Foreigners will agree that not being a Singaporean Citizen or Permanent Resident in Singapore tends to be quite restrictive, with many benefits and concessions not available to them. This can be quite exasperating for foreigners, especially if it is a time sensitive service that they need to access.
This obviously also includes getting a loan in Singapore, which is a long and convoluted process for foreigners, sometimes not even possible for them at all in the first place. In this article, we will discuss some of the important tips for a foreigner loan in Singapore, and the best place to apply for a foreigner loan in Singapore.
As per any loan, check the interest rates and fees
This tip is the same for any other type of loan as well, it is always prudent to check the interest rates and fees for any loan that you might potentially undertake. Always ensure that you are able to sustain the loan and always make sure that you do not borrow more than what you can afford.
Check the maximum loan amount
Sometimes, you just need a lot of cash. As every moneylender has a different threshold that they will be willing to lend to you, you can check the different moneylenders to see the different maximum loan amounts that you can borrow.
Look for the right moneylender
Choosing the right moneylender is a very important decision, especially since there are so many horror stories of loan sharks with unreasonable interest rates and the tales of harassment that the loan sharks subject their victims to. Always remember to check if the moneylender is licensed and complies with Singapore’s laws. This will protect you from illicit deals and any shady practices.
So where is the best place to get a foreigner loan?
For the best place to get a foreigner loan, we recommend Fast Money, one of the best licensed moneylenders in Singapore. So what makes Fast Money stand out from its competitors? Firstly, as it is a licensed moneylender, this makes it safe for you to get your loan and be protected from any illegal practices.
Additionally, it is also extremely simple for a foreigner to get a loan from Fast Money. All you have to do is to go down to their office and have a quick chat with them to determine the best terms and loan amount for you and your situation, and after filling in the forms with them, the next step would be to claim your loan. This is a great hassle free way of getting your money quickly, and if you are looking for more information on Fast Money, take a look at their website at fastmoney.com.sg, or call their hotline at +6562244746 for their Yishun branch and +6562244749 for their Tampines branch.