Applying for a Foreigner Loan in Singapore

Foreigner LoanIf you are a foreigner living in Singapore and in need of immediate financial assistance, online lending companies may have a solution for your problem: the Foreigner Loan. It is a customised financial assistance offered to both foreigners living in the country and tourists staying here for a long time.

The different types of foreigner loans include quick personal loan, payday loan and fast cash loan. The types of loan, however, vary with every lender. Today, it is much easier to apply for a foreigner loan in Singapore.

Here’s how you can get one:

Check the loan qualifications

Whether you are applying for a quick personal loan, payday loan, fast cash loan or other types of foreigner loan, most lending companies will require you to comply with the following qualifications:

{C}{C}·         {C}Be at least 18 years old

{C}{C}·         {C}Meet the minimum income requirements

{C}{C}·         {C}Must not be unemployed/ bankrupt

{C}{C}·         {C}Have a good credit record/ rating

{C}{C}·         {C}Present a tourist visa and/or permanent residency documents

Determine how much you can borrow

Industry professionals, such as AP CREDIT Licensed Moneylender, share that lenders may only approve your loan if your income will be able to support your loan repayment, on top of your monthly expenses. It is important to know your monthly budget and present documents and bills that will prove that you have extra money to pay your loan. As you consider your income, you may need to apply for a loan amount lower than your gross salary or for a longer repayment scheme. Using a bank loan calculator will also be helpful when deciding on the amount of your loan.

Setup a good savings plan

If you already have a savings account, it will be helpful if you give savings account documents and records to the lender. If none, you should start opening a savings account. 

Maintain or improve your credit rating

Always remember that a good credit rating will make lending companies trust you more and approve loan easily. As such, you need to maintain a good credit rating with any organization, may it be a telecommunication, department store or credit bank. Present bills payment history to the bank. This will help in proving your credibility. In addition, you need to bear in mind that credit-reporting companies record missed payments and unpaid debts. You will not be able to deny any debt records, if you have one.

Keep these things in mind to get out of your financial dilemma. It is comforting knowing that you have an effective solution when you run out of cash in a foreign land.