Loan Article Resource Blog


Applying for a personal loan for foreigners in Singapore

Singapore is known as a melting pot of culture. A lot of foreigners from different countries travel to Singapore for work, tours or even shopping with numerous shops and boutiques. But during these travels, a lot of foreigners find themselves in the thicket of a financial crisis. Good thing, foreigners can turn to foreigner loans offered by Singaporean money lending companies.

Most banks or financial institutions that offer Singapore loan will require several requirements before a person can apply for a loan. A person must be able to present a good credit score as well as his capability of paying back the loan. And any bank or financial institution will perform extensive credit check on the individual to make sure that he does not have a background of bad credit. Thus, if applying and getting approved for a personal loan for a native-born inhabitant is hard, it is understandable that applying for personal loan for foreignersis twice as hard.Since a foreigner will not have extensive background that can be checked, most banks or financial institutions will require additional requirements and documents from foreigners in order to present their credibility in paying back the loan. Depending on the bank, a foreigner must present documents such as proof of permanent employment or residence. Thus, foreigners who need cash right away will have great difficulty getting extra cash immediately. Fortunately, there are Singaporean money lenders who offer customized packages that fit every foreigner’s needs. Whether it is just for emergency funds or additional funds for relocation expenses, a foreigner can apply for a personal loan quickly and without hassle. Foreigners can apply for a personal loan and get approved within hours of presenting the necessary documents.But one should be wary that some of these customized packages for foreigners can include high interest rates. Thus, it is still best for a foreigner to shop around and check different money lenders who offer personal loans to foreigners and see which ones offer the lowest interest rates.

This personal loan for foreigners can be very beneficial for someone who has just moved in to the city waiting for his first pay on his first job or perhaps a foreigner who had just shopped way too much. Money lenders that offer a personal Singapore loan, whether to a native-born individual or a foreigner, truly provide a quick and easy way of getting instant cash right away just when you need it.

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