How to Get a Foreigner Loan in Singapore
Are you a foreigner in Singapore looking to procure a quick loan? Does thinking of financial terms make you cringe? You’ve come to the right place, for we are one of the leading authorities on quick and easy foreigner loans.
For starters, a foreigner loan is a loan offered to foreigners working and residing in Singapore. It’s a personal cash loan designed to help you with urgent financial needs. This is a boon for those who have been turned down by banks because of their strict eligibility criteria (such as salary and employment pass/permit type).
Singapore has once again been ranked the world’s most expensive city. Living here can be demanding and you might require quick cash for medical fees, visa issues, legal fees, housing rental, family emergencies, etc. A foreigner loan can help you overcome a financial crisis before it gets worse.
Here is a helpful step-by-step guide for obtaining a foreigner loan in Singapore:
Where to Get a Foreigner Loan
A licensed moneylending company is the right choice, as it will provide legal and reasonable interest rates. In addition, the terms will cater to your requirements, thus giving you further peace of mind. Make sure you carry out enough research by going through the complete list of licensed moneylenders. It’s important to know what you can afford to pay – in order to avoid penalties and delayed loan payments.
Requirements for Application
These are basic requirements that a licensed money lender would need. If you can fulfil all requirements, the process will be quicker. An employment letter plus a valid working pass or your own passport is necessary for an application. Here is the complete list of requirements:
- Passport, work permit, valid E-Pass/S-Pass (necessary)
- Appointment/employment letter from company (necessary)
- Existing residential tenancy agreement
- PUB bills/phone bills/tenancy agreement that reflects salary
- Bank statements from the past 6 months
- Working full time in Singapore
- Between 21-55 years of age
- In Full-Time Employment and working in Singapore
The interest rates for foreigner loans tends to be higher, since there is no collateral to put up. Plus, foreigners usually don’t reside in a country for a long period of time – which gives such loans another high-risk element. It’s best to inquire about any possible queries from your moneylender before taking up a loan – so that you know exactly what you’re signing up for. You can compare different lenders to select the one that’s best-suited to your needs.
How Long the Process takes
Once you have the relevant documents in place, you can go to the concerned moneylender and submit them. If you’re eligible, the company will make you sign an agreement contract. However, different lenders process applications in their own unique style, so be sure to ask how and when the money will be credited to your account.
If you need cash immediately, you can opt for an easy and fast loan process online. This can be quickly approved for instant cash – on the same day itself.
How to Avoid Illegal Moneylenders/Loan Sharks
Scammers are increasingly common today, and use all sorts of methods to get money from unsuspecting people. They might send emails claiming that you’ve qualified for a loan with a “special low-interest promo”. Some of them even use SMS or phone call marketing to sell their services – which might not be licensed. Beware of such “loan offers” and never give out personal information without verifying a lender’s credentials first.
If you’re a foreigner in Singapore looking to procure a quick and easy legal loan, you can fill out an application form here. Make the right choice today!