Well, as the adage goes, money makes the world go round. Accessing cash easily is a dream many a person covets. Now, imagine you have made a trip as an expat, halfway around the world to Singapore. You live your life each passing day and out of the blue, you run short of cash. You didn’t see this coming. You really need a loan. Since you are not a local, what you need is a foreigner loan.
Walking into any financial institution would not easily get you a loan. For an expat, such as you, getting a foreigner loan in Singapore would require a visit to a specific licensed financial institution. This is so, since quite a number of banks and credit institutions have stringent rules when processing loans to foreigners owing to terms of employment and work permits.
When in need of a personal loan, it’s imperative for you to have a legal Singapore work pass. Lenders will require you to be between the age of 22 and 55. You must have permanent employment status. Some banks will need an appraised bank statement, a letter of employment from your place of work and even residence tenancy agreement. For banks to advance you a foreigner loan in Singapore, the documents asked will be thoroughly vetted as procedure demands.
Different financial institutions have diverse rates of interest and installments. You have to be on the lookout for favorable and affordable terms. In the hunt for a foreigner loan in Singapore; conduct due diligence in a bid to avoid scams. Search for credible and licensed lending institutions Visit licensed moneylender Singapore. Access your level of income to gauge the loan amount you need and if you will be able to repay without debilitating penalties. Some credit companies offer lower qualifications, interest rates, and process loans in a shorter time compared to banks.