Getting A Foreigner Loan In Singapore
If you are a foreigner living in Singapore, you can obtain a personal loan, but you ought to know that you should still meet certain conditions in order to qualify for getting a loan from a trustworthy institution.
One of the types of foreigner loan in Singapore is the personal loan for foreigner. It is available to all foreigners who needs funds to tide over their needs, and fulfill the required requirements.
When applying for a foreigner loan in Singapore, you’ll have to complete a loan application form and produce several documents to prove that your income is enough to allow you to pay back your loan. You’ll also have to show documentary proof of your residence at the building or apartment that you are staying in.
The foreigner smart loan or short term cash loan is another type of foreigner loan in Singapore. You can get it from any of the financial institutions or licensed money lenders. The most important thing about this type of loan is to always be in time with the repayments, because if you’re late, extra late fees and interests will apply.
Foreigner cash loans aren’t as cheap as bank loans, but they can be very useful in some situations. Sometimes it’s cheaper to pay a higher interest rate on a short term loan but small loan, rather than lose a lot more money getting a long term bank loan at a higher quantum, or losing the opportunity for that much wanted purchase or investment simply because you didn’t have the cash when you needed it.
When you do your research, it is important to find those lenders who have low interest rates and who are known as trustworthy. Another good idea is to ask other foreigners living in Singapore if they can recommend you such services. If they lived here for sometime already, they may know about such services. It’s always better to go with a recommendation instead of just picking some company from the internet and put your trust in them.
If you haven’t moved to Singapore yet, but you’re considering accepting a job here, it’s always good to know that there are avenues to obtain a loan even when you live and work so far away from home.