Foreigner Loan in Singapore – Things You Should Know
If you are a foreigner in Singapore, you may have a good experience of the troubles a foreigner faces in this country which though is beautiful is extremely expensive and money here evaporates like camphor. In that case, you are regularly in need of loan for which foreigner loan is the best option for you. Finding a reputed and trustworthy moneylender in Singapore for a foreigner loan is a work of research and efforts.
What is a Foreigner Loan?
A foreigner loan in Singapore is a loan that can be taken who is a non-citizen of Singapore at that moment.
Some financial institutions are specialized in foreigner loans from whom you can take the loan.
What Do You Need?
You will have to produce certain documents including identification card, work permit and even a paycheck. There may be variations in these documents from lender to lender. Therefore, make sure exactly which documents you will need to produce.
The rates of interest for a foreigner loan may be higher than the regular loans. This is mainly because foreigners don’t have any security to put up. But you can shop around and find the least rate of interest available.
Period of repayment of a foreigner loan is usually shorter than other loans, because foreigners tend to be in the country for a short while. The time varies according to the amount you borrow. The less the amount, the shorter will be the repayment time.
Finding a Lender
You have experienced as a foreigner how tough it is to take loans from Singapore banks. If you seek a lender from your own country, you will have to wait for a long time and there are more time-consuming issues of currency exchange and the exchange rates vary too. Plus there are the costly wire transfers. In that case lenders in Singapore are a good option.
The lender should be patient and should understand your need. They should approve your loan fast. They should be able to fulfill various needs like medical expenses, legal fees and more.
ClarifyCredit.com is a fantastic Singapore moneylender who welcomes foreigners in Singapore to approach for financial help. Whether you are on a short visit of Singapore or a longer one, they are always there to help you out with quick, hassle-free and reliable loans.