Foreigner loan is a feasible option for expatriates in Singapore who are faced with sudden financial crunches or wish to go on an entrepreneurial venture in the country. For, while the nation showers you with luxury galore in the form of world-class living facilities it also depletes your treasury because of the high living costs. To top it all the woes of medical emergencies come without knelling the warning bell and draining you of all your savings. This is where foreigner loans come as a boon. Here are some glimpses into what to expect from such loans and how to avail them in Singapore.
What are Foreigner Loans?
A foreigner loan embraces fast cash options for expatriates and foreigners to a country. Such loans are lent for various purposes such as meeting personal expenses, covering medical costs, establishing businesses, paying bills and the likes while residing in the foreign country. These can be mostly availed from private moneylenders who specialize in proffering foreigner loans of myriad kinds.
What are the Interest Rates?
Foreigner loans like any loans come with a rate of interest which is usually higher than that of standard loans because in most cases you do not need any collateral to avail such loans. Therefore, they pose to be high risk loans for the moneylenders who then charge you higher interest rates as a means of safeguarding themselves. However, licensed moneylenders are bound by the government law not to exceed certain limits when charging interest and hence it is always worthwhile looking for a licensed moneylender for your foreigner loan needs.
Where to Look for Foreigner Loans?
Reiterating what has been mentioned above foreigner loans should be availed from moneylenders who are licensed and bear government registration, thereby being bound by certain laws. This ensures optimum security on the borrower’s part since it gives you the right to lodge complaints against the company in case of any legal issues. Licensed moneylenders are also more reliable for such transactions especially when you are a foreigner opting for a loan in a foreign country.
How to Apply for Foreigner Loans and what are the Criteria?
Most licensed moneylenders in Singapore have online presence which makes applying for foreigner loans an easy and simple task. All you need to do is log onto the websites and fill up the application form with the necessary details and upload the required documents for verification. The documents that are typically required for the approval process to take place are identification proof, valid passport, work permits as well as a stable flow of income every month. Once these documents are provided the company goes through the verification process and advance cash in as little as 24 hours. The advantage of availing a foreigner loan through a private moneylender in Singapore is that such moneylenders in most cases do not look into your past credit records to determine your eligibility for the loan. The creditability of the borrowers is instead determined by looking into the present financial status and the monthly remuneration.
The repayment terms and conditions are mostly flexible and most reputed moneylenders offer you a mélange of loan options with different repayment schedules to be chosen as per your convenience.
Looking for a foreigner loan in Singapore? Max Credit can be your financial partner in Singapore for all your foreign loan needs. With several years of experience and being harnessed with financial experts the company provides you tailored loans to suit your needs and convenience.