Like in other highly developed cities of the world, life in Singapore can be expensive for a foreigner. Life in a city that bleeds you dry financially, can be difficult especially for an expat or foreigner with no kin currently in Singapore. This is even worse for foreign workers who are unable to come up with money to meet expected or emergencies. Singapore is the most well-liked work destination in the world. The growing economy, high living standards, political stability and the perfect investment atmosphere are the factors that contribute to the constant in flow of expats coming into Singapore. Most of the foreigners stay longer after experiencing the elevated quality of life on this island.
The high cost of living can potentially cause problems for expats who have a limited budget. As a foreigner working in Singapore accessing a foreigner loan from banks and other institutions can especially be very difficult. This is because the requirements are severe and being a foreigner, the loan application approval is very thorough. The loan application process takes a rather long time and the interest rates are equally too high because most of the foreigners do not possess any assets in Singapore to act as collateral. The assistance of the foreigner loan can help you as a foreigner; raise the amount of money you need to meet your expenses.
The Financial Burden
- Deposit for rental of your apartment. When you are new in a country away from friends and family, you will require having sufficient funds to cater for your needs. To have a roof over your head, money for rental purposes is needed.
- Traveling around in Singapore to explore the new house, new school for your children. Before settling in Singapore, you will need to look around for a new house and a suitable school for your children. Money here becomes a factor as to the kind of house and school you can get.
- Deposit for school admission and school fees. Once you have found a school for your children, admission and school fees is to be paid to secure your children’s education.
- Having a house will require you to furnish it to make it comfortable for your family. In addition, you will have daily necessities to prepare for in a new country.
- Buying of a car. A car becomes an essential part of your stay as it makes you mobile in exploring Singapore and getting to work.
Difficulty In Obtaining A Loan
In order for you to have access to the loan facilities in Singapore, the lack of assets and proven work records makes it rather difficult for foreigners. A bank requires a long time to approve loans to a foreign worker since the application process and authorization are rather rigorous. Further to this, the percentage rates on foreigner loans from the banks are higher than the standard rates. The high-interest rates are attributed to the fact that many foreigners do not have assets in Singapore to be taken as collateral. Such a loan poses a big risk for banks than loans to local borrowers.
This for most foreigners is not a major concern considering they require the funds, and that they are able to pay back the loan by the next income. It is about being able to reimburse your loans within the contracted time limit.
Approach Moneylenders For Foreigner Loan
Make sure you apply for a foreigner loan from an accredited institution. Here you will be required to fill an application form available online attach your required documentations and then wait for a loan officer to contact you to set up a meeting at the bank offices. The bank representative will normally contact you within a day. You will be required to present your documentations for the verification and application processing of your loan. A valid work permit, proof of residence and a valid passport are some of the required documents you will need to present to the bank. Below is a list of the documents you will need to present for your loan application.
Needed Requirements For Foreigner Loan Approval
- You need to be between 21 and 55 years old.
- You require having a valid work permit
- Make sure you have a valid Passport
- Make sure you have employment letter as proof of full employment
- Proof of residence. You can submit a bill with your address printed.
- Original and copies of current payslips for the past three months
- You need to have a current Bank statement
Speedy Approval And Friendly Consultation
Foreigner loan application is easy to do, as you are required to fill an online form of application attaching the requested for documents then wait for the bank representatives to contact you. Once your documents and details have been verified, you will need to sign a loan agreement and the loan will be approved and funds disbursed immediately to your account. This way you will be empowered to meet your financial needs with ease.
Life in Singapore is rather expensive and for a foreigner working here, it can be even more difficult when they are working on a limited budget. Even with the perfect conditions for a thriving economy and political stability, the foreigner numbers are constantly rising. For a foreigner, life away from home is a big challenge when you are short on money.
Getting a loan from moneylenders is equally not easy for an expat since they hold no property and assets to use as collateral for their loans. Foreigner loans have very high-interest rates since banks are taking a big risk loaning money. As a foreigner living and working in Singapore, do make sure you apply for loans from certified moneylenders.
Since Singapore government has stipulated regulations that they are to abide by when offering moneylending services to their customers. Also, make sure you read through the terms and conditions for the loan to ensure no hidden charges are charged in addition to the normal rates. Once you are ready to apply for a loan present all the required documentations and signed a loan agreement, your loan approval and processing will be fast and smooth.