Getting A Foreigner Loan In Singapore From Licensed Moneylenders
As an individual in a foreign country, you will usually have an amount of money set aside for the trip or duration of stay in the country. However, there are cases where emergency situations arise and you need to get cash quickly. Finding a moneylender in Singapore is one of the easiest and fastest ways through which you can get a loan in Singapore for foreigner. Foreigners are also entitled to personal loans under certain provisions and there are various moneylenders who specialise in this field of operations.
You can either find physical money lender agencies in various parts of Singapore. You can as well opt for the online option. Online moneylenders are generally preferred due to the ease of contact, round the clock availability and quick turn over on information required. When contacting money lenders online, you also find contact numbers you can use in seeking further information.
Foreign loans have certain characteristics that make them greatly convenient for individuals looking for a quick source of cash in an emergency situation. These are the main characteristics of the loan that you should pay attention to when choosing a specific moneylender to borrow from. First of all, the loans should be flexible to fit your credit profile. Whether an expatriate working for an international company, on holiday or a student working part-time, there are various flexible loan types that you can choose from.
Another characteristic is customisation of the loan terms based on your financial needs. There are various loan schemes that you can choose from and you should be able to identify the most appropriate based on various tools and information provided by the moneylender.
When applying for loans online, you can submit an application with required details to set off the process of loan processing. You will need to be above 21 years of age as this is the required age limit. Other requirements that you will need for a personal loan in Singapore include identification, this can either be visa, passport or any other form of identification that you have. You will also need a payslip for the past 3 months and a bank or CFP statement or income tax statement.
When it comes to dealing with moneylenders online, there are a lot of risks of coming in contact with fraudsters and cons. Therefore you need to very careful about who you entrust with your information. Go for accredited money lenders. Bodies such as IPTO Singapore give certification to moneylenders who have met standards and requirements. You can use this as a point of reference for a moneylender that you find online.
You can enjoy quickly processed loans from such accredited moneylenders. Quick loans processing is usually an essential service especially if you are a foreigner and are in need of emergency cash. Most loans in Singapore for foreigner usually require a processing fee and may take days to weeks in processing which is time that you may not necessarily have on your hands.