Singapore attracts thousands of expatriates each year. It has also been tagged as one of the most expensive cities to live in. this means as an expat you should expect to squeeze your money some more and even need an extra source from time to time. As a foreigner it is tricky getting a normal loan as you probably have no fixed assets and are on a temporary residency visa.
If you really need a loan as a foreigner in Singapore, you could check out various foreigner loans on offer. There are lenders willing to offer loans to foreigners on a working or student visa.
Foreigner vs. Bank loan
Foreigner has less resources to qualify for a personal loan in Singapore compare to the local are able to get it from local Banks with less effort. Usually Foreigners are able to take a loan from Moneylenders. Foreigner loans from Moneylenders have higher interest rates than other loans as lenders calculate the risks of dealing with a foreigner are higher. Considering foreigners do not have substantive collateral to back up the loan, lenders will want to compensate for this risk with higher interest rates.
Foreigner loans will also have shorter repayment periods as dependent on the number of days that the visa is valid. The loan has to be repaid before leaving the country.
The documentation required will vary from lender to lender but basically you will need your passport, work pass, proof of income from your employer. For bigger loans you may have to provide proof of residence, working history or credit history and so on.
Do you need a loan?
You will most likely need a loan on unexpected costly when you were to live in Singapore. It is also one of the most beautiful places to live in the world with top notch public services and high quality of life. More and more foreigners are willing to make Singapore their permanent home. Which ever you consider, you definitely need some financial assistant to ease your situation in Singapore or help out for your love one back in your home.
How to apply
There are different lenders willing to listen to your money needs and work with you. Some will allow you to apply online, do the assessment and go to the office to finalize the deal. However, you will need to present yourself to the lenders.
As a foreigner in Singapore, your money needs should not stress you out beyond what you can handle. Look for a licensed moneylender to arrange for a foreigner loan. Then you can really enjoy what Singapore has to offer