Your status as a self-employed or gig-economy worker does not predetermine the interest rates we offer for your loan. Instead, we assess interest rates based on your comprehensive financial profile, which includes factors such as monthly income, assets, and past borrowing behavior, including punctuality in payments.

It all depends on your annual income! You may be entitled to a loan quantum that is a multiple of your monthly income. Banks in Singapore only serve the segment earning more than $30,000 a year and can lend up to 8 times your monthly income.

Anyone earning less than $30,000 can only borrow from a licensed moneylender. Individuals earning $20,000 to $30,000 are best served as they can borrow up to 6x of their monthly income. For individuals with no declared income, or income lesser than $20,000, the maximum loan they can obtain is $3,000.

Here are some tips you can take to increase your chances of getting a loan:

1. Ensure timely and complete payment of all your bills every month
2. Avoid utilizing a large portion or the entirety of your available credit.
3. Refrain from opening numerous new credit accounts within a brief timeframe.
4. Regularly review your credit report for errors and promptly dispute any inaccuracies.
5. Keep precise and current financial records, including income tax returns and invoices.
6. Develop a comprehensive plan that demonstrates stability and reliability regarding your income, expenses, and assets, and be ready to address any queries a lender may pose.

Self-employment, freelancing, or gig work may bring income fluctuations and less job security. Lenders, see these situations as challenges, highlighting the importance of borrowers repaying loans on time.

However, this does not mean that you are not eligible for a loan. Though irregular income might be perceived as a slightly higher default risk, lenders assess your overall financial health, considering monthly income, assets, and past borrowing behavior. It's not solely about employment type; a good financial record with timely payments is crucial for their decision.