Loan for foreigners singapore is a type of personal loan that allows people with valid work or study passes to borrow money. This loan can be used for various purposes such as medical bills not covered by insurance, visa issues, or even a house rental deposit. It may have different rates depending on the lender but is generally cheaper than a credit card or other debts.
Most money lenders offer this type of loan but some banks do as well. Banks have more strict requirements and require proof of income as well as a valid work pass or employment pass in order to qualify. They also charge a processing fee, which is usually around SGD 150-250 or a percentage of the loan amount, whichever is higher.
Licensed money lenders, on the other hand, have more flexible qualification standards and a much shorter application process. Some of them will even provide you with a same day approval! This makes them an excellent choice if you need a foreigner loan in Singapore urgently.
In general, licensed money lenders will allow you to borrow up to 6 times your monthly salary. This is a good amount to cover a wide range of expenses, including housing deposits, living expenses, and credit card repayments. However, the maximum loan amount and interest rate will differ from bank to bank or lender to lender. Always compare rates to find the most suitable one for your needs.