If you are a foreigner living and working in the this tiny red dot island and in need of cash, you do not need to look out of Singapore for a solution. There are licensed money lenders that can offer you low interest foreigner loan so that you can sort out your issues as soon as possible.
It is important that you only go to lenders that are licensed and approved by the registry of moneylenders. You will find there are many benefits on offer as well as a wide selection of loans for you to choose from.
So What Is A Foreigner Loan
It is a type of loan which can applied by a non-citizen of Singapore. For example if you need cash to set up your small business, buy some goods etc and you do not have enough cash on hand, then one way is to approached a licensed money lender to get a loan. There are of course certain requirements in order to apply for it.
How To Obtain A Foreigner Loan
The first step is to determine what type of loan do you actually need. If you just need some extra cash to cover you until your paycheck, then you should opt for a payday loan instead. These type of package are for amount not bigger than your paycheck and will be due for repayment on your payday.
If you need a bigger loan than your paycheck and longer period of time for repayment, you should opt for a personal loan. These loans have lower interest rate and can be loan for a much bigger amount. However, there will be more stringent checks such as credit history, long-term working history in Singapore. After deciding on the type of loan you need, you can then approach a licensed money lender.
Just do a search online and you will be able to find tons of licensed money lenders in Singapore.
AS MENTIONED BEFORE, YOU SHOULD ONLY GO TO A LICENSED LENDER.
For more information please visit the list of registered moneylenders in Singapore.
Benefits Of Foreigner Loans In Singapore
- Most of the them have low interest rates.
- Fast processing as there is no need for extensive background check
- A lot of the packages can be customized to suit your needs
- Loan applications are simple and streamlined
- Able to know if the loan will be approved on the spot
Always remember to pay your loan on time to avoid additional late payment fee. Before taking a foreigner loan, you should plan out how you will going to return it. Never let the interest accumulate or you will be stuck in a big debt.
Hope you find this post useful.