It can seem like a challenge for you to get a loan while you are in a foreign country. Even then, there are some moneylenders who will be ready to give you loans. These lenders will not limit your eligibility for loans. However, you will need to fulfill some requirements in order to get fast approval for your loan.
It is for this reason that they have developed the foreigner loans to help meet your financial needs.
How can I get the most from a foreigner loan? Get the loan you need from these moneylenders to assist you to fulfill your goals. Thus you will be able to access a personal loan intended for foreigners in Singapore.
How Can I Use Personal Loans For Foreigners In Singapore
Personal loans are intended for your own uses. You can use this loan to manage multiple financial commitments: So, how can you use a personal loan?
- To Rent
Renting can be costly, depending on the area you reside in. For instance, 3-bedroom condominiums next to the CBD will range from $7,000 a month to about $15,000. Likewise, when renting, you first need to place an advance worth a few months rent.
- Mobile or Internet Services
Mobile and internet services are essential for staying connected to your and also networking to grow your career. Prior to signing up for mobile and internet plans, you will need to put in a deposit.
- Pay for Medical Services
Keep in mind that medical fees in Singapore are costly, and will be minimally get subsidized by the employers. This makes this financial need very urgent and often requires fast access to some emergency cash.
- Pay legal fees and Cover Visa Issues
As you are employed in Singapore, it can happen that you will receive legal charges for different services. In addition, a few visa issues will require you to pay fees.
Who Can Get Foreigner Loans?
What is the foreigner loan? This is just the personal loan issued to work permit holders in Singapore. The individual is not a citizen of Singapore and is only in the country for a specified time looking or working in Singapore.
It can happen that you are searching for or are working and find yourself having low cash.
What can you do in such a situation? Fortunately, licensed moneylenders in Singapore have created this special type of loan facility to assist you during such situations.
The foreigner loan facility considers your foreigner state, the limited period of stay as well as other elements. And above all, it is intended to assist you to manage your financial standing while you are away from your home country.
Things To Consider Before Getting a Foreigner Loan
Choose an accredited and reputable moneylender so that you can prevent harassment and scams.
How can I identify illegal lenders? Always ensure that you confirm whether the lender you choose offers reasonable rates and installment plans that match your financial needs and salary.
Although banks can offer foreigner loans, however, there other lenders who will offer you quicker approval. Additionally, their requirements and terms will be less strict for you.
Also, factor in the length of your stay and your salary in order to avoid holding outstanding debts in a foreign country which may lead to serious problems.
What You Require to Get Personal Loans for Work Permit Holders
The requirements for the personal loan meant for holders of work permits will vary. This is based on the moneylenders. Therefore, find out about the necessary information details before submitting a request for the loan. In so doing, your loan application will get processed quicker.
In general, below are the things you will need to meet:
- Have attained 21 years
- Have your income account bank statement (it will help customize the loan depending on your ability to repay)
- Hold a work permit that is valid
Differences between Foreigner Loans and Regular Loans
What are the differences between usual loans and foreigner loans? Because foreigner loans attract higher rates than usual loans, it is understandable why this is a concern for borrowers. But, this because the moneylender is risking a lot to loan to foreigners that normally lack collateral. Luckily, it is easy for you to identify lenders who have the lowest rates.
Another difference found between usual loans and personal loans meant for holders of work-permits is the repayment period. Normally, foreigner loans have a shorter payment period. So, you need to expect this, when your stay is for short periods. Because of this, you need to only get the loan you will repay in a short period.
However, foreigner and regular loans have many similarities.
For example, penalty charges will apply on delayed payments. So as to prevent this, just get a loan that is a portion of your salary. This will let you easily repay easily the loan once you receive your next paycheck.
Loans from Licensed Moneylenders vs Banks
Is the personal loan by licensed moneylenders right for you or is a bank better for you? Well, most banks will need a lot of time to allow them to validate and approve a loan, even for the locals. Therefore, it is possible this will get even harder for foreigners.
As for banks, you will need a large down payment as well as collateral. This is normally not doable for a foreigner.
When your need is pressing, you cannot count on banks. Instead, with a moneylender, your loan will get approved a lot faster.
So with this in mind, which lender is best for you? Be sure to go a lender who has your best interests at heart and is ready to work with you.
Being in a foreign country could mean having a hard time getting a loan. Fortunately, in Singapore, you are able to access personal loans intended for holders of work permits.
This loan will help you manage some of your pressing financial needs and will normally have to be repaid within a short time. Thus it is advisable that you borrow only a portion of your salary which you can repay with the next income.