Foreign Domestic Helper Loans: U Credit Offers One More Survival Tactic for Maids in Singapore
Singapore is one of the best places to work and live. It is no wonder then that millions of foreign workers have come here to earn a living for themselves and their families back home. In 2014, the Ministry of Manpower (MoM) indicated that there were over 1.32 million foreign workers. While the majority of workers are in the construction and marine industries, the number of Foreign Domestic Workers (FDW) is increasing with the latest survey showing there are over 240,000.
Using Maid Loans to Handle Emergencies Back At Home
While the conditions in Singapore are perfect for foreign maids, things sometimes get tough. It is important to appreciate the high cost of living. The country rates among the most expensive in the world and even with your good salary, you might be forced to seek alternatives to see you through to the next paycheck. Foreign domestic worker loans come in handy in this case.
Among the options you have during a financial emergency as a foreign domestic worker include using shylocks, borrowing from friends or applying for a personal loan from your bank. Illegal money lenders are very risky to use and must be avoided at all costs.
Borrowing from friends is almost impossible because as a foreigner, you barely have time to make friends and your friends might be in the same situation. Your bank will most likely turn you away because you are not creditworthy and have no security.
This leaves a maid loan from a licensed money lenders as the only sensible option in this case. These loans are easy to apply and you don’t have to leave your workplace to go and queue for hours at the office. With just a few clicks, you can apply your loan online, and one of our friendly loan officers will give you a call to arrange an appointment with you on your next off day. With your work permit and other documents in hand, you can be rest assured that the urgent money you require will be reimbursed to you on the spot. Better still, you get a tailored loan package that perfectly suits your financial emergency.
Apply a loan with us today and let U Credit help with the most affordable FDW loan in Singapore.
Why Foreign Domestic Helper Loans are the Best Option Today
Now that you don’t have family or friends to borrow from, the next option will most likely be your bank. Unfortunately, banks today are wary of lending for consumption purposes especially now that you don’t have any assets to secure for a loan.
The next option is using illegal lenders and this is not advisable considering the horrendous stories many consumers tell. Loan sharks are not regulated and can use threats, intimidation and violence as part of their collection tactics. Many foreigners have been lured through false advertising only to get trapped in illegal money collection scams. As a foreigner maid in Singapore, you should only use legally recognized ways in whatever services you are buying.
Comparing Singapore Foreign Domestic Workers (FDW) Loans to the Alternatives
If you are a foreign domestic worker in Singapore, you appreciate how tough life can be around here. While Singapore is famous as a top working destination for foreign workers from across the globe, there are also myriad challenges you will encounter during your stay. This happens to be the most expensive city in the world and even with the better pay that foreign domestic workers (FDWs) enjoy here, you will still need alternative sources to meet any cash shortfalls.
The Beauty of Working as a Maid in Singapore
Well, if you are a foreign domestic helper with a valid work permit, there are myriad working opportunities in the country. The organized employment policies are among the best and cannot be matched by many countries around Asia, and even the West.
Maids in Singapore are protected by laws. The pay is good and many foreign maids have come from Bangladesh, India, Malaysia, Myanmar and Thailand, Sri Lanka, Indonesia and the Philippines. The country is also economically stable and standards of living are every high. In Singapore, you are able to enjoy a high quality life while making money and sending it back home.
Legal Lending with U Credit. No Hassle, No Worries.
This leaves the other option, which is Foreign Domestic Workers (FDW) loan or maid loans. These loans are offered by legally recognized moneylenders who have met all conditions set by Ministry of Law in order to receive licensing. These lenders offer professional services and always try to impress because they have a reputation to protect.
We Offer One of the Best Tailored Foreign Maid Loans in Town
An FDW loan provider will first evaluate your financial situation by understanding your personal needs. This way, they are able to advise about the loan amount you qualify for. If you have a medical emergency or any other sort of cash shortfall before the next paycheck, you don’t have to go through the usual hassle. Foreign domestic worker or maid loans are designed with you in mind.
In fact, the best FDW loan provider offers tailored solutions to make it easier for you to repay the loan. The idea behind this immaculate service delivery is to build a strong and lasting relationship with you. This means you get reliable customer support with U Credit and all your queries are answered quickly. The loan interest rates are also lower compared to what you would pay by using a credit card or your bank.
If you need a foreign domestic workers loan today, call us for one of the lowest interest rates, hassle free application and approval, and excellent customer service. Click here to start applying for a loan now.