It may be a challenge to take out a loan while in a foreign country since most money lenders tend to favor giving credit to Singapore nationals. We have a list of best moneylenders, who we believe that where you come from does not limit your eligibility for any loan. It is for this reason that these lenders have even developed the foreigner loans to meet your needs.
You are now able to take up a loan anywhere from two to four times your salary. Our approved licensed moneylenders will offer you both fixed monthly installments and flexible repayment options to ensure that you are able to handle your finances regardless of what your circumstances are.
The process is easy and fast with the option of an online application process as well as approval done within as little as five minutes.
How can you benefit from the foreigner loan?
Get the amount you require from these moneylenders to help you attain your goals. They will offer you a personal loan for foreigners available in Singapore.
You will be considered salaried if you meet the following
- Individuals who have paid employment in any company and have
- A predictable pay plan
- An excellent work record
- A letter of appointment and/or you are in a position with any company that offers a proper job description.
- Individual is employed FULL TIME and not part-time or under a temporary contract.
- Foreigners will be required to produce some form of identification from their home country during a loan request interview alongside one of these documents
- 1 month’s manually typed or computerized payslip (with authorized signature or company stamp signature)
- At least 3 months CPF statement (from the current employer)
- The latest assessment of income tax
- Other documents or proof of income will be requested by various moneylender before a loan approval is given.
To meet the requirements for the foreigner loan, you should hold a valid Singaporean Work Pass (allowing you to legally work in Singapore).
Additionally, you should be aged between 21 to 55 years and have a job on a full-time basis. You will also need to present a residence tenancy contract, a bank statement as well as a letter of employment from your company.
In Singapore, cash loans are available to foreigners holding a valid work permit. The moneylender will assess these documents in order to gauge if you are likely to remain in the country and repay the loan.
A few examples of the documents needed to take out a personal loan extended to holders of work permit in Singapore are E Pass, S Pass, Entrepreneur Pass and any other miscellaneous yet valid work permit or pass.
You should keep in mind that foreigner loans offered by Singapore banks (particularly the bigger ones), comes with more strict requirements for each type of loan they offer for foreigners. You can consider licensed lenders and legal loan institutions in Singapore who offer fast loan approvals for the foreigner loans.
What To Consider As You Apply For a Foreigner Loan
Go for licensed and reputable money lending companies so as to avoid harassment and scams. How can I avoid illegal lenders? Make sure that you check whether they offer reasonable rates of interest and installment schemes that will fit your needs and income.
Many of the banks provide foreigner loans, however, some credit organizations will offer faster approval procedure, as well as perhaps less strict qualification criteria.
You need to also consider your salary and the period of time you will stay so as to avoid having unpaid debts in another country which can lead to more serious problems.
How Do I Know The Moneylender Who Is Right For Me?
Considering all the news on loan sharks, many people have a common misunderstanding that moneylenders are unpleasant and bad organizations. This is definitely not the case!
There are legal and licensed moneylenders available in Singapore, authorized by the Law Ministry in Singapore. These lenders aim to offer more borrowing options to individuals who are seeking loans. A list of the approved moneylenders is available on the site for the Singaporean Ministry of Law.
As you choose your moneylender, always make sure that you are given helpful and sincere financial plans. The lenders should be transparent regarding their conditions and terms and even customize a loan package, which will best meet your needs. They will need to make an evaluation of your current financial status and suggest a plan that will actually make your life better.
Even then, look out for certain companies which may instigate you to take up a larger sum which you can’t afford. They do this with the intention to gain more form interests collected. Pick out a company that will take your interests seriously.
We have a list of the best and authorized moneylenders available in Singapore. Each of them is dedicated to helping you meet your financial needs in the best way they can and with their custom-made packages and customized repayment plans.
How to tell if the Lending Company is “Scammy”
Most scammers nowadays are using names of the big lending companies in order to get cash from unsuspecting people. They normally use sophisticated schemes to make them appear legit.
How can I identify a loan shark?
When you get an email from a generic address claiming that you have qualified for some “promotional” low-interest foreigner loan, be sure to call the institution’s public number to confirm. Be cautious when the loan offered is more than the amount that you actually need. This often will mean that these lenders are giving you an illegal loan. Do not share your personal information on the over the Internet or on the phone even when it seems like it is from a bank number.
How can I avoid falling prey to these lenders?
For you to have some peace of mind, it is advisable that you visit their office or credit company or bank to complete the loan transaction and present documentation. Most loan sharks and illegal lenders prey on unsuspecting borrowers who are in urgent need of funds by dealing over the phone.