When you’re living abroad, it can be tough to stay financially stable, especially if you don’t have much disposable income or savings. If you ever find yourself in need of a quick cash loan to tide you over, it’s best to contact a licensed money lender in Singapore. These informal lenders are more flexible than banks in their lending criteria, and you can usually borrow up to 6x your monthly salary. Beware of scammers though – some lenders may charge hidden fees and high interest rates, so be sure to check out the loan terms before making an application.
Foreigner loans are specialised personal cash loans that cater to foreigners working in Singapore. They’re slightly different from personal instalment loans offered by banks, as they’re based on your employment pass and salary. In addition, you’ll also have to submit additional documents that prove your intention and capacity to work in Singapore for the duration of the loan tenor.
The maximum amount you can borrow as a foreigner, and the interest rate you’ll have to pay, will vary depending on the bank or money lender you choose. You should also look out for other fees, such as processing fees and late interest, which are capped by the government at 4% per month.
While it’s not always easy to get approved for a foreigner loan, many top Singapore money lenders offer this type of personal loan. Typically, you can expect to get one-day approval as long as you meet the basic requirements (minimum age 21 and a minimum monthly salary). In addition, many moneylenders will not consider your credit history from your home country, so you don’t need to have a perfect score to qualify for the loan. foreigner loan singapore