Foreigner Loan

foreigner-loan

Likewise, the expats or foreigners in Singapore may face the same level of financial problems and emergencies as Singaporeans. These problems or emergencies might require a big amount of money. It becomes a stressful situation for them if the payday is still a few days away. In this scenario, a foreigner loan might be able to help the expats or foreigners massively. So, let us have a peek to find out how the foreigners can solve their financial problems with a foreigner loan.

What is a Foreigner Loan?

Typically, a foreigner loan is accessible to people who are not the 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

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. In return, the foreigners do not have to provide any security / collateral for their loans.

Why do you need Foreigner Loans in Singapore?

For foreigners who face difficulty in dealing with their financial projection, they may need emergency money before their payday. Besides, there are a number of other reasons such as – financing a new apartment renovation, relocation expenses, and settling payments for settling down for which the expats or foreigners need foreigner loan.

What Documents do you need to get a Foreigner Loan?

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, you have to provide the following documents –

  1. Work permit and Payslips
  2. Annual income of $45,000 or more
  3. Personal information and identification card

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 the options customize the loan packages as well. In truth, it is a good way of saving yourself from situations!

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