Singapore Loan: Places for Getting a Personal Loan for Foreigners

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.

Singapore Loan: Reasons to Avoid Getting a Loan from an Unlicensed Money Lender

Today’s cost of living can create the need to borrow money. The need spans across different countries, including Singapore. Singaporeans may need to borrow money for varied reasons. Common reasons for borrowing include cars, vacations, home and personal needs. Some Singaporeans choose to take out  their Singapore loan from family and friends. This option can lead to stress between the borrowers and lenders. Filling out Singapore loan documents with a money lender provides another option. Many of these lenders have a license and must follow a set of protocols when dealing with customers. However, some Signaporean money lenders remain unlicensed.

Partnering with an unlicensed money lender can create problems for those who need a Singapore loan. The potental for fraud represents one common problem. For instance, any person can claim knowledge as a money lender. All he needs is a fancy set of business cards along with a website. A potential Singaporean customer goes onto the website, fills out personal information and waits. Weeks pass without getting a loan. However, the Singaporean customer begins to get past due notices and phone calls about financial charges. Upon an investigation, the customer learns financial information was stolen. Trying to re-establish a credit history  can be a nightmare.

Dealing with improper or incorrect loan documentation represents another reason not to use an unlicensed money lender. A legitimate money broker understands proper documentation is the key to legal protection. It protects the lenders from unfair charges from unsatisfied customers. Plus, it protect customers who do not receive the correct help. An unlicensed money broker can make threats, add excess charges to the loan or not give a note of contract. The note of contract acts as proof of a Singapore loan. The document includes the amount of the loan along with a payment plan and interest rate.

An unsavory money lender can suggest taking out higher amounts for a Singapore loan. Unsuspecting Singaporeans borrow more than they need and can not repay. If a home, car or boat is used as collateral, the money lender can take the property. Using a licensed money lender reduces the chance of borrowing too much. These financial professionals analyze if the loan amount is excessive, make adjustments and advice their clients. Most loans are based on  income, such as letter from an employer. Potential Singaporean clients should wary of any lender who does not ask for proof of income.

Benefits of Getting a Singapore Loan from a Licensed Money Lender

Singapore represents an independent country found in Southeast Asia. The quality of life in the country rates high among its citizens. However, Singaporeans can face financial challenges like citizens of other countries, such as borrowing money. Borrowing money in Singapore can create a set of challenges. First, some Singaporeans may not know where to go for their loans. Second, foreigners living in Singapore may not know they can borrow money. Last, legal and banking regulations can quickly change. Singaporeans and foreigners should be aware of the benefits of getting a Singapore loan from a licensed money lender.

Anyone can claim to be a lender and offer financial help. A stable background provides one benefit of getting a Singapore loan from a licensed money lender. A licensed lender must fill out documents, demonstrate good character and not have a criminal record. The money lenders have to understand the Moneylender Act, which provides guidelines on lending matters. Moreover, money lenders need to possess a valid license from the right Authority in Singapore. These credentials help ensure that Singaporeans and foreigners have protected rights and receive accurate information. Without using a licensed lender, individuals may not obtain the correct financial assistance.

Another benefit of getting a Singapore loan from a licensed money lender involves the ability to confirm licensure. A list has been developed and added to the licensed Moneylender Registry. The list includes the business name, business address and the  lender’s license number. Since the list can change, Singaporeans and foreigners should check the list before making the decision to borrow. Be wary of lenders who claim their license is pending. Also, refuse to do business with lenders who do not register and obtain a license. Borrowing money is no small decision and requires understanding from whom one should borrow money.

Having a detailed paper trail offers a final benefit. Legitimate Singaporean money lenders understand the need to protect themselves. These professionals ask for details when individuals ask for loans, including personal loans. Examples of information include names, addresses and reason for borrowing money. Additional information includes the name of an employer along with proof of income. Singaporeans and foreigners gain protection from shady lenders who change exorbitant fees or unjust claims on personal property. A legal application gives a great paper trail. The application confirms who borrowed the money, the amount of borrowed money, and the payment plan for the money.

Finance your needs

We are faced everyday with our miscellaneous needs and at the same time we also need to deal with our personal needs. The miscellaneous needs are usually the bills, rents or groceries that we need to pay for or simply, these are our living expenses. We may come up short for paying the current months’ rent and at the same time we need to pay for the credit card bill. Elitemoneylenders Payday Loan provides money just like a cash advance. The repayment period for payday loans are short term basis, where the borrower needs to pay the total amount borrowed plus the interest for about 14 to 30 days.

Aside from dealing with our expenses, we also have wants, like buying something or rewarding ourselves for working hard, which we can consider as our personal needs.We may have the money in the future, but we may want to spend it today for self relaxation and self rewarding treats. Considering this, we may opt to look for a money lender that can provide the package that we are looking for. Elitemoneylenders Personal Loan provides money that can be used for personal expenses. The repayment period for personal loans varies from the agreement between the lender and the borrower. Usually it takes more than one month to give more time for the borrower to pay for the amount borrowed.

The choice of whether to avail the Personal Loan or the Payday Loan still varies from the borrowers perspective. It depends on the capability to repay the amount loaned either for short term or long term.

Loan 101

Loan is a settlement in which a money lender gives money or property to a borrower or an organization borrowing money.  The borrower thenagrees to return the property or pay back the money, usually with interest at a given schedule or mode of payments. There is usually a proposed schedule for repaying the loan, depending on the agreed time / schedule of both the lender and the borrower, but the lender has to generally bear the risk that the borrower may not have the capability to repay the loans in time or not at all. The process of having a formal agreement where in it involves documents and legalization of conditions between the two sides is very important, especially when it involves large amounts of money or a large property.

There are different kinds of loan; Demand Loan is if the full loan payment is insisted by the lender. Installment loan is if the loan can be paid in equal monthly payments. Time Loan is if the loan is paid in one full payment over its maturity date. Loan categories such as consumer, commercial, and industrial loans, construction, mortgage, and credit loans, and secured and unsecured loans are naturally being classified by banks. However the bank allows promissory letter or promissory note from the borrower for the legalization of the loan process between two parties, especially if it involves large amounts of money.

Types of loans

Ever wondered how to have cash instantly because of an urgency to pay for something, or even came up short of money but you are confident you can repay it in a short period of time, or caught in a situation that you need money but you know that you can’t borrow it from anyone since you are a foreigner?

Elitemoneylenders have taken all these concerns into consideration and came up with different loan packages that they can offer.

Personal Loan

Be it for medical expenses, bill expenses or anything for personal expenses, one can avail of the Personal Loan package. Personal expense can be defined as any form of payment for something that we want, like paying for a vacation or for shopping. To obtain for a Personal loan, the borrower should be eligible by presenting that they are a Singaporean or Permanent Resident and proof of their local employment.

Payday Loan

Payday loan is a type of loan where you can borrow the salary you are expecting for the next payday. It is just like having a cash advance. Usually this type of loan is repaid after 14 to 30 days and is considered as short term loan.

Foreigner Loan

As a foreigner working in Singapore, we are sometimes faced with the situation where cash is needed urgently. It is a good thing that elitemoneylenders offers loan to foreigners who are faced in this type of situation. To be eligible, a foreigner needs to present different documents like, the 3 months payslip, Singapore employment pass and valid passport.

For more information on the required documents you may visit the website at http://www.elitemoneylenders.com.

Two sides of Loan business

Having financial difficulties in short notice can be a hassle, especially when you least expect it. Most people would seek help financially through means of personal loan, or borrowing money for a period of time from a reliable bank or person. This means that the borrower should also be responsible for paying the lender the amount of money he or she borrowed with or without interest, depending on the agreement between them. If, for some certain reasons the borrower could not pay the lender in time, he or she should pay collateral in form of money or properties, depending solely on the contract approved of both parties.

For the lender’s side, venturing in a loan business can be hard, but its all about trust. The money lender such as elitemoneylenders.com should be consistent and strict, but at the same time willing to flexible, about the given conditions or rules in loan so that he or she would also benefit from the business. Having sufficient capital for lending is also important and depends on which target market they want to undertake.  Personal loans, business loans, housing loans and others are some of the different types of loans that can be provided by the lender to the borrowers.

An Elite Money Lender

An elite money lender company is not only seen on the name it carries but through the services it offers. Being elite for elitemoneylenders is very important because we need to prove our company name by giving the clients the best services they could ask for. We need to live by the name as being one of the best in money lending by setting a high standard in a hassle free loan application.

As licensed and authorized by the money lenders in Singapore, elitemoneylenders offers the best loan services online. It’s as easy as 1-2-3 steps to a fast and hassle free application. 1 – Just fill out the application form online by filling out the details and click submit. 2 – Submit the necessary documents to have your loan application approved. 3 – Once approved, you can get the amount loaned instantly.

There are also different kinds of loan that elitemoneylenders offer. You can choose from different loan packages, be it a personal loan for your personal expenses, or a payday loan for a short term basis or urgent money needs. Even a foreigner loan, which is for foreigners with a valid employment pass and passport who needs an emergency cash while in Singapore.

Usually, for Singaporean and permanent residents, you just need to have the latest 3 months payslip, CPF and income tax statements, original PUB bill or handphone bill stating your residential address, Singaporean or PR ID. For foreigners, valid employment pass with valid passport, tenancy agreement for address validation, appointment letter from your company, bank statement which states the current salary and the latest 3 months payslip.