How to Qualify For a Foreigner Loan Singapore

As one of the busiest business hubs in Asia, Singapore attracts many foreigners who come to work and set up their own enterprises here. Living and working here can be a lucrative affair, but it can also be a financial burden with high costs of rent, bills and family remittances.

Aside from this, the varying requirements of foreigners in terms of their job status and income can be a challenge for some to qualify for a standard personal loan geared towards Singaporeans or Permanent Residents (PRs). In fact, banks generally ask for different documentation and impose stricter eligibility criteria if you are applying as a foreigner.

In this case, the best way for foreigners to get access to a personal loan in Singapore is to approach licensed moneylenders that specialize in such loans. Some of these lenders have excellent customer satisfaction ratings and provide a variety of flexible schemes for foreigners to suit their specific needs. Besides, they are fully compliant with the Ministry of Law’s guidelines and can be trusted to protect your personal information.

It is important to remember that a foreigner loan is still a cash loan with interest rates and annual fee costs which must be paid on a regular basis. Therefore, it is important for foreigners to compare rates and fees from multiple licensed moneylenders before settling on the best option for them. They should always stay within their means and never borrow more than what they can comfortably afford to repay.

Aside from their flexible schemes and competitive rates, these moneylenders also offer quick and hassle-free approval for a foreigner loan singapore. They require you to submit basic documents such as proof of income, employment pass and a valid passport to ensure that you can repay the loan. They will also check if you have any existing debts and credit history before giving the go-ahead.

Before you apply for a foreigner loan, it’s advisable to research the company’s background and read reviews of the service provider. You can even contact the Ministry of Law to confirm that the company is a licensed moneylender in Singapore.

LG Credit, formerly Lekshmi Moneylender is an example of a trusted and highly-reputable licensed moneylender in Singapore that offers foreigner loans at a reasonable rate. You can check out their terms and conditions here. However, you should be wary of unlicensed moneylenders in the market who take advantage of foreigners and charge exorbitant fees. You can also shop around and choose a lender who is transparent about their fees so that you don’t fall victim to such scams.

Leave a Reply

Your email address will not be published. Required fields are marked *