Foreigner Loan Singapore

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Foreigner Loan in Singapore

Foreigner Loan in Singapore, Expat Cash Loans

Foreigners who have urgent financial needs can now enjoy all the benefits of being able to apply for a loan that will give you the timely financial solution that you deserve.

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 apply for 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.

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.

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 fast loans. Foreigners can obtain a expat loan when the need to do so arises. A money lender serves as a practical and quick source of emergency cash 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 are reviewed and the loan officer will invite you to our office to complete the loan application with the required documentation. 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 the extra cash. 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 like us help many people meet their financial needs and avert the financial crisis that would occur in their lives. A good licensed money lender gives people a simple alternative that gives borrowers more options and possibilities that give them peace of mind.

Benefits of a Foreigner Loan
with Credit 21

Our foreigner loans stand out as we provide our borrowers with a wide range of unique benefits.

Better and Improved
Credit Scores

Loan Tenures

Ease of Application
and Approval

Increased Convenience

Frequently Asked Questions​

We have the answers for you.

What are the steps to obtain a foreigner loan from moneylenders?

Being in a financial crisis in a country that is not your own can be tough. If you need quick 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 loan application online or through the phone. If your initial application is eligible, your dedicated loan officer will require you to make a trip down to our office to complete the application together with all the required documents. These vary from one moneylender to the next, but some general documents required are:

  • Valid S-Pass, E-Pass, work permit or passport
  • Employment letter and an appointment letter from your company
  • Bank statements
  • Tenancy agreement, phone bills, or PUB bills proving your current address
  • Payslips
  • Existing residence tenancy agreement

Like with Singaporean and permanent resident borrowers, you have to be above 21 to qualify for the loan. Most top moneylenders like us do one-day approvals as long you can provide all the required documents and sign the loan agreement on the spot.

You will be required to make monthly 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.

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.

(You can read more about the Notes to Borrowers here)

What is a good way to assess the right moneylender for a foreigner loan?

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 Ministry of Law in 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, which you can check online for the list of valid moneylenders in Singapore at the website of the Ministry of 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 in 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.

How to choose the most trustworthy moneylender for a foreigner loan?

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 check their license number, or simply just give your trust to Credit 21, one of the most reliable moneylenders here in Singapore.

What are the things to consider when obtaining a foreigner loan?

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 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:

  1. Understand the purpose for which you need the foreigner loan. This will help you decide on the amount you need, duration of time you need to pay and the package that will suit you. When you work with a moneylender, it is possible for them to come up with a package that will suit your individual needs and is one reason why people like taking this type of loan.
  2. It is also important to choose the moneylender that you will use. This will determine the quality of services that you get. If you want quality services, then it is advisable to take your time to choose among the best of the many moneylenders offering these services. It is extremely important that whomever you choose should be licensed. This is the first qualification when choosing a moneylender. Your moneylender will determine the experience that you have while taking a foreigner loan.
  3. The terms and conditions of your foreigner loan are also important. They describe everything about the agreement that you have with your moneylender. It clarifies the amount taken, interest rate given, the fees of the moneylender and the payment plan. You should ensure that you get the best terms possible by talking to your moneylender. The law requires that you understand everything in that agreement before signing or agreeing to it. If you have questions, your moneylender will be there to explain everything in detail.

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!

Be sure to compare lenders and to find cheaper options available in town. Last but not least, you can apply for an affordable interest rates here with Credit 21 today.

3 Simple Steps
to receive your
instant cash loan

Submit Online Application

Register an account or simply fill up the loan application form. Takes only 3 mins.

Receive Application Status

Outcome of the loan with the maximum loan amount will be provided to you within an hour.

Fast Cash Disbursement

Head down to your selected Credit 21 branch, sign the contract and get your money instantly.

Apply Now

What Our
Customers Say

As one of the top legal and licensed moneylenders in Singapore with more than 900 positive
customer reviews, we aims to help all our customers financially.

Leon Yun

March 23, 2021

Thumbs up for loan officer Kent there, he explain very well and gave me very fast and good loan. highly recommend!

Susan Liu

March 23, 2021

This COVID situation really affected me and I urgently needed money. I must say that Credit 21 is really one of the best moneylenders wow! They explained all the terms very clearly and gave me my money very very quickly. They really helped me so much! God bless!

David Liu

March 23, 2021

The staff here is nice and helpful. They guide me on payment process. I like. It help me a lot. Thank

Olivia Chen

March 23, 2021

Credit 21’s customer service officer james was helpful and nice. He helped me with everything i was unsure about and went through everything in detail. Good service. (:

Oscar Wu

March 23, 2021

Special thanks to Mr Kent and Ms NAna of Credit 21 moneylender.As this was our first time taking loan, they guide and explain to me and my husband the details very promptly.their services rendered to us were great and professional.they very friendly and helpful.i highly recommend them. Kudos to the staff of credit 21.have a great week ahead! 👍👍👍

Dylan An

March 23, 2021

Was surprised by the good customer service of credit 21. Definitely a genuine and reliable moneylender. Look for them if you need loan.