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Published on: 18 Jan 2017 by susanlau

Things You Want To Know About Getting Foreigner Loans In Singapore

Singapore is a country which has the law that allows the moneylenders to provide foreigner loans Singapore. Most of the nations do not give loans to other people except for the citizens of that country. Singapore, known for its moneylender’s regime, gives loans to foreign people who wish to either a buy a new house or start a business in Singapore or in some financial needs.

Where to get foreigner loan?

Now you are living and working in Singapore, which is not your home country. If you are in financial needs and nobody is out there to help you. For your protection, you need to get foreigner loans Singapore from recognized banks or licensed credit companies. Since Singapore is known for moneylenders, you have to do proper research before choosing your lender.

What are the requirements to get foreigner loan?

To be qualified to get foreigner loan, you must have a valid working Singapore visa or work pass. You should be at least between 21 to 55 years of age. Other documents that are required are employment letter from your company, bank statement, and residence tenancy agreement. There are also other strict rules for foreigner loans in some bigger banks.

What will be the interest rate for foreigner loans Singapore?

The interest rate can range from 5% to 10% which is very high when compared to normal loans. The reason is foreigners stay for a short period only and hence charge them more. It is advisable to contact the lender and confirm with them the rules and regulations and contracts regarding the foreigner loan.

How fast will the money be received?

Once you submit the loan form application along with the proper documents and once these documents are verified by the lender, and you will be called to sign an agreement and within a couple of days the money will be credited in your account.

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