Moving to a different country is tough enough, but living alone can be even more taxing on your finances. There are bills to pay, a new home to maintain, and it can be hard to save for emergencies or one-off expenses, especially when you have to set aside money to send back to family. If you’re facing financial difficulties, it’s important to look for the most convenient foreigner loan singapore for your needs. With a little bit of research, you can find the right loan for you from a licensed money lender that offers competitive interest rates and easy application processes.
Most licensed money lenders in Singapore offer a range of foreigner loan singapore packages that are designed to suit the unique needs of people with varied backgrounds and employment situations. These loans typically have flexible monthly salary requirements and a range of repayment terms. They may also feature lower than usual interest rates, and some are capped by law at a maximum of 4% per month.
To qualify for a foreigner loan, you’ll need to be 21 years or older and hold a valid passport and work pass in Singapore. Some licensed money lenders require additional documentation such as payslips, bank statements, tenancy agreements or utility bills from your residential address to assess your ability to repay the loan. Others have a minimum salary requirement that you must meet each month to be eligible. In addition, the maximum amount of loan you can receive is often based on your employment status and length of stay in Singapore.