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Ways a Foreigner Can Get a Loan in Singapore

Ways a Foreigner Can Get a Loan in Singapore 30/09/2022

Ways a Foreigner Can Get a Loan in Singapore

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.

What Makes a Foreigner Loan?

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.

What Does It Take to Get a Foreigner Loan in Singapore?

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.

Types of Foreign Loans in Singapore

Three common types of loans are available to foreigners residing in Singapore — personal instalment loans, credit lines, and balance transfers.

  • Personal instalment loan: It is the most used type of loan for foreigners in Singapore. It allows individuals to get a chunk of cash upfront that they can repay using monthly instalments. Usually, foreigners are given around two years to replay the sum in whole.
  • Credit lines: Also known as a personal line of credit, this loan allows foreigners to withdraw a set amount of cash through banks or other financial establishments when needed.
  • Balance transfer: Foreigners can use this type of loan to help them even out their debts by converging them into a single payment that’s easy to manage. Also known as a debt consolidation loan, this type of loan combines all your financial debt thus far into a single new loan with a grace period of 3 – 12 months.

Capital Funds Investments: The Best Money Lender Singapore Offers

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.

From renovation and tailor-made loans to payday loans, we can help you get through any rough patch.

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!

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