Purpose of A Foreigner Loan
A Foreigner loan is a type of loan intended for foreigners with employment in Singapore. The foreigner loan is similar to a personal loan and will offer you the financial assistance you need to meet your urgent needs. It is possible for the banking institutions to turn down a foreigner. This will depend on your employment permit, pass type, and the salary amount. Therefore, as an expat in Singapore, you may need to consider dealing with a certified moneylender as a possible alternative for you.
It is also important for you to understand what the foreigner loan is and whether it is the same as the work permit loan. These loan types are the same and may also be known as personal loans for holders of a work permit. Once you qualify for a foreigner loan, you can get the right plan that fits your budget and needs.
Who Can Access This Loan
Foreign nationals who hold a valid pass of employment Singapore can access this loan type. Your country of origin doesn’t matter, neither does the industry you work for. You will be able to access the foreigner loan provided you meet the requirements set.
Do Banks Provide Foreigner Loan Facilities?
There are some banks that offer this loan type, but they generally have strict criteria for the loan approval. Only people who have high monthly earnings can access a bank loan. in general, if your yearly income is under S$50,000, you may not qualify for a foreigner loan from banks in Singapore.
What If Your Income Does Not Meet The Bank Requirement
Licensed Moneylenders will still be able to offer you access to a foreigner loan. What you will need is a stable income and be a holder of a valid employment pass. For this loan type, you are able to make an online application.
Once it is approved, you will be required to complete a loan agreement and then instant cash is disbursed to your account. Some Acclaimed moneylender appoints bilingual loan officers to assist foreigners to communicate with the moneylender easily. When you opt to do an online application, you are only required to fill out the application form and then submit it online.
Contacting the moneylender’s office is also possible and you will be able to directly talk to the customer care agent.
Why Take A Foreigner Loan From Licensed Moneylenders
Licensed moneylenders adhere to the Moneylenders Act, therefore they will not even try to deceive you. By contrast, unlicensed lenders do not answer to anyone. Accessing a loan from certified moneylenders is fast and hassle-free. Compared to banks, they only look for the needed documents and understand the value of time. Whereas banks extend loans to foreigners who have good credit records, some moneylenders give loans even to people who hold low credit scores.
The interest rates charged on your loan may vary depending on your credit score. One advantage of borrowing from an accredited lender is they generally offer small short-term loan amount at a time. This will make it easy for you when repaying the loan. and depending on the plan you prefer, you may choose weekly, fortnightly and monthly repayment plans.
How To Choose The Right Lender
First, check if your lender holds a valid license. Also, compare the loan options from different moneylenders before you settle on one. When you make comparisons, do not choose based only on interest rates. Consider other factors as well, such as, how much you may borrow, the repayment terms, and how the loan application process is.
Many scammers today use the name of major credit companies to obtain money from borrowers. They use complicated systems that are aimed at making them look legit. When you receive emails from generic email addresses indicating that you qualify for “promotional” low-interest rate foreigner loan, be sure to call the company’s public number to confirm. Be very cautious when the loan offer is more than what you need.
This generally means that the loan being offered is illegal. Never share your information over the internet or the phone even if it may appear to be from bank numbers. For your safety, it is best you visit the lender’s office, bank or the credit company for you to complete the transactions and present documentation. Our list of licensed moneylenders is reliable and contains real-time reviews given by actual borrowers who have used the lender’s services.
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