Being self-employed in Singapore comes with many perks — flexibility, independence, and the ability to chart your own course. But when it comes to taking out loans or consolidating debt, it can often feel like the odds are stacked against you.
If you’re running your own business, freelancing, or working on a commission basis, and you’re juggling multiple debts, you might be wondering:
👉 “Can I get a debt consolidation loan if I’m self-employed in Singapore?”
The answer is yes — and in this article, we’ll walk you through how it works, what you’ll need, and how we at Trillion Credit, a licensed moneylender in Singapore, can help.
🤔 What Is a Debt Consolidation Loan?
A debt consolidation loan allows you to combine multiple unsecured licensed moneylender loans into a single loan with one monthly repayment.
The key benefits:
- Simplifies your monthly finances
- Reduces your overall interest rate or borrowing costs
- Helps you avoid late payments and legal action
- Can improve your credit score over time
✅ Can Self-Employed Individuals Apply?
Yes, self-employed individuals can apply for debt consolidation loans in Singapore. However, your approval will depend on several factors, especially your proof of income and repayment capacity.
Many banks or licensed moneylenders in Singapore tend to reject self-employed applicants due to:
- Irregular income streams
- Lack of traditional payslips
- Perceived higher risk
But at Trillion Credit, we understand the reality of self-employment. We take a more flexible and realistic approach when assessing your eligibility.
📋 What Documents Do I Need if I’m Self-Employed?
Instead of monthly payslips, we accept alternative income verification documents such as:
📄 Latest Notice of Assessment (NOA) from IRAS (at least the past 3 year)
📄 Latest CPF Contribution History Statement
📄 Bank statements showing business income inflow (last 3–6 months)
📄 Business registration documents (if applicable)
📄 Loan statements (to calculate how much debt you need to consolidate)
📄 Proof of residence (only applicable for foreigners)
💡 Tip: The more accurate your documents, the easier the approval process.
🧠 What Do We Look For in Your Application?
As a licensed moneylender, we focus on your current ability to repay — not just your job title. When reviewing a self-employed applicant, we consider:
| Criteria | What We Assess |
| Monthly income (net) | Stable earnings, even if variable |
| Debt-to-income ratio | Your total monthly debt vs income |
| Bank statement consistency | Regular cash flow or project income |
| Loan amount needed | Realistic loan size based on income |
| Intent & repayment behavior | Willingness to repay |
Even if your income isn’t fixed, as long as you can show consistent cash flow and repayment capability, you stand a good chance of approval.
⚖️Debt Consolidation Loan vs Personal Loan for Self-Employed
| Feature | Debt Consolidation Loan | Personal Loan |
| Purpose | To combine and repay multiple existing moneylender loans | For one-time expenses or general use |
| Repayment | One monthly instalment | Adds to your total number of loans |
| Interest Rate | Typically reduces your borrowing costs | Depends on credit score and risk profile |
| Suitable For | Overwhelmed by multiple loan repayments | Urgent or short-term cash needs |
🚀 Why Choose Trillion Credit?
We’re not just another licensed moneylender — we’re here to support real people with real situations. Here’s how we help self-employed borrowers:
✔️ Accept self-employed applicants with non-traditional income
✔️ No hard credit checks for assessments
✔️ Fast approval process
✔️ Licensed by the Ministry of Law, Singapore
✔️ Transparent, flexible, and confidential service
📞 Let’s Talk – No Obligation, No Judgement
If you’re self-employed and wondering whether you can qualify for a debt consolidation loan, don’t wait. The longer you hold off, the harder it can be to regain control of your finances.
Let us assess your case and guide you toward a solution that works.
Contact us today or walk in to our office
📱 Call us at 65090111
📝 Or apply now at https://trillioncredit.com.sg/apply-for-loan/
