How to Get Foreigner Loan in Singapore?

Posted by instantcreditsg on December 23rd, 2015

In recent years, there are increasing foreigners in Singapore. No matter they want to settle down here or just want to stay in Singapore for several years. They all should know to get a foreigner loan in Singapore when they are in need of extra cash which their salaries cannot meet the need.

A foreigner loan in Singapore is a loan which is given to non-citizens. In Singapore, there are many banks and lending institutions offering foreign loans for non-citizens. Generally speaking, most foreigners in Singapore have a steady salary or steady lives. Therefore, they are qualified for getting a foreigner loan from a licensed moneylender in Singapore.

Many banks are also willing to provide foreigner loans for them. However, there will be lots of requirements if they to get one from banks. For example, they will be asked for lots of documents or paperworks. Applicants should have a good credit score and collateral will be required in some cases. Compare with banks, getting a foreigner loan from a legal money lender will be easier and faster.

When applying a foreigner loan from a legal money lender, people can submit their applications via online or by visiting the lenders' office to get a personal conversation. It will take hours to review these applications and then gets it approved as soon as possible. Money will be sent to applicants' valid bank account.

There are three basic requirements when a singaporean want to get a loan from a moneylender. Firstly, applicants should be at least 18 years old. Secondly,applicants should have a regular job with a stable income. Finally, applicants should have a valid bank account. A foreigner in Singapore also needs to follow these rules. What is more, they should have a valid employment pass so that they can qualify for a foreigner loan.

What things applicants should know about a foreigner loan in Singapore?

1. Terms and conditions. The terms and conditions that the moneylender provides an applicant are in accordance with the contract they sign stating the amount, the repayment plan and the interest rate. It is wise to work with a licensed moneylender that offers them terms and conditions best suit their financial position. Applicants must make sure that they have understood the terms and conditions because the contract they make is binding legally.

2. Fees. Moneylenders may charge an applicant some fees for their services. It is wise to know how much money that a moneylender will charge prior to working with it. Commonly, a legal money lender will not charge fees if an applicant repays the loan in full prior to the due date.

3. Know more about the lender. Applicants should make sure the lender is licensed and has a good reputation.