If you're an expat in Singapore and need some additional cash, you might be asking what the best Singapore Licensed Moneylender for Foreigner are. The good news is that numerous major banks, as well as a handful of regulated money lenders for foreigners in Singapore, would entertain loan applications from foreign individuals.
This post will lead you through the many alternatives available to you, as well as the prerequisites for qualifying and the paperwork you'll need to apply for a loan. We'll also discuss how we can assist you if you require a loan to send money overseas - or if you can get financial aid from a family member at home instead of taking out a loan. A foreigner personal loan may be the best solution for you if you need a little more cash to cover one-time expenses. You'll have the option of using a large Singapore Licensed Moneylender for Foreigner or a registered alternative money lender. In a minute, we'll go through the differences and the common qualifying conditions for each choice.
What kinds of people are eligible for a foreigner loan?
Major Banks have different qualifying criteria depending on whether you're a Singapore citizen or permanent resident, or a foreigner with a valid work permit. The criteria vary depending on your unique position, and the paperwork you'll need to provide for foreigner vs a Singapore citizen or PR are also varied. The basic criterion for a foreigner loan is that you have a valid work permit, which means you'll be requested to provide your employment permit, PEP, or work permit, which must be valid for at least six months.
There will very certainly be wage requirements. To receive a DBS personal loan as a foreigner, for example, you must be above 21 years old and make a minimum annual salary of SGD45,0001. A POSB personal loan has comparable eligibility requirements.
In most cases, the loans offered by Singapore Licensed Moneylender for Foreigner are similar to those accessible to Singapore citizens and permanent residents. Foreign candidates, on the other hand, are likely to face harsher qualifying standards, including greater minimum wage requirements. As a foreign applicant, the procedure for applying for a loan, as well as the documentation required supporting your application may differ.
What are all the prerequisites for a Singapore foreigner loan?
Personal loans of Singapore Licensed Moneylender for Foreigner are likely to have qualifying conditions centered on the applicant's age and earnings. Applicants are frequently required to be above 21 and earn at least SGD45,000, for example. You'll also need to be able to submit a set of documentation to back up your loan, including proof of your identification, address, and income. Let's take a look at the paperwork you'd need to apply for a loan as a foreigner with OCBC Bank as an example.
· Identity proof is required.
· Address proof is required.
· Proof of salary as a paid worker.
· If you're self-employed, on commission, or have a changeable income, you'll need proof of earnings.
· If you have fewer than three months of job experience, you must show proof of income.
