Ways a Foreigner Can Get a Loan in Singapore
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Many assume that getting a loan as a foreigner in Singapore is difficult. However, this is far from the case.
Anyone temporarily residing in Singapore can apply for a loan to get by until the next paycheck or cover an emergency like a totalled vehicle. A money lender in Singapore knows that incidents can happen at inconvenient times, so they promise loans under acceptable terms.
Whichever the reason for your application, this article will guide you through the application process and show you how foreigner loans compare to personal ones.
As the name entails, a foreigner loan is a personal money loan intended for non-residents of a country. For instance, you can apply for loans for foreigners in Singapore when you need emergency cash.
A non-resident may use a foreigner loan for whatever reason; they do not have to specify the purpose for the loan upon application.
A personal loan and a foreigner loan are mostly the same. The fundamental difference is that the granting conditions for foreigners are different — stricter than for permanent Singapore residents.
To qualify for a foreigner loan in Singapore, you must provide proof of your monthly salary and annual income. Thus, you have to have a valid working permit for a money lender in Singapore to be able to grant you a loan.
Applicants must possess a 1-year employment pass and present a 3-month salary slip providing information for their annual income
To become eligible for a foreigner personal loan in Singapore, you should also be able to provide proof of residence in Singapore. Your tenant agreement, the most recent utility bills, or a phone bill will be enough. Moreover, the applicant must be between 21 and 55 years old when applying.
Three common types of loans are available to foreigners residing in Singapore — personal instalment loans, credit lines, and balance transfers.
Whenever you lack funds for an emergency health matter or simply need a cash infusion, we at Capital Funds Investments guarantee you the best deals possible.
Reach out to us via our website form, or visit us from Monday to Friday in-office and get approved for a loan in no time!