All About Loan In Singapore
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Foreigners Easy Access To Loans In Singapore

As Singapore is getting more open to foreigners and immigrants making Singapore a home in the short and long term, it is inevitable that more and more services are created just to service foreigners. This is not only common sense, but also economically logical for businesses to do so as according to the white paper, Singapore could have 45% of it’s population being foreigners.

One of the most essential services in any economy is banks and lenders grating credit and credit facilities. Credit allows individuals to buy essential things now with the understanding that they will be repaid in future. Personal loans in Singapore have been around for as long as anyone can remember. The rise of the foreign population in recent years have created a huge market for personal loans to foreigners. And this is expected to rise over the short and long term.

To apply for a personal loan as a foreigner, you will need to prepare your employment pass, passport, and statements showing proof of income. You will be able to gain access to funds within a matter of hours as long as there are no big credit issues. You can use it as a rental deposit for your apartment property, for furnishing of your property, use as cash flow, emergencies, and just about anything as long as they are not unlawful.

The banks will surely be the first place to go to if you are looking for a personal loan. However, major banks and lenders may have strict criteria when assessing whether to approve your loan application. Do not worry if your do get rejected by the big banks. There are many licensed mney lenders around that would want your business. Just walk in and make an application. Licensed money lenders have processes that can rival the banks. They can sometimes even provide you faster access to cash. Or use the internet to search for some lenders.

Call up at least 3 licensed money lender to inquire about their interest rates. You can expect interest rates to be higher than those from a bank. You are effectively paying for convenience just like 7 eleven charging a premium on items for convenience. Remember not to take on a loan larger than what you can manage. Since a lender’s business is to lend out money, you can also expect them to offer you as high a loan as they are comfortable with. You are an equal to citizens even though you are a foreigner in Singapore.