A money lender can be contacted for a quick foreigner loan approval. Foreigners no longer need to be worried about being unable to borrow money when they experience financial problems.
Online resources have made it easier for people to apply for loans quickly and conveniently without the hassle that is associated with alternatives such as bank loans.
A financial emergency can often be difficult to deal with, especially if someone is working or studying in a foreign location. In the past it has been quite difficult for foreigners to get personal loans.
Foreigners who have urgent financial needs can now enjoy all the benefits of being able to apply for a loan that will give them the timely financial solution that they deserve. Getting a foreigner loan involves a simple process that is not restrictive or demanding. Individuals can take advantage of this process to get the best financial solutions available and have the financial freedom to cover their expenses. The personal loan for foreigners provided is affordable in comparison to other alternatives. Borrowers can rest assured that the entire process respects one’s need for privacy and security.
Steps for Foreigners to get Loans from Singapore Money Lenders
Being in a financial crisis in a country that is not your own can be tough. If you need quick cash, you need not worry because most top Singapore money Lenders offer personal loan for foreigners. A foreigner loan is a loan given to a person who does not have a citizen or Singapore Permanent Residence (SPR) status.
When giving you a foreigner loan, a moneylender will not consider your credit history. With most lenders, you make the loan application online or through the phone. If your initial application is eligible, your dedicated loan officer will require you to make a trip down to our office to complete the application together with all the required documents. These vary from one moneylender to the next, but some general documents required are:
- Valid S-Pass, E-Pass, work permit or passport
- Employment letter and an appointment letter from your company
- Bank statements Tenancy agreement, phone bills, or PUB bills proving your current address
- Pay slips
- Existing residence tenancy agreement
Like with Singaporean and permanent resident borrowers, you have to be above 21 to qualify for the loan. Most top moneylenders like us do one-day approvals as long you can provide all the required documents and sign the loan agreement on the spot.
You will be required to make monthly repayments, depending on the terms stipulated in the Note of Contract. You can get a secured or an unsecured loan. For a secured loan, you can get as much as you want.
The amount of money you can get, the interest rates payable, and the fees payable are contained in rules that came into effect from 1 October 2015, where the maximum interest rate moneylenders can charge is 4% per month. This cap applies regardless of the borrower’s income and whether the loan is an unsecured or secured one. If a borrower fails to repay the Singapore loan on time, the maximum rate of late interest a moneylender can charge is 4% per month for each month the loan is repaid late.