Top Loans for the Unemployed Service Providers


Loans for the Unemployed

Unemployment might eat into one’s savings heavily, so personal loans might seem an appealing way to keep the bills paid.

Loans for the unemployed might help, still one probably needs to provide concrete evidence that one has alternative sources of income — also engaged lenders could inspect, examine the borrower’s credit profile with great scrutiny, caution.

Listed below are factors to consider when applying for a loan when unemployed, along with added information or alternative options to consider.

Looking for personal loans?

Examine Approval Chances

Considerations that lenders could prioritize in assessing individual loan applications

Dangers of borrowing during unemployment

Options besides personal loans

Considerations that lenders often prioritize in assessing individual loan applications

Lenders closely examine many details, considerations to assess each incoming loan application. Basically, they seek to determine the chances, likelihood, that you can eventually fulfill loan repayments.

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Income often counts as a major factor in considering loan approvals, grants, hence these are the reasons that being unemployed could render getting approval for a personal loan much more difficult.

Still, supposing one has alternative sources of income aside from conventional, formal employment, you could improve, enhance your chances of qualifying for a loan.

Below are several typical examples of alternative income.

Spouse’s income

If one is married, and if the lender permits this, you might be allowed to add your spouse’s income to the loan application details.

This might be approved by lenders in the event that you are able to tap on this income to help fulfill loan repayments.

You might have to add your spouse in Co-Applicant capacity, supposing you opt to include spousal income, as an alternate source of income.


Financial funds or cash from Investments including Real Estate could help to lend weight to loan applications as evidence of additional means, improved capacity, to fulfill loan repayments.

1-off financial gains might not qualify as alternative income sources, but recurring funds from Dividends or Rental Properties could get included if lenders approve the loan.



Personal Loan Provider


Specialty Get Cash INSTANTLY with POSB Personal Loans, Interest rate as low as 3.88% p.a. (EIR 7.56% p.a.).  POSB Personal Loan brings instant cash at low rates. Just the thing to light you up. Minimum Annual Income of min. $20,000. 1% Processing Fee. Suitable for low-income borrowers, or those needing cash immediately.

Services: 3.88% p.a. Interest Rate, 7.56% p.a. EIR, 1% Processing Fee, Suitable for low-income borrowers, for people needing cash immediately, fast cash, fast approval rates

Pricing Request a quotation:
Address 144 Upper Bukit Timah Rd, Singapore 588177
Telephone +65-1800-3396666
Opening hours 24/7
Review 1 I like the service there..their staff is helpful & willing to teach me how to download the bank app. I forgot to ask her name.. the Next trip will ask her name
Review 2 I would like to compliment and extend my sincere thanks to Ms. Fiona Niam for her great customer service and patiently explained the procedure regarding cashier orders through online transactions. Thank you, Fiona
Review 3 Miss Rugaya at the counter, pleasant and helpful throughout my visit to the branch!




Personal Loan Provider


Specialty OCBC Extra Cash Loan: Instant cash for immediate needs. Instant, convenient, and timely. Borrow up to 6x of monthly salary. Processing fee of $100, $200, or 2% of the loan amount (depending on the plan and the higher value) Suitable for middle-income borrowers seeking loan repayment over a longer, extended time period.

Services: Borrow up to 6x of monthly salary, Processing fee of $100, $200,2% of the loan amount, Loan Repayment Period of 12 – 60 months, Suitable for middle-income borrowers, repay the loan over a long period of time, 8.31% to 8.55% p.a. Interest Rate

Pricing Request a quotation:
Address 9 Bishan Pl, #02-08/09 Bishan Bus Interchange, Singapore 579837
Telephone +65-1800-3633333
Opening hours 11 am to 7 pm
Review 1 Overall good experienced at this brand, staffs are very attentive, make sure we are in the queue with safety distancing, the personal financial consultant William Tan is friendly & helpful, he tries to understand our need and give us his personal opinion and suggestion.
Review 2 On 28th Sep 2020, after a fall somewhere in Junction 8, our elderly dad still made his way to the OCBC Junction 8 Branch; claiming he has lost his OCBC credit/debit card and NRIC.

The staff are observant and have paid special attention to him. They assisted him professionally and with patience, respect and care. His problems were solved and Ms. Belinda Tan, a Service Officer has gone the extra mile to check on his injuries and physical condition.

The staff at the OCBC Junction 8 Branch have put the needed work in to provide exceptional customer service: a caring attitude in general about assisting people.

We’re very impressed with their customer’s service and would recommend this bank for anybody who is looking for a company who has your back and best interest at heart. Thank you all of you there!!! You rocks!💪👏❤

Review 3 The staff was incredibly helpful and friendly, very patient at explaining the processes involved, and resolved my issues quickly.
Thanks, guys! (Didn’t get your names but the dude at counter 6 and lady at the front y’all rock 👍🏼)


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Personal Loan Provider

Standard Chartered

Specialty For low-income earners, Chartered Cash One is an ideal loan provider, minimum income fixed at S$20,000 a year. They offer instant approval and fast cash disbursement. This suits those who need the cash urgently. Standard Chartered has among the lowest interest rates in Singapore and there are no processing fees.

Services: Minimum annual income: S$20,000, 0% Interest Rate, interest-free loan, processing fee of 4.5%, short tenure

Pricing  Request a quotation:
Address 6 Battery Rd, Singapore 049909
Telephone +65-67477000
Opening hours 10 am to 5 pm
Review 1 I have had a great experience banking with Standard Chartered bank. Their app is easy to use too. I also appreciate that they have had the chance to work with Standard Chartered bank where they assist to organize free corporate wellbeing events for companies. Supersalary account has no minimum balance needed which is a plus.
Review 2 Staff service was excellent.
Review 3 very very good




Personal Loan Provider


Specialty DBS/POSB offers ideal personal loans for low-income earners, a minimum annual income requirement of only S$20,000 a year for Singapore citizens, and PRs. For foreigners, it’s S$45,000. Applying for this personal loan is very easy with online banking. If you are an existing DBS/POSB credit cardholder, no documents are required.

Services: Up to 10X1 monthly salary, Instant cash when you apply online, Affordable fixed repayment, Monthly installments of 1 to 5 years, E.I.R2 from a minimum of 7.56% per annum

Pricing  Request a quotation:
Address 68 Orchard Rd, #B1-25 Plaza, Singapore 238839
Telephone +65-1800-1111111
Opening hours 10 am to 5.30 pm
Review 1 Nurjannah was very helpful and professional throughout while assisting me with my banking needs today. Really appreciate her help in being such a service champion! 🙂 Please pass on my regards to her. Customer with cash q 5034, at counter 3.
Review 2 had to come down to put in a credit card application because I had issues doing it online. was helped by Dennis – he was super nice & friendly:, ) the process was very fast as well! thank you for the smooth experience 🙂
Review 3 I was served with the utmost excellent service by ms Saranya _ she handled all my administrative work so diligently n was very polite _ thank you very much n keep up the good work 20 /5/20 at 14 PM at the Plaza Singapura branch




Personal Loan Provider


Specialty HSBC has the lowest foreigner income requirement of S$40,000 a year, significantly lower than the standard S$45,000 required by other banks. HSBC offers relatively low-interest rates for personal loans. On top of that, HSBC also offers the longest loan tenure in Singapore – up to 7 years. Stretches out large loans.

Services: No documentation required, Affordable fixed monthly repayments, Loan tenor of up to 7 years, cashback of up to SGD3,100, promotional interest rate from 3.4% per year

Pricing Request a quotation:
Address 50, #01-03 Raffles Place, Singapore Land Tower, 048623
Telephone +65-1800-4722669
Opening hours 9.30 am to 5 pm
Review 1 I would like to compliment an officer, Ms. Syarifah who patiently listened to my enquiry and assisted me promptly.

I had a nice experience at this new HSBC outlet.

Review 2 Despite all the negative reviews, I went to this branch to close my account, on a Friday at 2 pm. Well, I was nicely welcomed and waited less than 5 minutes before being assisted by Sarah at the counter, who was very nice, polite, and effective. Nothing negative to say about my experience there
Review 3 Beautiful location. Amazing staff and customer service, not sure why the bad reviews. Please respect your fellow human beings there. 😉




Personal Loan Provider


Specialty Citibank Quick Cash is an ideal personal loan in Singapore for low-income foreigners. Like HSBC, Citibank has a lower-than-usual minimum income requirement for foreigners: S$42,000, instead of the usual S$45,000. If you are new to Citibank, you can also qualify for one of the lowest interest rates of 3.99% p.a.

Services: Low-interest rates, affordable monthly repayments, flexible repayment options from 12 to 60 months, cash within the next working day, 4x your monthly income

Pricing Request a quotation:
Address 23 Church St, #01-01, Singapore 049481
Telephone +65-62255225
Opening hours 24/7
Review 1 I have funds in a US Citibank account that I wanted to transfer without conversion but my local account is obviously in SGD so I needed to open a USD account.

Jared Ong, a very professional, knowledgeable and friendly front staff, told me about Citibank Global Wallet, helped me with the whole setup, as well as easily answered any questions I had, making the whole process super smooth and such a breeze!

Review 2 Great Service!
Review 3 Best bank in Singapore




Personal Loan Provider

Raffles Credit

Specialty Raffles Credit is one of the most distinguished licensed moneylenders in Singapore with some of the best options, ranges of loan packages for their clients. As a leading lender, they are committed to pushing the boundaries of what it means to be in the business of lending money to their clients.

Services: Loan up to 6 times your monthly income, no need for collateral, fast cash, easy money, no hidden charges, Receive Your Money on the Same Day

Pricing Request a quotation:
Address 17A Circular Road Singapore 049373
Telephone +65 6235 1788
Opening hours 10.30 am to 8 pm
Review 1 Was easy to find the location. The staffs were very friendly and helpful. Great place to go as a first-timer. Thank you.
Review 2 Very fast and efficient. John was very patient in explaining the process and how the loan will pan out. Definitely recommend this place if anyone else needs a painless loan process.
Review 3 I have always had faith in their personal over at the office, especially the manager John with great patience and always guide me to what I need and patience enough to explain all the detail to me. I have great assurance with this company and will introduce it to my friend




Personal Loan Provider

Credit 21

Specialty Whether you need a large sum of money for school fees or to buy an asset or smaller sums for emergencies arising such as renovations, fast cash, or foreign loans, Credit 21 is your go-to lender in Singapore. With online loan application forms which you fill in from home, work.

Services: Fast Cash, Better and Improved Credit Scores, Flexible Loan Tenures, Ease of Application and Approval, Increased Convenience

Pricing Request a quotation:
Address 10 Anson Road #01-07 International Plaza Singapore 079903
Telephone +65-6221 1811
Opening hours 11 am to 8 pm
Review 1 Was initially skeptical about borrowing from Credit 21 due to the rise in loan scams these days. But after reading their reviews, we were assured so we went to learn more about their loan packages. Was pleasantly surprised that their service was great and loan officer Mr. Gerrard also went the extra mile by educating new borrowers on how to identify unlicensed moneylenders. Awesome experience with them!
Review 2 I need money urgently to settle my credit cards and reached out to credit 21. They were so helpful and lent me to clear. I m very gratefully. very good moneylender!
Review 3 Kent is very accommodating and understanding. Throughout my time there, he displayed professionalism and answered all my questions. This made me feel at ease with taking a loan from Credit 21. Good experience, recommended!




Personal Loan Provider

SG Credit

Specialty If you’re looking for a loan that doesn’t have a complicated application process, then SG CREDIT would have to be your best option. All you need to do is fill-up the form on their website and wait for the approval in no more than 15 minutes, apply online.

Services: Fast application, Licensed moneylender, trusted moneylender, no complicated application process, approval in 15 minutes

Pricing Request a quotation:
Address 33D Benoi Road, #03-00 Pioneer Lot, S 627788
Telephone +65 9165 3123
Opening hours 10 am to 9 pm




Personal Loan Provider

Goldstar Credit 99

Specialty They provide the best personal loans, with low-interest rates and fast approval rates. Citizens, PRs, and foreigners can apply. Goldstar Credit is a licensed money lender in Toa Payoh. Their office is 5 minutes from Toa Payoh MRT, bus interchange, located amongst shop houses in Toa Payoh Town Centre.

Services: No paperwork hassle, personal loans, fast approval rates, low-interest rates, Easy loan repayments

Pricing Request a quotation:
Address Blk 190 Lorong 6 Toa Payoh #01-576, Singapore S310190
Telephone +65-6252 0088
Opening hours 11 am to 8 pm
Review 1 Fast approval and Good service. Highly recommended. Thanks
Review 2 Very efficient loan processing. Loan officer Vanessa was very patient and detailed in explaining the loan details. Very highly recommended!
Review 3 I had a great experience with Vanessa. She was patient and detailed in explaining the loan details. Overall, a fuss-free loan process.




Personal Loan Provider

Soon Seng Credit

Specialty At Soon Seng Credit, they do not try to lure you with empty promises to score a one-time business with you and risk losing your trust. They make sure that they are transparent with their loans because they care about their clients and the business. Everything is personal with them.

Services: Quick approval, High approval rate, Competitive rates, All incomes welcome, Supple repayment plan/monthly credit, fast cash

Pricing Request a quotation:
Address 1 Park Rd, #01-21, People’s Park Complex, Singapore 059108
Telephone +65-6226 8860
Opening hours 11 am to 8 pm
Review 1 Excellent service. Jason was very helpful in giving me valuable information on the loan aspect. I am very grateful and thankful for his kind services. Great job!
Review 2 The loan consultants, especially Jason are patient in providing solutions without any hard sell. They are indeed one of the best in this industry.
Review 3 Helpful and professional. Thank you Jason for giving all the advice. The best lender in Chinatown




Personal Loan Provider


Specialty Holding rates or interest which remain truly clear and clean, Accredit Pte Limited is widely regarded as a competitive budget fix for loan options, offering highly enticing loan terms. Loan contracts are directly, clearly, thoroughly articulated to all loan-takers and lenders carefully assist clients to consolidate loans. Longer loan fulfillment schemes are on offer.

Services: Enticing loan terms, clean rates or interest, clear loan contracts, longer loan fulfillment schemes, customized credit repayment scheme, Loan Portal

Pricing Request a quotation:
Address 18, #01-04 Jln Membina Singapore 164018
Telephone +65- 6261 2662
Opening hours 10 am to 8 pm
Review 1 Friendly staff. Very good service. One of the best money lender services. Highly recommended
Review 2 Bery reasonable rated loan for a loaner. Staff work out a good comfort zone in furnishing your loan. Thanks to the staff in Hougang accredit
Review 3 The services are friendly and the staff is able to assist you. Strongly recommend it here.




Personal Loan Provider

Quick Credit

Specialty Quick Credit’s personal loan options eventually have grown over extended periods, making sure to meet, satisfy clients’ requests quickly, or getting all loan taker’s hopes serviced with good creditor expertise. Quick Credit’s personal loan options eventually have grown over extended periods, taking care to deliver on client’s requests quickly, dispersing fast, easy cash.

Services: Fast cash, quick loan approval, extended loan periods, customized loan terms, creditor expertise

Pricing Request a quotation:
Address 2 Jurong East Street 21 #04-01A IMM Building, Singapore 609601
Telephone +65 68996188
Opening hours 10 am to 8 pm
Review 1 Impressing speed process. Very exclusive company!

She made me feel cozy and comfortable sharing my situation even gave ideas on how to solve my financial issues. They provide detailed explanations of the loan contract to my best understanding with the professional service and attitude.

I would say Quick Credit is the best money lender in Jurong east.

Review 2 Flexible repayment and explain clearly in all the details. Even though I was late for 2-3 days payment, they also did not charge me any late charges. Appreciate their understanding. If you are looking for a loan, they are a good choice, and their staffs are professional and considerate. Thumb up to Quick Credit!!
Review 3 Been a customer for few years with Quick Credit. Was served by Magdalene and she has been very helpful and able to work out a repayment schedule. She is very patient and explained clearly the details. A very pleasant experience with Quick Credit. Highly recommended!



Personal Loan Provider

Best Credit SG

Specialty They provide you with the funds quickly. They have and are still constantly working hard to ensure that they meet all the expectations of their borrowers, even as they maintain highly competitive interest rates. Best Credit SG Pte. Ltd has helped many people to access cash fast, with fast approval rates.

Services: Fast approval, access cash fast, competitive interest rate, licensed moneylender, fast cash

Pricing Request a quotation:
Address 372 Bukit Batok Street 31, #01-374, Level 2, S 650372
Telephone +65 6272 5538
Opening hours 11 am to 9 pm
Review 1 Literally the BEST money lender. I never had any problems with BEST Credit. Highly recommended!
Review 2 Fantastic service, Tries to understand our Situation, and is Very helpful & Understanding. Great customer service is given. Thumbs up! Highly recommend.. 👌
Review 3 Best credit has been helping me a lot with some of my financial issues and at times I am late by a month, the late charges are not high. Thank you best credit




Personal Loan Provider

KBB Credit

Specialty From the start of operations, they have helped countless clients. With the excellent loan package with flexible tenure for their borrower, there have been mostly good reviews from many satisfied clients. KBB is offering a personal financial loan for as low as 1% to Singaporean locals and foreigners to apply.

Services: Up to $3,000 fast cash, up to 6 months’ income loan, licensed money lenders, loan package with flexible tenure, as low as 1% interest rates

Pricing Request a quotation:
Address 111 North Bridge Road #01-35 Peninsula Plaza Singapore 179098
Telephone +65 6255 6998
Opening hours 11 am to 9 pm
Review 1 Just got a loan from them, very professionally done. The staff there are very professional and assist me with the situation. Gave good advice for my case and also explain everything in detail, making sure I understand.

It’s my first loan from them and I’ll definitely recommend them! Thank you!

Review 2 Just got a loan at KBB. Lifesaver! Thank you for helping me with my background situation. Special thanks to Lena, the very helpful and friendly staff. She explained clearly and also sought out what is good for my case. Gave me good advice too. Thank you!


Review 3 Can’t find a better company than KBB. They are very clear-cut in all their terms and conditions, nothing hidden. Anything i ask them, they will answer my question. They make me feel safe and comfortable taking from them cause they were honest. Monthly charges for their installment were very affordable and reasonable. I feel that it is safe to recommend to my friends




Personal Loan Provider


Specialty Instant cash for immediate needs. Instant, convenient, and timely. Apply for UOB Personal Loan online now, enjoy a low-interest rate of 3.4% p.a. (EIR 6.22% p.a.) with up to S$600 cash rebate. Loan tenures of 12 – 60 months. 1% processing fee. $1,000 minimum loan amount. Personal loan promotion package.

Services: Loan tenures of 12 – 60 months, 1% processing fee, $1,000 minimum loan amount, fast processing time, personal loan promotion package

Pricing Request a quotation:
Address 10 Bukit Batok Central, Singapore 659958
Telephone +65-1800-2222121
Opening hours 24/7
Review 1 Friendly staff willing to help
Review 2 good service
Review 3 helpful and always smooth transactions. 👍




Personal Loan Provider


Specialty CIMB’s Cash Lite loans offer flexible loan tenures of 1 – 5 years, offering low-interest rates of 4.50% p.a. (subject to individual’s risk profile), with EIR of 8.21% to 8.41% p.a. Note the minimum loan amount is $1,000 and the bank’s financing is capped at 80% of the borrower’s credit limit.

Services: 4.50% p.a. Interest Rate, Loan tenures of 1 – 5 years, $1,000 minimum loan amount, capped at 80% of borrower’s credit limit, short term 1-year loans

Pricing Request a quotation:
Address 50 Raffles Place, #01-02 Singapore Land Tower, Singapore 048623
Telephone +65-63337777
Opening hours 9 am to 4.30 pm
Review 1 The best SGMY rate so far and I can transfer back to my CIMB account in Malaysia instantly with no charges. +1
Review 2 Excellent and professional service. No queue and done in 20min. Thanks.
Review 3 Quick service due to its relatively small customers based in Singapore. Service staff at the counter are usually friendly and helpful.




Personal Loan Provider

Bank of China

Specialty $martLoan that offers you a fixed monthly repayment period of up to 7 years. With just S$6 a day, you can get extra cash of S$10,000. One of the lowest interest rates. One of the longest repayment periods. Fixed monthly repayment amount. Interest saving with reducing balance method, fast cash.

Services: Loan tenures up to 7 years, Interest saving with reducing balance method, Processing fees are 3% of the loan amount, Suitable for borrowers looking for 3 – 5-year loans, 12% p.a. Interest Rate for 12 – 60-month loans

Pricing Request a quotation:
Address 302 Tiong Bahru Rd, #01 – 127, Plaza 168732
Telephone +65-1800-6695566
Opening hours 10.30 am to 6 pm
Review 1 Very quiet. On the outside of the mall, facing the main road. The guard at door was cheerful and polite. I visited the branch at 12:45 and was the only customer. So, things settled very quickly and efficiently. Counter staff was very helpful and gave clear answers to all my queries. Even helped me with the difficult problem of accessing my BOC mobile app, going step by step. Overall, a very pleasant experience. Maybe because I was the only customer? Still, the service was excellent.
Review 2 Good fixed deposit rates and other promotions
Review 3 Friendly and professional staff




Personal Loan Provider


Specialty I-Credit Pte Ltd was established in 2009 to lend money with licensing. They understand that there will be inevitable ups and downs in life, and some emergencies are unavoidable. They are here to assist you with that. 1 Hour Loan Approval Process. Competitive Interest Rates (4% Monthly) Easy Repayment methods.

Services: 1 Hour Loan Approval Process, Competitive Interest Rates, 4% Monthly interest, Easy Repayment methods

Pricing Request a quotation:
Address 82 Lorong 23 Geylang #05-02 ATRIX1 388409
Telephone +65- 6222 5222
Opening hours 11 am to 8 pm
Review 1 as you may already be aware it’s been a tough time for a lot of us with myself included. I turned to i-credit for some financial help. have to say their level of service offered is very easy to use and their structure is straightforward. exactly what I was looking for to get through. they are also very queried I have. I would recommend giving them a try!
Review 2 I needed help and I turned to I credit. Fast procedure! ^^
Review 3 Awesome customer service. Came with a heavy heart left with a smile. Thank u for helping me out




Personal Loan Provider

Money Plus

Specialty Apply with their online application. They ensure fast approval in 15min, an easy process without documents & guarantors. They strive to provide low-interest rates in Singapore to meet all client needs. Just $0.33 per day, lower than bank rates. They assist you to solve your financial issues. Easy apply in 2min.

Services: $0.33 interest per day, low interest, instant, fast approval cash support, flexible funds support plan, Bankrupt or blacklisted accepted, Borrow 6x of your income

Pricing Request a quotation:
Address 371 Beach Rd, #01-03 City Gate, Singapore 199597
Telephone +65-6591 8860
Opening hours 11 am to 7 pm
Review 1 Sylvester has been a great financial advisor throughout my loan journey, he is very efficient and as well very transparent. I am able to settle my other loans with the help of them. Very comfortable and helpful.


Retirement premiums

Retirement premiums, pensions, typical 401(k) withdrawals might count supposing one is retired.

Alternate funds

Unemployment, Alimony, or Child Support might be considered in loan applications to constitute regular, steady, stable, alternative sources of income.

A Potential Caveat

The Equal Credit Opportunity Act prohibits lenders from asking you to disclose specific streams of revenue, like forms of welfare funding, alimony, or child support.

Debt-to-Income Ratio

Additional factors which lenders might consider, in assessing if you hold the capacity to repay undertaken loans, could be your Debt-to-Income Ratio.

These are derived via Dividing your cumulative monthly debt payments over your Gross Monthly Income.

The Gross income refers to income before payroll deductions inclusive of taxes and insurance.

Supposing your debt-to-income ratio remains excessively heavy, a lender could take this as tangible evidence that you could fail to have adequate funds for debt repayments or affording regular expenses.

Applying for personal loans:

Examine Approval Chances

Credit History

Your credit additionally remains crucial to lenders when assessing factors to support granting you unsecured personal loans.

Lenders usually in many cases examine, look over your credit scores, or might even factor payment history or more data from your credit reports, including past bankruptcies and loan default records.

Dangers of borrowing during unemployment:

Securing a personal loan involves undertaking a measure of risk for both the Borrowers and the Lenders in the event that borrowers default on loan repayments.

Here are several risks one should consider seriously prior to taking loans while unemployed:

Missed payments

One of the obvious worst-case scenarios, when you take out a loan without a job, is not being able to pay for the loan.

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Failing to pay back a loan can damage your credit, leading to legal liabilities, or turn an already challenging financial situation even more difficult with snowballing interest.

Higher Interest Rates

Supposing one’s income is low; one could still obtain loan approval — but the loan is likely to come at a higher interest rate.

Higher interest rates entail higher cumulative loan charges.

Shorter repayment period

If a lender concludes that you are a high-risk borrower, you could be confined to loans over shorter repayment terms.

This is due to the lenders not being entirely convinced that your financial circumstances might improve within the near future.

Options outside Personal Loans:

Credit Cards

You might already hold a personal loan alternative resting in your wallet.

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Several credit cards provide a cash advance as a means to leverage, utilize your credit line in excess of regular purchases.

Still, take heed: Credit cards often come with high-interest rates that are based upon your Credit History — also cash advances often come with separately charged high-interest rates factored on top — hence it is better to submit payments for balances on time and in full, in the event you use these cash advances to finance quick transactions.

Line of Credit

The personal line of credit works like the regular Credit Card because you also may regularly add to your balance, pay your debts off on many occasions, transactions, within the tenure of your contracted Credit Line.

You submit one monthly minimum payment, clearing the interest on the owed balance, with an added fee for accessing the credit line. Supposing you do qualify, this could prove a prudent alternative.

Secured Loan

You might consider including home or alternative assets as collateral to secure a loan.

Collateral refers to assets you pledge to the lender in the event that you cease payments for the loan.

Interest rates may range from fairly low to sky-high, so this does not always work out well once you begin to struggle, falter with loan repayments. Also note, this comes with extra fees that vary with each distinct loan, with distinct, varied loan terms.

The yearly percentage rate factors the interest rate along with an added fee range that might be charged along with each distinct loan.

Further, do take note that one might risk losing one’s House, Car, added collateral, or even much more added equity, in the event that you fail to fulfill payments on time to service the loan.

Home Equity Line of Credit, or HELOC

This refers to a line of credit that factors in the market value of your home.

This is a secured credit loan, implying that your Home is taken as Collateral.

Hence, you could lose your Home upon default.

Conclusions Drawn:

Securing a personal loan during unemployment is usually far more challenging than securing a loan when you are steadily, stably, gainfully employed.

Still, it is possible to obtain loan approvals if you take the trouble to put in the extra effort, fill in the necessary paperwork.

Like most personal loans, it pays to heed the overall costs that the loans are undertaken might incur— or to carefully consider all funding avenues, or alternate sources of income.

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About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.


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