Foreigners make up 64% of Singapore’s population and if you are one of them, you have probably felt the difficulty of living in a different country while encountering financial issues. While borrowing from family and friends is a non-issue if you are in your local town, this option may not be feasible especially if you are practically living on your own in the city. Getting a bank loan, on the other hand, can be tedious and disadvantageous considering your status since the interest rate would be higher. The best thing for your situation is to find a reputable moneylender who provides a personal loan for foreigners in Singapore.
Here are several tips you may want to consider if you are a foreigner looking for a reputable moneylender in The Lion City:
Conduct a background check of the moneylending company
Try to learn more about the moneylender you are considering. Visit their website to check how long they have been in the business and what services they offer. Take note of the license number and verify it with the Registry for Moneylenders in Singapore. Keep in mind that all licensed moneylenders in the country receive a license number upon passing a mandatory rest. They also need to be registered with the Association of Moneylenders in Singapore à This is not mandatory. Make sure that the license number in the certificate of the moneylender you are considering matches the license number in the registry.
Get feedback from trusted friends and colleagues
While you may not be living in your country, you surely have trusted friends and colleagues in Singapore. Instead of relying on what advertisements say, you should ask your trusted friends and workmates for recommendations on reliable moneylenders, especially those that they have already had business with.
Be wary of offers that appear too good to be true
If the representative of the moneylending company you are considering starts offering your loan packages that sound too good to be true (e.g. loan offering that is so much more than your monthly income with very low interest and flexible payment options), it is best to avoid them.
Beware of moneylending companies that solicit customers
Note that licensed moneylenders are not allowed to send text messages, call or email potential clients. They are required by law to only advertise their business through their official website, on the building of their operations, and in business directories. If a moneylender is “stalking” and almost harassing you with messages, you should immediately decline since it is obvious that it is not conducting its business honourably.
The tips mentioned above will help you find a credible moneylending institution who can lend you money to pay for your immediate needs. If you want a legal money lender that will not let you down and can offer you customized packages to suit your financial needs, get in touch with Fast Money today. Fast Money can process your loan applications quickly and without complicated documents and processes even if you are a foreigner living in Singapore.