Banks and licensed credit companies in Singapore can assist foreigners with customised credit services, such as short or long-term contracts to meet varying needs and requirements.
Foreigner Loans are loans offered to foreigners working, studying, and/or living in Singapore. There is no big difference in the process of applying for a loan as a Singapore Citizen – the main difference lies in the qualifying criteria.
Most of the time, foreigners will need to meet a higher income requirement or show proof of legal residence in Singapore.
How does foreigner loan works?
The process and interest rates depend on the lender and type of loan you choose. In general, foreigners need to submit documents as legal proof that they are working in Singapore. You might also have to apply with a guarantor if you do not have a credit score.
One thing that banks and other credit companies are looking out for is whether or not you intend to (or are able to) remain in Singapore for the duration of your loan tenor. Do be prepared for the possibility that some lenders may not be willing to work with non-residents.
Where to get a foreigner loan?
If you are in need of financial assistance, it is advisable to get it from a reliable source. For your protection and peace of mind, the best foreigner loans you can get in Singapore are from banks. Alternatively, if you fail to qualify for a bank loan, you can seek assistance from legal loan institutions and licensed moneylenders in Singapore.
Avoid unlicensed and illegal money lenders at all costs to prevent yourself from being exposed to scams and harassment. Please visit the MAS website to check if these companies are registered with the Monetary Authority of Singapore (MAS) before approaching any of them for loans.
Considerations before applying for a foreigner loan
Most of the banks in Singapore offer Foreigner Loans, but some credit institutions provide faster approval processes as well as possibly fewer or lower qualification criteria.
Do consider the interest rates and instalment plans to see if the loan is suitable for your income and needs. It is also important to take your income and the duration of your stay into account so that you can clear your debts before leaving the country.