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Published on: 28 Dec 2016 by marywu
Singapore is one of the most expensive countries in the world. The cost of living there is high. So if you have recently moved to Singapore and you are experiencing a cash crunch, it’s not unusual. To help you, there are various banks and licensed moneylenders who can provide you with loan. But the main question is how to find a foreigner loan in Singapore with low interest.
Any person who has a choice, will go for a bank loan because they offer a low rate of interest. But getting foreigner loan in Singapore from banks is not an easy task. Banks have stringent requirements regarding who they going to give loan to. For instance, they will give loan only to those people whose annual income exceeds $40000. Now, this is going to be tough as an average foreigner salary will not exceed that limit.
You have also the option to take loan from licensed moneylenders. These moneylenders provide you money quickly, with less paperwork and fewer visits to their office. They also don’t pay much attention to your credit history which is of extreme importance to banks. A bank will never give you loan if you have no credit history or a negative credit rating.
A licensed moneylender provides low amount of foreigner loan in Singapore but the rate of interest is high, which is reasonable as the risk of default in payment is much more than banks. These moneylenders also employ strict money recovery tactics when any person fails to pay their monthly installments.
If you wish to take a loan from a licensed moneylender at a low interest rate, you need to do a proper research. Not just on Internet, you need to visit their offices to understand the terms and conditions and other provisions. Once you finish doing that now you can be sure of what to do next.