Freelancer Loan in Singapore: How to Apply for Loan Without a Fixed Income
Looking for a freelancer loan to help you cover large-ticket expenses in the short term? Then read on and find out how you can do so.
You’re considered a freelancer if you are someone who:
- Works for others without standard working hours and monthly salary
- Gets paid on a per job basis, such as a food delivery person
- Self-employed but do not have a company, like for example a tennis coach
- Provides a contract for service as defined by the Ministry of Manpower (MOM)
As a freelancer, you may have irregular intervals in receiving income and this can pose a challenge if you happen to urgently need a large sum of money to settle some expenses.
You may be thinking that it is not possible for you to get a loan to tide you over, but that is not entirely true. There are still channels where you can borrow money despite not having a fixed income.
What is a freelancer loan?
A freelancer loan, or a self-employed loan, is a type of unsecured personal loan that is catered specially for individuals who do not generate a fixed monthly income in the conventional employment sense.
Examples of individuals regarded as freelancers include: piano tutors, makeup artists, real estate and insurance agents, home-based baker and the list goes on.
Private hire drivers are considered as freelancers as well, and if you’re one, you may want to check out the private hirer loan instead.
In fact, with the rise of the gig economy, more and more people are turning to freelance work as a viable means of generating income.
How is a freelancer loan useful?
With irregular income, saving up for big-ticket expenditure can be a challenge.
It could be that you need the funds to buy better equipment and materials to ply your craft; it could also be that you need to pay other freelancers upfront to procure services that you need for a client’s project.
Or, you simply want to get that latest TV set to give yourself a nice treat.
Whatever the case may be, these expenditures could mean severely denting your reserves and uncomfortably straining your immediate cash flow.
In addition, when unexpected situations in life ocurwhen
By taking up a freelancer loan, you can pay for those large expenses so that you can proceed further with your plans without being financially constricted or burdened.
Rather than worry about funding and cash flow challenges, you can then concentrate on producing better work that helps you get more gigs and projects to generate more income.
Where can you apply for a freelancer loan
As a freelancer without a fixed monthly salary, you may think that it is not possible to get a loan anywhere.
Indeed, banks have strict assessment criteria for taking up loans, especially those unsecured personal ones. And without a regular income to show for, it can be almost certainly a no-go situation when you try to apply for a loan via the banking route.
However, there is a viable alternative, and that is to borrow from a licensed moneylender.
It is possible to acquire a loan from money lenders if you’re able to show evidence of income in the most recent 3 months from your work.
Many licensed money lenders are also flexible in discussing with you about your situation and can sometimes offer customised loan solutions for your particular situation.
Where to find the best freelancer loans
If you start searching around in Google, you will find that many licensed moneylenders offer different types of freelancer loans with different terms.
You can call them one by one, but it won’t be as easy as getting aggregated quotes from Loanhere platform.
Just put in a simple enquiry request and Loanhere will generate your customised loan quotes from a curated selection of the best licensed moneylenders in Singapore and send them straight to your email inbox almost instantly.
If you’re looking to apply for a freelancer loan, get a quote now.