I was also wondering if there are loans for unemployed Singapore and I came across this piece of information I wish to share with you. Is there a fast cash loan for unemployed Singapore? This is one of the most asked questions unemployed Singaporeans are constantly asking. The unemployment rate in Singapore is on the rise, and many people are struggling to get decent jobs to make a living.
According to the Singapore Ministry of Manpower, there was an unemployment rate of 1.9% as of June 2023 which was the most recent tracked statistic. However, Macrotrends published that Singapore’s unemployment rate overall for 2022 was at 2.76% and is expected to be lower than that in 2023. For the purpose of this article, we might be considering the unemployment rate in Singapore to be higher than that, considering the poorly paid employed.
Most unemployed Singaporeans resort to loans to satisfy their basic needs and necessities. However, they are mostly faced with loan rejection, especially from traditional financial institutions. Thus, the question, “Are there loans for unemployed Singapore.”
There are good and reliable loan companies and platforms that offer loans for unemployed individuals in Singapore. This article will carefully analyze the best five loans for unemployed Singaporeans that you can access. However, you need to carefully pay attention to their eligibility requirements. Although they are open to unemployed individuals, you must satisfy their requirements before accessing the loans.
Instant Loans For Unemployed Singapore
There are several loans for unemployed Singaporeans, but not all are fast. Some are fast, but you must meet their conditions to enjoy the quick processing and disbursement process. To get an instant loan for unemployed Singapore, you must maintain a good credit score. Having a good credit score helps you access a loan within a quick approval time.
Instant approval loans Singapore are only available with certain conditions when they are met. First-time borrowers might not enjoy this due to the fact that they have not proved their credit history enough to be considered. So you might have to start building your credit history from scratch to enjoy certain benefits of instant loan for unemployed Singapore.
Also, owning a significant asset such as private property, landed property, car, HDB flat, or equity in a property gives you a greater chance of getting an instant loan despite being unemployed.
Additionally, one of the ways to access an instant loan for unemployed Singapore is to go for loans with quick cash disbursement. If you have a SingPass MyInfo account, you can pick a loan provider that allows you to apply with your Singpass MyInfo details, as this will make the processing time shorter and faster.
5 Loans For Unemployed Singapore
There are hundreds of loan apps in Singapore. Some of the finest urgent cash loans Singapore that give loans to unemployed Singaporeans include Credit 21, Raffles Credit, Goldstar Credit, Soon Seng Credit, and Accrdit.
1. Credit 21
Credit 21 is a platform that provides one of the best loans for unemployed Singapore, and they are of the lowest interest rates. It offers different loan types that range from personal loans, business loans, renovation loans, foreigner loans, and payday loans.
Credit 21 also specializes in flexible monthly repayment installments and customized loan packages that cater to individual specific budgets. A good part of this loan provider is that it does not have a minimum income requirement. Also, their customer care service is superb.
- Interest rate – up to 4%
- Processing fee – % to 10%
2. Raffles Credit
Raffles Credit undoubtedly provides the best fast cash loan for unemployed Singapore, which includes a range of loan services. The available loan services and types available on this platform include monthly loans, personal loans, payday loans, business loans, and foreigner loans.
They are well known and have over a decade of experience providing loan products and services in Singapore. However, to access the loan, you must be up to 18 years old and have an open bank account. However, your monthly income must be above $2000 as a Singaporean or above $3000 as a foreigner with a work visa before you can access the loan.
- Interest rate – up to 4%
- Processing fee – 5 % to 10%
- Late interest rate fee – up to 4% per month
3. GoldStar Credit
Goldstar Credit is one of the most reliable loans for unemployed Singaporean providers. It offers a wide variety of loan services, such as personal loans, medical loans, payday loans, wedding loans, online loans, vacation loans, and taxi/grab/gojek loans.
Additionally, it is a certified member of the Money Lender Operations & Compliance Training, Credit Association of Singapore, and Prevention of Money Laundering and Financing of Terrorism (PMFT). Best of all, it does not have a minimum income requirement.
- Interest rate – 1% – 4%
- Processing fee – 5 % to 10%
4. Soon Seng Credit
If you are unemployed and are looking for a reputable loan provider that will not stress you, Soon Seng Credit is a good loan provider to go for. In addition to having a seamless loan processing process, it offers you a wide variety of financing options to choose from.
It offers fast cash loans for unemployed Singapore, especially for those seeking personal loans. One of the good things about this provider is that they draft out the loan to carefully meet with your needs. Before approving and disbursing loans, Soon Seng Credit takes time to know you, your needs, your current financial situation, and your credit level.
This provider is known for its low interest, flexible payment options, easy and convenient process, and secured transactions.
- Interest rate – 3.7% to 10.8% p.a
- Processing fee – 5 % to 10%
5. Accredit
Accredit is one of the few most recognized loan providers that offers loans for unemployed Singapore. It has been in the business of providing loan and credit options for close to two decades now and has helped over 200,000 customers.
Accredit is an awardee of the Pilot Program, organized by the Ministry of Law. One of the notable characteristics of this provider is that it offers you the option to conveniently apply for a loan online or through its mobile app, and you can get approved the same day. This makes it one of the best providers of fast cash loans for unemployed Singaporeans.
To access a loan at Accredit, you must have a minimum annual income of $10,000, whether you are a Singaporean, PR, or Foreigner.
- Interest rate – up to 4%
- Processing fee – up to 10%
Instant Approval Loan Singapore
The best instant approval loan Singapore is personal and payday loans. Personal and payday loans are the fastest loans you can easily get approved for. All you have to do is satisfy their eligibility, and you can get approved the same day. Loan providers like Accredit offer instant approval loan Singapore, where you can get approved the same day.
Another way to access instant approval loan Singapore is to borrow from the bank you have their credit card. For instance, banks like Standard Chartered CashOne loan approval process will be quick if you have their credit card.
Where Can I Borrow Money ASAP in Singapore?
One of the best places you can get money ASAP in Singapore, especially when you are looking for a personal loan is Standard Chartered. Standard Chartered has a personal loan product, called CashOne. It is known for its tagline “Cash in 15 minutes”.
To get cash ASAP, all you have to do is apply for a Standard Chartered personal loan via SingPass MyInfo. Your funds get disbursed into your existing bank account in Singapore, and the beauty is that you must not have an account with Standard Chartered to be able to apply.
To access this loan, you must be at least 21 years old and at most 65 years old. You must have a minimum annual income of at least S$20,000 as a Singaporean and S$60,000 as a foreigner. You are allowed to borrow up to 4x your monthly income.
Can You Get a Loan Without a Job in Singapore?
Yes, you can get a loan without a job in Singapore. It might be difficult with traditional banks and financial institutions, but there are loan providers that can help you. You can check the section above where the 5 loans for unemployed Singapore were discussed. Go through them and carefully choose the one that best suits your needs and that you also satisfy their requirements.
Can I Apply for Singapore Jobs Without Visa?
Yes, you can apply for Singapore jobs without a visa, but you can’t work there without a visa. There are lots of job portals online through which you can apply for jobs in Singapore. Most times, if a potential employer deems your skill fit for the job, they will accept you and prepare a work visa so you can come over to begin work legally.
Can I Get A Job In Singapore Without A Visa?
As a foreigner, you must have a valid pass (known as a work visa) before you can officially and legally start working. There are different types of work visas, and your level of professionalism and the nature of your skillset will determine which you will go for or will be prepared for you by your employer.
Conclusion
The five above-discussed loans for unemployed Singapore show that unemployed individuals can have access to loans, just as the employed ones. The beauty of these loan providers is that they offer loans to both Singaporeans and foreigners that meet their eligibility requirements. To have a better chance of getting a fast cash loan for unemployed Singapore, it’s advised you maintain a good credit score and/or have some assets.
