All You Need To Know To Land A Foreigner Loan

List Of Moneylender Singapore

Whether you have come to Singapore for work or to start a family, it is understandable that adjusting to a new environment is not easy. The cost of living in this tiny red dot has been on the rise. With that, there might be times where you find yourself strapped for cash. Such situations can be particularly chaotic when you are far from family and friends back home, who you can count on for support.

With that in mind, many licensed moneylenders in Singapore do offer foreigner loans. Foreigner loans have been specially crafted for foreigners or expats to tide over the financially tight periods. But before you opt for a foreigner loan, here is what you need to prepare for the application, as well as to pay off the loan in the most efficient way.

What makes a foreigner loan different from a regular loan?

While the application process does not differ vastly from regular loans, there are additional criteria you need to hit to secure a foreigner loan.

Put yourself in the shoes of a licensed moneylender: you would want to ensure that your lenders have legal proof that they are working or residing in the country. Hence, you might be expected to provide the following documents:

  • Valid work pass
  • Employment letter from Singapore company
  • Produce proof of past 3 months-worth of payslip
  • Produce your bank statement for the past 6 months
  • Signed agreement for your residence in Singapore

Can all foreigners secure a foreigner loan in Singapore?

Typically, yes. Rest assured, most licensed financial institutions would be willing to work with foreigners so long as they provide the required documents. Their main concern is knowing that borrowers intend to and can remain in Singapore, at least until the end of their loan period.

Some credit companies might require you to apply with a guarantor. This is more probable if you do not have credit scores. A credit score is essentially a number that rates you on your past financial activities, known to moneylenders as a good indication of how likely you can repay the next loan.

How do you choose the best moneylender?

It is best to borrow from licensed moneylenders. If you are uncertain about this, perform a quick search online to check for Singapore’s list of licensed moneylenders.

Apart from that, take precaution against these unacceptable practices conducted by any moneylenders:

  • Request for your SingPass details
  • Retain your personal ID documents (NRIC card, passport, work permit, employment pass, etc.)
  • Approve your loan without proper procedure (includes no copy of Note of Contract for the loan, approval made over phone or email before accepting your application or reviewing supporting documents)
  • Withhold your principal loan, regardless of the reason
  • Act aggressively to you, through words or actions

As a foreigner, would you incur high-interest rates?

Relative to standard loans, yes. Foreigner loans usually have higher interest rates, with rates dependent on the specific licensed moneylender. However, they are only slightly higher because foreigner loans in Singapore are considered high-risk loans for lenders. Across all licensed lenders, they are allowed to charge up to 4% interest in a month.

Besides that, there has been a revised cap for foreigners who earn less than $10,000 annually. Combining all your licensed loans, you would be allowed to borrow up to $500. Only when your annual salary is at least $10,000 but below $20,000 you would be granted a loan of up to $3,000. For Singaporeans and Permanent Residents, regardless of whether their annual income is below $10,000 or below $20,000, they are granted loans up to $30,000.


When you are on the hunt for foreigner loans in Singapore, be sure to use the above tips to attain the emergency fund you need. Fret not, a foreigner loan also offers flexible payment timelines and customisation of your loan packages. Share your concerns with your licensed moneylender to pay off your loan within your means!

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