Talking about Foreigner Loans in Singapore

Posted by sora on February 20th, 2017

Singapore is considered as one of the main financial centers in Asia. With more than 100 licensed banks, Singapore offers finance related services to customers in Singapore as well as foreigners living in the country. You can avail services such as corporate banking, retail banking, investment services and trade financing from each and every bank in Singapore. If you are a foreigner, the good news here is that foreign nationals are eligible to obtain foreigner loans from lenders who lend to such groups of people. You can consult with your existing banker to confirm whether they have a division here. It is also recommended to ask the details of the services they offer.

Foreigner loans Singapore is a loan which is issued to a non-resident foreigner in Singapore who is on a visa. The lenders and banks who deal with such loans need to consider various risks as a foreigner will not be in a position to have a clear and documented domestic credit history, nor will he be in a position to always show secure and continuous income. However, it with a good and sound credit history and who have put down a large down payment are considered good credit risks. In very few cases you may be eligible for adverse credit mortgages, though, very rarely in case you are a foreigner.

It is a fact that your credit history is crucial when it comes to making foreigner loans Singapore application. However, when your credit report shows that you have been behind in repaying previous loans, or that you had filed for bankruptcy some time, or that you have a low income, then you may have to approach certain lenders or banks who deal with adverse credit loans. Which is a more or less, a loan is given, despite having a bad credit rating, albeit at higher lending rates and after making a higher down payment. It also helps if you have a co-applicant.

When applying for a loan in Singapore, you need to check the relevant rules and regulations properly and approach lenders/banks who deal with your kind of applications.

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