Foreigner Loan

Foreigner Loan Singapore

Expats or foreigners in Singapore may encounter financial problems and emergencies while residing here. These problems or emergencies might require a big amount of money. It becomes a stressful situation for them if their salary is not due soon. In this scenario, one solution is to take up a foreigner loan in Singapore. Let us take a peek to find out how the non-Singaporeans here can address their financial problems with a foreigner loan in Singapore.

What is a Foreigner Loan?

Singapore Foreigner Loan

Typically, a foreigner loan is accessible to people who are not citizens of Singapore but holds a valid Singapore employment pass. There are various moneylenders in Singapore which offer foreigner loans with convenient features.

The Differences between Loans provided to Foreigners and Loans offered to Citizens

Foreigner Loan In Singapore

Typically, both sets of the people enjoy the same lending facilities, but the foreigners have to pay additional or higher interest rates for their loans. Foreigners do not have to provide any security / collateral for their loans, unlike some loans for citizens.

Why do you need Foreigner Loans in Singapore?

Foreigner Loans

Foreigner loans mainly benefit foreigners who encounter financial difficulties due to emergencies before their payday. Besides, there are a number of other spending needs that can accumulate at once, such as financing a new apartment renovation, utilities, and medical bills, for example, for which the expats or foreigners may require an extra boost of help to cover in a short span of time.

What Documents do you need to get a Foreigner Loan?

Foreigner Loans Singapore

The process of getting a foreigner loan is as similar to that of other types of loans. You have to apply to either a bank or a licensed moneylender. While applying, some documents you may be expected to present are –

1. Valid work permit (S-pass or E-pass)
2. Copies of recent payslips
3. Bank statements
4. Employment letter from your company
5. Signed tenancy agreement or a copy of your recent utility bills (for prove of residence in Singapore)

A foreigner loan is a useful financial tool to deal with setbacks or unexpected emergencies. It can quickly help the foreigners as it comes with a flexible repayment schedule and low-interest rates. Besides, the foreigners have options to customize the loan packages as well. All in all, it is a good way of easing yourself out of some tight situations!

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