Loan Article Resource Blog


Singapore Loan: Places for Getting a Personal Loan for Foreigners

Posted in Loan Services by elitemoneylenders on December 27, 2011
Tags: , , ,

As a well-known, Southeast Asian country, Singapore has become a hot spot for foreigners across the world. Some foreigners visit the country to enjoy its cultural events and history. On average, these visitors stay for two weeks. Meanwhile, other foreigners come to Singapore for a different reason. The desire for work represents a common reason for visiting foreigners. These visitors may decide to work in tourism, import or banking. Unforturately, foreigners can face the same financial issues as Singaporeans. When this happens, a personal loan for foreigners offers a potential solution. These Singapore loans come from different sources, including banks.

 

Finding a source for a cash flow issue in a foreign land can create a stressful situation. Some Singaporean banks offer a personal loans for foreigners. Although this route requires more documentation, foreigners work with a financial institution with set guidelines. For instance, the bank requires proof of an employment pass along with a valid passport. Any foreigner who requires a personal loan should contact more than one bank. Each bank offers pros and cons. Some Singaporean banks offer more flexible payment terms and interest rates. Careful research can ensure foreigners get the best Singaporean loan for personal reasons.

 

A Singapore loan can come from a licensed money lender. A licensed money lender undergoes a background check and must have good character. An extensive examination must be passed for these lenders to gain their license. Using a licensed lender offers peace-of-mind for foreigners who experience financial problems. Foreigners must do research when choosing licensed lenders, too. All lenders do not offer the same options. Some of these lenders will offer favorable rates for a personal loan for foreigners. Requirements for licensed lenders are similar to banks. A foreigner needs to have proof of income, proper picture identifcation and employment records for Singapore.

 

Another source of cash for foreigners involves unlicensed money brokers. Some of these lenders offer amounts ranging from hundreds of dollare to thousands. Unlike banks and licensed money lenders, no guidelines exist to protect foreigners who need a personal loan. For instance, the unlicensed lender can change the terms of payment, interest rate or the reduce the amount borrowed. Moreover, it is easy for anyone to claim qualifications as a money lender. The person places a business website with creative words. An unsuspecting foreigner enters personal information. Then the person steals the information. Foreigners In Singapore can experience identity theft.

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