Choosing to live and work away from your homeland may be due to various reasons, and no one can say anything about this.
You either found better opportunities in Singapore, you wished to have a different experience, or you got an offer that was hard to refuse.
But, being so far away from home means that in times of financial difficulties you may have to fend for yourself. Or, what would be the reasons that will make you consider a loan? In this case, you must be aware that foreigners must respect a different policy when it comes to getting a loan in Singapore. But before you start getting into this, do evaluate all your options.
A loan, no matter where you take it, is not an easy thing to carry around.
Job opportunities in Singapore are excellent, but the lifestyle can get pretty expensive. But because you are facing a money shortage doesn’t necessarily mean you need a loan. Just make a list of priorities and stick to it until you pass this though period. Getting a foreigner loan in Singapore just for this reason will only add more weight to your load.
You will enjoy good times when you will have the money you need to spend it the way you want it. But they will end one day and not only that you will risk facing the same money difficulties, but you will also have to be able to pay your rates as well.
So, even if it looks complicated and you don’t appreciate it, learning to cope with these situations and manage your money better will help you in a great deal. In the future, you will have a better view over your funds.
Thinking about buying a car? In Singapore? You must be kidding. Do it unless there is no other option. A big city like Singapore also means awful traffic, especially during peak hours. It would be much easier to commute with the metro. And luckily, Singapore has a great metro web and plenty of stations all over the city. And if you wish to go for it, prepare to meet the regulations. You will need to have one of these job visas: P1, P2 or Q-type. For the Q-type, you will need to have at least one year of validity. Also, you will need to earn much more than a Singapore resident per year.
Authorized money lenders and banks do have their limits, but the average annual income for a foreigner should be around $60,000.
Thinking about getting yourself a place to live here? Then you must wish to stay here for a much extended period. Loans for residences come for extensive periods.
So you either found someone to start a family with here, or you actually enjoy your life in Singapore and don’t picture leaving, unless it is for leisure purposes. Again, it is a large commitment, and you must be sure that your job is reliable and paycheck accordingly. And do prepare to face some stricter regulations, since banks will want to make sure that you will be around to pay their rates.