?

The COVID-19 pandemic tampered with the global economy. Many businesses had to shut down, while others had to restructure their working process by cutting costs and expenses. This led to people being laid off from work, while others had to get lower salaries.

In an attempt to barely survive, personal loans became a solace to many. However, many financial loan institutions had to make sure that a borrower was credible enough to repay the loan. Despite having no income, there are several alternative ways to get a loan with no income.

A Guide to Financial Freedom

People take up loans with many needs in mind. Thus, financial institutions have come up with different types of loans depending on one’s preference. Some of the best money lending institutions are SU Credit which offers a wide range of loans at favorable interest tenures ranging from one to seven years.

The kind of loans offered includes personal loans, business loans, and unsecured loans. The effective interest rate (EIR) on their loans ranges from 7.0 percent per annum to 18.72 percent per annum. Your loan’s EIR is determined by the yearly interest rate (or bank-advertised nominal interest rate) and the loan’s term.

Loans are offered to help either persons or businesses in times of financial crisis. When taking up a loan, a borrower must have a sense of financial freedom in mind. This includes: making life goals that lead to financial freedom, making a well-planned budget to avoid spending money carelessly, paying off all credit to increase future loan credibility, saving, and investing.

It is also important to continuously learn how to grow financially and manage finances in case of any sudden emergencies.

This is something most institutions ought to educate their borrowers to make sure the finances offered are well managed, thus increasing the possibility of repayment on time. For people with no income, financial institutions have come up with new ways of guaranteeing repayment.

Qualifications to secure a loan

Although personal loan criteria differ for the different moneylenders, there are a few factors that all financial institutions check when evaluating applications, such as credit score and income. When analyzing loan applications, financial organizations seek five basic conditions:

1.     Credit Score

The Credit Bureau Singapore is in charge of determining a person’s credit score in Singapore. The bureau ensures that the credit score it calculates is based on an individual’s credit information gathered during transactions and interactions with financial institutions in Credit Bureau Singapore’s membership network.

However, the bureau’s credit score is far from the only metric or instrument utilized in Singapore to determine creditworthiness. Financial institutions in Singapore typically utilize it in conjunction with other rating systems that may include information about a person’s demographics.

2.     Income

Your income is not only important to the lender’s qualification process, but it’s also important to the ability to repay your loan. To ensure that you can meet your repayment requirements, most lenders need proof of income.

It’s preferable to avoid taking on further debt if you don’t have a job or another source of income and can’t afford a personal loan.

3.     Debt-to-income Ratio

In this, moneylenders check whether the income they get can be able to pay up a loan. A credible moneylender cannot give you more money than the kind that you can pay comfortably.

Therefore, you need to check your income to validate the kind of loan that you can get. Also, if you have several loans from different money lending companies, you can consider debt consolidation to just have one huge debt that will be easy to monitor.

4.     Collateral

There are two types of loans; secured and unsecured loans. The secured loans require you to provide collateral that will be used as safety in case you don’t pay up a loan on time.

However, for unsecured loans, you won’t need to provide anything as safety. Therefore, even without income, you can still get a loan using valuable collateral.

5.     Getting A Loan Through A Car

A person may acquire a loan and secure repayment against a guarantee of their car or a third party’s car, as long as the institution gets a copy of the car’s logbook. With a Guarantor Loan, you enlist the help of someone you know who has an excellent credit score and is above the age of

That person, known as a “Guarantor,” agrees to guarantee any loan or car finance repayments. If you miss a payment, they are legally obligated to make those payments on your behalf.

6.     Instant Digital Loans

Traditionally, bank loans were used for funding, but it’s not always easy to acquire one; or perhaps you need something more flexible or for a shorter period. You can get SME loans in a variety of forms and sizes in these circumstances, so you may select the ideal one for your current business needs.

In Singapore, institutions like SU Credit offer great instant loans based on one’s needs, whether business loans or personal loans.


Acquiring a loan despite having no income is not as easy based on credit score assurances on the part of the lending institution. However, with the emerging digital trends, people can now have two or more guarantors as well as place other assets as guarantors to get a loan.

Even without an income, it is still possible to get a loan. However, you need to show that you can pay off the loan with no problem. In Singapore, getting your preferred loan type is also predominant on the kind of credit score. If you pay off loans on time, you are assured that your credit score is fair. Also, try and maintain the relationship with the moneylending company.

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