A money lender can be contacted for a quick foreigner loan approval. Foreigners no longer need to be worried about being unable to borrow money when they experience financial problems. Online resources have made it easier for people to access loans quickly and conveniently without the hassle that is associated with alternatives such as bank loans. A financial emergency can often be difficult to deal with, especially if someone is working or studying in a foreign location. In the past it has been quite difficult for foreigners to get personal loans.
Foreigners who have urgent financial needs can now enjoy all the benefits of being able to apply for a loan that will give them the timely financial solution that they deserve. Getting a foreigner loan involves a simple process that is not restrictive or demanding. Individuals can take advantage of this process to get the best financial solutions available and have the financial freedom to cover their expenses. There are several money lenders to choose from and they offer a private money lending solution with competitive rates. The loans provided are affordable in comparison to other alternatives. Borrowers can rest assured that the entire process respects one’s need for privacy and security.
Money lenders are widely available to provide instant loans. Foreigners can obtain a expat loan when the need to do so arises. A money lender serves as a practical and instant source of emergency funding that enables people handle their financial responsibilities. The simple process can begin with an individual making a loan application after which one’s personal information on reviewed and the loan is approved. The eligibility of a person who seeks to borrow money is dependent on the criteria set by the money lender.
Some of the documents that are typically required when applying for the loan are tenancy agreements, passports and working permits. Some people erroneously believe that conventional banks are the only option when they need extra funding. The reality is that bank loans are often tedious and difficult to attain because their terms are more restrictive. A worthwhile alternative to a bank loan is a loan through a competent money lender. Lenders help several people meet their financial needs and avert the financial crisis that would occur in their lives. A money lender gives people a simple alternative that gives borrowers more options and possibilities that give them peace of mind.
Being in a financial crisis in a country that is not your own can be tough. If you need instant cash, you need not worry because most top Singapore money Lenders offer foreigner loans. A foreigner loan is a loan given to a person who does not have a citizen or Singapore Permanent Residence (SPR) status.
When giving you a foreigner loan, a moneylender will not consider your credit history. With most lenders, you make the request online or through the phone. If your application is approved, the moneylender will require that you provide different documents. These vary from one moneylender to the next, but some general documents required are:
Like with Singaporean and permanent resident borrowers, you have to be aged between 21 and 65 to qualify for the loan. Most top moneylenders like us do one-day approvals.
You will be required to make monthly or bi-weekly repayments, depending on the terms stipulated in the Note of Contract. You can get a secured or an unsecured loan. For a secured loan, you can get as much as you want. For an unsecured loan, the moneylender will determine the maximum amount of money you can get based on how much you earn. This is:
The amount of money you can get, the interest rates payable, and the fees payable are contained in rules that came into effect from 1 October 2015, where the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. If a borrower fails to repay the Singapore loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.
The computation of interest charged on the loan must be based on the amount of principal remaining after deducting from the original principal the total payments made by or on behalf of the borrower which are appropriated to principal. [To illustrate, if X takes a loan of $10,000, and X has repaid $4,000, only the remaining $6,000 can be taken into account for the computation of interest.]
(You can read more about the Notes to Borrowers here)
The Effective Interest Rate, which has to be contained in the Note of Contract, is 13% for secured loans and 20% for unsecured loans. The law states that a moneylender can only charge you late repayment fees, early redemption fees, Legal loan recovery fees, dishonoured cheque fees, unsuccessful GIRO deduction fees, and fees valid at your request and contained in the terms of the loan contract.
The misconception has existed in the past that moneylenders were out to do more harm than good. Definitely not so! In fact, licensed moneylenders like us have been recognized by the government of Singapore as a viable solution for borrowers. One of the things you will need to look for when shopping around for a personal loan for foreigners in Singapore is the licensing. The lender you settle on should be duly licensed and compliant to the regulations put in place by the law.
The other thing you will realize when you speak to a genuine moneylender is that you will be offered REAL financial advice. Based on the income you are making, you will be advised on how much you can borrow within the limits of the law. It would be a disservice to you if the moneylender lent you money that you could not comfortably pay. If you find a moneylender Singapore who wants to lend you money without a care of how you will pay it back, you need to sense trouble. The requirements and questions asked are for your benefit not to hinder you.
Another consideration when assessing a moneylender is just how transparent the terms and conditions of the loan are. The lender needs to be very clear with you about the interest you will pay, the repayment tenure, the monthly payments, all fees and the like. Where possible you will be informed on what rules govern the lending process so that you can understand clearly what the process is. A good lender will explain the fine print and will ensure that you do not have to worry about hidden costs.
The money-lending market has grown much to the benefit of the borrower. Banks are no longer the only option available since there are moneylenders giving them a run for their money. If you need to access cash there are many options available to you. Moneylenders have become instrumental for changing the lives of many people for the better. This is particularly those who have had poor credit in the past and need a second chance to prove themselves worthy of credit. A moneylender in Singapore is a financial partner that you can rely on in times of need or when you have a short buying window. Often these informal lenders approve loans in less time than your average bank and are quite flexible in their offerings. One of the main questions people ask is how can I know that this lender is legitimate? The easiest way to answer this would be to give your trust to Credit 21, the most reliable moneylender here in Singapore.
A foreigner loan is sort of a personal loan that is designed for people living in a foreign land. It is quite easy to apply for this loan in Singapore. Although, there are requirements that you have to meet, the eligibility criterion is not very stringent. The process takes a very short time, which is convenient because the last thing you want is to be in debt in a foreign land.
When taking a foreigner loan, there are several things that you should consider. These things help you to follow the right guidelines while taking this loan. It is important to get the best terms in the market while taking this loan. Following these guidelines will help you do that:
A foreigner loan is very beneficial, especially when you have short-term emergencies that are urgent. They help you access cash quickly and the payment plan is very flexible.
Let nothing destroy your stay in Singapore least of all financial challenges!
In the slightest chance that you must take a loan, for example when you’ve hit the withdrawal limit, be sure to compare to find the cheapest options. You can find the lowest personal loan interest rates here with Credit 21.