Working in a foreign country is a scary affair but in today’s globalized world, this is something you might not be able to avoid. Singapore has over the years emerged as one of the top work destinations for foreigners from Asia, Europe and America among other regions.
A Comprehensive Guide to a Foreigner Loan in Singapore
If you are an expat in the country, you appreciate that the cost of living is very high and as such, at times you might find yourself struggling with cash flow issues. As if living and working in a foreign country isn’t daunting enough, you are faced with the reality of getting stuck financially. This is where a foreigner loan in Singapore by U Credit comes into play.
Benefits of Foreigner Loans
These loans are highly flexible and they are tailored to meet your unique financial needs. Whether you are faced with a medical emergency or your car has broken down, you can access quick cash to sort the problem out. Traditional lenders such as banks will definitely reject loan requests by foreigners and this has made many of them miss out on opportunities to improve their quality of life.
Foreigner loans are more affordable than using credit cards for major expenses and the fact that it is custom for expats means it easily repayable. Using a foreigner loan saves you the agony of bothering friends and relatives. The loans are now easily accessible through private online moneylenders who are regulated by the Singapore’s Ministry of Law.
Eligibility for a Singapore Foreigner Loan
This loan is provided for people who are not nationals or permanent residents in the county. The financial products are packaged with foreigners’ needs in mind now that the industry appreciates that they have no other legal options for cash. Many foreigners have fallen for scams and loan sharks but with new regulations guiding the money lending sector, things are looking up for expats in Singapore.
To qualify for the loan, you have to meet the following conditions:
- Aged 21 and above
- An employment pass that is valid in Singapore
- Valid passport
- Proof of fulltime employment
- Proof of billing or residence (e.g. any bills that have your address of residence printed)
- Provide the last three months of your computerized pay slip
Our Singapore foreigner loans are hassle-free and easy to apply for and get approved. We have highly knowledgeable financial advisors to help you obtain the right loan to suit your specific needs. Talk to us today and let’s help make your life in Singapore less stressful. Click here to apply for a loan now.
5 Frequently Asked Questions (FAQs) on Foreigner Loans in Singapore
Are you looking for a foreigner loan in Singapore? If so, you are not alone. Foreigners make 64% of the country’s citizen population, a situation precipitated by a performing economy, stable political environment, and world-class education system among other things.
Like everyone else in Singapore, you will face financial emergencies every now and then and at times, you might not have any savings for such a rainy day. Foreigner loans are therefore a Godsend because they are more affordable than using credit cards. Better still, the loan you receive is tailored to meet your unique financial needs. With the regulation of the money lending industry, you now have more access to these loans from legal sources.
With this in mind, it is time to apply for a foreigner loan to take care of your urgent needs. However, there are a number of questions that you might need answered. Of course the answers to these questions will help you make a more informed choice. Here are some of these commonly asked questions and answers by financial experts:
(1) What does a foreigner loan in Singapore entail? These loans are purposely designed for expats living in the country. They are designed for foreigners with a source of income. The loans are offered by licensed moneylenders.
(2) Why opt for an expat loan and not another line of financing? Foreigner loans are versatile and can be used to sort any financial emergency you might have. They are affordable and your loan provider will provide a custom loan that dovetails with your needs.
(3) Where can a foreigner get this loan? There are licensed moneylenders who are regulated by the Singapore’s Ministry of Law. These companies are guided by a code of ethics and cannot participate in illegal loan collection tactics, threats or abusive language. Click here to view U Credit’s office location.
(4) What are the requirements for a foreigner loan? You must be a foreigner aged above 21 years with a valid work permit and a full time job. You should also have necessary documents including proof of residency and income (billing and pay slips), S Pass, E Pass, and Entrepreneur Pass.
(5) What is the process of applying for an expat loan? With the advent of the internet, applying for a loan is easy. You just need to go online and fill an application form. Your application will be evaluated by the respective loan officers and will give a call to you to arrange for a meeting down at our office. Once you have provided the necessary documents and signed the loan agreement, the cash / cheque will be provided to you on the spot.
If you have any questions regarding your foreigner loan, talk to our representatives or simply click here to start the online application and get the help you need. Our loans are flexible and custom packaged to sort your unique financial needs.