Do You Need Foreigner Loans When You Are In Singapore?

A foreigner loan is granted to an individual who is a citizen of a country, different to the one they find themselves in currently. The loan is a financial solution for foreigners traveling to Singapore or expatriates in the country, who seek short-term financial help, most commonly for personal investments such as buying property in the country or business investments.

Why You Might Need A Foreigner Loan

Whether you are a tourist on vacation or traveling for business, you have the ability to apply for a foreigner loan while in Singapore. The lending institution may be able to offer financial help in the following scenarios:

  • You want to invest in a long-term Business Project
  • You are looking to complete a Personal Project (Home Improvement or other)
  • You are looking for financial help while in Singapore
  • You require financial aid for medical services, rentals or other personal matters

Application Process

The lending institution will typically determine someone’s eligibility for a foreigner loan based on a rapid credit assessment as well as form a decision considering their current income and employment status. You will be required to apply with the necessary personal documents such as your passport, visa (if applicable) and work permit as well as present the lending institution with the following supporting documentation:

  • Letter of Employment / Work Permit
  • Pay Slip that Reflects your Monthly Income
  • Copy of Bank Statement
  • Any other Documentation that may Reflect
  • Additional Sources of Income (if applicable)

The application procedure is fairly quick, provided the applicant submits all necessary information correctly as requested and the amount lent to you as well as terms of repayment, will depend on the length of your stay and status in the country.

With the growing number of institutions offering foreigner loans and an increasingly facilitated application process, it is worth considering the advantages of this type of short term financial help by exploring licensed lenders and trusted institutions, who’s terms resonate with your needs.

However, due to the high risk factor of shorter-term foreigner loans, you may be contemplating considerably high interest rates on your monthly repayments. Therefore, it is advised to find the licensed money lender Singapore to determine whether this is the most effective solution for you as a non-citizen.