News How to Get Foreigner Loans in Singapore

How to Get Foreigner Loans in Singapore

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If you are a foreign national residing in Singapore and contributing towards its economy, getting foreign loans can be a hassle-free procedure. Emergencies can arise in anyone’s life and facing such critical circumstances when in a foreign land can often seem intimidating. Coupled with that comes the daunting thought of hitting banks for days on end and spending time amidst queues to apply for loans.

How to Get Foreigner Loans in Singapore
In most cases, foreign nationals are faced with a negative answer considering their foreign residential status. In fact, high-street financial institutions in Singapore tend to offer greater lending capacities to those who are in reality are sound financially absolutely in no need of money. However, with the proliferation of licensed moneylenders in Singapore foreign nationals can heave a sigh of relief knowing there is quick financial help at the times they need it the most.

Who are the Licensed Moneylenders?

For those looking for personal loans in Singapore, whether a resident of the country or a foreign national should opt for moneylenders who are licensed. Licensed moneylenders are registered under the Registrar of Money Lenders and are imposed with certain restrictions as to the maximum amount they can lend, the annual or monthly interest rates they can charge or the repayment schedules to be adhered to. In case of any issues borrowers borrowing money from these licensed moneylenders can directly raise a complaint with the government and thus be secured about the loan. In most cases, licensed moneylenders do not wish to bury their reputation and thus you can be sure of being in safe hands if you have borrowed from one.

Steps to Getting a Foreigner Loan

While every lending company has its own set of requirements, there are some common criteria that need to be fulfilled in order to get a foreigner loan. These include a Work Pass or Permit, a Valid Passport, Employment Letter, Phone Bills, Salary Slips revealing the present remuneration of the applicant and tenancy agreement copies.

In certain cases companies may ask foreigners to place some collateral against the amount they are borrowing. However, most top-notch lending companies in Singapore take the efforts to satisfy their customers to the lees by ensuring a quick application and simpler approval process. They go by the belief that foreigners to the nation find themselves in more troublesome positions when hit with a financial crunch and therefore getting a helping hand is something they deserve. Thus they strive to make the terms and conditions for obtaining personal loans by foreigners as simple as those applied by nationals. Moreover, most moneylenders in Singapore have online presence. So once you have your documents in hand, you simply need to apply by filling up the application form on the company’s website, submit the necessary documents and wait for the personnel to get in touch with you.

If you are on a lookout for a reliable moneylender in Singapore to help you out with fast cash or a foreigner loan, trust on Max Credit as your financial partner. The company personnel will verify your documents and analyze your financial capacity to recommend the best loan scheme at the shortest span of time. With the company’s flexible repayment schedules and affordable interest rates you can be guaranteed of getting the financial help you need without shouldering a huge burden in long term.

How to Get Foreigner Loans in Singapore
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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