Loan Article Resource Blog


Personal Loan for Foreigners

For foreigners, getting a loan approved in a different country is quite tricky. However, getting a personal loan might be the only answer especially when adjusting to a new city. Unexpected expenses such as apartment renovations or down payment for the apartment can certainly derail one’s finances. Personal loan for foreigners can certainly be a challenge as they would not have a credit track record for banks or money lenders to check on and assess your credit history. For those looking into getting Singaporean loans for foreigners, here are a few loan places to check out.

There are Singaporean banks that offer short term personal loan for foreigners. Most banks will require more documents to be submitted including proof of employment and working pass (if the reason for living in Singapore is work). This can certainly be quite tedious and may take some time to get approved. It would be a good idea to apply for personal loan to several banks and just compare the ones that would respond to your application.

Another place where foreigners could apply for personal loan is licensed money lender. There are different financial institutions in Singapore that specializes in money lending and can offer loan options to foreigners. Again, same with applying for personal loan with banks, it is useful to have important documents on hand if in case they would require it. Furthermore, a foreigner will have a peace of mind with applying for loan with a licensed money lender as they adhere to set rules and regulations by the Registry or Money lenders and Pawnbrokers.

Lastly, one can take his chances with unlicensed money lenders. The application process with unlicensed money lenders is less restrictive and foreigners can borrow a huge amount of money in a short amount of time. However, these unlicensed money lenders do not adhere to any guidelines that aim to protect the interest of foreigners. Furthermore, some unlicensed money lenders can resort to violence when the borrower is unable to make payments. Also, some unlicensed money lenders can take advantage of the personal information of their clients and commit identity theft.

These are just some options in getting a personal loan for foreigners. A foreigner should conduct ample research before making a decision as each source of cash will indeed have its own advantage and disadvantages. These factors should be carefully considered when applying for a personal loan to ensure a seamless transaction.

Advertisements

One Response to 'Personal Loan for Foreigners'

Subscribe to comments with RSS or TrackBack to 'Personal Loan for Foreigners'.

  1. aarti223 said,

    Personal Loan is a good option for foreigners. I have list of companies they can benefit from http://www.yellowpages.com.sg/category/Personal+Loans/4294907656


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: