Foreigner Loan Singapore

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

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.

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.

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.