Loans for artiste and entertainment worker
Recent Covid-19 impact has left Singapore’s arts and entertainment industries in an uncertain situation as galleries, museums, entertainment venues where artists and entertainment workers see either their exhibitions or gigs being canceled or postponed.
In this uncharted territory, many are feeling uncertain about their financial path ahead. Especially the artists and entertainment workers, who often work without the safety net of unemployment benefits and health insurance.
Artists and entertainment workers are classified as self-employed workers which makes getting a personal loan a lot less accessible. Most of the time your CPF contribution will not be suffice in getting a loan from the bank. Instead, you’ll be asked for your income tax statement for a period of two years. If you have only been working for less than a year, this would pose as a problem. Having a high credit score is also another factor to determine your success of getting a loan.
Banks can also take quite a while to approve your loans due to all the regulations and checkpoints. If you’re short on cash and need to make ends meet, a licensed money lender is a more viable option.
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On the othehand, legal licensed moneylender tend to be more lenient when it comes to credit history. They are more open to providing loans for people who are unable to meet the loan criterias by banks. Your current income is also being taken into consideration when it comes to providing you with the loan.