As one of the many foreigners living in Singapore, you may wonder what will happen if you need or want a loan. Singapore is one of the most expensive cities in the world and regardless of your income, it can be tricky to survive. So what happens if you need a foreigner loan in Singapore – where can you find one and how likely are you to be accepted?
Why would a foreigner need a loan in Singapore?
Foreigners need loans in Singapore for many reasons. In some cases it may be because their salary has been delayed when they first arrive, it may be that they need to furnish their accomodatoioin or perhaps they simply underestimated how much money they need to live when they first arrived.
Is it easy to get a loan from a bank?
It is expected that foreigners should earn around $40,000 per year and have a visa that allows them to work for at least a year before they will be accepted for a personal loan from one of the Singapore banks. That may not be feasible for everyone who is looking for additional finance while living away from home. Even if you have a visa, you may not be earning enough for the size loan you want. It is also time consuming to arrange one of these loans.
What other loan options are available in Singapore?
Another option is to turn to licensed moneylenders who offer smaller loans across smaller time frames, but they are easier to get. One example is Creditexcel who work hard to provide easier lending terms and repayment schedules. They recognise that people are not always paid regularly – especially foreigners living abroad. By choosing wisely you can find a loan that will be delivered quickly and which will offer a good interest rate.
Anyone searching for a foreigner loan in Singapore will find that moneylenders such as Creditexcel offer loans to people who may not necessarily pass the requirements, making it easier to access the money you need. As long as you can show that you can pay it back, moneylenders will happily allow foreigners to take out loans.