For low income foreigners, Singapore poses various challenges in terms of the cost of living. For example, monthly rentals for residential units can be costly. Food, transportation and utilities charges are expensive as well.
Foreigners with lower income levels in Singapore will need to look into a possibility of accessing personal loans as an alternative to their salaries for funding emergency expenses and additional finances for various purchases. It is not easy to apply for bank loans as low income level foreigners do not possess assets or have sufficiently high credit rating to establish their credit worthiness when applying for loans. Therefore, the chances of getting denied when applying for bank loans are high.
The best alternative for foreigners with low income levels in Singapore is to consult licensed money lenders. They offer great opportunities in taking out personal loans for basic housing, transportation and food needs. The whole process of the loan application is easy and fast unlike the banks or payday loans. The waiting period is considerably shorter and the documentation required is not complicated. The payment terms offered by money lenders are highly flexible to match varying financial needs and situations for foreigners.
What should foreigners be prepared with before applying for personal loans in Singapore?
- Proof of income in existing company by latest monthly pay slip or bank statement
- Proof of Singapore residential address by mean of owned or rented property
- Proof of identity with valid passport and work pass
These documents will be sufficient to facilitate the process of a personal loan application.
It is to be noted that foreigners who are employed in Singapore on a full-time basis are eligible for personal loans.
Besides bank loans, the best alternative for low income foreigners who need a personal loan, are licensed moneylenders. They will help with swift access to extra cash or emergency funds for urgent financial needs. It is wiser for foreigners who fall into the low income level category to seek licensed and reputable lending establishments so that they stay clear of harassment and also avoid scams at the same time. It is better to check on whether the interest rates offered by these licensed money lenders are reasonable and that they offer easy installment repayment plans that suit the borrowers’ financial needs and their affordability based on their monthly income.
Various money lenders in Singapore have set up their personal loans to suit the individual requirements and financial needs of an average person in Singapore. Personal loans are offered on a swift basis and they include an easy access to them. All that is needed is to fill up online application forms and submit them. The approval may sometimes be sent within several minutes of making out the loan application. This quick response makes applying for a personal loan easier in Singapore.