Stressed housewife holding her head at kitchen counter worrying about whether she can qualify for a personal loan in Singapore

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Table of Contents

Can Housewives Obtain Personal Loans In Singapore?

Housewives are the backbone of any community, but their efforts are seldom recognised beyond the household. Because of that, it can be very difficult for them to get a personal loan in Singapore.

If you are a housewife with an amazing business idea or you just need to clear some debt, read on to learn how you can get a legal loan safely and quickly in Singapore.

Can a housewife get a loan in Singapore?

It is hard for housewives to get a loan from banks because major lenders generally do not view the average housewife as a reliable debtor.

The main reason is that housewives often cannot provide a formal record to demonstrate income. Unfair as it is, fresh graduates in their first job can get a loan more easily than a housewife who has been managing their family finances for decades.

However, there are some ways around this. Housewives usually receive money from their spouses even if the amount varies from month to month. If they can show bank records of regular monthly deposits, licensed money lenders may be willing to consider it as proof of a steady income.

Another way is to get a co-signer for the best loan in Singapore that lenders offer. Licensed money lenders prefer this arrangement because it spreads the risk to someone with established creditworthiness.

One thing that every housewife should avoid is borrowing money from loan sharks. Unlicensed lenders find easy prey among housewives who do not qualify for loans from banks and licensed money lenders. However, the consequences of being indebted to these dangerous people are simply not worth it. Avoid them at all costs.

Let’s take a closer look at some of the best ways housewives in Singapore can qualify for legitimate loans without compromising on their safety.

An infographic stating the ways a housewife can get a personal loan

Getting a loan as a housewife

1. Through a co-signer

A co-signer is someone who agrees to be responsible for repaying a loan even if they do not receive the money from the loan. Most co-signers are often close friends and family. For a housewife, that may be her husband, son or daughter, and/or a sibling.

In this case, the lender will perform a credit check on the co-signer instead of/as well as the actual applicant (the housewife). This credit report will determine the maximum loan principal, the length of the loan term, and the interest rate charged.

2. Secured loan

A secured loan is approved based on an asset placed as collateral with the lender. This may be a vehicle or jewellery. The principal of the loan will match or be slightly less than the value of the pledged asset.

Secured loans are a convenient way to obtain a large amount of cash against something that the applicant does not use often. However, it can be unwise because the borrower risks forfeiting the entire collateral even if they miss just a few payments.

3. Informal income

Some housewives earn additional income from a small home-based business while some receive dividends, annuity payouts or interest from fixed or regular deposits. Additionally, they often receive an amount monthly from family members who work to support the household.

It is a good idea to not deal in cash but to have all such money deposited into a bank account. This creates a paper trail that can be useful when applying for a loan. Lenders will compare the incoming amount against the expenditure. It will give them a good idea of how much the housewife can afford to repay.

What are the loans available to homemakers in Singapore?

Almost all good licensed money lenders in Singapore will be willing to extend a loan to a housewife. In most cases, the loan will be one of the three that we touched on above: a co-signed loan, a secured loan, or a loan based on informal income.

96bm Credit offers all three types of loans mentioned above, as well as other personal loans for housewives. If you are unsure about which one(s) you can qualify for, speak to us now. Our team of expert loan professionals will assess your requirements and eligibility immediately at no cost.


About the Author
Nikki T

Hello! I’m Nikki and I nitpick through all the boring financial data and jargon so you don’t have to!


While all reasonable efforts are made to include accurate and up-to-date information on this website, errors or omissions may still occur. We are not liable for any loss or damage caused by the use of this website. The information on this website is for general information only and should not be taken as professional advice.

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