Moving to Singapore has some downsides. Singapore is an amazing country, but still, some things need improvements, like higher prices and currency difference. Expats from all over the world move to Singapore, looking for their dream job and prospective future. In reality, moving could be stressful and when it is to a country that is as expensive as Singapore, it becomes more stressful. First few months, for example, are something like a test how you could survive in a new environment with a completely different way of life. Unfortunately, foreigners still don`t have a lot of opportunities to get a loan if they need one.
That’s why money lenders have found a way to help expats when they need additional money for bills or some credit card balance – foreigner loans. If you are in similar situation and need a foreigner loan, Loansingapore.sg has a list with trustworthy moneylenders in Singapore. It is not very easy for expats to get a personal loan so there is special procedure suitable for them only. Local ties are what is missing to expats and that’s why they are considered as risky clients.
How can I apply for a foreigner loan?
The application process is almost the same as the one for local citizens. In addition, money lenders might want to see visa or working permission. The client has to fill an application and wait for approval. Some moneylenders approve online applications while others stick to personal presence. Submitting online application could save you some time, but we recommend doing it only if you are familiar with the moneylender in personal. The approval might come in an hour or days but often it takes only a few hours. This is the big advantage of moneylenders in Singapore – they are really fast with approving documents. Comparing with banks, this procedure might last a week or more.
What the moneylender might ask from you as documents:
- Monthly income and documents proving it.
- Personal ID that shows your real age and that you are an adult.
- A copy of work permit, passport or visa.
- Bank account statement for last 3 months or more. Sometimes it is OK to bring a bank account statement from a foreigner bank.
- If you have a salary slip and employment letter.
- If you are self-employed, then you should show your tax forms.
These documents may vary so you should consult with the moneylender first. If he wants something special in addition, ask him why. Never give your credit or debit card to your moneylender. He should never ask you to get the original documents for permanent. He will see the originals and will make copies of them, then he should return the originals to you. If your moneylender wants to take your ID or passport don’t give them to him and call the authorities.
It is good to know that before applying for a foreigner loan, you can make a brief review of your money
In addition, you should have in mind, that your credit score doesn’t follow you wherever you are migrating. Of course, it is not a wise move to get a loan as soon as you move because you will have to give it back eventually. First, you could make a bank account, report your income, and then apply for a foreigner loan.