Are you a foreigner in Singapore who is currently in need of a loan and you have no idea where to go and what you need in order to make that happen?
In this article we are going to be talking about the requirements you need in order to be able to get a loan in Singapore without too many hassles.
The truth is that living in Singapore can be very expensive and this is the main reason why so many people end up needing loans when they are starting out. The cost of rentals and the cost of medical assistance are both extremely high and this is the reason why loans for foreigners have grown in demand. There are some basic requirements that you need in order to be able to apply for a foreigner loan in Singapore and they include the following:
Employee letter send from your company
Unfortunately there is no easy way for anyone to get a loan if they are not currently employed by any company or business that has credibility in Singapore. Make sure that you get an official letter from your company. This is essential for the process to be validated and you are not likely to get a loan if you don’t provide this requirements.
You need an existing residential tenancy agreement
This is going to help speed up the process for your loan and it will also greatly improve your chances of getting approved. Make sure that you can include this in your loan folder requirements. You are going to be able to get the right kind of results as long as you take the time to provide this kind of requirements.
Have a valid Passport and E-Pass or S-pass
This is another must have if you want to apply for a foreigner loan in Singapore. Make sure that you can bring this if you want to be approved. No lenders in Singapore would ever approve or even consider your application if you don’t bring these documents.
Bring in phone bills, PUB bills and anything else that might reflect your salary
This is going to help the licensed money lenders state a stronger case when they send your case to the evaluation board. Just make sure that you have as much documentation available and this is always going to play in your favor.
Get a bank statement for the last 6 months
This is also going to be important for the reviewing board because they will be able to evaluate just how much movement you have been doing in your main bank for the last six months. This is going to work on your favor, so even if your activity has been quite low, we suggest that you bring in those statements regardless of the amount of activity that has been provided.
The amount of money that you will request on your loans as well as the amount of requirements that you are able to provide, are both going to play a major role on the kind of results that you get. The lending services provided by most entities in Singapore are known for being very flexible and for approving most of the requested loans.
Also make sure that you can take the time to review a few companies that provide this service in order to see what kind of interest rates you should be expecting to pay. It’s always a good idea to evaluate your options before you even send in the information that is going to be required to get your foreigner loan approved and this will make it much easier for you to get the right kind of loan for your particular needs.