Singapore is becoming a home for many foreigners due to the numerous employment opportunities and high profile lifestyle. However, most of the times the foreigners who are drifting to Singapore not only achieve their dreams with the aid of good employment opportunities but also embrace the financial deficit as they adhere to the urban lifestyle. Hence, they might require loans to fulfill their financial requirements. Generally speaking, it is hard to take a loan from banks. However, legal private Money lenders Singapore come to the aid of these individuals as they provide them with the necessary funds for taking care of their financial needs. That is foreigner loan Singapore.
If you are an individual seeking academic aid in Singapore and you require funds to pay your semester fees, you can seek help from the legal private money lenders. The financial requirements are quite obvious because the tuition fee for a foreign student is almost the double of a local student. A Moneylender is always helpful in such conditions and aids you to provide your tuition and semester fees at ease. As you are a non-resident in Singapore, you are not well informed about the various credit agencies. Therefore, it is quite important to compare between the different agencies to select the right lender.
The foreigners usually fall under the foreigner loan Singapore category when they avail financial assistance from these firms. These private moneylenders can cater to the non-residents of Singapore. The requirements of these foreigners can be anything, starting from purchasing a house, or education loan, or buying a car. You can avail all these loans from these moneylenders.
Loan for foreigners in Singapore requires certain eligibility criteria which you require to satisfy if you do not reside in Singapore. You can simply go to an authentic credit agency to enquire whether you are eligible for the loan amount. To go for the process, you have to submit relevant documents like salary slips, employment ID, etc.
If you come to know whether you are eligible or not for the loan process before applying for the loans, then you are assured to go for the process. Loan for foreigners in Singapore usually incurs a high rate of interest. The high interest is mainly because these loans come under the unsecured loans category. The loan interest is higher as the loans do not involve any collateral. However, the private lending agencies are considerable enough and try to impose interest rates within the affordable margin. There is, however, one concern that the foreigners in Singapore availing foreign loans must know about that is shorter repayment period.
The loan application process is quite simple. You need to fill up an application form for the loan. You can directly approach the credit agency in person and fill up the form, or you can do the same through the internet. You have to mention the loan amount you require. You have to enter your personal details like name, contact details, and email address. The Moneylender also needs your employment details if you are working. After filling up the form, you need to submit the same and pay the charges involved.