As a foreigner living and working in Singapore, you can have a hard time trying to find a loan for your financial needs. This is because banks and other lending institutions will require various forms of documentation or may disqualify you based on your permit/pass.
That’s where a licensed loan provider catering to foreigners like CreditExcel comes in. These legal loan companies can provide you a personal loan provided you meet the requirements. The loans are specifically tailored to meet your needs and budget.
Requirements for Foreigner Loan Singapore
Just as it is with any other type of loan, there are certain criteria you have to meet to be eligible for a foreigner loan in Singapore. Most of these requirements will vary from one company to another but the following are just some of the most constant requirements.
· You must have a valid Singapore work pass that indicates you are employed by a company or institution in Singapore. You may also be able to get a loan from a company like CreditExcel if you have a work-permit instead.
· You must be above the age of 21 but no more than 55 years old and be employed on a full-time basis.
· Some companies will also require that you submit a residence tenancy agreement, a letter from your employer and a bank statement.
Interest Rates on A Foreigner Loan in Singapore
The interest rate payable for a foreigner loan will also vary from one loan provider to another and is usually higher than other types of loans. This is because foreigners are generally considered high risk borrowers. As a borrower, you can expect to pay interest rates that range from 4.48% to 10% per annum. The exact amount will be calculated based on your credit history, terms of employment and your ability to re-pay the loan.
Foreigner loan Singapore providers makes it easy for an individual who is not a native of Singapore to gain access to credit when they need it. If you need access to cash and you meet the requirements, consider applying for a foreigner loan.