How to Get Foreigner Loans in Singapore

foreign loans Singapore is a country that the law enables the moneylenders to provide loans for foreigners. Most of the nations do not give loans to other people except for the citizens of their own country. Singapore, famous for its moneylender’s regime, gives foreign loans for folks who want to either a purchase a new house or start a business in Singapore or in certain financial needs.

 

Where to find foreigner loan?

 

Now you are living and working in Singapore, which isn’t your home country. For your own protection, you need to find foreigner loans from recognized banks or certified credit companies. Since Singapore is famous for moneylenders, you must do proper research before choosing your lender. Steer clear of illegal and unlicensed money lenders.

 

What are the requirements to get foreigner loan?

 

To be qualified to get foreigner loan, you must have a valid working Singapore visa or employment pass. Other documents that are required are employment letter from your business, bank statement, and home tenancy agreement. Additionally, there are other strict rules for foreigner loans in certain bigger banks.

 

What’s going to be the rate of interest for foreigner loans?

 

The rate of interest can vary from 5% to 10% that’s very high when compared to normal loans. The reason is foreigners stay for a brief period only and hence charge them more. It is advisable to contact the creditor and confirm with them the rules and regulations and contracts regarding the foreigner loan.

 

How quickly will the money be received?

 

As soon as you submit the loan form application together with the appropriate documents and after these documents are verified by the creditor, and you’ll be called to sign an agreement and in a couple of days the money will be credited on your account.

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